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AGM

Federal Agricultural Mortgage Corporation

AGM

Federal Agricultural Mortgage Corporation • NYSE
$171.76 ▼ -0.54% (-0.93)
Market Cap $1.87 B
52w High $217.14
52w Low $155.00
Dividend Yield 5.90%
P/E 9.79
Volume 35.02K
Outstanding Shares 10.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $420.782M ▲ $29.795M ▲ $55.003M ▲ 13.072% ▼ $4.45 ▼ $66.69M ▲
Q2-2025 $404.958M ▲ $29.49M ▼ $54.837M ▲ 13.541% ▲ $4.5 ▲ $65.431M ▲
Q1-2025 $384.693M ▼ $29.51M ▲ $49.651M ▼ 12.907% ▼ $4.04 ▼ $63.125M ▼
Q4-2024 $403.752M ▼ $29.093M ▲ $56.514M ▲ 13.997% ▲ $4.67 ▲ $68.39M ▲
Q3-2024 $411.227M $24.783M $49.828M 12.117% $3.89 $62.249M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.516B ▼ $33.38B ▲ $31.692B ▲ $1.687B ▲
Q2-2025 $2.615B ▲ $32.996B ▲ $31.452B ▲ $1.544B ▲
Q1-2025 $2.41B ▼ $31.804B ▲ $30.278B ▲ $1.526B ▲
Q4-2024 $12.475B ▼ $31.325B ▲ $29.836B ▲ $1.489B ▲
Q3-2024 $12.482B $30.615B $29.153B $1.462B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $55.003M ▲ $74.193M ▲ $-528.236M ▲ $324.737M ▼ $-129.306M ▼ $74.193M ▲
Q2-2025 $54.837M ▲ $-47.722M ▲ $-1.037B ▼ $1.066B ▲ $-17.806M ▼ $-47.722M ▲
Q1-2025 $49.651M ▼ $-49.819M ▼ $-345.878M ▲ $419.825M ▼ $24.128M ▼ $-49.819M ▼
Q4-2024 $56.514M ▲ $367.531M ▲ $-782.945M ▼ $597.365M ▲ $181.951M ▲ $367.531M ▲
Q3-2024 $49.828M $-44.351M $-265.676M $229.122M $-80.905M $-44.417M

Five-Year Company Overview

Income Statement

Income Statement Earnings have grown steadily over the last several years, with both revenue and profit moving upward at a healthy pace. Profit margins have held up well even as the business has scaled, which suggests good pricing power and disciplined expense control. The company appears to convert a meaningful portion of its revenue into net income, and earnings per share have climbed consistently, indicating that growth is coming through to shareholders rather than being diluted. Overall, the income statement reflects a mature, profitable financial institution with stable core economics rather than a volatile, high‑beta lender.

Balance Sheet

Balance Sheet The balance sheet has expanded gradually, with total assets and funding rising together, which is typical for a credit-focused institution. Debt levels look high in absolute terms, but for this business model the borrowings mainly represent funding for loans rather than traditional corporate leverage. Equity has been building at a steady rate, showing retained profitability and a stronger capital base over time. Cash balances are relatively modest compared with total assets, suggesting reliance on wholesale funding and capital markets access, which is normal for this type of entity but makes funding conditions an important ongoing risk factor to watch.

Cash Flow

Cash Flow Operating cash flow has generally been positive in recent years but can swing from year to year, reflecting movements in the loan book and funding activities. Free cash flow essentially mirrors operating cash flow since capital spending needs are very light, which is consistent with a financial services platform rather than a capital-intensive industrial company. The pattern suggests the business can generate cash reliably over time, even if individual years look lumpy due to working capital and balance sheet shifts. One weak cash year early in the period stands out as an exception rather than the norm, but it is a reminder that cash generation can be sensitive to credit demand, interest rates, and funding markets.

Competitive Edge

Competitive Edge Farmer Mac operates in a specialized niche as a congressionally chartered provider of secondary market liquidity for agricultural and rural loans. Its government-sponsored enterprise status gives it a structural funding advantage versus many private lenders, and its long history and nationwide lender network create meaningful barriers to entry. The firm’s focus on long-term, fixed-rate products and its role in helping lenders manage balance sheet risk differentiate it from traditional banks and some Farm Credit institutions. At the same time, the business is structurally tied to U.S. agricultural health, regulatory oversight, and federal policy, and it faces competition from other GSE-like entities and large banks that also serve rural markets. Overall, its role as a primary secondary-market utility for farm credit provides a solid moat, but one that is closely linked to policy, sector health, and reputation.

Innovation and R&D

Innovation and R&D Innovation here is less about laboratory research and more about financial engineering, technology platforms, and product design. The AgPower underwriting platform streamlines how partner lenders price and submit loans, which can deepen relationships and improve efficiency. The company’s leadership in agricultural mortgage-backed securities has helped build a true secondary market for farm loans, broadening its investor base and enhancing liquidity for rural credit. Programs that link borrowing terms to sustainable farming practices show a forward-looking stance on climate and ESG trends, and expansion into rural infrastructure, renewable energy, and broadband reflects thoughtful adjacencies. The main risk is that these innovations must scale responsibly within a heavily regulated, cyclical sector, where missteps in underwriting, securitization, or sustainability claims could erode trust.

Summary

Taken together, Farmer Mac presents as a steadily growing, consistently profitable financial utility focused on U.S. agriculture and rural America. The income statement shows durable earnings growth and solid margins, while the balance sheet reflects a large, leveraged but capital-building credit platform typical of its role. Cash flow is generally sound but inherently uneven due to the nature of lending and funding. Its government charter, specialized expertise, and entrenched lender relationships provide a meaningful competitive moat, reinforced by ongoing product and technology innovation in securitization, digital underwriting, and sustainable finance. The key sensitivities lie in agricultural cycles, interest-rate shifts, regulatory and political developments, and the company’s ability to manage credit and funding risks as it expands into new segments such as rural infrastructure and climate-related programs.

NEWS

November 5, 2025 · 4:15 PM UTC

Farmer Mac Declares Quarterly Dividends on Common and Preferred Stock

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November 3, 2025 · 4:05 PM UTC

Farmer Mac Reports Third Quarter 2025 Results

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September 25, 2025 · 4:15 PM UTC

Farmer Mac Announces Retirement of Chief Executive Officer Bradford T. Nordholm and Appoints Zachary N.

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September 10, 2025 · 4:15 PM UTC

Farmer Mac Declares Dividend on Series H Preferred Stock

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