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 | 12.1% | 8.9% | 0.1% |
| 2024 | $375M | - | $207M | $607M | 13.9% | 6.8% | 3.6% |
| 2023 | $351M | - | $200M | $376M | 14.2% | 13.6% | 12.3% |
| 2022 | $309M | - | $178M | $809M | 14.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 309.11 | 351.06 | 375.07 | 408.37 |
| Pretax Income | 225.68 | 253.10 | 258.10 | 255.71 |
| Tax Provision | 47.53 | 53.10 | 50.91 | 48.30 |
| Net Income | 178.14 | 200 | 207.19 | 207.41 |
| Net Income Common Stockholders | 150.98 | 172.84 | 180.43 | 182.49 |
| Interest Expense | 445.91 | 1,064.74 | 1,249.65 | 1,221.51 |
| Interest Income | 716.85 | 1,392.29 | 1,603.52 | 1,612.25 |
| Selling General And Administration | 78.54 | 93.88 | 102.21 | 115.94 |
| Normalized Income | 178.14 | 200 | 207.19 | 207.41 |
| Basic EPS | 14 | 15.97 | 16.59 | 16.73 |
| Diluted EPS | 13.87 | 15.81 | 16.44 | 16.62 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.20 | 0.19 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 178.14 | 200 | 207.19 | 207.41 |
| Reconciled Depreciation | 0 | 0 | 0 | 0 |
| Net Interest Income | 270.94 | 327.55 | 353.87 | 390.73 |
| Net Income From Continuing And Discontinued Operation | 178.14 | 200 | 207.19 | 207.41 |
| Diluted Average Shares | 10.88 | 10.94 | 10.97 | 10.98 |
| Basic Average Shares | 10.79 | 10.83 | 10.87 | 10.91 |
| Diluted NI Availto Com Stockholders | 150.98 | 172.84 | 180.43 | 182.49 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 1.62 | 0 |
| Preferred Stock Dividends | 27.16 | 27.16 | 25.15 | 24.92 |
| Net Income Including Noncontrolling Interests | 178.14 | 200 | 207.19 | 207.41 |
| Net Income Continuous Operations | 178.14 | 200 | 207.19 | 207.41 |
| Gain On Sale Of Security | 22.63 | 2.88 | 2.64 | -5.12 |
| Depreciation Amortization Depletion Income Statement | 0 | 0 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 0 | 0 | 0 | 0 |
| Amortization | 0 | 0 | 0 | 0 |
| Amortization Of Intangibles Income Statement | 0 | 0 | 0 | 0 |
| 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 | 71.33 |
| Operating Revenue | 309.11 | 351.06 | 375.07 | 408.37 |
| Other Non Interest Expense | 4.09 | 3.22 | 3.17 | 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 | $1.9B | 10.38β discount | 1.55 | 12.1% | - |
| Encore Capital Group, Inc. | ECPG | $1.9B | 6.98 | 1.84 | 26.3% | 8.73 |
| Stellar Bancorp, Inc. | STEL | $1.9B | 18.45 | 1.14 | 6.2% | - |
| First Commonwealth Financial Corporation | FCF | $1.9B | 12.50 | 1.22 | 9.8% | - |
| LendingClub Corporation |
| LC |
| $1.9B |
| 11.03 |
| 1.27 |
| 9.0% |
| 3.75 |
| EZCORP, Inc. | EZPW | $1.8B | 17.93 | 1.92 | 10.7% | 11.17 |
| Triumph Financial, Inc. | TFIN | $1.8B | 63.42 | 1.79 | 2.8% | - |
| Fidelis Insurance Holdings Limited | FIHL | $1.8B | 9.90 | 0.84 | 9.4% | - |
| Northwest Bancshares, Inc. | NWBI | $1.8B | 15.41 | 1.03 | 6.7% | - |
| Peer Median | - | 13.95 | 1.25 | 9.2% | 8.73 | |