Federal National Mortgage Association Fannie Mae (FNMA)
Market Price (4/10/2026): $0 | Market Cap: $0Sector: Financials | Industry: Commercial & Residential Mortgage Finance
Federal National Mortgage Association Fannie Mae (FNMA)
Market Price (4/10/2026): $0Market Cap: $0Sector: 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 32%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 5.6 Bil, FCF LTM is 5.6 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Megatrend and thematic driversMegatrends include Sustainable Finance, Smart Buildings & Proptech, Sustainable & Green Buildings, Fintech & Digital Payments, 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 9088% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%, Rev Chg QQuarterly Revenue Change % is -1.2% High stock price volatilityVol 12M is 107% Key risksFNMA key risks include [1] the profound regulatory and political uncertainty of its government conservatorship, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 5.6 Bil, FCF LTM is 5.6 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Megatrend and thematic driversMegatrends include Sustainable Finance, Smart Buildings & Proptech, Sustainable & Green Buildings, Fintech & Digital Payments, 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 9088% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%, Rev Chg QQuarterly Revenue Change % is -1.2% |
| High stock price volatilityVol 12M is 107% |
| Key risksFNMA key risks include [1] the profound regulatory and political uncertainty of its government conservatorship, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Federal National Mortgage Association Fannie Mae (FNMA) stock has lost about 25% since 12/31/2025 because of the following key factors:
1. Fannie Mae's Q4 2025 earnings fell short of analyst expectations.
The company reported an Earnings Per Share (EPS) of $0.60 for the fourth quarter of 2025, missing the consensus estimate of $0.68 by 7.69%. This earnings surprise was a notable factor impacting investor sentiment. Despite reporting a net income of $3.5 billion for Q4 2025 and $14.4 billion for the full year 2025, challenged interest incomes were cited as a contributing factor.
2. Fannie Mae's revised outlook projected higher mortgage rates for longer, impacting the housing market.
In August 2025, Fannie Mae's Economic and Strategic Research (ESR) Group updated its forecast, anticipating the average 30-year fixed-rate mortgage to remain elevated at 6.7% in the fourth quarter of 2025, an increase from a previous estimate of 6.5%. While a gradual easing to 6.1% was projected by year-end 2026, these persistent elevated rates were expected to weigh on home sales and price growth. This macroeconomic trend directly affects Fannie Mae's business volume and profitability.
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1. Fannie Mae's Q4 2025 earnings fell short of analyst expectations.
The company reported an Earnings Per Share (EPS) of $0.60 for the fourth quarter of 2025, missing the consensus estimate of $0.68 by 7.69%. This earnings surprise was a notable factor impacting investor sentiment. Despite reporting a net income of $3.5 billion for Q4 2025 and $14.4 billion for the full year 2025, challenged interest incomes were cited as a contributing factor.
2. Fannie Mae's revised outlook projected higher mortgage rates for longer, impacting the housing market.
In August 2025, Fannie Mae's Economic and Strategic Research (ESR) Group updated its forecast, anticipating the average 30-year fixed-rate mortgage to remain elevated at 6.7% in the fourth quarter of 2025, an increase from a previous estimate of 6.5%. While a gradual easing to 6.1% was projected by year-end 2026, these persistent elevated rates were expected to weigh on home sales and price growth. This macroeconomic trend directly affects Fannie Mae's business volume and profitability.
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Stock Movement Drivers
Fundamental Drivers
The -26.7% change in FNMA stock from 12/31/2025 to 4/9/2026 was primarily driven by a -26.7% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.73 | 7.86 | -26.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,100 | 30,100 | 0.0% |
| Net Income Margin (%) | 49.7% | 49.7% | 0.0% |
| P/E Multiple | 4.2 | 3.1 | -26.7% |
| Shares Outstanding (Mil) | 5,867 | 5,867 | 0.0% |
| Cumulative Contribution | -26.7% |
Market Drivers
12/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| FNMA | -26.7% | |
| Market (SPY) | -5.4% | 33.3% |
| Sector (XLF) | -6.3% | 30.4% |
Fundamental Drivers
The -34.8% change in FNMA stock from 9/30/2025 to 4/9/2026 was primarily driven by a -34.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.05 | 7.86 | -34.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,186 | 30,100 | -0.3% |
| Net Income Margin (%) | 50.2% | 49.7% | -0.9% |
| P/E Multiple | 4.7 | 3.1 | -34.0% |
| Shares Outstanding (Mil) | 5,867 | 5,867 | 0.0% |
| Cumulative Contribution | -34.8% |
Market Drivers
9/30/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| FNMA | -34.8% | |
| Market (SPY) | -2.9% | 27.9% |
| Sector (XLF) | -4.4% | 22.1% |
Fundamental Drivers
The 24.4% change in FNMA stock from 3/31/2025 to 4/9/2026 was primarily driven by a 41.1% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.32 | 7.86 | 24.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,852 | 30,100 | -2.4% |
| Net Income Margin (%) | 55.0% | 49.7% | -9.6% |
| P/E Multiple | 2.2 | 3.1 | 41.1% |
| Shares Outstanding (Mil) | 5,867 | 5,867 | 0.0% |
| Cumulative Contribution | 24.4% |
Market Drivers
3/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| FNMA | 24.4% | |
| Market (SPY) | 16.3% | 26.0% |
| Sector (XLF) | 4.1% | 23.2% |
Fundamental Drivers
The 1817.1% change in FNMA stock from 3/31/2023 to 4/9/2026 was primarily driven by a 1555.3% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.41 | 7.86 | 1817.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,722 | 30,100 | -2.0% |
| Net Income Margin (%) | 42.1% | 49.7% | 18.2% |
| P/E Multiple | 0.2 | 3.1 | 1555.3% |
| Shares Outstanding (Mil) | 5,867 | 5,867 | 0.0% |
| Cumulative Contribution | 1817.1% |
Market Drivers
3/31/2023 to 4/9/2026| Return | Correlation | |
|---|---|---|
| FNMA | 1817.1% | |
| Market (SPY) | 63.3% | 18.0% |
| Sector (XLF) | 66.7% | 21.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FNMA Return | -66% | -57% | 203% | 207% | 227% | -38% | 177% |
| Peers Return | -14% | -29% | 62% | -0% | 34% | -12% | 17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| FNMA Win Rate | 33% | 25% | 58% | 58% | 58% | 25% | |
| Peers Win Rate | 52% | 43% | 53% | 53% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FNMA Max Drawdown | -70% | -57% | 0% | -11% | 0% | -57% | |
| Peers Max Drawdown | -21% | -47% | -10% | -11% | -13% | -20% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RKT, UWMC, PFSI, NLY, AGNC.
[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 4/9/2026 (YTD)
How Low Can It Go
| Event | FNMA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -85.5% | -25.4% |
| % Gain to Breakeven | 591.9% | 34.1% |
| Time to Breakeven | 683 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -64.6% | -33.9% |
| % Gain to Breakeven | 182.8% | 51.3% |
| Time to Breakeven | 1,747 days | 148 days |
| 2018 Correction | ||
| % Loss | -75.9% | -19.8% |
| % Gain to Breakeven | 314.2% | 24.7% |
| Time to Breakeven | 2,195 days | 120 days |
Compare to RKT, UWMC, PFSI, NLY, AGNC
In The Past
Federal National Mortgage Association Fannie Mae's stock fell -85.5% during the 2022 Inflation Shock from a high on 4/26/2021. A -85.5% loss requires a 591.9% gain to breakeven.
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About Federal National Mortgage Association Fannie Mae (FNMA)
Federal National Mortgage Association provides a source of financing for mortgages in the United States. It securitizes mortgage loans originated by lenders into Fannie Mae mortgage-backed securities (Fannie Mae MBS). The company operates through two segments, Single-Family and Multifamily. The Single-Family segment securitizes and purchases single-family fixed-rate or adjustable-rate, first-lien mortgage loans, or mortgage-related securities backed by these loans; and loans that are insured by Federal Housing Administration, loans guaranteed by the Department of Veterans Affairs and Rural Development Housing and Community Facilities Program of the U.S. Department of Agriculture, manufactured housing mortgage loans, and other mortgage-related securities. This segment also provides single-family mortgage servicing, as well as credit risk and loss management services. The Multifamily segment securitizes multifamily mortgage loans into Fannie Mae MBS; purchases multifamily mortgage loans; and provides credit enhancement for bonds issued by state and local housing finance authorities to finance multifamily housing. This segment also issues structured MBS backed by Fannie Mae multifamily MBS; buys and sells multifamily agency mortgage-backed securities; invests in low-income housing tax credit (LIHTC) multifamily projects; and offers delegated underwriting and servicing, as well as multifamily mortgage, and credit risk and loss management services. The company serves mortgage banking companies, savings and loan associations, savings banks, commercial banks, credit unions, community banks, insurance companies, private mortgage originators, and state and local housing finance agencies. Federal National Mortgage Association was founded in 1938 and is headquartered in Washington, the District of Columbia.
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Here are 1-3 brief analogies to describe Federal National Mortgage Association Fannie Mae:
- Fannie Mae is like the Visa or Mastercard for the mortgage market, providing the essential infrastructure, standardization, and guarantees that allow mortgage loans to flow smoothly between lenders and investors.
- Fannie Mae is a bit like BlackRock or Vanguard, but specifically for mortgage-backed securities, as it is a massive issuer and manager of these pooled mortgage investments.
- Fannie Mae acts as a kind of utility company for the housing finance sector, providing the foundational liquidity and stability needed for the mortgage market to function continuously.
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- Mortgage-Backed Securities (MBS): Fannie Mae issues securities backed by pools of mortgage loans, which are sold to investors to provide liquidity to the mortgage market.
- Mortgage Loan Purchases: Fannie Mae buys single-family and multifamily mortgage loans from lenders, providing them with capital to originate new loans.
- Credit Enhancement Services: Fannie Mae offers credit guarantees and enhancements for various mortgage-related bonds and securities, reducing investment risk.
- Mortgage Servicing: Fannie Mae provides or supports the administration and management of mortgage loans throughout their lifecycle.
- Credit Risk and Loss Management Services: Fannie Mae offers services designed to manage and mitigate financial risks associated with mortgage lending.
- Investments: Fannie Mae invests in mortgage-related assets, including agency mortgage-backed securities and low-income housing tax credit projects.
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```htmlFederal National Mortgage Association Fannie Mae (FNMA) sells primarily to other companies. Its major customers are categories of financial institutions and agencies involved in the mortgage market. These include:
- Mortgage banking companies
- Savings and loan associations
- Savings banks
- Commercial banks
- Credit unions
- Community banks
- Insurance companies
- Private mortgage originators
- State and local housing finance agencies
The provided background information describes these as categories of customers rather than specific named public companies, so individual company symbols cannot be listed.
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```htmlPeter Akwaboah, Acting Chief Executive Officer and Chief Operating Officer
Peter Akwaboah was appointed Acting Chief Executive Officer of Fannie Mae in October 2025, in addition to his role as Chief Operating Officer. He has over 30 years of financial services leadership experience, focusing on operations, technology, and innovation. His prior experience includes leadership roles at Morgan Stanley, Royal Bank of Scotland, Deutsche Bank, KPMG, and IBM.
Chryssa C. Halley, Executive Vice President and Chief Financial Officer
Chryssa C. Halley was appointed Executive Vice President and Chief Financial Officer of Fannie Mae in December 2021. She is responsible for Fannie Mae's financial management, enterprise modeling, and enterprise strategic planning. Halley joined Fannie Mae in 2006 and has held various positions, including Senior Vice President and Controller, Senior Vice President and Deputy Controller, and several Vice President roles in accounting and capital markets. Before joining Fannie Mae, she served as a Director of Accounting for the Federal Agricultural Mortgage Corporation and Senior Director, Debt and Derivative Reporting at Freddie Mac. She is a licensed Certified Public Accountant in Maryland.
John Roscoe, Co-President
John Roscoe was appointed Co-President of Fannie Mae in October 2025. Prior to this role, he served as Senior Vice President of Operations and Communications and was a former FHFA chief of staff.
Brandon Hamara, Co-President
Brandon Hamara was appointed Co-President of Fannie Mae in October 2025. He previously served as a board member at Freddie Mac.
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The Federal National Mortgage Association (Fannie Mae) faces several key risks inherent to its role in the U.S. mortgage market. Here are the key risks to Fannie Mae's business:1. Conservatorship and Regulatory/Legislative Changes
Fannie Mae has been operating under government conservatorship since September 2008, which significantly limits its operational independence and strategic decision-making. The Federal Housing Finance Agency (FHFA) exercises substantial control over the company's activities. Uncertainty surrounding its future status, including potential legislative reforms or reprivatization, poses a significant risk. Any changes to its conservatorship, capital requirements, or the explicit or implicit government guarantee on its mortgage-backed securities could fundamentally alter its business model, profitability, and market position.2. Interest Rate Risk
Fannie Mae is highly exposed to interest rate risk, particularly from its retained mortgage portfolios. Fluctuations in interest rates, especially unexpected movements or mismatches between the maturities of its assets and liabilities, can adversely affect its financial performance and solvency. The embedded prepayment option in most U.S. fixed-rate mortgages further exacerbates this risk, as borrowers tend to refinance when rates decline. While Fannie Mae employs hedging strategies, these may not perfectly mitigate all interest rate exposures.3. Credit Risk and Economic/Market Volatility
As one of the largest guarantors of U.S. mortgages, Fannie Mae is inherently exposed to credit risk, which is the potential for losses arising from mortgage defaults. Although the company utilizes extensive credit risk management practices, including rigorous underwriting standards, collateral assessment, and credit risk transfer (CRT) programs to offload some of this risk to private investors, a severe downturn in the housing market or broader adverse economic conditions could lead to increased credit losses. The mortgage finance industry is susceptible to overall economic fluctuations, housing market dynamics, and constraints on capital market access, which can further impact Fannie Mae's financial stability and growth trajectory.AI Analysis | Feedback
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The Federal National Mortgage Association (Fannie Mae) participates in several substantial addressable markets within the United States. For its main products and services, the estimated market sizes for 2024 are as follows: * **U.S. Single-Family Mortgage Originations:** The total single-family mortgage originations in the U.S. were projected to be $1.98 trillion in 2024. Approximately 3.5 million single-family loans were originated in 2024. * **U.S. Multifamily Mortgage Originations:** The U.S. multifamily lending market originated $288.7 billion in new mortgages for multifamily properties in 2024. Fannie Mae and Freddie Mac, as government-sponsored enterprises (GSEs), collectively accounted for 41% of this volume. * **U.S. Agency Mortgage-Backed Securities (MBS) Issuance:** Gross agency issuance of residential mortgage-backed securities (RMBS) in the U.S. totaled approximately $1.1 trillion in 2024. Fannie Mae and Freddie Mac collectively backed about 40% of all securitized U.S. mortgages. * **U.S. Low-Income Housing Tax Credit (LIHTC) Market:** The investor equity closed into housing tax credit funds and direct investments in the U.S. was approximately $28.9 billion in 2024. The LIHTC program itself has an annual cost of roughly $13.5 billion.AI Analysis | Feedback
The Federal National Mortgage Association (Fannie Mae) (FNMA) is expected to see several key drivers of revenue growth over the next two to three years:
- Growth in the Multifamily Business: Fannie Mae's multifamily guaranty book experienced substantial growth, increasing by $35 billion year-over-year to reach $535 billion by the end of 2025. This expansion contributed to the multifamily segment achieving its highest net income in four years.
- Increased Guarantee Fees on New Single-Family Acquisitions: The company is benefiting from higher average guarantee fees on new single-family mortgage acquisitions. In the fourth quarter of 2025, these fees were 6.7 basis points higher than the average for the entire single-family guarantee book, indicating an improved revenue yield on new business.
- Rebound in Mortgage Origination Volume, Driven by Purchase Mortgages: Fannie Mae's economic division forecasts a significant recovery in overall mortgage originations, projecting volumes to approach $2.5 trillion by 2027. This anticipated growth is expected to be largely fueled by an increase in purchase mortgages from homebuyers.
- Operational Efficiencies and Technology Investments: Management has emphasized a focus on "continued operational excellence, driven by disciplined expense management and ongoing progress to simplify our core processes and technology infrastructure." Initiatives like the new fraud detection partnership with Palantir Technologies also contribute to improving efficiency and reducing losses, thereby enhancing overall profitability and indirectly supporting revenue growth by optimizing operations.
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Share Repurchases
- In late February 2026, Fannie Mae launched fixed-price cash tender offers to repurchase a wide range of outstanding Connecticut Avenue Securities notes as part of reshaping its credit-risk transfer capital structure.
Share Issuance
- As of March 31, 2025, one million shares of senior preferred stock were authorized, issued, and outstanding to the U.S. Treasury, a result of its conservatorship.
- Fannie Mae announced its 2025 Connecticut Avenue Securities (CAS) Issuance Calendar, with an expected total CAS volume of approximately $4 billion across 5-7 transactions. These are debt securities, not equity shares.
- The company also released its 2025 Benchmark Securities Issuance Calendar for Benchmark Notes and Bills. These are debt instruments issued to provide liquidity and stability in the housing finance market.
Inbound Investments
- Fannie Mae has been under government conservatorship since 2008, with the U.S. Department of the Treasury holding senior preferred shares.
- Amendments to the Senior Preferred Stock Purchase Agreement (SPSPA) with the Treasury in January 2025 clarified that it would not impact Fannie Mae's ability to retain capital or the dividends paid to the Treasury on its senior preferred shares. In 2019, the Treasury allowed the GSEs to retain a combined $45 billion in capital, with $25 billion for Fannie Mae.
Outbound Investments
- Fannie Mae provided approximately $74 billion in financing for the multifamily housing market in 2025, marking a 34% increase from $55 billion in 2024 and its largest annual multifamily volume since 2020.
- This multifamily financing in 2025 included over $8.3 billion for affordable housing, $7.1 billion in structured transactions, $5.9 billion in small loans, and $1.9 billion in manufactured housing.
- The company has committed over $5 billion in Low-Income Housing Tax Credit (LIHTC) equity investments since re-entering the LIHTC market in 2018.
Capital Expenditures
- For the full year of 2025, Fannie Mae reduced administrative expenses by $40 million and total non-interest expenses by $141 million compared to 2024.
- The reduction in administrative expenses in 2025 was primarily achieved by decreasing its workforce by approximately 1,200 employees, scaling back contractors, and renegotiating key contracts.
- Fannie Mae has focused on delivering innovative capabilities to enhance internal operating efficiencies and improve loan quality, fraud detection, and quality control within its operations.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Federal National Mortgage Association Fannie Mae Stock Plummets 13% With 5-Day Losing Streak | 04/08/2026 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.75 |
| Mkt Cap | 13.4 |
| Rev LTM | 3,668 |
| Op Inc LTM | 551 |
| FCF LTM | -963 |
| FCF 3Y Avg | -1,209 |
| CFO LTM | -499 |
| CFO 3Y Avg | -971 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 49.1% |
| Rev Chg 3Y Avg | 21.3% |
| Rev Chg Q | 75.5% |
| QoQ Delta Rev Chg LTM | 20.5% |
| Op Mgn LTM | 10.8% |
| Op Mgn 3Y Avg | 12.0% |
| QoQ Delta Op Mgn LTM | -2.8% |
| CFO/Rev LTM | -6.9% |
| CFO/Rev 3Y Avg | -37.7% |
| FCF/Rev LTM | -21.7% |
| FCF/Rev 3Y Avg | -48.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 13.4 |
| P/S | 3.9 |
| P/EBIT | 8.7 |
| P/E | 7.2 |
| P/CFO | 3.9 |
| Total Yield | 12.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -23.9% |
| D/E | 3.2 |
| Net D/E | 2.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.6% |
| 3M Rtn | -21.0% |
| 6M Rtn | -13.5% |
| 12M Rtn | 24.2% |
| 3Y Rtn | 65.3% |
| 1M Excs Rtn | 0.0% |
| 3M Excs Rtn | -18.3% |
| 6M Excs Rtn | -15.9% |
| 12M Excs Rtn | -14.3% |
| 3Y Excs Rtn | 3.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single-Family | 25,624 | 26,101 | 27,257 | 20,059 | 17,839 |
| Multifamily | 4,675 | 4,621 | 4,198 | 3,675 | 3,576 |
| Total | 30,299 | 30,722 | 31,455 | 23,734 | 21,415 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single-Family | 14,855 | 10,770 | 19,127 | 9,881 | 11,837 |
| Multifamily | 2,553 | 2,153 | 3,049 | 1,924 | 2,323 |
| Total | 17,408 | 12,923 | 22,176 | 11,805 | 14,160 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single-Family | 3,833,540 | 3,844,092 | 3,782,447 | 3,569,130 | 3,149,212 |
| Multifamily | 491,897 | 461,196 | 446,719 | 416,619 | 354,107 |
| Total | 4,325,437 | 4,305,288 | 4,229,166 | 3,985,749 | 3,503,319 |
Price Behavior
Price Behavior
| Market Price | $7.86 | |
| Market Cap ($ Bil) | 46.1 | |
| First Trading Date | 02/26/2016 | |
| Distance from 52W High | -48.7% | |
| 50 Days | 200 Days | |
| DMA Price | $6.96 | $9.67 |
| DMA Trend | down | down |
| Distance from DMA | 12.9% | -18.7% |
| 3M | 1YR | |
| Volatility | 134.0% | 110.5% |
| Downside Capture | 0.67 | 0.58 |
| Upside Capture | -46.87 | 110.37 |
| Correlation (SPY) | 20.2% | 19.3% |
FNMA Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.70 | 2.18 | 1.94 | 1.51 | 1.23 | 1.19 |
| Up Beta | 4.88 | 0.69 | 2.44 | 1.10 | 1.04 | 1.15 |
| Down Beta | 3.31 | 4.13 | 2.24 | 1.67 | 1.40 | 1.50 |
| Up Capture | -160% | -35% | -40% | 19% | 102% | 331% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 7 | 17 | 24 | 44 | 108 | 347 |
| Down Capture | 256% | 237% | 258% | 199% | 131% | 84% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 14 | 24 | 38 | 63 | 122 | 360 |
[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 FNMA | |
|---|---|---|---|---|
| FNMA | 68.6% | 112.9% | 0.99 | - |
| Sector ETF (XLF) | 17.7% | 17.2% | 0.78 | 20.7% |
| Equity (SPY) | 29.1% | 17.4% | 1.36 | 23.5% |
| Gold (GLD) | 61.3% | 27.8% | 1.72 | -2.2% |
| Commodities (DBC) | 26.9% | 16.7% | 1.41 | 7.6% |
| Real Estate (VNQ) | 17.7% | 15.4% | 0.86 | 11.0% |
| Bitcoin (BTCUSD) | -10.9% | 43.9% | -0.14 | 17.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNMA | |
|---|---|---|---|---|
| FNMA | 36.2% | 92.2% | 0.73 | - |
| Sector ETF (XLF) | 10.1% | 18.7% | 0.42 | 16.4% |
| Equity (SPY) | 11.4% | 17.0% | 0.52 | 16.3% |
| Gold (GLD) | 22.2% | 17.8% | 1.02 | -1.6% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 2.1% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 9.2% |
| Bitcoin (BTCUSD) | 3.6% | 56.5% | 0.29 | 10.7% |
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 FNMA | |
|---|---|---|---|---|
| FNMA | 19.5% | 82.7% | 0.57 | - |
| Sector ETF (XLF) | 12.9% | 22.2% | 0.54 | 22.1% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 20.4% |
| Gold (GLD) | 14.1% | 15.9% | 0.74 | -2.9% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 8.8% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 13.3% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 6.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/11/2026 | 0.0% | 0.0% | -26.1% |
| 10/29/2025 | -4.5% | -6.4% | -14.7% |
| 7/30/2025 | 0.3% | -1.7% | 30.9% |
| 4/30/2025 | -1.1% | 0.3% | 66.8% |
| 2/14/2025 | 5.4% | 8.6% | -13.5% |
| 10/31/2024 | -2.8% | 35.7% | 118.9% |
| 7/30/2024 | -1.5% | -21.2% | -6.1% |
| 4/30/2024 | -3.9% | -2.6% | -3.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 10 |
| # Negative | 13 | 14 | 14 |
| Median Positive | 1.5% | 3.2% | 25.9% |
| Median Negative | -2.0% | -3.3% | -10.7% |
| Max Positive | 6.6% | 35.7% | 118.9% |
| Max Negative | -4.5% | -21.2% | -26.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
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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