Federal Agricultural Mortgage Corporation (AGM) 10-Year Financial Performance & Capital Metrics

AGM • • Banking & Credit

Financial ServicesCredit ServicesAgricultural & Rural FinanceAgricultural Credit Institutions

AboutFederal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers in the United States. It operates through four segments: Farm & Ranch, USDA (United States Department of Agriculture) Guarantees, Rural Utilities, and Institutional Credit. The Farm & Ranch segment purchases and retains eligible mortgage loans that are secured by first liens on agricultural real estate; securitizes eligible mortgage loans, and guarantees the timely payment of principal and interest on securities representing interests in or obligations secured by pools of mortgage loans; and issues long-term standby purchase commitments (LTSPC) on designated eligible mortgage loans. The USDA Guarantees segment purchases portions of certain agricultural and rural development loans guaranteed by the USDA. The Rural Utilities segment purchases and guarantees securities that are backed by loans for electric or telecommunications facilities by lenders organized as cooperatives to borrowers; and purchases eligible rural utilities loans and guarantees of securities backed by those loans, as well as LTSPCs for pools of eligible rural utilities loans. The Institutional Credit segment guarantees and purchases general obligations of lenders and other financial institutions that are secured by pools of loans eligible under the Farmer Mac's Farm & Ranch, USDA Guarantees, or Rural Utilities lines of business. Federal Agricultural Mortgage Corporation was founded in 1987 and is headquartered in Washington, District of Columbia.Show more

Net Interest Income $354M +8.0%
Total Revenue $1.62B +14.7%
Net Income $207M +3.6%
Return on Equity 14.28% -4.2%
Net Interest Margin 1.13% +1.8%
Efficiency Ratio 6.5% -5.2%
ROA 0.68% -3.2%
Equity / Assets 4.75% -0.6%
Book Value per Share 135.67 +5.1%
Tangible BV/Share 135.67 +5.1%
Debt/Equity 19.68 +0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 6.5% efficiency ratio
✓13 consecutive years of dividend growth
✓Healthy dividend yield of 4.6%
✓Trading at only 1.3x book value

✗Weaknesses

✗High debt to equity ratio of 19.7x
✗Weak NIM of 1.1%
✗Thin capital base

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.47%

5Y19.53%

3Y53.68%

TTM-

Profit (Net Income) CAGR

10Y15.73%

5Y13.59%

3Y15.04%

TTM8.93%

EPS CAGR

10Y17.17%

5Y13.6%

3Y16.98%

TTM12.93%

ROCE

10Y Avg0.97%

5Y Avg1.06%

3Y Avg1.24%

Latest1.24%

Peer Comparison

Agricultural Credit Institutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGMFederal Agricultural Mortgage Corporation	1.59B	170.13	10.35	14.74%	12.75%	12.8%	38.09%	19.68
NRUCNational Rural Utilities Cooper		24.60		-96.58%	5.97%	7%		10.39

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	125.81M	140.27M	157.65M	174.44M	173.13M	190.59M	221.95M	270.94M	327.55M	353.87M
NII Growth %	0.79%	0.11%	0.12%	0.11%	-0.01%	0.1%	0.16%	0.22%	0.21%	0.08%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	264.82M	311.9M	400.53M	544.28M	645.09M	503.53M	425.96M	716.85M	1.39B	1.6B
Interest Expense	139.02M	171.63M	242.88M	369.85M	471.96M	312.95M	204.01M	445.91M	1.06B	1.25B
Loan Loss Provision	208K	1M	1.76M	335K	3.5M	8.05M	-2.19M	806K	1.14M	11.49M
Non-Interest Income+	20.14M	20.47M	17.51M	11.74M	20.94M	16.3M	21.74M	38.17M	23.79M	21.31M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	284.96M	332.37M	418.04M	556.02M	666.03M	519.84M	447.7M	755.02M	1.42B	1.62B
Revenue Growth %	0.04%	0.17%	0.26%	0.33%	0.2%	-0.22%	-0.14%	0.69%	0.88%	0.15%
Non-Interest Expense	37.66M	40.38M	42.72M	49.82M	51.92M	61.4M	73.42M	82.63M	97.1M	105.58M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	108.08M	119.36M	130.69M	136.02M	138.65M	137.43M	172.46M	225.68M	253.1M	258.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.48%	0.1%	0.09%	0.04%	0.02%	-0.01%	0.25%	0.31%	0.12%	0.02%
Pretax Income+	108.08M	119.36M	130.69M	136.02M	138.65M	137.43M	172.46M	225.68M	253.1M	258.1M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	34.24M	42.06M	46.37M	27.94M	29.11M	28.79M	36.37M	47.53M	53.1M	50.91M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	68.7M	77.33M	84.48M	108.08M	109.55M	108.65M	136.09M	178.14M	200M	207.19M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.43%	0.13%	0.09%	0.28%	0.01%	-0.01%	0.25%	0.31%	0.12%	0.04%
Net Income (Continuing)	73.84M	77.3M	84.32M	108.08M	109.55M	108.65M	136.09M	178.14M	200M	207.19M
EPS (Diluted)+	4.19	5.97	6.60	8.83	8.69	8.27	10.27	13.87	15.80	16.44
EPS Growth %	0.24%	0.42%	0.11%	0.34%	-0.02%	-0.05%	0.24%	0.35%	0.14%	0.04%
EPS (Basic)	4.33	6.12	6.73	8.91	8.76	8.31	10.36	13.99	15.96	16.59
Diluted Shares Outstanding	11.31M	10.75M	10.8M	10.75M	10.78M	10.79M	10.85M	10.88M	10.94M	10.97M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	1.21B	265.23M	302.02M	425.26M	604.38M	1.03B	908.78M	861M	883.6M	1.01B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	19.62B	17.92B	19.68B	20.7B	20.82B	23.05B	23.94B	25.91B	28.16B	29.81B
Investments Growth %	0.15%	-0.09%	0.1%	0.05%	0.01%	0.11%	0.04%	0.08%	0.09%	0.06%
Long-Term Investments	0	10.55B	11.99B	12.51B	10.72B	12.25B	13.77B	13.72B	17.7B	18.34B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	12.29M	15.71M	13.06M	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	-12.29M	-15.71M	-13.06M	0	0	0	0	0	0
Other Assets	1.28B	2.14B	3.08B	3.31B	8.91M	6.7M	4.4M	4.61M	139.31M	145.79M
Total Current Assets	4.1B	2.9B	2.72B	2.87B	10.97B	12.08B	11.33B	13.59B	11.67B	12.84B
Total Non-Current Assets	15.54B	12.7B	15.07B	15.83B	10.74B	12.27B	13.79B	13.75B	17.85B	18.49B
Total Assets+	15.54B	15.61B	17.79B	18.69B	21.71B	24.36B	25.12B	27.33B	29.52B	31.32B
Asset Growth %	0.09%	0%	0.14%	0.05%	0.16%	0.12%	0.03%	0.09%	0.08%	0.06%
Return on Assets (ROA)	0%	0%	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	76.71M	59.12M	89.5M	108.63M	129.04M	121.62M	130.73M	186.75M	258.5M	407.64M
Total Debt+	14.79B	14.81B	16.93B	17.77B	30.73B	23.17B	23.7B	25.65B	27.69B	29.3B
Net Debt	13.58B	14.54B	16.63B	17.35B	30.13B	22.14B	22.79B	24.79B	26.8B	28.29B
Long-Term Debt	5.68B	6.37B	8.84B	10.02B	20.72B	23.17B	16.71B	17.62B	19.6B	18.86B
Short-Term Debt	0	0	0	0	10.02B	0	6.99B	8.03B	8.09B	10.44B
Other Liabilities	117.89M	97.45M	67.07M	60.48M	-9.95B	68.7M	81.43M	223.34M	166.41M	127.27M
Total Current Liabilities	0	0	0	0	10.15B	121.62M	7.12B	8.22B	8.35B	10.85B
Total Non-Current Liabilities	5.8B	6.46B	8.84B	10.02B	10.76B	23.24B	16.79B	17.84B	19.77B	18.99B
Total Liabilities	14.99B	14.96B	17.08B	17.94B	20.91B	23.36B	23.91B	26.06B	28.11B	29.84B
Total Equity+	553.72M	643.65M	708.15M	752.56M	799.28M	992.48M	1.21B	1.27B	1.41B	1.49B
Equity Growth %	-0.29%	0.16%	0.1%	0.06%	0.06%	0.24%	0.22%	0.05%	0.11%	0.05%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.13%	0.12%	0.15%	0.14%	0.12%	0.12%	0.14%	0.15%	0.14%
Book Value per Share	48.98	59.90	65.55	70.02	74.16	92.02	111.90	116.88	129.09	135.67
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	10.69M	10.54M	10.62M	10.67M	10.71M	10.74M	10.77M	10.8M	10.84M	10.89M
Additional Paid-in Capital	117.86M	118.66M	118.98M	118.82M	119.3M	122.9M	125.99M	128.94M	132.92M	135.89M
Retained Earnings	231.23M	275.71M	322.7M	393.35M	457.05M	509.56M	588.56M	698.53M	823.72M	943.24M
Accumulated OCI	-11.02M	33.76M	51.09M	24.96M	-16.16M	-13.92M	3.85M	-50.84M	-40.15M	-12.15M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	204.76M	204.76M	204.76M	204.76M	228.37M	363.2M	484.53M	484.53M	484.53M	411.15M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	184.35M	208.59M	175.01M	200.03M	-19.7M	-94.55M	436.41M	809.27M	375.8M	612.65M
Operating CF Growth %	0.19%	0.13%	-0.16%	0.14%	-1.1%	-3.8%	5.62%	0.85%	-0.54%	0.63%
Net Income	73.84M	77.3M	84.32M	108.08M	109.55M	108.65M	132.26M	178.14M	200M	207.19M
Depreciation & Amortization	2.89M	1.83M	1.74M	-1.1M	-176.48M	-219.19M	219.16M	720K	-17.02M	0
Deferred Taxes	3.99M	4.1M	3.22M	2.63M	789K	-2.41M	-1.96M	12.41M	6.69M	0
Other Non-Cash Items	99.36M	89.97M	83.18M	99.81M	54.43M	14.76M	43.54M	743.87M	135.71M	252.8M
Working Capital Changes	1M	32.05M	-150K	-11.89M	-10.25M	-485K	39.09M	-130.5M	43.62M	144.57M
Cash from Investing+	-1.25B	-593.41M	-1.85B	-599.21M	-2.38B	-1.74B	-1.1B	-3.04B	-1.96B	-1.68B
Purchase of Investments	-3.58B	-4.33B	-3.94B	-4.69B	-4.86B	-4.93B	-6.39B	-7.75B	-6.03B	-4.04B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-542.95M	-615.84M	-829.45M	-345.27M	-1.48B	-1.45B	-847.58M	-1.26B	-800.47M	-2.21B
Cash from Financing+	912.88M	-560.03M	1.71B	522.41M	2.58B	2.26B	534.63M	2.19B	1.61B	1.21B
Dividends Paid	-20.18M	-24.07M	-28.44M	-37.91M	-43.89M	-50.65M	-61.31M	-68.17M	-74.82M	-86.05M
Share Repurchases	-254.32M	-9.29M	0	0	0	-60.23M	0	0	0	0
Stock Issued	1.69M	553K	238K	7K	44K	193.22M	121.44M	192K	233K	287K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	-5.02M	-76.07M	3.13M	-2.63M	-1.78M	-560K	-1.3M	-1.83M	-3.01M	-5.35M
Net Change in Cash+	-153.3M	-944.86M	36.79M	123.23M	179.13M	429.56M	-125.16M	-47.78M	27.7M	135.3M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.36B	1.21B	265.23M	302.02M	425.26M	604.38M	1.03B	908.78M	861M	888.71M
Cash at End	1.21B	265.23M	302.02M	425.26M	604.38M	1.03B	908.78M	861M	888.71M	1.02B
Interest Paid	0	0	161.06M	268.73M	365.53M	283.33M	198.59M	269.33M	582.96M	819.96M
Income Taxes Paid	0	0	39.5M	30.88M	23.1M	30M	36.3M	33.8M	48M	39.2M
Free Cash Flow+	184.35M	208.59M	175.01M	200.03M	-19.7M	-94.55M	436.41M	809.27M	375.8M	607.37M
FCF Growth %	0.19%	0.13%	-0.16%	0.14%	-1.1%	-3.8%	5.62%	0.85%	-0.54%	0.62%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.29%	12.92%	12.5%	14.8%	14.12%	12.13%	12.34%	14.33%	14.9%	14.28%
Return on Assets (ROA)	0.46%	0.5%	0.51%	0.59%	0.54%	0.47%	0.55%	0.68%	0.7%	0.68%
Net Interest Margin	0.81%	0.9%	0.89%	0.93%	0.8%	0.78%	0.88%	0.99%	1.11%	1.13%
Efficiency Ratio	13.22%	12.15%	10.22%	8.96%	7.8%	11.81%	16.4%	10.94%	6.86%	6.5%
Equity / Assets	3.56%	4.12%	3.98%	4.03%	3.68%	4.07%	4.83%	4.65%	4.78%	4.75%
Book Value / Share	48.98	59.9	65.55	70.02	74.16	92.02	111.9	116.88	129.09	135.67
NII Growth	78.84%	11.5%	12.38%	10.65%	-0.75%	10.08%	16.46%	22.07%	20.89%	8.04%
Dividend Payout	29.38%	31.12%	33.66%	35.07%	40.07%	46.62%	45.06%	38.27%	37.41%	41.53%

Frequently Asked Questions

Valuation & Price

Federal Agricultural Mortgage Corporation (AGM) has a price-to-earnings (P/E) ratio of 10.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Federal Agricultural Mortgage Corporation (AGM) grew revenue by 14.7% over the past year. This is steady growth.

Yes, Federal Agricultural Mortgage Corporation (AGM) is profitable, generating $216.0M in net income for fiscal year 2024 (12.8% net margin).

Dividend & Returns

Yes, Federal Agricultural Mortgage Corporation (AGM) pays a dividend with a yield of 4.61%. This makes it attractive for income-focused investors.

Federal Agricultural Mortgage Corporation (AGM) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.

Industry Metrics

Federal Agricultural Mortgage Corporation (AGM) has a net interest margin (NIM) of 1.1%. NIM has been under pressure due to interest rate environment.

Federal Agricultural Mortgage Corporation (AGM) has an efficiency ratio of 6.5%. This is excellent, indicating strong cost control.

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