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    Federal Home Loan Mortgage (FMCC)

    Market Price (9/29/2026): $0 | Market Cap: $-Sector: Financials | Industry: Commercial & Residential Mortgage Finance

    Federal Home Loan Mortgage (FMCC)

    Market Price (9/29/2026): $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 100%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 96%, FCF Yield is 110%

    Attractive cash flow generation
    CFO/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 expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38%

    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 26383%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%

    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 100%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 96%, FCF Yield is 110%
    1 Attractive cash flow generation
    CFO/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
    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 -38%
    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 26383%
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%
    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$24.7 Bil—
    FY 2027 Sales$25.6 Bil—
    FY 2026 Sales Growth4.4%—
    FY 2027 Sales Growth4.0%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$12.9 Bil—
    FY 2026 Net Income (Non-GAAP)$13.5 Bil—
    FY 2027 Net Income (Non-GAAP)$12.6 Bil—
    FY 2027 Net Income Growth-6.7%18.3%
    FY 2026 EPS (Non-GAAP)$4.17—
    FY 2027 EPS (Non-GAAP)$3.91—
    FY 2027 EPS Growth-6.4%—
    VALUATION
    FY 2026 P/S—1.6
    FY 2027 P/S——
    FY 2026 P/E—7.5
    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 9/30/27 (~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).
    null

    AI Analysis | Feedback

    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

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/24/2026

    Federal Home Loan Mortgage (FMCC) stock has lost about 35% since 5/31/2026 because of the following key factors:

    1. Rising Mortgage Rates and a Softening Housing Market Environment.

    The upward trend in mortgage rates, a significant macroeconomic factor, has likely exerted downward pressure on FMCC's stock. The average 30-year fixed mortgage rate increased to 7.03% by late fiscal Q3 2026 (September 24, 2026), a notable rise from 6.30% recorded a year prior. This increase, driven by higher 10-year Treasury yields, contributes to reduced housing affordability and buyer demand, directly impacting mortgage originations and potentially increasing credit risk for entities like Freddie Mac. Both Fannie Mae and the Mortgage Bankers Association have consequently lowered their mortgage finance forecasts for 2026, with anticipated reductions in existing home sales.

    2. Persistent Regulatory Uncertainty Surrounding GSE Reform.

    Ongoing political and regulatory discussions regarding the recapitalization and release of Freddie Mac from government conservatorship continue to be a source of investor apprehension. Despite the Trump administration's indications of an intent for an initial public offering (IPO), substantial obstacles persist concerning the resolution of the Treasury's stake and the overall framework of such a reform. This regulatory ambiguity, which remained a prominent topic throughout fiscal Q2 and Q3 2026, creates an unpredictable environment for the company and likely weighs on investor sentiment.

    Show more
    Updated on 9/24/2026

    Federal Home Loan Mortgage (FMCC) stock has lost about 35% since 5/31/2026 because of the following key factors:

    1. Rising Mortgage Rates and a Softening Housing Market Environment.

    The upward trend in mortgage rates, a significant macroeconomic factor, has likely exerted downward pressure on FMCC's stock. The average 30-year fixed mortgage rate increased to 7.03% by late fiscal Q3 2026 (September 24, 2026), a notable rise from 6.30% recorded a year prior. This increase, driven by higher 10-year Treasury yields, contributes to reduced housing affordability and buyer demand, directly impacting mortgage originations and potentially increasing credit risk for entities like Freddie Mac. Both Fannie Mae and the Mortgage Bankers Association have consequently lowered their mortgage finance forecasts for 2026, with anticipated reductions in existing home sales.

    2. Persistent Regulatory Uncertainty Surrounding GSE Reform.

    Ongoing political and regulatory discussions regarding the recapitalization and release of Freddie Mac from government conservatorship continue to be a source of investor apprehension. Despite the Trump administration's indications of an intent for an initial public offering (IPO), substantial obstacles persist concerning the resolution of the Treasury's stake and the overall framework of such a reform. This regulatory ambiguity, which remained a prominent topic throughout fiscal Q2 and Q3 2026, creates an unpredictable environment for the company and likely weighs on investor sentiment.

    3. Deterioration in Non-Interest Income Despite Strong Fiscal Q2 2026 Net Income.

    While Freddie Mac reported a robust net income of $3.8 billion for fiscal Q2 2026, representing a 61% increase year-over-year, a closer look at its revenue composition reveals a shift in non-interest income. This category moved from a gain of $617 million in fiscal Q2 2025 to a $19 million loss in fiscal Q2 2026. This decline was primarily attributed to net investment losses and lower guarantee income, suggesting a vulnerability in certain revenue streams that may temper investor enthusiasm despite the headline net income growth largely driven by a credit reserve release.

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    Stock Movement Drivers

    Fundamental Drivers

    The -37.1% change in FMCC stock from 5/31/2026 to 9/28/2026 was primarily driven by a -44.1% change in the company's P/E Multiple.
    (LTM values as of)53120269282026Change
    Stock Price ($)6.364.00-37.1%
    Change Contribution By: 
    Total Revenues ($ Mil)23,55223,6270.3%
    Net Income Margin (%)48.8%54.8%12.3%
    P/E Multiple1.81.0-44.1%
    Shares Outstanding (Mil)3,2343,2340.0%
    Cumulative Contribution-37.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/28/2026
    ReturnCorrelation
    FMCC-37.1% 
    Market (SPY)1.5%10.8%
    Sector (XLF)5.4%11.7%

    Fundamental Drivers

    The -37.9% change in FMCC stock from 2/28/2026 to 9/28/2026 was primarily driven by a -48.5% change in the company's P/E Multiple.
    (LTM values as of)22820269282026Change
    Stock Price ($)6.444.00-37.9%
    Change Contribution By: 
    Total Revenues ($ Mil)23,27123,6271.5%
    Net Income Margin (%)46.1%54.8%18.8%
    P/E Multiple1.91.0-48.5%
    Shares Outstanding (Mil)3,2343,2340.0%
    Cumulative Contribution-37.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/28/2026
    ReturnCorrelation
    FMCC-37.9% 
    Market (SPY)12.2%15.1%
    Sector (XLF)6.3%25.7%

    Fundamental Drivers

    The -57.7% change in FMCC stock from 8/31/2025 to 9/28/2026 was primarily driven by a -62.4% change in the company's P/E Multiple.
    (LTM values as of)83120259282026Change
    Stock Price ($)9.454.00-57.7%
    Change Contribution By: 
    Total Revenues ($ Mil)23,93523,627-1.3%
    Net Income Margin (%)48.1%54.8%14.0%
    P/E Multiple2.71.0-62.4%
    Shares Outstanding (Mil)3,2343,2340.0%
    Cumulative Contribution-57.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/28/2026
    ReturnCorrelation
    FMCC-57.7% 
    Market (SPY)20.0%17.3%
    Sector (XLF)1.9%21.2%

    Fundamental Drivers

    The 566.7% change in FMCC stock from 8/31/2023 to 9/28/2026 was primarily driven by a 312.7% change in the company's P/E Multiple.
    (LTM values as of)83120239282026Change
    Stock Price ($)0.604.00566.7%
    Change Contribution By: 
    Total Revenues ($ Mil)20,18023,62717.1%
    Net Income Margin (%)39.7%54.8%38.0%
    P/E Multiple0.21.0312.7%
    Shares Outstanding (Mil)3,2343,2340.0%
    Cumulative Contribution566.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/28/2026
    ReturnCorrelation
    FMCC566.7% 
    Market (SPY)76.5%20.7%
    Sector (XLF)65.3%25.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FMCC Return-64%-57%141%284%211%-59%79%
    Peers Return-28%-36%101%39%72%-43%27%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    FMCC Win Rate33%25%67%75%67%22% 
    Peers Win Rate47%40%57%52%57%36% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    FMCC Max Drawdown-71%-63%-34%-41%-43%-61% 
    Peers Max Drawdown-45%-51%-33%-31%-30%-52% 
    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 9/28/2026 (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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

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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.

    AI Analysis | Feedback

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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.

    Peer Outperformance in Commercial & Residential Mortgage Finance

    FMCC has outperformed 92% of its 12 Commercial & Residential Mortgage Finance peers over 5Y. Commercial & Residential Mortgage Finance ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Commercial & Residential Mortgage Finance constituents that FMCC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    36%
    of 14 industry peers · -67.6% return
    3Y
    92%
    of 12 industry peers · 575.7% return
    5Y
    92%
    of 12 industry peers · 388.4% return
    No Commercial & Residential Mortgage Finance peer with a comparable growth profile has beaten FMCC by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Commercial & Residential Mortgage Finance is FMCC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 7 22.5%67.3%111.0% SPNT 166% · RGA 150% · RNR 141%
    Diversified Banks 13 29.7%130.8%110.5% CM 154% · RY 142% · JPM 130%
    Investment Banking & Brokerage 13 -5.3%103.8%109.6% IBKR 452% · SNEX 238% · HOOD 170%
    Life & Health Insurance 20 4.8%52.9%91.8% JXN 525% · UNM 323% · FG 187%
    Multi-Sector Holdings 4 4.7%49.4%76.7% JONE 361% · BRK-B 81% · VOYA 72%
    Property & Casualty Insurance 42 5.5%67.9%62.3% ASIC 2656900% · HRTG 409% · UVE 298%
    Multi-line Insurance 9 3.9%68.4%58.2% GNW 151% · L 96% · SLF 90%
    Regional Banks 266 23.4%91.3%54.8% ESQ 333% · BLX 330% · GCBC 302%
    Financial Exchanges & Data 15 -2.7%16.8%30.6% VIRT 153% · CBOE 116% · CME 66%
    Diversified Financial Services 4 -5.9%21.2%20.5% FRHC 178% · EQH 97% · TMS -56%
    Consumer Finance 30 -2.2%78.6%15.2% ENVA 391% · EZPW 301% · FCFS 165%
    Insurance Brokers 16 -22.9%-9.2%13.7% LIFE 286% · ARX 88% · AJG 60%
    Commercial & Residential Mortgage Finance ← 13 -53.0%13.9%8.5% FNMA 412% · FMCC 388% · ACT 168%
    Asset Management & Custody Banks 84 -8.8%16.1%8.4% WT 347% · SII 269% · VCTR 265%
    Specialized Finance 3 20.0%40.9%-6.8% EFC 23% · CACC -7% · HASI -15%
    Mortgage REITs 33 -15.6%6.6%-26.1% NREF 49% · RITM 36% · DX 26%
    Transaction & Payment Processing Services 17 0.5%-6.0%-40.8% V 68% · MA 66% · CPAY 49%
    Diversified Capital Markets 24 -30.7%6.5%-54.4% OPY 189% · CD 183% · LPLA 101%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    SECZSecuritize2.5149.3%35.2%
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    GRALGRAIL5.760.8%55.0%
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    ACVAACV Auctions1.844.9%30.4%
    SDGRSchrodinger2.244.5%65.0%
    MXLMaxLinear8.141.9%416.4%
    PSPershing Square23.740.5%145.4%
    VICRVicor13.140.0%160.1%
    MRNAModerna78.538.2%569.0%

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    ADBTAdvasa0.1-97.8%-98.2%
    ALMSAlumis0.9-69.2%-26.6%
    XNDUXanadu Quantum Technologies1.4-54.0%-58.5%
    SWMRSwarmer0.3-50.2%-41.4%
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    ITGITG0.3-45.1%-76.6%
    KDKKodiak AI0.4-42.8%-79.2%
    CTEVClaritev0.4-42.1%-47.4%
    IMUXImmunic0.4-41.7%78.2%
    ALHCAlignment Healthcare1.6-41.5%-59.8%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    FMCCFNMARKTUWMCPFSINLYMedian
    NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
    Mkt Price4.004.4011.691.2163.7020.448.05
    Mkt Cap12.925.833.20.43.315.114.0
    Rev LTM23,62729,1738,9571,2535,0363,1726,997
    Op Inc LTM----506-506
    FCF LTM14,28441,313-1,436-4,922-1,853-314-875
    FCF 3Y Avg11,74514,948-2,063-3,638-2,0181,265-376
    CFO LTM14,28441,313-634-4,861-1,786886126
    CFO 3Y Avg11,74514,948-1,396-3,586-1,9772,157380

    Growth & Margins

    FMCCFNMARKTUWMCPFSINLYMedian
    NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
    Rev Chg LTM-1.3%-3.1%94.2%-6.9%33.9%238.3%16.3%
    Rev Chg 3Y Avg5.6%0.3%41.3%2.7%30.9%231.2%18.2%
    Rev Chg Q1.3%1.5%86.0%-117.2%4.4%705.6%2.9%
    QoQ Delta Rev Chg LTM0.3%0.4%14.2%-37.8%0.8%32.7%0.6%
    Op Inc Chg LTM----25.0%-25.0%
    Op Inc Chg 3Y Avg----10.7%-10.7%
    Op Mgn LTM----10.1%-10.1%
    Op Mgn 3Y Avg----11.6%-11.6%
    QoQ Delta Op Mgn LTM-----1.0%--1.0%
    CFO/Rev LTM60.5%141.6%-7.1%-387.8%-35.5%27.9%10.4%
    CFO/Rev 3Y Avg49.8%50.7%-28.5%-300.5%-55.1%--28.5%
    FCF/Rev LTM60.5%141.6%-16.0%-392.7%-36.8%-9.9%-13.0%
    FCF/Rev 3Y Avg49.8%50.7%-40.3%-304.6%-56.1%--40.3%

    Valuation

    FMCCFNMARKTUWMCPFSINLYMedian
    NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
    Mkt Cap12.925.833.20.43.315.114.0
    P/S0.50.93.70.30.74.80.8
    P/Op Inc----6.5-6.5
    P/EBIT----6.5-6.5
    P/E1.01.770.4-11.08.45.13.4
    P/CFO0.90.6-52.3-0.1-1.917.00.3
    Total Yield100.1%58.4%1.4%15.8%13.8%33.6%24.7%
    Dividend Yield0.0%0.0%0.0%24.6%1.9%14.0%1.0%
    FCF Yield 3Y Avg91.9%86.3%-73.3%-488.4%-42.0%13.4%-14.3%
    D/E264.3162.20.815.07.22.511.1
    Net D/E263.8161.80.713.96.92.510.4

    Returns

    FMCCFNMARKTUWMCPFSINLYMedian
    NameFederal .Federal .Rocket C.UWM PennyMac.Annaly C. 
    1M Rtn-29.1%-29.1%-15.1%-18.8%-13.2%-11.3%-16.9%
    3M Rtn-35.5%-35.9%-24.6%-42.4%-25.8%-8.7%-30.6%
    6M Rtn-38.0%-40.1%-13.3%-63.5%-24.4%2.7%-31.2%
    12M Rtn-67.6%-65.5%-40.1%-78.7%-48.0%10.8%-56.7%
    3Y Rtn575.7%610.8%51.0%-68.8%-0.9%57.2%54.1%
    1M Excs Rtn-28.7%-28.4%-17.3%-17.7%-12.8%-10.7%-17.5%
    3M Excs Rtn-38.8%-39.2%-27.9%-45.5%-29.1%-12.0%-33.9%
    6M Excs Rtn-29.3%-30.1%-35.2%-83.0%-45.6%-15.6%-32.7%
    12M Excs Rtn-84.1%-81.7%-55.0%-94.5%-63.7%-4.5%-72.7%
    3Y Excs Rtn467.7%502.4%-31.9%-144.5%-79.2%-22.8%-27.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/30/20264/30/20262/12/202610/30/20257/31/20255/1/20252/13/202510/30/20247/31/20245/1/20242/14/202411/1/2023
    Key Financials Quarterly            
    Total Revenue5,9916,1335,7645,7395,9165,8526,3295,8385,9885,7575,3735,690
    Net Income3,8383,5582,7772,7732,3872,7943,2223,1052,7652,7662,9142,685
    EPS0.000.01-0.00-0.00-0.01-0.010.01-0.020.000.01-0.04-0.01
    Key Financials TTM            
    Total Revenue TTM23,62723,55223,27123,83623,93524,00723,91222,95622,80822,15921,22920,689
    Net Income TTM12,94611,49510,73111,17611,50811,88611,85811,55011,13011,30910,5389,387
    Growth Rates Quarterly            
    Total Revenue Growth1.3%4.8%-8.9%-1.7%-1.2%1.7%17.8%2.6%12.2%19.3%11.2%9.8%
    Net Income Growth60.8%27.3%-13.8%-10.7%-13.7%1.0%10.6%15.6%-6.1%38.6%65.3%104.5%
    Margins Quarterly            
    Net Income Margin64.1%58.0%48.2%48.3%40.3%47.7%50.9%53.2%46.2%48.0%54.2%47.2%
    Cash & Debt            
    Total Cash5,4716,0827,4097,2736,8587,5948,2687,8958,7316,6769,93110,094
    Total Debt3,418,3923,409,2533,405,0223,379,0733,349,2743,325,1013,304,9493,268,8713,233,0593,217,7003,208,3463,209,203
    Net Debt / (Cash)3,412,9213,403,1713,397,6133,371,8003,342,4163,317,5073,296,6813,260,9763,224,3283,211,0243,198,4153,199,109
    Cash Flows Quarterly            
    FCF from Operations2,7583,8682,5785,0808,1433,572-9003,7069272,8941,883726
    Cash Flows TTM            
    FCF from Operations TTM14,28419,66919,37315,89514,5217,3056,6279,4106,4307,0747,6155,464
    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%0.4%0.3%0.3%0.3%0.3%0.4%0.4%0.3%0.3%0.4%0.3%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM0.4%0.3%0.3%0.3%0.3%0.3%0.4%0.3%0.3%0.3%0.3%0.3%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single-Family19,85919,81918,26718,75117,227
    Multifamily3,4124,0932,9622,5134,724
    Total23,27123,91221,22921,26421,951


    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$4.00 
    Market Cap ($ Bil)12.9 
    First Trading Date02/26/2016 
    Distance from 52W High-67.7% 
       50 Days200 Days
    DMA Price$5.38$6.92
    DMA Trenddowndown
    Distance from DMA-25.6%-42.2%
     3M1YR
    Volatility49.9%94.4%
    Downside Capture301.35243.89
    Upside Capture22.1854.38
    Correlation (SPY)11.0%16.0%
    FMCC Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta-0.630.390.380.991.101.27
    Up Beta-3.20-2.04-1.050.630.881.14
    Down Beta1.632.030.982.861.831.71
    Up Capture54%64%36%38%42%345%
    Bmk +ve Days10213268138427
    Stock +ve Days1120284689337
    Down Capture64%134%107%97%127%92%
    Bmk -ve Days11213259113324
    Stock -ve Days10223159119349

    [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-60.2%92.1%-0.93-
    Sector ETF (XLF)2.6%14.8%-0.0517.3%
    Equity (SPY)17.4%13.0%0.9616.8%
    Gold (GLD)9.7%29.6%0.31-1.7%
    Commodities (DBC)42.7%20.7%1.60-12.1%
    Real Estate (VNQ)4.3%13.6%0.062.3%
    Bitcoin (BTCUSD)-23.0%44.8%-0.4610.9%

    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
    FMCC43.0%86.0%0.79-
    Sector ETF (XLF)10.0%18.4%0.4017.1%
    Equity (SPY)13.5%17.2%0.6016.1%
    Gold (GLD)18.1%18.9%0.77-3.4%
    Commodities (DBC)11.0%19.5%0.44-2.3%
    Real Estate (VNQ)0.9%18.9%-0.067.2%
    Bitcoin (BTCUSD)14.4%52.4%0.4512.4%

    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
    FMCC11.1%79.2%0.48-
    Sector ETF (XLF)13.0%22.1%0.5322.1%
    Equity (SPY)15.4%17.9%0.7319.8%
    Gold (GLD)11.7%16.4%0.58-3.2%
    Commodities (DBC)8.5%18.1%0.385.9%
    Real Estate (VNQ)4.7%20.7%0.1912.4%
    Bitcoin (BTCUSD)63.8%66.2%1.036.5%

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

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity10.1 Mil
    Short Interest: % Change Since 8312026-0.3%
    Average Daily Volume3.2 Mil
    Days-to-Cover Short Interest3.1 days
    Basic Shares Quantity3,234.0 Mil
    Short % of Basic Shares0.3%

    Earnings Returns History

    Updated 9/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20260.4%-7.9%2.1%
    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%
    ...
    SUMMARY STATS   
    # Positive101112
    # Negative141312
    Median Positive0.4%1.9%11.0%
    Median Negative-1.4%-4.3%-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
    7/30/20260.4%-7.9%2.1%
    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%
    SUMMARY STATS   
    # Positive101112
    # Negative141312
    Median Positive0.4%1.9%11.0%
    Median Negative-1.4%-4.3%-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
    06/30/202607/30/202610-Q
    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
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/30/202610-Q
    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

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: Q2 2026 Earnings Reported 7/30/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Senior Preferred Stock Liquidation PreferenceReported 150.40 Bil 2.6% RaisedGuidance: 146.60 Bil for 2026


    Prior: Q1 2026 Earnings Reported 4/30/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 Senior preferred stock liquidation preferenceReported 146.60 Bil 2.5% Higher NewGuidance: 143.00 Bil for Q1 2026

    Q4 2025 Earnings Reported 2/12/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q1 2026 Senior preferred stock liquidation preferenceReported 143.00 Bil 2.0% Higher NewGuidance: 140.20 Bil for Q4 2025

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