Federal Home Loan Mortgage (FMCC)
Market Price (10/11/2026): $0 | Market Cap: $-Sector: Financials | Industry: Commercial & Residential Mortgage Finance
Federal Home Loan Mortgage (FMCC)
Market Price (10/11/2026): $0Market Cap: $-Sector: FinancialsIndustry: Commercial & Residential Mortgage Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 109%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 103%, FCF Yield is 120% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 60%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 60%, CFO LTM is 14 Bil, FCF LTM is 14 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and Sustainable & Green Buildings. Themes include Online Banking & Lending, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 28677% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3% Key risksFMCC key risks include [1] profound uncertainty regarding its prolonged government conservatorship and potential privatization, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 109%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 103%, FCF Yield is 120% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 60%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 60%, CFO LTM is 14 Bil, FCF LTM is 14 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and Sustainable & Green Buildings. Themes include Online Banking & Lending, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 28677% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3% |
| Key risksFMCC key risks include [1] profound uncertainty regarding its prolonged government conservatorship and potential privatization, Show more. |
Qualitative Assessment
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Federal Home Loan Mortgage (FMCC) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Federal Reserve's Aggressive Interest Rate Hikes Increased Borrowing Costs.
The Federal Reserve significantly increased the federal funds benchmark rate by 25 basis points in September 2026, reaching a new range of 3.75% to 4.00%. This was the first rate hike since July 2023, and markets were pricing in potential further increases for October and December 2026. These actions by the Fed directly translated to higher borrowing costs across the economy, impacting mortgage rates and subsequently the demand for new mortgages and the financial performance of mortgage guarantors like Freddie Mac.
2. Soaring Mortgage Rates Deterred Housing Demand and Affordability.
Driven by the Federal Reserve's tightening monetary policy, 30-year fixed-rate mortgage averages rose substantially throughout the period, reaching 7.28% by October 1, 2026, a notable increase from 6.34% a year prior. This surge in mortgage rates significantly constrained housing affordability and dampened credit demand, leading to a "lock-in effect" where existing homeowners with lower rates were reluctant to sell, further reducing market activity.
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Federal Home Loan Mortgage (FMCC) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Federal Reserve's Aggressive Interest Rate Hikes Increased Borrowing Costs.
The Federal Reserve significantly increased the federal funds benchmark rate by 25 basis points in September 2026, reaching a new range of 3.75% to 4.00%. This was the first rate hike since July 2023, and markets were pricing in potential further increases for October and December 2026. These actions by the Fed directly translated to higher borrowing costs across the economy, impacting mortgage rates and subsequently the demand for new mortgages and the financial performance of mortgage guarantors like Freddie Mac.
2. Soaring Mortgage Rates Deterred Housing Demand and Affordability.
Driven by the Federal Reserve's tightening monetary policy, 30-year fixed-rate mortgage averages rose substantially throughout the period, reaching 7.28% by October 1, 2026, a notable increase from 6.34% a year prior. This surge in mortgage rates significantly constrained housing affordability and dampened credit demand, leading to a "lock-in effect" where existing homeowners with lower rates were reluctant to sell, further reducing market activity.
3. Widespread Housing Market Slowdown Impacted Mortgage Volumes.
The confluence of higher interest rates and reduced affordability resulted in a pronounced slowdown across the U.S. housing market during the third fiscal quarter of 2026. Existing home sales declined by 1.7% month-over-month in July 2026, and annual home sales were projected to slump to around 4.7 million by year-end 2026, marking the slowest pace since 2011. Furthermore, there was a gradual rise in default and foreclosure activity, with active foreclosures increasing by over 20% year-over-year. This environment directly impacted Freddie Mac's core business of providing liquidity and stability to the mortgage market.
4. Poor Q2 2026 Financial Performance Indicated Operational Challenges.
Freddie Mac reported a substantial negative revenue growth rate of -145.2% for the second fiscal quarter ending June 30, 2026. While specific net income figures for Q2 2026 were not detailed in the available information, this significant decline in revenue growth signaled substantial operational and financial challenges leading into the specified period. This underperformance likely contributed to investor concern and the subsequent stock decline.
5. Ongoing Uncertainty Regarding Conservatorship Exit and Government Backing.
Discussions and proposed legislation in Congress concerning the future of Fannie Mae and Freddie Mac's conservatorship continued throughout the period. Despite renewed calls for a framework to end government control, "efforts to do so have encountered uncertainty," particularly regarding the continuation of government backing and the companies' mandatory contributions to the Housing Trust Fund. This prolonged uncertainty about Freddie Mac's long-term structure and support likely contributed to investor apprehension and volatility in its stock price.
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Stock Movement Drivers
Fundamental Drivers
The -38.5% change in FMCC stock from 6/30/2026 to 10/10/2026 was primarily driven by a -45.4% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.98 | 3.68 | -38.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,552 | 23,627 | 0.3% |
| Net Income Margin (%) | 48.8% | 54.8% | 12.3% |
| P/E Multiple | 1.7 | 0.9 | -45.4% |
| Shares Outstanding (Mil) | 3,234 | 3,234 | 0.0% |
| Cumulative Contribution | -38.5% |
Market Drivers
6/30/2026 to 10/10/2026| Return | Correlation | |
|---|---|---|
| FMCC | -38.5% | |
| Market (SPY) | 4.3% | 13.7% |
| Sector (XLF) | 2.1% | 5.3% |
Fundamental Drivers
The -42.5% change in FMCC stock from 3/31/2026 to 10/10/2026 was primarily driven by a -52.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.40 | 3.68 | -42.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,271 | 23,627 | 1.5% |
| Net Income Margin (%) | 46.1% | 54.8% | 18.8% |
| P/E Multiple | 1.9 | 0.9 | -52.3% |
| Shares Outstanding (Mil) | 3,234 | 3,234 | 0.0% |
| Cumulative Contribution | -42.5% |
Market Drivers
3/31/2026 to 10/10/2026| Return | Correlation | |
|---|---|---|
| FMCC | -42.5% | |
| Market (SPY) | 20.0% | 21.0% |
| Sector (XLF) | 11.2% | 17.4% |
Fundamental Drivers
The -68.7% change in FMCC stock from 9/30/2025 to 10/10/2026 was primarily driven by a -72.2% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.77 | 3.68 | -68.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,935 | 23,627 | -1.3% |
| Net Income Margin (%) | 48.1% | 54.8% | 14.0% |
| P/E Multiple | 3.3 | 0.9 | -72.2% |
| Shares Outstanding (Mil) | 3,234 | 3,234 | 0.0% |
| Cumulative Contribution | -68.7% |
Market Drivers
9/30/2025 to 10/10/2026| Return | Correlation | |
|---|---|---|
| FMCC | -68.7% | |
| Market (SPY) | 17.8% | 17.4% |
| Sector (XLF) | 2.8% | 19.9% |
Fundamental Drivers
The 521.6% change in FMCC stock from 9/30/2023 to 10/10/2026 was primarily driven by a 284.9% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.59 | 3.68 | 521.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,180 | 23,627 | 17.1% |
| Net Income Margin (%) | 39.7% | 54.8% | 38.0% |
| P/E Multiple | 0.2 | 0.9 | 284.9% |
| Shares Outstanding (Mil) | 3,234 | 3,234 | 0.0% |
| Cumulative Contribution | 521.6% |
Market Drivers
9/30/2023 to 10/10/2026| Return | Correlation | |
|---|---|---|
| FMCC | 521.6% | |
| Market (SPY) | 88.4% | 21.1% |
| Sector (XLF) | 72.2% | 25.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FMCC Return | -64% | -57% | 141% | 284% | 211% | -64% | 58% |
| Peers Return | -28% | -36% | 101% | 39% | 72% | -47% | 17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| FMCC Win Rate | 33% | 25% | 67% | 75% | 67% | 20% | |
| Peers Win Rate | 47% | 40% | 57% | 52% | 57% | 34% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FMCC Max Drawdown | -71% | -63% | -34% | -41% | -43% | -65% | |
| Peers Max Drawdown | -45% | -51% | -33% | -31% | -30% | -56% | |
| 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 10/9/2026 (YTD)
How Low Can It Go
| Event | FMCC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.7% | -18.8% |
| % Gain to Breakeven | 63.1% | 23.1% |
| Time to Breakeven | 73 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.9% | -7.8% |
| % Gain to Breakeven | 26.4% | 8.5% |
| Time to Breakeven | 70 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.5% | -6.7% |
| % Gain to Breakeven | 24.2% | 7.1% |
| Time to Breakeven | 143 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.0% | -24.5% |
| % Gain to Breakeven | 117.3% | 32.4% |
| Time to Breakeven | 563 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.8% | -33.7% |
| % Gain to Breakeven | 161.7% | 50.9% |
| Time to Breakeven | 1701 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.6% | -19.2% |
| % Gain to Breakeven | 29.2% | 23.8% |
| Time to Breakeven | 7 days | 105 days |
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
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Asset Allocation
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| Event | FMCC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.7% | -18.8% |
| % Gain to Breakeven | 63.1% | 23.1% |
| Time to Breakeven | 73 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.9% | -7.8% |
| % Gain to Breakeven | 26.4% | 8.5% |
| Time to Breakeven | 70 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.0% | -24.5% |
| % Gain to Breakeven | 117.3% | 32.4% |
| Time to Breakeven | 563 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.8% | -33.7% |
| % Gain to Breakeven | 161.7% | 50.9% |
| Time to Breakeven | 1701 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.6% | -19.2% |
| % Gain to Breakeven | 29.2% | 23.8% |
| Time to Breakeven | 7 days | 105 days |
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.
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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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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.
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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.
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Here are 3-5 expected drivers of future revenue growth for Federal Home Loan Mortgage (FMCC) over the next 2-3 years:
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Commercial & Residential Mortgage Finance
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 18.4% | 62.5% | 115.7% | SPNT 168% · RGA 140% · RNR 137% |
| Investment Banking & Brokerage | 13 | -2.0% | 95.2% | 96.5% | IBKR 402% · SNEX 203% · GS 162% |
| Diversified Banks | 12 | 32.3% | 125.4% | 96.1% | CM 136% · JPM 126% · RY 124% |
| Life & Health Insurance | 20 | 12.8% | 50.8% | 84.9% | JXN 483% · UNM 278% · MFC 172% |
| Multi-Sector Holdings | 4 | 5.4% | 50.0% | 71.5% | JONE 361% · BRK-B 84% · VOYA 59% |
| Property & Casualty Insurance | 42 | 6.7% | 71.1% | 58.1% | ASIC 2592900% · HRTG 417% · UVE 314% |
| Multi-line Insurance | 9 | 8.0% | 66.5% | 51.8% | GNW 126% · L 91% · AIZ 80% |
| Regional Banks | 263 | 29.0% | 85.2% | 49.0% | GCBC 312% · ESQ 286% · PBAM 244% |
| Financial Exchanges & Data | 15 | 3.2% | 42.8% | 30.8% | VIRT 167% · CBOE 160% · CME 72% |
| Consumer Finance | 30 | 8.8% | 81.4% | 23.7% | ENVA 399% · EZPW 284% · FCFS 163% |
| Asset Management & Custody Banks | 82 | -7.7% | 17.2% | 14.4% | WT 340% · SII 265% · VCTR 265% |
| Diversified Financial Services | 4 | -3.0% | 18.3% | 13.8% | FRHC 168% · EQH 90% · TMS -63% |
| Insurance Brokers | 16 | -22.0% | -7.0% | 8.6% | LIFE 292% · ARX 89% · CRD-A 61% |
| Commercial & Residential Mortgage Finance ← | 14 | -52.7% | 19.7% | -3.5% | FNMA 462% · FMCC 411% · ACT 182% |
| Specialized Finance | 3 | 14.4% | 32.4% | -11.9% | EFC 16% · CACC -12% · HASI -14% |
| Mortgage REITs | 33 | -14.7% | -1.6% | -30.0% | NREF 46% · RITM 29% · DX 19% |
| Transaction & Payment Processing Services | 17 | 0.5% | -4.3% | -39.0% | V 78% · MA 75% · CPAY 56% |
| Diversified Capital Markets | 20 | -46.3% | 24.1% | -61.3% | OPY 151% · LPLA 103% · GOLD 47% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 7.76 |
| Mkt Cap | 12.7 |
| Rev LTM | 6,997 |
| Op Inc LTM | 506 |
| FCF LTM | -875 |
| FCF 3Y Avg | -376 |
| CFO LTM | 126 |
| CFO 3Y Avg | 380 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.3% |
| Rev Chg 3Y Avg | 18.2% |
| Rev Chg Q | 2.9% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | 25.0% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 11.6% |
| QoQ Delta Op Mgn LTM | -1.0% |
| CFO/Rev LTM | 10.4% |
| CFO/Rev 3Y Avg | -28.5% |
| FCF/Rev LTM | -13.0% |
| FCF/Rev 3Y Avg | -40.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single-Family | 19,859 | 19,819 | 18,267 | 18,751 | 17,227 |
| Multifamily | 3,412 | 4,093 | 2,962 | 2,513 | 4,724 |
| Total | 23,271 | 23,912 | 21,229 | 21,264 | 21,951 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2001 |
|---|---|---|---|---|---|
| Investments | 5,486 | 5,830 | -2,486 | 7,585 | |
| Multifamily | 1,151 | 2,408 | 2,553 | 2,633 | |
| Total reconciling items | -1,218 | 332 | -1,333 | -2,343 | |
| Single-family Guarantee | -1,475 | 2,450 | 6,616 | 9,686 | |
| All Other | -18 | 37 | 50 | ||
| Debt Financing | 4,792 | ||||
| Mortgage Securitization Financing | 1,508 | ||||
| Total | 3,944 | 11,002 | 5,387 | 17,611 | 6,300 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single-Family | 9,198 | 9,357 | 9,039 | 7,902 | 8,820 |
| Multifamily | 1,533 | 2,501 | 1,499 | 1,425 | 3,289 |
| Total | 10,731 | 11,858 | 10,538 | 9,327 | 12,109 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single-Family | 3,156,290 | 3,104,174 | 3,038,910 | 2,986,045 | 2,792,224 |
| Multifamily | 495,835 | 466,635 | 440,797 | 429,302 | 414,663 |
| Reconciling items | -154,527 | -184,117 | -198,731 | -207,014 | -181,301 |
| Total | 3,497,598 | 3,386,692 | 3,280,976 | 3,208,333 | 3,025,586 |
Price Behavior
| Market Price | $3.68 | |
| Market Cap ($ Bil) | 11.9 | |
| First Trading Date | 02/26/2016 | |
| Distance from 52W High | -68.6% | |
| 50 Days | 200 Days | |
| DMA Price | $5.22 | $6.63 |
| DMA Trend | down | down |
| Distance from DMA | -29.5% | -44.5% |
| 3M | 1YR | |
| Volatility | 46.2% | 94.3% |
| Downside Capture | 261.56 | 251.49 |
| Upside Capture | -30.66 | 50.41 |
| Correlation (SPY) | 9.7% | 16.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 0.38 | 0.65 | 1.10 | 1.10 | 1.30 |
| Up Beta | -1.29 | -2.66 | -1.91 | 0.48 | 0.76 | 1.12 |
| Down Beta | -2.45 | -0.18 | 0.80 | 0.80 | 1.63 | 1.64 |
| Up Capture | -10% | 23% | 41% | 59% | 23% | 381% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 5 | 16 | 25 | 45 | 85 | 335 |
| Down Capture | 487% | 331% | 263% | 208% | 149% | 100% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 25 | 38 | 58 | 125 | 354 |
[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 | -63.6% | 91.8% | -1.05 | - |
| Sector ETF (XLF) | 3.5% | 14.8% | 0.01 | 17.3% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 16.5% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | -1.7% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -10.8% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 2.5% |
| Bitcoin (BTCUSD) | -33.2% | 44.2% | -0.79 | 10.7% |
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 | |
|---|---|---|---|---|
| FMCC | 42.1% | 86.1% | 0.79 | - |
| Sector ETF (XLF) | 9.3% | 18.3% | 0.37 | 17.1% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 16.0% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | -3.6% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | -2.1% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 7.0% |
| Bitcoin (BTCUSD) | 11.4% | 52.0% | 0.39 | 12.5% |
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 | |
|---|---|---|---|---|
| FMCC | 10.4% | 79.2% | 0.47 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 22.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 19.8% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | -3.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 6.1% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 12.5% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 6.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.4% | -7.9% | 2.1% |
| 4/30/2026 | 14.3% | 19.5% | 2.3% |
| 2/12/2026 | -3.8% | -1.1% | -28.4% |
| 10/30/2025 | 0.0% | -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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 14 | 13 | 12 |
| Median Positive | 0.4% | 1.9% | 11.0% |
| Median Negative | -1.4% | -4.3% | -10.9% |
| Max Positive | 14.3% | 20.7% | 137.1% |
| Max Negative | -6.1% | -9.1% | -28.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.4% | -7.9% | 2.1% |
| 4/30/2026 | 14.3% | 19.5% | 2.3% |
| 2/12/2026 | -3.8% | -1.1% | -28.4% |
| 10/30/2025 | 0.0% | -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% |
| 5/1/2024 | 2.9% | 0.7% | 8.1% |
| 2/14/2024 | 0.0% | 0.0% | 13.9% |
| 11/1/2023 | 0.0% | 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% |
| 4/28/2022 | 1.1% | 1.8% | -0.5% |
| 2/10/2022 | 0.4% | -0.7% | -12.1% |
| 10/29/2021 | 1.7% | 20.7% | 0.9% |
| 7/29/2021 | -1.8% | -5.3% | -12.3% |
| 4/29/2021 | 0.0% | -6.7% | -9.6% |
| 2/11/2021 | -0.5% | -1.4% | 2.7% |
| 10/29/2020 | -0.5% | -2.2% | 40.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 14 | 13 | 12 |
| Median Positive | 0.4% | 1.9% | 11.0% |
| Median Negative | -1.4% | -4.3% | -10.9% |
| Max Positive | 14.3% | 20.7% | 137.1% |
| Max Negative | -6.1% | -9.1% | -28.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Senior Preferred Stock Liquidation Preference | Reported | 150.40 Bil | 2.6% | Raised | Guidance: 146.60 Bil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Senior preferred stock liquidation preference | Reported | 146.60 Bil | 2.5% | Higher New | Guidance: 143.00 Bil for Q1 2026 | |||
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Senior preferred stock liquidation preference | Reported | 143.00 Bil | 2.0% | Higher New | Guidance: 140.20 Bil for Q4 2025 | |||
Federal Home Loan Mortgage — Investor Video Playlist
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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