Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 126.0x · ROE 12.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.9B | $2.2B | $2.1B | $1.2B | $1.3B | $801M | $900M | $650M | $845M | $615M |
| Enterprise Value | $32.2B | $31.8B | $30.5B | $28.9B | $26.0B | $24.1B | $22.9B | $31.0B | $18.0B | $17.5B | $15.2B |
| P/E Ratio → | 12.92 | 10.56 | 11.98 | 12.10 | 8.13 | 12.07 | 8.98 | 9.61 | 6.84 | 11.85 | 9.59 |
| P/S Ratio | 5.71 | 4.72 | 5.76 | 5.95 | 3.97 | 5.52 | 3.87 | 4.64 | 3.49 | 4.83 | 3.83 |
| P/B Ratio | 1.37 | 1.12 | 1.45 | 1.48 | 0.96 | 1.11 | 0.81 | 1.13 | 0.86 | 1.19 | 0.96 |
| P/FCF | 29.17 | 24.08 | 3.56 | 5.57 | 1.52 | 3.08 | — | — | 3.25 | 4.83 | 2.95 |
| P/OCF | 29.17 | 24.08 | 3.53 | 5.57 | 1.52 | 3.08 | — | — | 3.25 | 4.83 | 2.95 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 77.84 | 81.17 | 82.24 | 84.17 | 99.02 | 110.88 | 159.88 | 96.67 | 99.74 | 94.29 |
| EV / EBITDA | 126.03 | 124.43 | 117.99 | 114.17 | 114.92 | 139.81 | 166.91 | 223.80 | 132.31 | 131.93 | 125.06 |
| EV / EBIT | 126.03 | 124.43 | 117.99 | 114.17 | 115.28 | 139.92 | 166.91 | 223.80 | 132.31 | 133.69 | 126.98 |
| EV / FCF | — | 397.44 | 50.14 | 76.89 | 32.15 | 55.29 | — | — | 89.97 | 99.83 | 72.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.5% | 29.5% | 22.4% | 24.7% | 40.8% | 54.9% | 38.2% | 28.6% | 33.4% | 41.5% | 48.1% |
| Operating Margin | 19.4% | 19.4% | 15.9% | 17.9% | 29.9% | 38.5% | 26.4% | 20.8% | 24.5% | 31.3% | 35.9% |
| Net Profit Margin | 15.7% | 15.7% | 12.8% | 14.1% | 23.6% | 30.4% | 20.9% | 16.4% | 19.4% | 20.2% | 23.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 14.3% | 14.9% | 14.3% | 12.3% | 12.1% | 14.1% | 14.8% | 12.5% | 12.9% |
| ROA | 0.6% | 0.6% | 0.7% | 0.7% | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.5% | 0.5% |
| ROIC | 0.6% | 0.6% | 0.6% | 0.7% | 0.7% | 0.5% | 0.4% | 0.4% | 0.6% | 0.6% | 0.6% |
| ROCE | 1.1% | 1.1% | 1.2% | 1.3% | 1.2% | 0.8% | 0.8% | 1.4% | 0.7% | 0.8% | 0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 17.93 | 17.93 | 19.68 | 19.61 | 20.17 | 19.52 | 23.35 | 38.45 | 23.62 | 23.90 | 23.00 |
| Debt / EBITDA | 120.53 | 120.53 | 113.52 | 109.39 | 113.30 | 137.29 | 168.61 | 221.67 | 130.66 | 127.83 | 122.18 |
| Net Debt / Equity | — | 17.39 | 19.00 | 18.98 | 19.49 | 18.77 | 22.31 | 37.70 | 23.05 | 23.48 | 22.59 |
| Net Debt / EBITDA | 116.89 | 116.89 | 109.62 | 105.90 | 109.50 | 132.03 | 161.09 | 217.31 | 127.53 | 125.55 | 119.99 |
| Debt / FCF | — | 373.35 | 46.58 | 71.33 | 30.63 | 52.21 | — | — | 86.72 | 95.00 | 69.71 |
| Interest Coverage | 0.28 | 0.28 | 0.21 | 0.24 | 0.51 | 0.85 | 0.44 | 0.29 | 0.37 | 0.54 | 0.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 1.18 | 1.40 | 1.65 | 1.59 | 99.36 | 1.08 | — | — | — |
| Quick Ratio | 0.12 | 0.12 | 1.18 | 1.40 | 1.65 | 1.59 | 99.36 | 1.08 | — | — | — |
| Cash Ratio | 0.08 | 0.08 | 0.09 | 0.11 | 0.10 | 0.13 | 8.50 | 0.06 | — | — | — |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 0.03 | 0.02 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 4.6% | 4.0% | 3.6% | 5.6% | 4.6% | 6.3% | 4.9% | 5.8% | 3.4% | 3.9% |
| Payout Ratio | 42.9% | 42.9% | 41.5% | 37.4% | 38.3% | 45.1% | 46.6% | 40.1% | 35.1% | 33.7% | 31.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 9.5% | 8.3% | 8.3% | 12.3% | 8.3% | 11.1% | 10.4% | 14.6% | 8.4% | 10.4% |
| FCF Yield | 3.4% | 4.2% | 28.1% | 18.0% | 66.0% | 32.5% | — | — | 30.8% | 20.7% | 33.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 7.5% | 0.0% | 0.0% | 0.0% | 1.5% |
| Total Shareholder Yield | 3.8% | 4.6% | 4.0% | 3.6% | 5.6% | 4.6% | 13.8% | 4.9% | 5.8% | 3.4% | 5.4% |
| Shares Outstanding | — | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AGM stock.
Federal Agricultural Mortgage's current P/E ratio is 12.9x. The historical average is 17.4x. This places it at the 68th percentile of its historical range.
Federal Agricultural Mortgage's current EV/EBITDA is 126.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.3x.
Federal Agricultural Mortgage's return on equity (ROE) is 12.9%. The historical average is 9.5%.
Based on historical data, Federal Agricultural Mortgage is trading at a P/E of 12.9x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Federal Agricultural Mortgage's current dividend yield is 3.77% with a payout ratio of 42.9%.
Federal Agricultural Mortgage has 29.5% gross margin and 19.4% operating margin. Operating margin between 10-20% is typical for established companies.
Federal Agricultural Mortgage's Debt/EBITDA ratio is 120.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Concentration in non-interest income
Metrics are mathematically derived from official filings.
Premium Multiple on Tangible Book
AGM trades at 1.49x price-to-book and 14.0x trailing earnings, per recent market data, implying the market prices in sustained above-peer returns on tangible equity despite a thin 5% equity base.
The P/B of 1.49x sits well above the 0.2x-0.9x range of mortgage REIT peers, reflecting AGM's government-sponsored enterprise status and lower-risk profile. The forward P/E of 11.5x suggests the market expects earnings growth, but the reliance on volatile non-interest income in 2026Q2 warrants caution. Investors should monitor whether the premium is justified by core earnings power or inflated by one-off gains.
ROE Masked by One-Off Gains
Reported ROE averaged 3.4% over the last ten quarters, as per financial statements, but 2026Q2's $450.3M non-interest income spike and $332.2M provision reversal inflate profitability, obscuring the underlying earnings quality.
DuPont decomposition shows ROE is driven by asset utilization and non-interest income rather than NIM, which is stable at 0.3%. The efficiency ratio swung from 7% to 40.8% in 2025Q4 due to negative fee income, indicating operating leverage is highly sensitive to non-interest revenue. Investors should adjust for one-offs to assess sustainable ROE, which appears closer to 3% on a normalized basis.
Stable NIM, Volatile Efficiency
Net interest margin held at 0.3% for eight consecutive quarters, according to recent filings, while the efficiency ratio spiked to 40.8% in 2025Q4, reflecting the distorting impact of negative non-interest income on revenue.
The stable NIM suggests a balanced asset-liability mix but limited spread expansion potential, as asset growth has not translated into margin improvement. The efficiency ratio's volatility is not a cost-control issue but a revenue mix problem, as fee income swings dominate. This implies that AGM's operating leverage is inherently unstable, and investors should focus on core fee income trends.
Thin Equity Base Under Pressure
Equity-to-assets remained at 5% over the last ten quarters, as reported in financial statements, while total assets grew 31.5% year-over-year, suggesting capital adequacy is adequate but leaves limited buffer for asset growth or credit stress.
The constant 5% leverage ratio indicates AGM is operating near its regulatory minimum, and the rapid asset expansion may strain capital ratios if retained earnings do not keep pace. The $332.2M provision reversal in 2026Q2 boosted equity temporarily, but such reversals are not sustainable. Investors should monitor CET1 and total capital ratios relative to GSE requirements, as the thin capital base could constrain future dividend growth or buybacks.
Credit Quality Dependent on Reversals
Loan loss provisions swung from a $332.2M reversal in 2026Q2 to small charges in prior quarters, per financial statements, indicating credit quality is stable but subject to one-off adjustments that may not reflect underlying risk.
The provision reversal boosted net income significantly, but such reversals are typically non-recurring and may indicate prior over-provisioning rather than improving credit conditions. The lack of NPL or charge-off data limits assessment, but the volatility in provisions suggests that reserve levels may be adequate but not necessarily conservative. Investors should watch for normalization of provision expense, which could pressure future earnings.
P/E Misleads on Earnings Quality
The most misapplied ratio for AGM is P/E, as trailing earnings include a $450.3M non-interest income spike and $332.2M provision reversal in 2026Q2, per financial statements, which inflate EPS and distort the multiple.
A trailing P/E of 14.0x appears reasonable, but it is based on earnings that are not repeatable. The forward P/E of 11.5x assumes normalization, yet the volatility of non-interest income makes forward estimates unreliable. Instead, investors should use P/TBV or P/B, which are less sensitive to earnings volatility, and adjust for one-offs to derive a sustainable earnings power. This approach better captures AGM's franchise value as a GSE.