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Federal Home Loan Mortgage (FMCC)

Market Price (6/24/2026): $0 | Market Cap: $-Sector: Financials | Industry: Commercial & Residential Mortgage Finance

Federal Home Loan Mortgage (FMCC)

Market Price (6/24/2026): $0
Market Cap: $-
Sector: Financials
Industry: Commercial & Residential Mortgage Finance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 63%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 59%, FCF Yield is 108%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 84%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 84%, CFO LTM is 20 Bil, FCF LTM is 20 Bil

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -45%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Sustainable Finance, and Sustainable & Green Buildings. Themes include Online Banking & Lending, Show more.

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 18724%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%

Key risks
FMCC key risks include [1] profound uncertainty regarding its prolonged government conservatorship and potential privatization, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 63%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 59%, FCF Yield is 108%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 84%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 84%, CFO LTM is 20 Bil, FCF LTM is 20 Bil
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -45%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Sustainable Finance, and Sustainable & Green Buildings. Themes include Online Banking & Lending, Show more.
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 18724%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%
6 Key risks
FMCC key risks include [1] profound uncertainty regarding its prolonged government conservatorship and potential privatization, Show more.

Valuation & Metrics

FYE: 12/31FMCC [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$23.6 Bil—
FY 2026 Sales$24.4 Bil—
FY 2027 Sales$25.1 Bil—
FY 2026 Sales Growth3.8%—
FY 2027 Sales Growth2.7%8.1%
EARNINGS
LTM Net Income (GAAP) [3]$11.5 Bil—
FY 2026 Net Income (Non-GAAP)$12.3 Bil—
FY 2027 Net Income (Non-GAAP)$12.5 Bil—
FY 2027 Net Income Growth1.3%15.8%
FY 2026 EPS (Non-GAAP)$3.87—
FY 2027 EPS (Non-GAAP)$3.86—
FY 2027 EPS Growth-0.2%—
VALUATION
FY 2026 P/S—3.3
FY 2027 P/S——
FY 2026 P/E—20.2
FY 2027 P/E——

[1] FMCC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
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MetricValueDateSource
Single-Family Serious Delinquency Rate0.57%4302025Link
Multifamily Serious Delinquency Rate0.46%3312025Link
Total Mortgage Portfolio$3.60 trillion5312025Link
Single-Family Mortgages Financed (Annual)955,00012312023Link
First-Time Homebuyers Enabled (Annual)375,00012312023Link
Multifamily Rental Units Financed (Annual)447,00012312023Link
Liquidity Provided to Housing Market (Annual)$348 billion12312023Link

Price Chart

Upcoming
7/30/2026Earnings ReleaseRev: $6.0 Bil (E)
EPS: $0.89 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/23/2026

Federal Home Loan Mortgage (FMCC) stock has lost about 15% since 2/28/2026 because of the following key factors:

1. Lingering Conservatorship and Privatization Doubts Continued to Depress Investor Sentiment.

Uncertainty regarding the end of Freddie Mac's federal conservatorship and the likelihood of its privatization heavily weighed on the stock. Despite a temporary surge of up to 9.7% in early June 2026 after President Trump's comments on the combined value of the GSEs, market skepticism quickly led to a reversal. Analysts indicated that significant IPO actions are improbable before the 2026 midterm elections, leaving the company's long-term structure unclear and contributing to a year-to-date decline of over 30% for the stock by June 2026.

2. Persistent Stagnation in the U.S. Housing Market and Elevated Mortgage Rates Created Headwinds.

The housing market remained subdued, with U.S. house prices projected to stall at 0% in 2026 by J.P. Morgan Global Research, and annual home price appreciation dropping to just 0.7% in fiscal Q1 2026. Elevated 30-year fixed mortgage rates, which averaged around 6.79% in mid-June 2026, discouraged home sales and refinancing activity, directly impacting Freddie Mac's core business.

Show more
Updated on 6/23/2026

Federal Home Loan Mortgage (FMCC) stock has lost about 15% since 2/28/2026 because of the following key factors:

1. Lingering Conservatorship and Privatization Doubts Continued to Depress Investor Sentiment.

Uncertainty regarding the end of Freddie Mac's federal conservatorship and the likelihood of its privatization heavily weighed on the stock. Despite a temporary surge of up to 9.7% in early June 2026 after President Trump's comments on the combined value of the GSEs, market skepticism quickly led to a reversal. Analysts indicated that significant IPO actions are improbable before the 2026 midterm elections, leaving the company's long-term structure unclear and contributing to a year-to-date decline of over 30% for the stock by June 2026.

2. Persistent Stagnation in the U.S. Housing Market and Elevated Mortgage Rates Created Headwinds.

The housing market remained subdued, with U.S. house prices projected to stall at 0% in 2026 by J.P. Morgan Global Research, and annual home price appreciation dropping to just 0.7% in fiscal Q1 2026. Elevated 30-year fixed mortgage rates, which averaged around 6.79% in mid-June 2026, discouraged home sales and refinancing activity, directly impacting Freddie Mac's core business.

3. Shifting Federal Reserve Monetary Policy Expectations Signaled Higher-for-Longer Rates.

Expectations for interest rate cuts reversed significantly during the period. The Federal Reserve held rates steady in its June 17, 2026, meeting but nearly half of policymakers signaled potential rate hikes in the latter half of 2026 due to sticky inflation and a strong labor market. This hawkish shift, including a forecast from Bank of America for three quarter-point Fed hikes in fiscal Q3 and Q4 2026, created pressure on rate-sensitive financial stocks by signaling a "higher for longer" interest rate environment.

4. Fiscal Q4 2025 Earnings Decline Contributed to a Negative Outlook.

Freddie Mac reported a 14% year-over-year decrease in net income to $2.8 billion for fiscal Q4 2025, announced on February 12, 2026, which occurred just before the start of the specified period. This decline was primarily driven by a 9% decrease in net revenues, largely due to lower non-interest income, setting an initial negative tone for the stock and contributing to the downward trend.

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Stock Movement Drivers

Fundamental Drivers

The -12.8% change in FMCC stock from 2/28/2026 to 6/23/2026 was primarily driven by a -18.6% change in the company's P/E Multiple.
(LTM values as of)22820266232026Change
Stock Price ($)6.445.62-12.8%
Change Contribution By: 
Total Revenues ($ Mil)23,27123,5521.2%
Net Income Margin (%)46.1%48.8%5.8%
P/E Multiple1.91.6-18.6%
Shares Outstanding (Mil)3,2343,2340.0%
Cumulative Contribution-12.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/23/2026
ReturnCorrelation
FMCC-12.8% 
Market (SPY)7.2%16.4%
Sector (XLF)5.3%38.2%

Fundamental Drivers

The -41.7% change in FMCC stock from 11/30/2025 to 6/23/2026 was primarily driven by a -43.3% change in the company's P/E Multiple.
(LTM values as of)113020256232026Change
Stock Price ($)9.645.62-41.7%
Change Contribution By: 
Total Revenues ($ Mil)23,83623,552-1.2%
Net Income Margin (%)46.9%48.8%4.1%
P/E Multiple2.81.6-43.3%
Shares Outstanding (Mil)3,2343,2340.0%
Cumulative Contribution-41.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/23/2026
ReturnCorrelation
FMCC-41.7% 
Market (SPY)8.0%18.6%
Sector (XLF)1.9%31.9%

Fundamental Drivers

The -29.3% change in FMCC stock from 5/31/2025 to 6/23/2026 was primarily driven by a -26.9% change in the company's P/E Multiple.
(LTM values as of)53120256232026Change
Stock Price ($)7.945.62-29.3%
Change Contribution By: 
Total Revenues ($ Mil)24,00723,552-1.9%
Net Income Margin (%)49.5%48.8%-1.4%
P/E Multiple2.21.6-26.9%
Shares Outstanding (Mil)3,2343,2340.0%
Cumulative Contribution-29.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/23/2026
ReturnCorrelation
FMCC-29.3% 
Market (SPY)25.9%15.3%
Sector (XLF)7.4%21.6%

Fundamental Drivers

The 1175.1% change in FMCC stock from 5/31/2023 to 6/23/2026 was primarily driven by a 734.6% change in the company's P/E Multiple.
(LTM values as of)53120236232026Change
Stock Price ($)0.445.621175.1%
Change Contribution By: 
Total Revenues ($ Mil)20,24523,55216.3%
Net Income Margin (%)37.2%48.8%31.3%
P/E Multiple0.21.6734.6%
Shares Outstanding (Mil)3,2343,2340.0%
Cumulative Contribution1175.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/23/2026
ReturnCorrelation
FMCC1175.1% 
Market (SPY)82.4%19.0%
Sector (XLF)78.1%23.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FMCC Return-64%-57%141%284%211%-41%157%
Peers Return-28%-36%101%39%72%-32%52%
S&P 500 Return27%-19%24%23%16%9%99%

Monthly Win Rates [3]
FMCC Win Rate33%25%67%75%67%17% 
Peers Win Rate47%40%57%52%57%33% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
FMCC Max Drawdown-71%-63%-34%-41%-43%-61% 
Peers Max Drawdown-45%-51%-33%-31%-30%-47% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNMA, RKT, UWMC, PFSI, NLY.
[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] 2026 data is for the year up to 6/23/2026 (YTD)

How Low Can It Go

EventFMCCS&P 500
2025 US Tariff Shock
  % Loss-38.7%-18.8%
  % Gain to Breakeven63.1%23.1%
  Time to Breakeven73 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.9%-7.8%
  % Gain to Breakeven26.4%8.5%
  Time to Breakeven70 days18 days
2023 SVB Regional Banking Crisis
  % Loss-19.5%-6.7%
  % Gain to Breakeven24.2%7.1%
  Time to Breakeven143 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-54.0%-24.5%
  % Gain to Breakeven117.3%32.4%
  Time to Breakeven563 days427 days
2020 COVID-19 Crash
  % Loss-61.8%-33.7%
  % Gain to Breakeven161.7%50.9%
  Time to Breakeven1701 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.6%-19.2%
  % Gain to Breakeven29.2%23.8%
  Time to Breakeven7 days105 days

Compare to FNMA, RKT, UWMC, PFSI, NLY

In The Past

Federal Home Loan Mortgage's stock fell -38.7% during the 2025 US Tariff Shock. Such a loss loss requires a 63.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFMCCS&P 500
2025 US Tariff Shock
  % Loss-38.7%-18.8%
  % Gain to Breakeven63.1%23.1%
  Time to Breakeven73 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.9%-7.8%
  % Gain to Breakeven26.4%8.5%
  Time to Breakeven70 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-54.0%-24.5%
  % Gain to Breakeven117.3%32.4%
  Time to Breakeven563 days427 days
2020 COVID-19 Crash
  % Loss-61.8%-33.7%
  % Gain to Breakeven161.7%50.9%
  Time to Breakeven1701 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.6%-19.2%
  % Gain to Breakeven29.2%23.8%
  Time to Breakeven7 days105 days

Compare to FNMA, RKT, UWMC, PFSI, NLY

In The Past

Federal Home Loan Mortgage's stock fell -38.7% during the 2025 US Tariff Shock. Such a loss loss requires a 63.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Federal Home Loan Mortgage (FMCC)

Federal Home Loan Mortgage Corporation (FMCC), commonly known as Freddie Mac, is a key participant in the U.S. secondary mortgage market. The company’s core mission is to provide liquidity, stability, and affordability to the housing market by purchasing single-family and multifamily residential mortgage loans directly from their original lenders. This process allows lenders to replenish their funds and originate new loans, thus ensuring a steady supply of capital for homebuyers and property developers across the nation.

FMCC's operations are divided into two primary segments: Single-family and Multifamily. The Single-family segment focuses on acquiring, securitizing, and guaranteeing mortgages for individual homes. It transforms these loans into mortgage-backed securities that are then sold to investors, often providing a guarantee for the timely payment of principal and interest. The Multifamily segment performs a similar function for apartment buildings and other multi-unit residential properties, purchasing loans, packaging them into specialized securities (like K and SB certificates), and offering credit risk transfer products to the market.

The company serves a wide array of clients. On the origination side, it works with various lenders including mortgage banking companies, commercial banks, regional banks, community banks, and credit unions, providing them with a reliable outlet for their mortgage portfolios. On the investment side, FMCC's mortgage-related securities are purchased by institutional investors such as banks, insurance companies, money managers, central banks, and pension funds, who rely on Freddie Mac's products for investment and risk management purposes.

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Here are 1-3 brief analogies for Federal Home Loan Mortgage (FMCC):

  • Goldman Sachs for mortgages: It's like a specialized investment bank (similar to Goldman Sachs) that exclusively focuses on buying mortgage loans from lenders, packaging them into securities, and guaranteeing those securities for investors.
  • Amazon for mortgage loans: Think of FMCC as a massive online marketplace or wholesaler, but instead of selling consumer goods, it buys mortgage loans in bulk from banks and sells them as investment products (securities) to other investors.

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  • Purchasing Mortgage Loans: Acquires single-family and multifamily residential mortgage loans from lenders to provide liquidity in the secondary mortgage market.
  • Mortgage Securitization: Bundles purchased mortgage loans into mortgage-backed securities (MBS) and issues them to investors, including specific certificates like multifamily K and SB certificates.
  • Mortgage Guarantees: Provides guarantees on the timely payment of principal and interest on mortgage loans and mortgage-related securities, transferring credit risk from investors.
  • Credit Risk Transfer Products: Develops and offers various products designed to transfer portions of the credit risk on mortgage loans to private investors.
  • Investment in Mortgage-Related Securities: Invests its own capital in a portfolio of mortgage loans and mortgage-related securities.

AI Analysis | Feedback

Federal Home Loan Mortgage (FMCC) primarily serves other companies and institutions. Its major customers fall into the following categories:

  • Lenders and Originators: This broad category includes entities such as mortgage banking companies, commercial banks, regional banks, community banks, credit unions, savings institutions, non-depository financial institutions, and other banks and depository institutions, as well as a range of other lenders. FMCC purchases single-family and multifamily residential mortgage loans originated by these entities and provides them with securitization and guarantee services.
  • Institutional Investors: This group comprises various institutions that invest in mortgage loans and mortgage-related securities. It includes insurance companies, money managers, central banks, pension funds, state and local governments, real estate investment trusts (REITs), and brokers and dealers. These customers purchase the securitized products (e.g., multifamily K and SB certificates) and other credit risk transfer products issued and guaranteed by FMCC.
  • Housing Finance Agencies: These are specialized governmental or quasi-governmental agencies that FMCC serves, particularly within its Single-family segment.

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Here is the management team for Federal Home Loan Mortgage (FMCC):

Kenny M. Smith, Chief Executive Officer and Director

Kenny M. Smith was appointed CEO of Freddie Mac effective December 17, 2025. He is a retired senior principal of Deloitte Consulting LLP, where he served since 1993, including as Vice Chairman, U.S. Financial Services Industry Leader from 2015 to 2020.

Jim Whitlinger, Executive Vice President and Chief Financial Officer

Jim Whitlinger is responsible for Freddie Mac's financial controls, accounting, investor relations, financial planning and reporting, tax, capital oversight, and compliance with Sarbanes-Oxley (SOX) requirements. He previously served as Freddie Mac's interim CFO and spent 10 years as the CFO of the Single-Family Division. Prior to joining Freddie Mac, he held various leadership positions during his 22-year tenure at GMAC ResCap, Inc., and Residential Capital LLC, including EVP and CFO for Residential Capital LLC and its subsidiaries, and also served on its Board of Directors.

Mike Hutchins, President and Director

Mike Hutchins has served as President of Freddie Mac since December 2020, and as a member of its Board since March 2025. He previously served as Interim President starting November 2020, and also as Interim CEO from March 2025 to December 2025, and from March 2024 to September 2024. In his role as President, he oversees the company's Single-Family, Multifamily, Investments and Capital Markets, Enterprise Operations & Technology, Finance, Human Resources, and Legal Divisions.

John Glessner, Executive Vice President and Head of Investments & Capital Markets

John Glessner is responsible for overseeing liquidity, financing, credit risk transfer, and derivative activities, as well as managing Freddie Mac's portfolio of single-family securities and loan investments. He also oversees enterprise functions related to financial/capital/risk analytics, model governance, payments, counterparty risk, and third-party risk.

Kevin Palmer, Executive Vice President and Head of Multifamily

Kevin Palmer leads all aspects of Freddie Mac's Multifamily division, focusing on providing stability, liquidity, and affordability in the rental housing market. His division is a leader in the secondary multifamily mortgage market, purchasing various types of loans and pioneering credit risk transfer (CRT) through its K-Deal® platform.

AI Analysis | Feedback

The Federal Home Loan Mortgage Corporation (FMCC), commonly known as Freddie Mac, faces several significant risks inherent to its role in the secondary mortgage market and its unique operational status. The most critical risks to Freddie Mac's business include: * **Government Conservatorship and Regulatory Uncertainty:** Freddie Mac has been operating under government conservatorship since 2008, a status that profoundly impacts its operations, profitability, and capital structure. Its future remains uncertain, with ongoing discussions and potential legislative changes regarding its privatization or continued government control. The Federal Housing Finance Agency (FHFA), as its regulator, can mandate actions that may reduce profitability or expose Freddie Mac to additional risks. Furthermore, Freddie Mac, along with Fannie Mae, remains below the minimum regulatory capital framework requirements set by the FHFA, creating a need to build capital. * **Interest Rate Risk and Housing Market Downturns:** As a major participant in the mortgage market, Freddie Mac is highly susceptible to fluctuations in interest rates and broader downturns in the housing market. Changes in interest rates directly affect mortgage demand, the value of its mortgage-related investments, and its funding costs. Economic downturns, rising unemployment, or declining home prices can lead to increased mortgage credit risk, resulting in higher delinquencies and potential losses on its portfolio and guarantees. Recent market conditions have seen mortgage rates ticking up, contributing to economic unease and challenging housing market momentum. * **Credit Risk:** Freddie Mac is exposed to the inherent credit risk of borrowers defaulting on the mortgage loans it purchases, securitizes, and guarantees. While the company utilizes credit risk transfer (CRT) programs to distribute a portion of this risk to third parties, it still retains significant exposure. Additionally, weaknesses in internal controls over financial reporting or reliance on the underwriting processes of loan originators can elevate credit risk and lead to financial losses. Operational failures within its own systems or those of third parties can also result in impaired liquidity, business disruptions, and financial losses.

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The addressable markets for Federal Home Loan Mortgage (FMCC) in the United States are substantial across its main product and service segments.

Single-Family Mortgage Market (U.S.)

The total single-family mortgage origination volume in the U.S. is projected to reach $2.0 trillion in 2025 and further increase to $2.2 trillion in 2026.

Multifamily Mortgage Market (U.S.)

Multifamily lending in the U.S. reached $288.7 billion in 2024. Freddie Mac (FMCC) anticipates multifamily originations to grow to between $370 billion and $380 billion in 2025. The total outstanding multifamily mortgage debt in the U.S. was $2.24 trillion as of the third quarter of 2025. The U.S. multifamily market size was valued at $265 billion in 2022 and is expected to grow to $466 billion by 2030.

Mortgage-Backed Securities (MBS) Market (U.S.)

The Mortgage-Backed Securities (MBS) market in the U.S. is estimated at $15.55 trillion in 2025 and is projected to reach $22.43 trillion by 2030, growing at a compound annual growth rate (CAGR) of 7.60%. In 2024, MBS issuance in the U.S. increased to $1.6 trillion. As of mid-2023, there was over $11 trillion in outstanding MBS in the United States.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Federal Home Loan Mortgage (FMCC) over the next 2-3 years:

  1. Continued Growth in Mortgage Portfolio Driven by Favorable Market Conditions: Freddie Mac anticipates an increase in overall origination volumes, particularly in the multifamily sector, with projections for multifamily originations to reach between $370 billion and $380 billion in 2025, up from $320 billion in 2024. This growth is expected to be fueled by factors such as slightly lower mortgage rates and increased home sales activity. The expansion of its mortgage portfolio directly contributes to higher net interest income, a significant component of the company's revenue.
  2. Expansion of Mission-Driven Lending for Affordable Housing and Underserved Communities: Freddie Mac has a strategic focus on promoting equitable housing finance and increasing homeownership opportunities for underserved populations. This includes expanding programs for first-time homebuyers, targeting minority borrowers, and committing to funding a significant number of affordable housing units through initiatives like multifamily Forward Commitments. By increasing mortgage accessibility and supporting affordable housing, the company expects to drive new business volume and portfolio expansion in these key segments.
  3. Strategic Investments in Technology and Operational Efficiency: The company is focused on operational streamlining, which is expected to reduce general and administrative expenses. These savings are anticipated to enable further investment in critical technology and digital mortgage tools. While primarily aimed at cost reduction and process improvement, these technological advancements can enhance service delivery, simplify loan approvals, reduce costs for homebuyers, and attract more business, thereby indirectly supporting revenue growth through increased market share and transaction volumes.

AI Analysis | Feedback

Inbound Investments

  • Freddie Mac has been focused on building its capital to meet the buffers outlined in the Enterprise Regulatory Capital Framework (ERCF), with increases in net worth adding to the liquidation preference of the senior preferred stock held by the U.S. Treasury.
  • Pursuant to a January 2021 amendment to the Purchase Agreement, Freddie Mac is not required to pay dividends to the Treasury until it has accumulated sufficient net worth to meet its capital requirements.

Outbound Investments

  • Freddie Mac's mortgage portfolio experienced growth, increasing at an annualized rate of 6.5% in December 2025, reaching $3.67 trillion.
  • Purchases of mortgage-related investments amounted to $45.6 billion in December 2025, reflecting an increase from $38.3 billion in November 2025 and $32.5 billion in December 2024.
  • The company made $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments in 2024 as part of its $66 billion multifamily production volume, and its 2025 multifamily production volume totaled $77.6 billion, supporting over 577,000 affordable rental units.

Share Issuance

  • Freddie Mac issued $56 billion of securities through its multifamily risk transfer platform in 2024 to transfer interest rate risk, liquidity risk, and credit risk to private investors.
  • The company's multifamily risk transfer platform settled $27.7 billion in K-Deals® and $22.1 billion in Multi PC® issuances in 2024.
  • In 2025, Freddie Mac Multifamily issued $68 billion in securities.

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DFTXDefinium Therapeutics, Inc.3.959.7%167.8%
BHVNBiohaven2.255.9%30.9%

Top Losers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
VRRMVerra Mobility0.7-67.1%-80.4%
ADCTADC Therapeutics0.2-66.2%-67.4%
CDChaince Digital0.3-50.5%-5.8%
TMCRMetals Royalty0.4-44.4%-44.6%
SATLSatellogic0.8-42.3%197.3%
FULCFulcrum Therapeutics0.3-41.6%-66.0%
BKSYBlackSky Technology1.0-39.8%43.5%
LUNRIntuitive Machines2.5-38.8%29.1%
SOCSable Offshore1.3-38.6%-0.9%
PLABPhotronics1.8-38.2%-1.4%

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Peer Comparisons

Peers to compare with:

Financials

FMCCFNMARKTUWMCPFSINLYMedian
NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
Mkt Price5.626.1613.472.0380.2422.279.82
Mkt Cap18.236.138.10.64.216.117.1
Rev LTM23,55229,0947,8502,0174,9952,3906,423
Op Inc LTM----552-552
FCF LTM19,66934,482-2,076-5,547-4,128-1,581-1,829
FCF 3Y Avg11,34911,948-1,694-4,366-1,9891,115-289
CFO LTM19,66934,482-1,274-5,471-4,060-552-913
CFO 3Y Avg11,34911,948-1,086-4,316-1,9481,996455

Growth & Margins

FMCCFNMARKTUWMCPFSINLYMedian
NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
Rev Chg LTM-1.9%-5.7%71.4%94.6%40.9%173.2%56.2%
Rev Chg 3Y Avg5.3%-1.7%31.6%26.9%32.7%290.4%29.3%
Rev Chg Q4.8%-12.4%161.3%1,124.8%-9.6%85.4%45.1%
QoQ Delta Rev Chg LTM1.2%-3.3%25.6%29.8%-2.0%6.8%4.0%
Op Inc Chg LTM----19.3%-19.3%
Op Inc Chg 3Y Avg----7.6%-7.6%
Op Mgn LTM----11.0%-11.0%
Op Mgn 3Y Avg----12.2%-12.2%
QoQ Delta Op Mgn LTM----0.2%-0.2%
CFO/Rev LTM83.5%118.5%-16.2%-271.3%-81.3%-23.1%-19.7%
CFO/Rev 3Y Avg48.6%41.2%-20.4%-316.9%-41.8%--20.4%
FCF/Rev LTM83.5%118.5%-26.4%-275.0%-82.6%-66.2%-46.3%
FCF/Rev 3Y Avg48.6%41.2%-31.3%-320.5%-42.8%--31.3%

Valuation

FMCCFNMARKTUWMCPFSINLYMedian
NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
Mkt Cap18.236.138.10.64.216.117.1
P/S0.81.24.90.30.86.71.0
P/Op Inc----7.6-7.6
P/EBIT----7.6-7.6
P/E1.62.5159.28.98.27.47.8
P/CFO0.91.0-29.9-0.1-1.0-29.1-0.6
Total Yield63.2%40.3%0.6%26.3%13.6%13.6%20.0%
Dividend Yield0.0%0.0%0.0%15.1%1.5%0.0%0.0%
FCF Yield 3Y Avg99.8%60.5%-54.5%-502.2%-41.5%12.8%-14.4%
D/E187.6115.50.78.86.12.17.5
Net D/E187.2115.10.68.06.02.17.0

Returns

FMCCFNMARKTUWMCPFSINLYMedian
NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
1M Rtn-12.4%-14.3%-2.3%-31.3%-6.6%3.8%-9.5%
3M Rtn10.4%12.0%-4.9%-41.2%-4.5%5.6%0.6%
6M Rtn-46.1%-44.2%-29.4%-52.9%-39.3%3.5%-41.8%
12M Rtn-30.5%-37.7%-8.3%-46.3%-16.3%33.2%-23.4%
3Y Rtn1,199.6%1,325.9%65.3%-54.6%22.7%65.5%65.4%
1M Excs Rtn-8.7%-11.5%-1.8%-29.8%-6.7%4.0%-7.7%
3M Excs Rtn-2.0%-1.1%-17.5%-55.2%-17.7%-3.4%-10.5%
6M Excs Rtn-54.4%-51.9%-36.5%-63.7%-47.7%-3.6%-49.8%
12M Excs Rtn-54.7%-61.8%-29.9%-67.4%-38.3%9.8%-46.5%
3Y Excs Rtn1,089.1%1,219.4%-13.9%-119.2%-47.7%-7.0%-10.4%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date4/30/20262/12/202610/30/20257/31/20255/1/20252/13/202510/30/20247/31/20245/1/20242/14/202411/1/20238/2/2023
Key Financials Quarterly            
Total Revenue6,1335,7645,7395,9165,8526,3295,8385,9885,7575,3735,6905,339
Net Income3,5582,7772,7732,3872,7943,2223,1052,7652,7662,9142,6852,944
EPS0.01-0.00-0.00-0.01-0.010.01-0.020.000.01-0.04-0.010.02
Key Financials TTM            
Total Revenue TTM23,55223,27123,83623,93524,00723,91222,95622,80822,15921,22920,68920,180
Net Income TTM11,49510,73111,17611,50811,88611,85811,55011,13011,30910,5389,3878,015
Growth Rates Quarterly            
Total Revenue Growth4.8%-8.9%-1.7%-1.2%1.7%17.8%2.6%12.2%19.3%11.2%9.8%-1.2%
Net Income Growth27.3%-13.8%-10.7%-13.7%1.0%10.6%15.6%-6.1%38.6%65.3%104.5%20.0%
Margins Quarterly            
Net Income Margin58.0%48.2%48.3%40.3%47.7%50.9%53.2%46.2%48.0%54.2%47.2%55.1%
Cash & Debt            
Total Cash6,0827,4097,2736,8587,5948,2687,8958,7316,6769,93110,09410,663
Total Debt3,409,2533,405,0223,379,0733,349,2743,325,1013,304,9493,268,8713,233,0593,217,7003,208,3463,209,2033,197,351
Net Debt / (Cash)3,403,1713,397,6133,371,8003,342,4163,317,5073,296,6813,260,9763,224,3283,211,0243,198,4153,199,1093,186,688
Cash Flows Quarterly            
FCF from Operations3,8682,5785,0808,1433,572-9003,7069272,8941,8837261,571
Cash Flows TTM            
FCF from Operations TTM19,66919,37315,89514,5217,3056,6279,4106,4307,0747,6155,4649,148
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC0.4%0.3%0.3%0.3%0.3%0.4%0.4%0.3%0.3%0.4%0.3%0.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM0.3%0.3%0.3%0.3%0.3%0.4%0.3%0.3%0.3%0.3%0.3%0.2%

Segment Financials

Revenue by Segment
$ Mil20252024202320222015
Single-Family19,85919,81918,26718,751 
Multifamily3,4124,0932,9622,5131,562
Investments    5,026
Single-family Guarantee    3,873
Total reconciling items    886
Total23,27123,91221,22921,26411,347


Operating Income by Segment
$ Mil20152014201320122001
Investments5,4865,830-2,4867,585 
Multifamily1,1512,4082,5532,633 
Total reconciling items-1,218332-1,333-2,343 
Single-family Guarantee-1,4752,4506,6169,686 
All Other -183750 
Debt Financing    4,792
Mortgage Securitization Financing    1,508
Total3,94411,0025,38717,6116,300


Net Income by Segment
$ Mil20252024202320222021
Single-Family9,1989,3579,0397,9028,820
Multifamily1,5332,5011,4991,4253,289
Total10,73111,85810,5389,32712,109


Assets by Segment
$ Mil20252024202320222021
Single-Family3,156,2903,104,1743,038,9102,986,0452,792,224
Multifamily495,835466,635440,797429,302414,663
Reconciling items-154,527-184,117-198,731-207,014-181,301
Total3,497,5983,386,6923,280,9763,208,3333,025,586


Price Behavior

Price Behavior
Market Price$5.62 
Market Cap ($ Bil)18.2 
First Trading Date02/26/2016 
Distance from 52W High-60.3% 
   50 Days200 Days
DMA Price$6.01$8.35
DMA Trenddownup
Distance from DMA-6.6%-32.7%
 3M1YR
Volatility151.7%102.2%
Downside Capture136.18175.31
Upside Capture112.0780.87
Correlation (SPY)9.8%13.6%
FMCC Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta2.732.761.521.541.171.22
Up Beta2.782.781.851.811.771.32
Down Beta5.235.265.232.821.431.72
Up Capture44%115%44%41%52%253%
Bmk +ve Days13283667141432
Stock +ve Days312183694342
Down Capture495%458%84%167%119%71%
Bmk -ve Days7132757109318
Stock -ve Days2122858117346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FMCC
FMCC-10.2%101.4%0.28-
Sector ETF (XLF)8.7%14.6%0.3518.1%
Equity (SPY)24.6%12.5%1.4813.9%
Gold (GLD)21.8%27.6%0.70-3.1%
Commodities (DBC)16.7%18.8%0.69-10.0%
Real Estate (VNQ)12.3%13.8%0.603.6%
Bitcoin (BTCUSD)-38.0%42.5%-1.0112.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FMCC
FMCC26.3%87.7%0.65-
Sector ETF (XLF)9.6%18.6%0.3917.1%
Equity (SPY)13.1%17.1%0.5915.9%
Gold (GLD)16.8%18.3%0.74-3.7%
Commodities (DBC)7.3%19.4%0.28-1.0%
Real Estate (VNQ)2.4%18.9%0.036.9%
Bitcoin (BTCUSD)9.7%54.1%0.3811.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FMCC
FMCC12.6%78.9%0.50-
Sector ETF (XLF)13.3%22.2%0.5522.5%
Equity (SPY)15.3%18.0%0.7320.1%
Gold (GLD)11.9%16.1%0.61-3.6%
Commodities (DBC)5.9%18.0%0.257.0%
Real Estate (VNQ)5.5%20.7%0.2312.6%
Bitcoin (BTCUSD)57.0%66.5%0.976.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity8.9 Mil
Short Interest: % Change Since 51520261.6%
Average Daily Volume3.4 Mil
Days-to-Cover Short Interest2.6 days
Basic Shares Quantity3,234.0 Mil
Short % of Basic Shares0.3%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/202614.3%19.5%2.3%
2/12/2026-3.8%-1.1%-28.4%
10/30/20250.0%-4.9%-5.6%
7/31/2025-6.1%-2.5%39.1%
5/1/2025-0.2%1.9%53.3%
2/13/2025-3.6%2.4%-19.8%
10/30/2024-1.5%-9.1%137.1%
7/31/2024-3.3%-8.9%-8.9%
...
SUMMARY STATS   
# Positive91212
# Negative151212
Median Positive0.4%1.8%11.0%
Median Negative-1.5%-3.4%-10.9%
Max Positive14.3%20.7%137.1%
Max Negative-6.1%-9.1%-28.4%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/202614.3%19.5%2.3%
2/12/2026-3.8%-1.1%-28.4%
10/30/20250.0%-4.9%-5.6%
7/31/2025-6.1%-2.5%39.1%
5/1/2025-0.2%1.9%53.3%
2/13/2025-3.6%2.4%-19.8%
10/30/2024-1.5%-9.1%137.1%
7/31/2024-3.3%-8.9%-8.9%
5/1/20242.9%0.7%8.1%
2/14/20240.0%0.0%13.9%
11/1/20230.0%1.5%1.5%
8/2/2023-2.1%-4.3%23.7%
5/3/2023-0.4%8.7%-0.2%
2/22/2023-1.3%-2.6%-14.1%
11/8/2022-1.2%0.6%-16.6%
7/28/2022-1.1%3.0%-1.6%
4/28/20221.1%1.8%-0.5%
2/10/20220.4%-0.7%-12.1%
10/29/20211.7%20.7%0.9%
7/29/2021-1.8%-5.3%-12.3%
4/29/20210.0%-6.7%-9.6%
2/11/2021-0.5%-1.4%2.7%
10/29/2020-0.5%-2.2%40.2%
7/30/2020-2.9%0.0%6.4%
SUMMARY STATS   
# Positive91212
# Negative151212
Median Positive0.4%1.8%11.0%
Median Negative-1.5%-3.4%-10.9%
Max Positive14.3%20.7%137.1%
Max Negative-6.1%-9.1%-28.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/13/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/14/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/08/202210-Q
06/30/202207/28/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/13/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/14/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/08/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202102/10/202210-K
09/30/202110/29/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202002/11/202110-K
09/30/202010/29/202010-Q
06/30/202007/30/202010-Q
03/31/202004/30/202010-Q
12/31/201902/13/202010-K
09/30/201910/30/201910-Q
06/30/201907/31/201910-Q

Recent Forward Guidance

Updated 6/3/2026

Latest: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Senior preferred stock liquidation preference 146.60 Bil 2.5% RaisedGuidance: 143.00 Bil for Q1 2026

Prior: Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Senior preferred stock liquidation preference 143.00 Bil 2.0% Higher NewActual: 140.20 Bil for Q4 2025

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