Detailed financial statements for Federal Agricultural Mortgage (AGM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Federal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers in the United States. It operates through seven segments: Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments. The Farm & Ranch segment includes the USDA Securities portfolio, Farm & Ranch loans, and AgVantage securities secured by Farm & Ranch loans.
Analysis Summary
Federal Agricultural Mortgage reported revenue of $1.32B in the most recent fiscal year, growing at a 5-year CAGR of 20.5%. Net income reached $207.4M, with a 13.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 30.2%, operating margin 19.5%, net margin 16.3%.
At the current price of $220.65, AGM trades at a P/E of 11.96 and an ROE of 13.13%. Market capitalisation stands at $2.4B.
Balance sheet quality for AGM: current ratio of 0.1, net debt of $12.34B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $80.1M represents 39% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $332.4M | $418.0M | $556.0M | $666.0M | $519.8M | $447.7M | $755.0M | $1.42B | $1.62B | $1.32B |
| Cost of Revenue | $172.6M | $244.6M | $370.2M | $475.5M | $321.0M | $201.8M | $446.7M | $1.07B | $1.26B | $929.8M |
| Gross Profit | $159.7M | $173.4M | $185.8M | $190.6M | $198.8M | $245.9M | $308.3M | $350.2M | $363.7M | $388.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $37.9M | $40.2M | $47.2M | $49.1M | $58.5M | $70.4M | $78.5M | $93.9M | $102.2M | $129.8M |
| Operating Expenses | $40.4M | $42.7M | $49.8M | $51.9M | $61.4M | $73.4M | $82.6M | $97.1M | $105.6M | $132.8M |
| Operating Income | $119.4M | $130.7M | $136.0M | $138.7M | $137.4M | $172.5M | $225.7M | $253.1M | $258.1M | $255.7M |
| EBITDA | $121.2M | $132.4M | $136.0M | $138.7M | $137.4M | $172.6M | $226.4M | $253.1M | $258.1M | $255.7M |
| Interest Expense | $171.6M | $242.9M | $369.8M | $472.0M | $312.9M | $204.0M | $445.9M | $1.06B | $1.25B | $909.6M |
| Pre-tax Income | $119.4M | $130.7M | $136.0M | $138.7M | $137.4M | $172.5M | $225.7M | $253.1M | $258.1M | $255.7M |
| Income Tax | $42.1M | $46.4M | $27.9M | $29.1M | $28.8M | $36.4M | $47.5M | $53.1M | $50.9M | $48.3M |
| Net Income | $77.3M | $84.5M | $108.1M | $109.5M | $108.6M | $136.1M | $178.1M | $200.0M | $207.2M | $207.4M |
| EPS | $6.12 | $6.73 | $8.91 | $8.76 | $8.31 | $10.36 | $13.99 | $15.96 | $16.59 | $16.73 |
| EPS (Diluted) | $5.97 | $6.60 | $8.83 | $8.69 | $8.27 | $10.27 | $13.87 | $15.80 | $16.44 | $16.62 |
| Shares Outstanding (Diluted) | $10.7M | $10.8M | $10.7M | $10.8M | $10.8M | $10.8M | $10.9M | $10.9M | $11.0M | $11.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $265.2M | $302.0M | $425.3M | $604.4M | $1.03B | $908.8M | $861.0M | $883.6M | $1.01B | $931.1M |
| Short-term Investments | $7.37B | $7.69B | $8.19B | $10.10B | $10.80B | $10.16B | $12.19B | $10.45B | $11.47B | $17.55B |
| Receivables | $161.7M | $195.2M | $220.4M | $237.6M | $223.5M | $211.1M | $276.2M | $337.0M | $361.1M | $414.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.90B | $2.72B | $2.87B | $10.97B | $12.08B | $11.33B | $13.59B | $11.67B | $12.84B | $1.35B |
| Property, Plant & Equipment | -$12.3M | -$15.7M | -$13.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $12.3M | $15.7M | $13.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $15.61B | $17.79B | $18.69B | $21.71B | $24.36B | $25.12B | $27.33B | $29.52B | $31.32B | $35.51B |
| Accounts Payable | $59.1M | $89.5M | $108.6M | $129.0M | $121.6M | $130.7M | $186.8M | $258.5M | $407.6M | $30.82B |
| Short-term Debt | 0 | 0 | 0 | $10.02B | 0 | $6.99B | $8.03B | $8.09B | $10.44B | $11.27B |
| Total Current Liabilities | 0 | 0 | 0 | $10.15B | $121.6M | $7.12B | $8.22B | $8.35B | $10.85B | $11.27B |
| Long-term Debt | $6.37B | $8.84B | $10.02B | $20.72B | $23.17B | $16.71B | $17.62B | $19.60B | $18.86B | $19.55B |
| Total Liabilities | $14.96B | $17.08B | $17.94B | $20.91B | $23.36B | $23.91B | $26.06B | $28.11B | $29.84B | $33.79B |
| Retained Earnings | $275.7M | $322.7M | $393.4M | $457.0M | $509.6M | $588.6M | $698.5M | $823.7M | $943.2M | $1.05B |
| Total Equity | $643.4M | $708.1M | $752.6M | $799.3M | $992.5M | $1.21B | $1.27B | $1.41B | $1.49B | $1.72B |
| Total Debt | $14.81B | $16.93B | $17.77B | $30.73B | $23.17B | $23.70B | $25.65B | $27.69B | $29.30B | $30.82B |
| Net Debt | $7.17B | $8.94B | $9.16B | $20.03B | $11.34B | $12.62B | $12.60B | $16.35B | $16.83B | $12.34B |
| Working Capital | $2.90B | $2.72B | $2.87B | $819.2M | $11.96B | $4.21B | $5.37B | $3.33B | $1.99B | -$9.93B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $77.3M | $84.3M | $108.1M | $109.5M | $108.6M | $132.3M | $178.1M | $200.0M | $207.2M | $182.5M |
| Depreciation & Amortization | $1.8M | $1.7M | -$1.1M | -$176.5M | -$219.2M | $219.2M | $720000 | -$17.0M | 0 | -$21.5M |
| Stock-based Compensation | $3.3M | $2.7M | $2.5M | $2.3M | $4.1M | $4.3M | $4.6M | $6.8M | $8.1M | $8.3M |
| Change in Working Capital | $32.0M | -$150000 | -$11.9M | -$10.2M | -$485000 | $39.1M | -$130.5M | $43.6M | $173.8M | -$16.2M |
| Operating Cash Flow | $208.6M | $175.0M | $200.0M | -$19.7M | -$94.5M | $436.4M | $809.3M | $375.8M | $612.6M | $80.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5.3M | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$9.3M | 0 | 0 | 0 | -$60.2M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$24.1M | -$28.4M | -$37.9M | -$43.9M | -$50.6M | -$61.3M | -$68.2M | -$74.8M | -$86.1M | -$89.0M |
| Free Cash Flow | $208.6M | $175.0M | $200.0M | -$19.7M | -$94.5M | $436.4M | $809.3M | $375.8M | $607.4M | $80.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +25.8% | +33.0% | +19.8% | -22.0% | -13.9% | +68.6% | +87.6% | +14.7% | -18.9% | |
| Net Income Growth (YoY) | +9.2% | +27.9% | +1.4% | -0.8% | +25.3% | +30.9% | +12.3% | +3.6% | +0.1% | |
| EPS Growth (YoY) | +10.0% | +32.4% | -1.7% | -5.1% | +24.7% | +35.0% | +14.1% | +3.9% | +0.8% | |
| Shares Change (YoY) | +0.5% | -0.5% | +0.3% | +0.1% | +0.6% | +0.3% | +0.5% | +0.3% | +0.1% | |
| FCF Growth (YoY) | -16.1% | +14.3% | -109.8% | -380.0% | +561.6% | +85.4% | -53.6% | +61.6% | -86.8% | |
| Gross Margin | 48.1% | 41.5% | 33.4% | 28.6% | 38.2% | 54.9% | 40.8% | 24.7% | 22.4% | 29.5% |
| Operating Margin | 35.9% | 31.3% | 24.5% | 20.8% | 26.4% | 38.5% | 29.9% | 17.9% | 15.9% | 19.4% |
| EBITDA Margin | 36.5% | 31.7% | 24.5% | 20.8% | 26.4% | 38.5% | 30.0% | 17.9% | 15.9% | 19.4% |
| Net Margin | 23.3% | 20.2% | 19.4% | 16.4% | 20.9% | 30.4% | 23.6% | 14.1% | 12.8% | 15.7% |
| FCF Margin | 62.8% | 41.9% | 36.0% | -3.0% | -18.2% | 97.5% | 107.2% | 26.5% | 37.4% | 6.1% |
| Effective Tax Rate | 35.2% | 35.5% | 20.5% | 21.0% | 20.9% | 21.1% | 21.1% | 21.0% | 19.7% | 18.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $19.41 | $16.20 | $18.61 | $-1.83 | $-8.77 | $40.24 | $74.36 | $34.36 | $55.34 | $7.29 |
| Dividends Per Share | $2.24 | $2.63 | $3.53 | $4.07 | $4.70 | $5.65 | $6.26 | $6.84 | $7.84 | $8.11 |
| Shares Outstanding (Basic) | $10.5M | $10.6M | $10.7M | $10.7M | $10.7M | $10.8M | $10.8M | $10.8M | $10.9M | $10.9M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 13.13% |
| Return on Invested Capital | 1.07% |
| Return on Assets | 0.58% |
| Gross Margin | 30.22% |
| Operating Margin | 19.50% |
| Net Margin | 16.32% |
Financial Health
| Debt / Equity | 18.71 |
| Current Ratio | 1.61 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.20 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.36 | 11.63 | 6.78 | 9.53 | 8.94 | 11.96 | 8.06 | 11.98 | 11.87 | 10.49 |
| P/B | 0.93 | 1.17 | 0.86 | 1.12 | 0.80 | 1.10 | 0.96 | 1.47 | 1.44 | 1.11 |
| P/S | 1.81 | 1.98 | 1.16 | 1.34 | 1.53 | 2.98 | 1.61 | 1.46 | 1.32 | 1.45 |
| Gross Margin | 48.1% | 41.5% | 33.4% | 28.6% | 38.2% | 54.9% | 40.8% | 24.7% | 22.4% | 29.5% |
| Operating Margin | 35.9% | 31.3% | 24.5% | 20.8% | 26.4% | 38.5% | 29.9% | 17.9% | 15.9% | 19.4% |
| Net Margin | 23.3% | 20.2% | 19.4% | 16.4% | 20.9% | 30.4% | 23.6% | 14.1% | 12.8% | 15.7% |
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Explore sector: Financial Services · Financial - Credit Services
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