Tearsheet

Federal Agricultural Mortgage (AGM)

Market Price (12/4/2025): $180.41 | Market Cap: $2.0 Bil
Sector: Financials | Industry: Consumer Finance

Federal Agricultural Mortgage (AGM)

Market Price (12/4/2025): $180.41
Market Cap: $2.0 Bil
Sector: Financials
Industry: Consumer Finance

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%, FCF Yield is 19%	Weak multi-year price returns 2Y Excs Rtn is -36%, 3Y Excs Rtn is -18%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1566%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 86%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 86%
2	Low stock price volatility Vol 12M is 29%
3	Megatrend and thematic drivers Megatrends include Agricultural & Rural Financial Systems. Themes include Agricultural Mortgage Finance, and Rural Capital Access.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%, FCF Yield is 19%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 86%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 86%
2	Low stock price volatility Vol 12M is 29%
3	Megatrend and thematic drivers Megatrends include Agricultural & Rural Financial Systems. Themes include Agricultural Mortgage Finance, and Rural Capital Access.
4	Weak multi-year price returns 2Y Excs Rtn is -36%, 3Y Excs Rtn is -18%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1566%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$180.41	$192.35	$181.32	$103.85	$110.27
Market Cap CYE ($ Bil)	2.0	2.1	2.0	1.1	1.2
Total Debt ($ Bil)	31.3	29.3	27.7	25.7	23.7
Total Cash ($ Bil)	2.5	12.5	11.3	13.0	11.1
Enterprise Value ($ Bil)	30.7	31.4	29.7	26.8	24.9
Valuation Ratios
P/S TTM	4.7	5.7	5.9	3.9	5.5
P/EBIT TTM	0.0	0.0	0.0	0.0	0.0
P/E TTM	8.7	10.3	10.3	6.8	9.8
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.5	7.5	7.7	7.3
P/E TTM (Sector)	11.7	11.6	10.2	9.4	10.1

	12/4/25	2024	2023
Share Price CYE	$180.41	$192.35	$181.32
Market Cap CYE ($ Bil)	2.0	2.1	2.0
Total Debt ($ Bil)	31.3	29.3	27.7
Total Cash ($ Bil)	2.5	12.5	11.3
Enterprise Value ($ Bil)	30.7	31.4	29.7
Valuation Ratios
P/S TTM	4.7	5.7	5.9
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	8.7	10.3	10.3
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5
P/E TTM (Sector)	11.7	11.6	10.2

	AGM	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	15.3%	7.1%
Rev Chg LTM	12.2%	6.1%
Rev Chg 3Y Avg	11.4%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
CFO/Rev LTM	85.5%	20.5%
Net Inc Mgn	53.7%	13.1%
VALUATION	LOW
P/S	4.7	3.2
P/CFO	5.4	15.8
P/FCF	5.4	20.5
P/E	8.7	23.5

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Net effective spread	$97.8 million	9302025	Link
Core earnings	$49.6 million	9302025	Link
Outstanding Business Volume	$31.1 billion	9302025	Link
Tier 1 Capital Ratio	13.9%	9302025	Link
Days of liquidity	317 days	9302025	Link
Allowance for losses to total outstanding business volume	12 basis points	9302025	Link
Total core capital in excess of statutory requirement	$723 million	9302025	Link

Upcoming
12/15/2025	Dividend	Amount: $1.50 Payment On: 12/31/2025
2/20/2026	Earnings Release	Rev: - EPS: -

AGM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Federal Agricultural Mortgage (symbol: AGM) experienced a stock price decline of approximately 14.9% from August 31, 2025, to December 4, 2025. Several key factors contributed to this movement:

1. Q3 2025 Revenue Miss: On November 3, 2025, Federal Agricultural Mortgage reported its financial results for the third quarter of 2025, with revenue coming in at $97.77 million, which was below analysts' expectations of $100.94 million.

2. Sequential Decline in Q3 2025 Earnings: The company's Q3 2025 earnings were reported at $48.7 million, representing a 1% decrease from the previous quarter.

Stock Movement Drivers

Fundamental Drivers

The -12.9% change in AGM stock from 9/3/2025 to 12/3/2025 was primarily driven by a -15.0% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	203.12	176.92	-12.90%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	388.60	402.42	3.56%
Net Income Margin (%)	54.25%	53.68%	-1.06%
P/E Multiple	10.53	8.96	-14.98%
Shares Outstanding (Mil)	10.93	10.93	-0.01%
Cumulative Contribution			-12.90%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
AGM	-12.9%
Market (SPY)	6.2%	6.5%
Sector (XLF)	0.1%	37.9%

Fundamental Drivers

The -4.5% change in AGM stock from 6/4/2025 to 12/3/2025 was primarily driven by a -9.9% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	185.29	176.92	-4.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	375.78	402.42	7.09%
Net Income Margin (%)	54.05%	53.68%	-0.69%
P/E Multiple	9.94	8.96	-9.91%
Shares Outstanding (Mil)	10.90	10.93	-0.35%
Cumulative Contribution			-4.52%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
AGM	-4.5%
Market (SPY)	15.1%	26.9%
Sector (XLF)	5.8%	48.5%

Fundamental Drivers

The -14.2% change in AGM stock from 12/3/2024 to 12/3/2025 was primarily driven by a -20.8% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	206.14	176.92	-14.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	358.62	402.42	12.21%
Net Income Margin (%)	55.29%	53.68%	-2.93%
P/E Multiple	11.31	8.96	-20.84%
Shares Outstanding (Mil)	10.88	10.93	-0.47%
Cumulative Contribution			-14.18%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
AGM	-14.2%
Market (SPY)	14.3%	48.8%
Sector (XLF)	7.4%	56.2%

Fundamental Drivers

The 54.5% change in AGM stock from 12/4/2022 to 12/3/2025 was primarily driven by a 37.8% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	114.49	176.92	54.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	292.13	402.42	37.75%
Net Income Margin (%)	57.71%	53.68%	-6.98%
P/E Multiple	7.33	8.96	22.10%
Shares Outstanding (Mil)	10.80	10.93	-1.25%
Cumulative Contribution			54.50%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
AGM	9.7%
Market (SPY)	53.2%	44.2%
Sector (XLF)	52.4%	54.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AGM Return	-7%	73%	-6%	75%	6%	-9%	155%
Peers Return	5%	35%	-13%	25%	8%	5%	75%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
AGM Win Rate	50%	67%	42%	75%	33%	50%
Peers Win Rate	38%	54%	29%	35%	46%	32%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
AGM Max Drawdown	-48%	0%	-25%	0%	-10%	-19%
Peers Max Drawdown	-32%	-2%	-19%	-11%	-14%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MBIN, KRNY, GFCX, SUIG, AXP. See AGM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	AGM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	50.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	236 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-48.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	94.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	328 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-42.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	74.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	814 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-93.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1385.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1544 days	1480 days

Compare to MBIN, KRNY, GFCX, SUIG, AXP

In The Past

Federal Agricultural Mortgage's stock fell -33.7% during the 2022 Inflation Shock from a high on 11/8/2021. A -33.7% loss requires a 50.8% gain to breakeven.

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About Federal Agricultural Mortgage (AGM)

Federal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers in the United States. It operates through four segments: Farm & Ranch, USDA (United States Department of Agriculture) Guarantees, Rural Utilities, and Institutional Credit. The Farm & Ranch segment purchases and retains eligible mortgage loans that are secured by first liens on agricultural real estate; securitizes eligible mortgage loans, and guarantees the timely payment of principal and interest on securities representing interests in or obligations secured by pools of mortgage loans; and issues long-term standby purchase commitments (LTSPC) on designated eligible mortgage loans. The USDA Guarantees segment purchases portions of certain agricultural and rural development loans guaranteed by the USDA. The Rural Utilities segment purchases and guarantees securities that are backed by loans for electric or telecommunications facilities by lenders organized as cooperatives to borrowers; and purchases eligible rural utilities loans and guarantees of securities backed by those loans, as well as LTSPCs for pools of eligible rural utilities loans. The Institutional Credit segment guarantees and purchases general obligations of lenders and other financial institutions that are secured by pools of loans eligible under the Farmer Mac's Farm & Ranch, USDA Guarantees, or Rural Utilities lines of business. Federal Agricultural Mortgage Corporation was founded in 1987 and is headquartered in Washington, District of Columbia.

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The Fannie Mae or Freddie Mac of farm and rural utility loans.

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Agricultural Real Estate and Rural Utility Loan Purchases: Farmer Mac purchases qualified agricultural real estate and rural utility loans from originators, providing liquidity and capital to lenders.
Agricultural Real Estate and Rural Utility Loan Guarantees: Farmer Mac guarantees the timely payment of principal and interest on eligible agricultural real estate and rural utility loans, enhancing their credit quality for investors.
Standby Letters of Credit: Farmer Mac issues standby letters of credit to provide credit enhancement for bonds and other obligations related to agriculture and rural utilities.

AI Generated Analysis | Feedback

Federal Agricultural Mortgage (symbol: AGM), also known as Farmer Mac, primarily sells its financial products and services to other companies, specifically a broad network of agricultural and rural housing lenders.

Farmer Mac operates as a government-sponsored enterprise (GSE) that provides a secondary market for agricultural real estate and rural housing mortgage loans. Its customers are the financial institutions that originate these loans and seek to sell them to Farmer Mac, or use them as collateral for securities guaranteed by Farmer Mac, to manage their capital and liquidity.

Farmer Mac's business model involves serving a diverse and extensive network of lenders rather than relying on a few dominant major customers. As such, Farmer Mac does not publicly disclose a list of specific "major customer companies" by name. However, the types of financial institutions that utilize Farmer Mac's services include:

Commercial Banks: This includes a wide range of institutions from small community banks to larger regional banks that originate agricultural and rural housing loans.
Farm Credit System Institutions: These are a nationwide network of borrower-owned lending institutions that specialize in providing credit to farmers, ranchers, and rural businesses.
Credit Unions: Some credit unions that serve rural communities and offer agricultural or rural housing loans are also Farmer Mac customers.
Insurance Companies: Certain insurance companies that are involved in agricultural lending or investment also utilize Farmer Mac's services.
Other Non-Bank Agricultural Lenders: Various other financial institutions specializing in agricultural finance also participate in Farmer Mac's programs.

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Bradford T. Nordholm, Chief Executive Officer

Bradford T. Nordholm was appointed Chief Executive Officer of Federal Agricultural Mortgage Corporation (Farmer Mac) in October 2018. Under his leadership, Farmer Mac has seen its annual earnings double, its outstanding business volume grow to over $30 billion, and has delivered top-tier total shareholder returns among S&P Financials. He is slated to retire on March 31, 2027.

Zachary N. Carpenter, President and Principal Operating Officer

Zachary N. Carpenter was appointed President and Chief Operating Officer in September 2025, with plans to succeed Bradford T. Nordholm as CEO upon Nordholm's retirement in March 2027. He joined Farmer Mac in May 2019 and previously held roles with increasing responsibility at Johnson & Johnson, Goldman Sachs, and CoBank. Mr. Carpenter has been instrumental in diversifying Farmer Mac's loan portfolio into new business segments, including renewable energy, broadband infrastructure, and corporate agribusiness.

Gregory N. Ramsey, Vice President, Controller, Principal Accounting Officer and Interim Chief Financial Officer

Gregory N. Ramsey was appointed interim principal financial officer for Farmer Mac effective August 1, 2025, following the resignation of the previous CFO. He has served as Farmer Mac's principal accounting officer since October 2013, was promoted to Vice President – Controller in May 2018, and to his current role as Vice President and Chief Accounting Officer in April 2023. Mr. Ramsey previously served as interim principal financial officer from July 2019 through January 2020. Prior to joining Farmer Mac, he held positions as a Senior Manager at PricewaterhouseCoopers from 2010 to 2013, Vice President of Accounting Policy at Fannie Mae from 2004 to 2010, and Professional Accounting Fellow at the Office of the Comptroller of the Currency from 2002 to 2004. He is a Certified Public Accountant.

Kerry T. Willie, Senior Vice President and Chief Human Resources Officer

Kerry T. Willie serves as Senior Vice President and Chief Human Resources Officer for Federal Agricultural Mortgage Corporation. Further detailed background information beyond her title at Farmer Mac was not available in the provided search results.

Marc J. Crady, Senior Vice President and Chief Credit Officer

Marc J. Crady holds the position of Senior Vice President and Chief Credit Officer at Federal Agricultural Mortgage Corporation. Further detailed background information beyond his title at Farmer Mac was not available in the provided search results.

AI Generated Analysis | Feedback

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The Federal Agricultural Mortgage Corporation (AGM), commonly known as Farmer Mac, operates in the secondary market for agricultural real estate mortgage loans, rural housing mortgage loans, and rural utility cooperative loans within the United States. The addressable markets for its main products and services in the U.S. are as follows:

Agricultural Real Estate Mortgage Loans

The addressable market for agricultural real estate debt in the U.S. is substantial and has shown consistent growth. This market covers loans secured by farm and ranch real estate.

In 2021, U.S. farm real estate debt amounted to $345 billion.
Forecasts indicated that debt tied to real estate could reach $375.9 billion in 2023.
The USDA Economic Research Service estimated that the inflation-adjusted volume of all farm loans secured by real estate exceeded $353 billion in 2023 and is expected to increase to nearly $360 billion in 2024.
Looking ahead, farm real estate debt is projected to reach $386.4 billion in 2025.

Agricultural Non-Real Estate (Operating) Loans

This market segment includes financing for agricultural businesses, encompassing operating loans and other non-real estate-backed agricultural debt, under which Farmer Mac's Corporate AgFinance product falls.

Total U.S. farm sector debt in 2021 was $503.7 billion. Of this, farm real estate debt was $344.5 billion, implying that non-real estate (operating) debt was approximately $159.2 billion.
Non-real estate debt was projected at $158.6 billion in 2018.
Farm non-real estate debt is expected to reach $205.4 billion in 2025.

Rural Utilities Loans (including Rural Infrastructure, Broadband, and Renewable Energy)

Farmer Mac provides financing for rural electric cooperatives, telecommunications providers, and water/wastewater facilities, as well as broader rural infrastructure, broadband, and renewable energy projects. While a singular aggregated market size for all private lending in this diverse sector is not readily available, significant government investment and Farmer Mac's business volumes highlight the scale of this market in the U.S.

The Rural Utilities Service (RUS) approved $1.6 billion in long-term financing for rural utility projects across 21 states in 2020.
In 2023, the U.S. Department of Agriculture (USDA) announced nearly $11 billion in grants and loan opportunities for rural energy and utility providers, with $9.7 billion specifically for eligible rural electric cooperatives through the "Empowering Rural America (New ERA) program" and $1 billion for the "Powering Affordable Clean Energy (PACE) program" to finance renewable energy projects.
In 2015, RUS committed $3.4 billion in loans and loan guarantees, with an expectation of $6.25 billion in 2016 for generation, transmission, and distribution infrastructure.

AI Generated Analysis | Feedback

Expected drivers of future revenue growth for Federal Agricultural Mortgage (AGM) over the next 2-3 years include:

Expansion of Infrastructure Finance: Federal Agricultural Mortgage is experiencing continued growth in its infrastructure finance segments, particularly in broadband, renewable energy, data centers, and power and utility projects. This growth is driven by increasing demand for rural connectivity and energy needs, contributing significantly to new business volume.
Growth in Higher-Spread Farm & Ranch Loan Purchases: The company has observed strong loan purchase volume in its Farm & Ranch segment, which is generally more accretive and carries higher spreads. This shift in business composition to higher-spread activities is a key contributor to increased net effective spread.
New AgVantage Security and Farm Securitization Transactions: Federal Agricultural Mortgage is pursuing new AgVantage security and farm securitization transactions to address ongoing demand in agricultural finance. These transactions are designed to support future funding opportunities and enhance the company's market offerings.
Strategic Diversification of the Loan Portfolio: A key strategic decision for Federal Agricultural Mortgage has been to diversify its loan portfolio into newer lines of business, such as renewable energy, broadband infrastructure, and corporate Ag finance. This diversification strategy is intended to leverage competitive advantages and mitigate risks across varying market cycles, contributing to overall revenue growth.

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Share Repurchases

The board of directors authorized up to $50 million in share repurchases through August 2027.
Federal Agricultural Mortgage Corporation had not repurchased shares since a small tranche in 2020, as of September 2025.
Subsequent to the third quarter of 2025, the company repurchased approximately 30,000 shares of Class C common stock for a total amount of about $5 million.


Share Issuance

Federal Agricultural Mortgage Corporation successfully issued $100 million of Series H preferred stock in August 2025, which increased its Tier 1 capital.


Capital Expenditures

Federal Agricultural Mortgage Corporation has been making investments in technology, business platforms, and human capital to support long-term growth and scalability.

Better Bets than Federal Agricultural Mortgage (AGM)

	AGM	Better Performance than AGM
Metric	Value	INDUSTRY: Consumer Finance
Rev Chg LTM	12.2%	UPST (73.6%), SOFI (34.0%), NNI (27.7%), COF (25.4%), ENVA (21.1%)
Rev Chg 3Y Avg	11.4%	SOFI (33.4%), ENVA (23.5%), COF (13.4%), FCFS (12.3%), AXP (11.6%)
CFO/Rev LTM	85.5%	SUIG (158.3%), ATLC (145.8%), CPSS (129.0%), OPRT (96.9%)
FCF/Rev LTM	85.5%	SUIG (158.3%), ATLC (143.9%), CPSS (128.6%), OPRT (90.9%)
Total Yield	11.8%	BFH (19.8%), OMF (18.0%), SYF (15.4%), PRG (14.4%), SLM (12.8%)
P/S	4.6	OMF (1.4), ALLY (1.4), SYF (1.7), COF (2.8), AXP (3.3)

	AGM	Better Performance than AGM
Metric	Value	SECTOR: Financials
Rev Chg LTM	12.2%	SCHW (22.3%), MS (17.6%), RY (16.4%), GS (15.2%), MA (14.6%)
Rev Chg 3Y Avg	11.4%	BRK-B (19.8%), JPM (13.4%), SPGI (13.3%), MA (13.2%), AXP (11.6%)
CFO/Rev LTM	85.5%	NLY (167.8%), IBKR (162.0%), XP (145.7%), RY (135.4%), FRHC (109.8%)
FCF/Rev LTM	85.5%	IBKR (161.3%), XP (140.4%), RY (131.7%), NLY (114.7%), FRHC (101.5%)
Total Yield	11.8%	TD (16.6%), BNS (14.3%), USB (13.7%), TFC (13.5%), CM (12.3%)
P/S	4.6	BRK-B (2.7), WFC (3.2), BAC (3.6), MS (3.9), GS (4.2)

	AGM	Better Performance than AGM
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	12.2%	NVDA (71.6%), AVGO (28.0%), META (21.3%), MSFT (15.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	11.4%	NVDA (92.0%), AVGO (24.0%), LLY (23.4%), META (17.3%), MSFT (13.2%)
CFO/Rev LTM	85.5%	GSAT (299.9%), CTRE (107.4%), RPRX (102.4%), ORLA (101.2%), OR (86.9%)
FCF/Rev LTM	85.5%	TBPH (317.1%), SILA (114.6%), GSAT (108.0%), CTRE (103.2%), RPRX (102.4%)
Total Yield	11.8%	VZ (16.8%), PFE (13.5%), MRK (13.0%), ENB (12.9%), BMY (12.0%)
P/S	4.6	WMT (1.1), XOM (1.4), COST (1.5), HD (2.2), AMZN (3.5)

		Best Bets In Financials Sector
	AGM
What You Pay
P/E	8.5
P/EBIT	�
What You Get
Rev Chg Q	15.3%
Rev Chg LTM	12.2%
Rev Chg 3Y Avg	11.4%
FCF/Rev 3Y Avg	97.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Federal Agricultural Mortgage Stock Jump Looks Great, But How Secure Is That Gain?	Return
2	Day 9 of Gains Streak for Federal Agricultural Mortgage Stock with 14% Return (vs. 1.1% YTD) [8/20/2025]	Notification
3	Day 8 of Gains Streak for Federal Agricultural Mortgage Stock with 13% Return (vs. 0.6% YTD) [8/19/2025]	Notification
4	AGM Dip Buy Analysis
5	Federal Agricultural Mortgage Market Price	Market Price
6	Federal Agricultural Mortgage Total Shareholder Return (TSR): 6.1% in 2024 and 20.4% 3-yr compounded annual returns (above peer average)
7	Federal Agricultural Mortgage (AGM) Operating Cash Flow Comparison	Financials
8	Federal Agricultural Mortgage (AGM) Net Income Comparison	Financials
9	Federal Agricultural Mortgage vs. S&P500 Correlation	Correlation
10	Federal Agricultural Mortgage Price Volatility	Volatility
11	ARTICLES
12	AGM Stock Up 14% after 9-Day Win Streak		August 21st, 2025
13	AGM Stock Up 13% after 8-Day Win Streak		August 20th, 2025

	Title
0	DASHBOARDS
1	Federal Agricultural Mortgage Stock Jump Looks Great, But How Secure Is That Gain?
2	Day 9 of Gains Streak for Federal Agricultural Mortgage Stock with 14% Return (vs. 1.1% YTD) [8/20/2025]
3	Day 8 of Gains Streak for Federal Agricultural Mortgage Stock with 13% Return (vs. 0.6% YTD) [8/19/2025]
4	AGM Dip Buy Analysis
5	Federal Agricultural Mortgage Market Price
6	Federal Agricultural Mortgage Total Shareholder Return (TSR): 6.1% in 2024 and 20.4% 3-yr compounded annual returns (above peer average)
7	Federal Agricultural Mortgage (AGM) Operating Cash Flow Comparison
8	Federal Agricultural Mortgage (AGM) Net Income Comparison
9	Federal Agricultural Mortgage vs. S&P500 Correlation
10	Federal Agricultural Mortgage Price Volatility
11	ARTICLES
12	AGM Stock Up 14% after 9-Day Win Streak
13	AGM Stock Up 13% after 8-Day Win Streak

Trade Ideas

Select past ideas related to AGM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Federal Agricultural Mortgage

Peers to compare with:

Financials

	AGM	MBIN	KRNY	GFCX	SUIG	AXP	Median
Name	Federal .	Merchant.	Kearny F.	GoodFait.	Sui	American.
Mkt Price	176.92	34.46	7.42	-	2.02	368.13	34.46
Mkt Cap	1.9	1.6	0.5	-	-	254.7	1.8
Rev LTM	402	686	160	-	4	70,428	402
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	344	10	21	-	6	18,944	21
FCF 3Y Avg	354	-683	38	-	-0	16,904	38
CFO LTM	344	47	24	-	6	21,139	47
CFO 3Y Avg	356	-664	40	-	-0	18,801	40

Growth & Margins

	AGM	MBIN	KRNY	GFCX	SUIG	AXP	Median
Name	Federal .	Merchant.	Kearny F.	GoodFait.	Sui	American.
Rev Chg LTM	12.2%	8.5%	19.3%	-	76.6%	9.1%	12.2%
Rev Chg 3Y Avg	11.4%	16.6%	-7.1%	-	0.3%	11.6%	11.4%
Rev Chg Q	15.3%	14.4%	17.5%	-	250.4%	10.8%	15.3%
QoQ Delta Rev Chg LTM	3.6%	3.2%	4.2%	-	49.0%	2.6%	3.6%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	85.5%	6.8%	14.8%	-	158.3%	30.0%	30.0%
CFO/Rev 3Y Avg	98.1%	-127.8%	25.6%	-	-15.0%	29.2%	25.6%
FCF/Rev LTM	85.5%	1.5%	13.3%	-	158.3%	26.9%	26.9%
FCF/Rev 3Y Avg	97.6%	-130.7%	24.3%	-	-15.0%	26.3%	24.3%

Valuation

	AGM	MBIN	KRNY	GFCX	SUIG	AXP	Median
Name	Federal .	Merchant.	Kearny F.	GoodFait.	Sui	American.
Mkt Cap	1.9	1.6	0.5	-	-	254.7	1.8
P/S	4.6	2.1	2.6	-	-	3.3	2.9
P/EBIT	-	-	-	-	-	-	-
P/E	8.5	5.9	14.0	-	-	21.8	11.2
P/CFO	5.3	31.3	17.4	-	-	10.9	14.1
Total Yield	11.8%	16.9%	8.8%	-	-	4.6%	10.3%
Dividend Yield	0.0%	0.0%	1.7%	-	-	0.0%	0.0%
FCF Yield 3Y Avg	20.3%	-55.8%	8.8%	-	-	10.7%	9.7%
D/E	17.0	2.0	2.9	-	-	0.3	2.5
Net D/E	15.7	1.1	0.1	-	-	0.0	0.6

Returns

	AGM	MBIN	KRNY	GFCX	SUIG	AXP	Median
Name	Federal .	Merchant.	Kearny F.	GoodFait.	Sui	American.
1M Rtn	11.9%	9.9%	15.8%	-	-29.1%	1.8%	9.9%
3M Rtn	-12.9%	7.5%	12.4%	-	-67.1%	14.0%	7.5%
6M Rtn	-4.5%	10.6%	28.9%	-	-	25.0%	17.8%
12M Rtn	-14.2%	-12.9%	-0.3%	-	-	23.2%	-6.6%
3Y Rtn	54.5%	40.2%	-5.8%	-	-	143.8%	47.3%
1M Excs Rtn	11.9%	9.9%	15.8%	-	-29.1%	1.8%	9.9%
3M Excs Rtn	-18.7%	-0.5%	7.3%	-	-72.5%	6.3%	-0.5%
6M Excs Rtn	-19.2%	-4.2%	14.1%	-	-	10.3%	3.1%
12M Excs Rtn	-28.1%	-29.1%	-13.3%	-	-	8.6%	-20.7%
3Y Excs Rtn	-17.7%	-29.2%	-76.7%	-	-	80.5%	-23.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/21/2025	2/23/2024	2/24/2023	2/28/2022	2/25/2021	2/25/2020
Key Financials
Total Revenue	402	375	351	309	244	207	194
Net Income	216	207	200	178	136	109	110
EPS	17.66	16.59	15.97	14.00	10.36	8.31	8.76
Growth Rates
Total Revenue Growth	12.2%	6.8%	13.7%	26.8%	17.8%	6.6%	4.2%
Net Income Growth	8.9%	3.6%	12.3%	30.9%	25.3%	-0.8%	1.4%
Margins
Net Income Margin	53.7%	55.2%	56.9%	57.6%	55.8%	52.5%	56.4%
Cash & Debt
Total Cash	2,516	12,475	11,335	13,048	11,074	11,835	10,707
Total Debt	31,286	29,301	27,688	25,651	23,695	23,173	20,715
Net Debt / (Cash)	28,770	16,825	16,353	12,603	12,621	11,337	10,008
Cash Flows
Net Cash from Operations	344	613	376	809	436	-95	-20
Free Cash from Operations	344	607	376	809	436	-95	-20
Returns to Shareholders
Dividends	86	86	75	68	61	51	44
Share Repurchases	-0	75	-0	-0	-0	60	75

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/7/2025	5/9/2025	2/21/2025	11/4/2024	8/5/2024	5/6/2024	2/23/2024	11/6/2023	8/7/2023	5/9/2023	2/24/2023
Key Financials Quarterly
Total Revenue	104	103	94	102	90	90	94	85	97	85	85	79
Net Income	55	55	50	57	50	47	54	48	58	47	47	43
EPS	4.45	4.50	4.04	4.67	3.89	3.71	4.33	3.77	4.74	3.73	3.73	3.39
Key Financials TTM
Total Revenue TTM	402	389	376	375	359	366	360	351	345	320	307	309
Net Income TTM	216	211	203	207	198	207	207	200	196	179	174	178
Growth Rates Quarterly
Total Revenue Growth	15.3%	14.3%	0.6%	19.5%	-7.2%	6.3%	10.6%	7.6%	35.1%	18.5%	-2.6%	27.4%
Net Income Growth	10.4%	16.4%	-7.6%	18.7%	-14.3%	-0.2%	14.3%	9.7%	40.4%	12.8%	-8.6%	28.3%
Margins Quarterly
Net Income Margin	52.9%	53.4%	52.7%	55.7%	55.3%	52.4%	57.4%	56.0%	59.9%	55.8%	55.6%	55.0%
Cash & Debt
Total Cash	2,516	2,615	2,410	12,475	12,482	11,571	11,220	11,335	10,714	13,337	13,738	13,048
Total Debt	31,286	31,001	29,870	29,301	28,746	28,205	27,834	27,688	26,458	25,868	26,212	25,651
Net Debt / (Cash)	28,770	28,386	27,460	16,825	16,264	16,634	16,615	16,353	15,743	12,531	12,474	12,603
Cash Flows Quarterly
FCF from Operations	74	-48	-50	368	-44	56	233	-167	363	119	61	103
Cash Flows TTM
FCF from Operations TTM	344	226	329	613	78	486	549	376	646	463	601	809
Returns to Shareholders Quarterly
Dividends	22	22	22	20	22	22	22	19	19	19	19	17
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	0.7%	0.8%	0.7%	1.3%	1.2%	1.1%	1.2%	1.1%	1.4%	1.4%	1.4%	1.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	0.7%	0.7%	0.7%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.4%	1.3%	1.4%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Farm & Ranch	18,809	14,624	13,112	12,374	5,408
Power & Utilities	6,980	5,868	5,345	4,761	1,717
Unallocated assets	5,764
Corporate AgFinance	1,694	1,541	1,508	1,664
Broadband Infrastructure	501
Renewable Energy	488	220	88	73
Funding	0	0
Investments	0	4,806	5,013	5,441
Off-balance sheet assets under management	-4,710
Corporate		275	56	43	3,665
Reconciling Adjustments		0
Institutional Credit					8,607
United States Department of Agriculture (USDA) Guarantees					2,312
Total	29,524	27,333	25,121	24,356	21,709

Price Behavior

Price Behavior

Market Price	$176.92
Market Cap ($ Bil)	1.9
First Trading Date	08/18/1995
Distance from 52W High	-15.7%
	50 Days	200 Days
DMA Price	$164.83	$180.52
DMA Trend	down	down
Distance from DMA	7.3%	-2.0%
	3M	1YR
Volatility	27.7%	29.5%
Downside Capture	70.97	94.83
Upside Capture	-13.11	67.26
Correlation (SPY)	5.1%	48.7%

AGM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.44	0.22	0.17	0.75	0.73	0.92
Up Beta	-0.43	0.35	0.91	1.52	0.72	0.93
Down Beta	-2.24	-0.62	-0.64	0.02	0.63	0.85
Up Capture	200%	59%	-22%	50%	54%	80%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	23	26	62	113	381
Down Capture	57%	51%	85%	108%	98%	99%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	18	36	63	135	367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of AGM With Other Asset Classes (Last 1Y)
	AGM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-13.7%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	29.4%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.50	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		56.1%	48.9%	-8.7%	6.3%	44.8%	20.0%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of AGM With Other Asset Classes (Last 5Y)
	AGM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	24.2%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	29.7%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.77	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		61.4%	48.9%	0.7%	9.3%	43.3%	20.7%

Based On 10-Year Data

		Comparison of AGM With Other Asset Classes (Last 10Y)
	AGM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	23.3%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	34.9%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.70	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		57.9%	49.1%	-2.2%	14.9%	42.4%	14.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	245,569
Short Interest: % Change Since 10312025	-1.7%
Average Daily Volume	96,529
Days-to-Cover Short Interest	2.54
Basic Shares Quantity	10,934,000
Short % of Basic Shares	2.2%

Returns Analyses

	Title
0	Federal Agricultural Mortgage Stock Jump Looks Great, But How Secure Is That Gain?
1	Federal Agricultural Mortgage Stock Return Comparison
2	Federal Agricultural Mortgage Total Shareholder Return (TSR): -4.7% in 2022 and 15.6% 3-yr returns (below peer average)
3	Federal Agricultural Mortgage (AGM) Stock Return: AI Predicts AGM Average and Excess Return After a Fall or Rise

SEC Filings

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Report Date	Filing Date	Filing
9302025	11032025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5092025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	11042024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11062023	10-Q 9/30/2023
6302023	8072023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8082022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Ramsey Gregory	Principal Accounting Officer	8282025	Sell	206.71	1,500	310,065	637,701	Form
1	NORDHOLM BRADFORD T	President and CEO	8282025	Sell	206.12	4,224	870,649	6,754,629	Form
2	Carpenter Zachary	EVP - Chief Business Officer	8282025	Sell	205.09	293	60,090	2,159,972	Form
3	NORDHOLM BRADFORD T	President and CEO	6122025	Sell	190.62	3,501	667,366	7,928,991	Form
4	McKissack Eric T		6092025	Sell	192.37	728	140,046	453,420	Form

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Federal Agricultural Mortgage (AGM)

Market Price (12/4/2025): $180.41 | Market Cap: $2.0 BilSector: Financials | Industry: Consumer Finance

Federal Agricultural Mortgage (AGM)

Market Price (12/4/2025): $180.41Market Cap: $2.0 BilSector: FinancialsIndustry: Consumer Finance

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AGM Stock

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About Federal Agricultural Mortgage (AGM)

Agricultural Real Estate Mortgage Loans

Agricultural Non-Real Estate (Operating) Loans

Rural Utilities Loans (including Rural Infrastructure, Broadband, and Renewable Energy)

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Better Bets than Federal Agricultural Mortgage (AGM)

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Market Price (12/4/2025): $180.41 | Market Cap: $2.0 Bil
Sector: Financials | Industry: Consumer Finance

Market Price (12/4/2025): $180.41
Market Cap: $2.0 Bil
Sector: Financials
Industry: Consumer Finance