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AGM-PG

Federal Agricultural Mortgage Corporation

AGM-PG

Federal Agricultural Mortgage Corporation • NYSE
$18.13 ▲ 0.00% (+0.00)
Market Cap $1.93 B
52w High $20.02
52w Low $17.82
Dividend Yield 1.22%
P/E 1.63
Volume 6.23K
Outstanding Shares 106.56M

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 The company’s income statement shows a clear pattern of steady growth. Revenue has risen each year, and profits have grown even faster than the top line, suggesting good cost control and solid pricing power in its niche. Profit margins look healthy for a specialized credit provider, which hints at disciplined risk management and efficient operations. Earnings per share have climbed consistently, helped by both higher business volume and stable credit performance. That said, the business remains exposed to interest rate movements and the health of the agricultural and rural economy, so today’s strong profitability could come under pressure if funding costs rise faster than loan yields or if credit losses pick up in a downturn.

Balance Sheet

Balance Sheet The balance sheet reflects a classic, highly levered finance model. Assets have expanded steadily as the loan book and related exposures have grown. Debt makes up the vast majority of the funding base, which is typical for a government‑sponsored finance company but still means the business is very dependent on continued market access and confidence. Equity has also grown over time, improving the capital cushion that protects against credit losses and shocks. Cash levels appear stable and adequate for day‑to‑day needs, but not excessive. Overall, the balance sheet looks consistent with a scaled financial intermediary: strong in terms of capital growth, but structurally sensitive to asset quality, interest rate mismatches, and the broader policy environment for government‑sponsored entities.

Cash Flow

Cash Flow Cash generation has generally been positive and broadly aligned with reported profits, which supports the quality of earnings. Operating cash flow has grown over time, though it can be quite volatile from year to year as loans are originated, sold, or repriced. This lumpiness is normal in balance‑sheet‑intensive finance businesses, but it means cash trends should be watched over a full cycle rather than in isolation. Capital spending needs are very low, so most cash can go toward supporting portfolio growth, strengthening capital, or returning capital to investors. The main cash‑flow risk is not heavy investment requirements, but rather the possibility of thinner spreads, higher funding costs, or rising credit losses if conditions in agriculture or rural infrastructure weaken.

Competitive Edge

Competitive Edge Farmer Mac’s competitive position is anchored by its status as a government‑sponsored enterprise and by its narrow specialization. The federal charter gives it funding and regulatory advantages that typical lenders cannot easily match, allowing it to offer attractive terms to rural banks and other partners while still earning a reasonable spread. Beyond its charter, the company benefits from decades of experience in agricultural and rural lending, a broad menu of tailored products, and deep relationships with smaller lenders that rely on it for liquidity and risk transfer. Its AgPower® technology and secondary‑market capabilities further reinforce switching costs for partners. On the other hand, the franchise is concentrated in agriculture and rural infrastructure, which ties its fortunes to a specific part of the economy and to public‑policy priorities. Changes in regulations, competing programs, or support for GSEs, as well as competition from large banks or other government‑linked entities, remain ongoing strategic risks.

Innovation and R&D

Innovation and R&D Innovation here is less about laboratories and more about systems, product design, and new end markets. The AgPower® loan platform is a key example: it simplifies loan origination and portfolio management for partner lenders, reducing friction and strengthening Farmer Mac’s role at the center of the rural credit ecosystem. The company is also pushing a broader digital modernization agenda, aiming to make its infrastructure more scalable, secure, and integrated. On the product side, it is leaning into emerging areas like renewable energy projects, rural broadband, and data center infrastructure in rural regions. These are early but potentially important growth paths, especially as policy and private capital both focus on energy transition and digital connectivity. Finally, there is an expressed emphasis on financing sustainable agricultural practices, which could open new product lines if demand and regulatory frameworks develop as expected. The main uncertainties are execution risk, partner adoption of new tools, and how quickly these newer segments can grow without adding disproportionate risk.

Summary

Overall, Farmer Mac appears to be a specialized, steadily growing financial intermediary with a strong niche in U.S. agriculture and rural infrastructure. Its income statement points to improving scale and resilient profitability, while the balance sheet and capital base have strengthened over time, even though leverage remains structurally high as is typical for this kind of institution. Cash flows broadly support the reported earnings, with limited needs for physical investment, which allows management to focus capital on portfolio growth and financial resilience. The company’s government‑sponsored status, deep sector expertise, and proprietary platforms create a meaningful competitive moat, yet also tie its fortunes closely to regulatory frameworks and public‑policy objectives. Looking ahead, expansion into renewable energy, rural broadband, and data‑driven infrastructure, combined with ongoing digital upgrades, provides a clear growth narrative. Key uncertainties center on interest rates, agricultural credit quality, policy or regulatory shifts affecting GSEs, and execution in these newer segments. The story today is one of a relatively stable, niche financial player with both structural strengths and clear exposure to macro and policy cycles.