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. The Corporate AgFinance segment includes loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production. The Power & Utilities segment includes loans to rural electric generation and transmission cooperatives and distribution cooperatives, as well as AgVantage securities secured by those types of loans. The Broadband Infrastructure segment includes loans to rural fiber, cable/broadband, tower, wireless, local exchange carrier, and data center projects. The Renewable Energy segment includes rural electric, solar, wind, and gas projects. The Funding segment includes debt issuance, hedging, asset/liability management, and capital allocation. The Investments segment includes an investment portfolio, which is held for liquidity purposes. The company is involved in a line of agricultural finance business, including purchasing and retaining eligible loans and securities; guaranteeing the payment of principal and interest on securities that represent interests in, or obligations secured by pools of eligible loans; servicing eligible loans; and issuing long-term standby purchase commitments for designated eligible loans. Federal Agricultural Mortgage Corporation was incorporated in 1987 and is headquartered in Washington, District Of Columbia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $408M | - | $207M | $80M | 17.1% | 8.9% | 0.1% |
| 2024 | $375M | - | $207M | $607M | 19.2% | 6.8% | 3.6% |
| 2023 | $351M | - | $200M | $376M | 21.6% | 13.6% | 12.3% |
| 2022 | $309M | - | $178M | $809M | 22.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 309.11 | 351.06 | 375.07 | 408.37 |
| Operating Revenue | - | 309.11 | 351.06 | 375.07 | 408.37 |
| Selling General And Administration | - | 78.54 | 93.88 | 102.21 | 115.94 |
| Interest Income | - | 716.85 | 1,392.29 | 1,603.52 | 1,612.25 |
| Interest Expense | - | 445.91 | 1,064.74 | 1,249.65 | 1,221.51 |
| Net Interest Income | - | 270.94 | 327.55 | 353.87 | 390.73 |
| Pretax Income | - | 225.68 | 253.10 | 258.10 | 255.71 |
| Tax Provision | - | 47.54 | 53.10 | 50.91 | 48.30 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 178.14 | 200 | 207.19 | 207.42 |
| Net Income From Continuing And Discontinued Operation | - | 178.14 | 200 | 207.19 | 207.42 |
| Net Income From Continuing Operation Net Minority Interest | - | 178.14 | 200 | 207.19 | 207.42 |
| Net Income | - | 178.14 | 200 | 207.19 | 207.42 |
| Net Income Common Stockholders | - | 150.98 | 172.84 | 180.43 | 182.49 |
| Net Income Including Noncontrolling Interests | - | 178.14 | 200 | 207.19 | 207.42 |
| Normalized Income | - | 178.14 | 200 | 207.19 | 207.42 |
| Diluted NI Availto Com Stockholders | - | 150.98 | 172.84 | 180.43 | 182.49 |
| Basic Average Shares | - | 10.79 | 10.83 | 10.87 | 10.91 |
| Diluted Average Shares | - | 10.88 | 10.94 | 10.98 | 10.98 |
| Reconciled Depreciation | 0.13 | - | - | - | - |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Preferred Stock Dividends | - | 27.16 | 27.16 | 25.15 | 24.92 |
| Gain On Sale Of Security | - | 22.63 | 2.88 | 2.64 | -5.12 |
| Depreciation Amortization Depletion Income Statement | 0.13 | - | - | - | - |
| Depreciation And Amortization In Income Statement | 0.13 | - | - | - | - |
| General And Administrative Expense | - | 78.54 | 93.88 | 102.21 | 115.94 |
| Other Gand A | - | 29.77 | 34.96 | 38.24 | 44.61 |
| Salaries And Wages | - | 48.77 | 58.91 | 63.98 | 71.32 |
| Otherunder Preferred Stock Dividend | - | - | - | 1.62 | - |
| Amortization | 0.13 | - | - | - | - |
| Amortization Of Intangibles Income Statement | 0.13 | - | - | - | - |
| Other Non Interest Expense | - | 4.09 | 3.22 | 3.18 | 3.86 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Federal Agricultural Mortgage Corporationthis co. | AGM | $2.0B | 9.53β discount | 1.63 | 17.1% | - |
| Banco Latinoamericano de Comercio Exterior, S. A. | BLX | $2.1B | 9.17 | 1.24 | 13.5% | - |
| Northwest Bancshares, Inc. | NWBI | $2.1B | 16.45 | 1.10 | 6.7% | - |
| LendingClub Corporation | LC | $2.0B | 14.94 | 1.35 | 9.0% | - |
| EZCORP, Inc. |
| 2021 | - | - | - | - | - | - | - |
| EZPW |
| $2.0B |
| 18.05 |
| 1.93 |
| 10.7% |
| 11.23 |
| OFG Bancorp | OFG | $1.9B | 9.47 | 1.40 | 14.8% | - |
| First Commonwealth Financial Corporation | FCF | $1.9B | 12.65 | 1.24 | 9.8% | - |
| Stellar Bancorp, Inc. | STEL | $1.9B | 18.53 | 1.14 | 6.2% | - |
| The Baldwin Insurance Group, Inc. | BWIN | $1.9B | -55.47 | 3.13 | -5.6% | 16.99 |
| Peer Median | - | 13.79 | 1.30 | 9.4% | 14.11 | |