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    Federal National Mortgage Association Fannie Mae (FNMA)

    Market Price (10/13/2026): $0 | Market Cap: $-Sector: Financials | Industry: Commercial & Residential Mortgage Finance

    Federal National Mortgage Association Fannie Mae (FNMA)

    Market Price (10/13/2026): $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 74%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 69%, FCF Yield is 203%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 142%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 142%, CFO LTM is 41 Bil, FCF LTM is 41 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 -47%

    Megatrend and thematic drivers
    Megatrends include Sustainable Finance, Smart Buildings & Proptech, Sustainable & Green Buildings, Fintech & Digital Payments, 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 20516%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%

    Key risks
    FNMA key risks include [1] the profound regulatory and political uncertainty of its government conservatorship, 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 74%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 69%, FCF Yield is 203%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 142%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 142%, CFO LTM is 41 Bil, FCF LTM is 41 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 -47%
    3 Megatrend and thematic drivers
    Megatrends include Sustainable Finance, Smart Buildings & Proptech, Sustainable & Green Buildings, Fintech & Digital Payments, 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 20516%
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%
    6 Key risks
    FNMA key risks include [1] the profound regulatory and political uncertainty of its government conservatorship, Show more.

    Valuation & Metrics

    FYE: 12/31FNMA [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$29.2 Bil—
    FY 2026 Sales$29.6 Bil—
    FY 2027 Sales$30.3 Bil—
    FY 2026 Sales Growth1.5%—
    FY 2027 Sales Growth2.3%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$15.1 Bil—
    FY 2026 Net Income (Non-GAAP)$15.5 Bil—
    FY 2027 Net Income (Non-GAAP)$15.9 Bil—
    FY 2027 Net Income Growth2.4%18.9%
    FY 2026 EPS (Non-GAAP)$2.63—
    FY 2027 EPS (Non-GAAP)$2.69—
    FY 2027 EPS Growth2.2%—
    VALUATION
    FY 2026 P/S—1.7
    FY 2027 P/S——
    FY 2026 P/E—7.9
    FY 2027 P/E——

    [1] FNMA 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 10/31/27 (~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).
    FNMAS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)29.2
    Rev Chg Q1.5%9.3%
    Rev Chg LTM-3.1%8.3%
    Rev Chg 3Y Avg0.3%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)41.3
    Net Inc LTM ($ Bil)15.1
    CFO/Rev LTM141.6%21.9%
    Net Inc Mgn51.7%13.3%
    VALUATIONVERY LOW
    P/S0.73.1
    P/CFO0.514.7
    P/FCF0.519.0
    P/E1.321.9

    AI Analysis | Feedback

    MetricValueDateSource
    Single-Family Acquisition Volume904000000009302025Link
    Multifamily New Business Volume5500000000012312024Link
    Single-Family Serious Delinquency Rate0.00549302025Link
    Multifamily Serious Delinquency Rate0.00689302025Link
    Guaranty Book41000000000009302025Link
    Households Helped (Buy, Refinance, or Rent)4000009302025Link
    First-Time Homebuyers Helped2070009302025Link
    Green Financing Loan Production Volume1510000000012312024Link
    Single-Family Weighted-Average FICO Score at Origination7539302025Link
    Single-Family Weighted-Average Loan-to-Value Ratio0.509302025Link
    Average Charged Guaranty Fee on New Conventional Single-Family Acquisitions0.005639302025Link
    Unpaid Principal Balance of Single-Family Loans Covered by Credit Insurance Risk Transfer (CIRT)10000000000009302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/12/2026

    Federal National Mortgage Association Fannie Mae (FNMA) stock has lost about 45% since 6/30/2026 because of the following key factors:

    1. Tightened Lending Standards for Common Interest Communities.

    Effective August 3, 2026, new Fannie Mae and Freddie Mac lending guidelines significantly increased scrutiny for conventional mortgages in common interest community (CIC) associations. These changes effectively eliminated the "limited review" shortcut, mandating full project reviews. Under the updated rules, associations that are underfunded or underinsured may be deemed ineligible for conventional financing, thereby reducing the pool of potential buyers and negatively impacting resale values for units in such communities. Additionally, minimum reserves for many full-review projects are set to increase from 10% to 15% of the annual budget starting in early fiscal Q1 2027.

    2. Sustained Increase in Mortgage Rates.

    A significant factor contributing to the stock's decline has been the continued rise in mortgage rates. As of October 12, 2026, the average 30-year fixed mortgage rate reached 7.55%. Freddie Mac's survey data on October 8, 2026, also showed the 30-year fixed mortgage rate averaging 7.40%, an increase of 12 basis points from the prior week. Higher mortgage rates generally dampen housing demand and affordability, which directly impacts Fannie Mae's core business of acquiring and securitizing mortgages, leading to concerns about future revenue and profitability.

    Show more
    Updated on 10/12/2026

    Federal National Mortgage Association Fannie Mae (FNMA) stock has lost about 45% since 6/30/2026 because of the following key factors:

    1. Tightened Lending Standards for Common Interest Communities.

    Effective August 3, 2026, new Fannie Mae and Freddie Mac lending guidelines significantly increased scrutiny for conventional mortgages in common interest community (CIC) associations. These changes effectively eliminated the "limited review" shortcut, mandating full project reviews. Under the updated rules, associations that are underfunded or underinsured may be deemed ineligible for conventional financing, thereby reducing the pool of potential buyers and negatively impacting resale values for units in such communities. Additionally, minimum reserves for many full-review projects are set to increase from 10% to 15% of the annual budget starting in early fiscal Q1 2027.

    2. Sustained Increase in Mortgage Rates.

    A significant factor contributing to the stock's decline has been the continued rise in mortgage rates. As of October 12, 2026, the average 30-year fixed mortgage rate reached 7.55%. Freddie Mac's survey data on October 8, 2026, also showed the 30-year fixed mortgage rate averaging 7.40%, an increase of 12 basis points from the prior week. Higher mortgage rates generally dampen housing demand and affordability, which directly impacts Fannie Mae's core business of acquiring and securitizing mortgages, leading to concerns about future revenue and profitability.

    3. Diminishing Prospects for Privatization and Valuation Concerns.

    Investor sentiment was negatively impacted by diminishing expectations for Fannie Mae's privatization. On October 12, 2026, Mizuho downgraded FNMA from Buy to Neutral, citing reduced likelihood of government-sponsored enterprises like Fannie Mae being privatized by 2028. This downgrade was attributed to factors such as rising mortgage rates potentially necessitating higher guarantee fees, the Federal Housing Finance Agency's (FHFA) strategic focus on mortgage acquisition, and the reintroduction of VantageScore credit scoring. Furthermore, analysts like Keefe, Bruyette & Woods cut price targets, pointing to uncertainty around privatization and potential heavy dilution from the conversion of senior preferred shares. Concurrently, FNMA's valuation raised concerns, as it was priced approximately 53.7% above its intrinsic GF Value™ of $2.63 as of October 12, 2026, suggesting significant overvaluation.

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    Stock Movement Drivers

    Fundamental Drivers

    The -46.7% change in FNMA stock from 6/30/2026 to 10/12/2026 was primarily driven by a -49.0% change in the company's P/E Multiple.
    (LTM values as of)630202610122026Change
    Stock Price ($)6.513.47-46.7%
    Change Contribution By: 
    Total Revenues ($ Mil)29,06429,1730.4%
    Net Income Margin (%)49.6%51.7%4.2%
    P/E Multiple2.61.3-49.0%
    Shares Outstanding (Mil)5,8675,8670.0%
    Cumulative Contribution-46.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/12/2026
    ReturnCorrelation
    FNMA-46.7% 
    Market (SPY)4.2%19.7%
    Sector (XLF)2.7%6.9%

    Fundamental Drivers

    The -52.2% change in FNMA stock from 3/31/2026 to 10/12/2026 was primarily driven by a -54.5% change in the company's P/E Multiple.
    (LTM values as of)331202610122026Change
    Stock Price ($)7.263.47-52.2%
    Change Contribution By: 
    Total Revenues ($ Mil)29,14729,1730.1%
    Net Income Margin (%)49.3%51.7%4.9%
    P/E Multiple3.01.3-54.5%
    Shares Outstanding (Mil)5,8675,8670.0%
    Cumulative Contribution-52.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/12/2026
    ReturnCorrelation
    FNMA-52.2% 
    Market (SPY)20.0%23.9%
    Sector (XLF)11.9%18.1%

    Fundamental Drivers

    The -71.2% change in FNMA stock from 9/30/2025 to 10/12/2026 was primarily driven by a -71.1% change in the company's P/E Multiple.
    (LTM values as of)930202510122026Change
    Stock Price ($)12.053.47-71.2%
    Change Contribution By: 
    Total Revenues ($ Mil)30,11629,173-3.1%
    Net Income Margin (%)50.3%51.7%2.8%
    P/E Multiple4.71.3-71.1%
    Shares Outstanding (Mil)5,8675,8670.0%
    Cumulative Contribution-71.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/12/2026
    ReturnCorrelation
    FNMA-71.2% 
    Market (SPY)17.8%18.7%
    Sector (XLF)3.4%20.5%

    Fundamental Drivers

    The 460.6% change in FNMA stock from 9/30/2023 to 10/12/2026 was primarily driven by a 369.2% change in the company's P/E Multiple.
    (LTM values as of)930202310122026Change
    Stock Price ($)0.623.47460.6%
    Change Contribution By: 
    Total Revenues ($ Mil)29,01329,1730.6%
    Net Income Margin (%)43.5%51.7%18.8%
    P/E Multiple0.31.3369.2%
    Shares Outstanding (Mil)5,8675,8670.0%
    Cumulative Contribution460.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/12/2026
    ReturnCorrelation
    FNMA460.6% 
    Market (SPY)88.3%20.4%
    Sector (XLF)73.2%23.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FNMA Return-66%-57%203%207%227%-62%69%
    Peers Return-14%-29%62%-0%34%-38%-17%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    FNMA Win Rate33%25%58%58%58%30% 
    Peers Win Rate52%43%53%53%62%34% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    FNMA Max Drawdown-71%-61%-39%-47%-40%-65% 
    Peers Max Drawdown-34%-49%-32%-24%-26%-48% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [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 10/12/2026 (YTD)

    How Low Can It Go

    EventFNMAS&P 500
    2025 US Tariff Shock
      % Loss-36.2%-18.8%
      % Gain to Breakeven56.8%23.1%
      Time to Breakeven73 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-23.0%-7.8%
      % Gain to Breakeven29.8%8.5%
      Time to Breakeven70 days18 days
    2023 SVB Regional Banking Crisis
      % Loss-19.2%-6.7%
      % Gain to Breakeven23.8%7.1%
      Time to Breakeven143 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-51.5%-24.5%
      % Gain to Breakeven106.3%32.4%
      Time to Breakeven413 days427 days
    2020 COVID-19 Crash
      % Loss-62.5%-33.7%
      % Gain to Breakeven166.4%50.9%
      Time to Breakeven1701 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-23.7%-19.2%
      % Gain to Breakeven31.1%23.8%
      Time to Breakeven7 days105 days

    Compare to RKT, UWMC, PFSI, NLY, AGNC

    In The Past

    Federal National Mortgage Association Fannie Mae's stock fell -36.2% during the 2025 US Tariff Shock. Such a loss loss requires a 56.8% 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.

    EventFNMAS&P 500
    2025 US Tariff Shock
      % Loss-36.2%-18.8%
      % Gain to Breakeven56.8%23.1%
      Time to Breakeven73 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-23.0%-7.8%
      % Gain to Breakeven29.8%8.5%
      Time to Breakeven70 days18 days
    2022 Inflation Shock & Fed Tightening
      % Loss-51.5%-24.5%
      % Gain to Breakeven106.3%32.4%
      Time to Breakeven413 days427 days
    2020 COVID-19 Crash
      % Loss-62.5%-33.7%
      % Gain to Breakeven166.4%50.9%
      Time to Breakeven1701 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-23.7%-19.2%
      % Gain to Breakeven31.1%23.8%
      Time to Breakeven7 days105 days

    Compare to RKT, UWMC, PFSI, NLY, AGNC

    In The Past

    Federal National Mortgage Association Fannie Mae's stock fell -36.2% during the 2025 US Tariff Shock. Such a loss loss requires a 56.8% 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 National Mortgage Association Fannie Mae (FNMA)

    Federal National Mortgage Association (Fannie Mae) is a crucial player in the U.S. housing finance system, primarily serving to provide liquidity and stability to the mortgage market. Its core business involves purchasing mortgage loans from originators and then pooling these loans into mortgage-backed securities (MBS) which are sold to investors. By doing so, Fannie Mae ensures that lenders have capital to issue new mortgages, making homeownership and rental housing more accessible across the country.

    The company operates through two main segments: Single-Family and Multifamily. In its Single-Family segment, Fannie Mae securitizes and purchases a wide range of first-lien mortgage loans, including fixed-rate, adjustable-rate, and government-insured loans (FHA, VA, USDA), as well as manufactured housing loans. This segment also offers mortgage servicing and credit risk management. The Multifamily segment focuses on securitizing and purchasing loans for apartment buildings and other multi-unit properties, providing credit enhancement for housing bonds, and investing in low-income housing tax credit (LIHTC) projects, alongside offering various underwriting and risk management services specific to multifamily housing.

    Fannie Mae's primary customers are the institutions that originate mortgage loans. These include a broad spectrum of entities such as mortgage banking companies, commercial banks, savings and loan associations, credit unions, and private mortgage originators. Additionally, it serves insurance companies and state and local housing finance agencies. Essentially, Fannie Mae functions as a vital secondary market participant, connecting mortgage lenders with capital markets to sustain the flow of mortgage credit.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    ```html

    Federal 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.

    ```

    AI Analysis | Feedback

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    AI Analysis | Feedback

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    Peter 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.

    ```

    AI Analysis | Feedback

    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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    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Commercial & Residential Mortgage Finance

    FNMA has outperformed 100% of its 13 Commercial & Residential Mortgage Finance peers over 5Y. Commercial & Residential Mortgage Finance ranks 14th 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 FNMA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    40%
    of 15 industry peers · -70.8% return
    3Y
    100%
    of 13 industry peers · 433.8% return
    5Y
    100%
    of 13 industry peers · 388.7% return
    No Commercial & Residential Mortgage Finance peer with a comparable growth profile has beaten FNMA by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Commercial & Residential Mortgage Finance is FNMA's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top null by 5Y
    Reinsurance 6 20.5%64.5%116.1% SPNT 175% · RGA 141% · RNR 141%
    Diversified Banks 12 33.2%128.1%98.2% CM 138% · JPM 129% · RY 124%
    Investment Banking & Brokerage 13 -2.6%101.6%94.7% IBKR 403% · SNEX 199% · HOOD 169%
    Life & Health Insurance 20 12.6%51.7%83.3% JXN 489% · UNM 291% · MFC 175%
    Property & Casualty Insurance 42 8.3%72.0%61.3% PGR 172% · TRV 161% · ACGL 150%
    Multi-Sector Holdings 3 3.9%50.0%57.6% BRK-B 86% · VOYA 58% · JEF 36%
    Multi-line Insurance 9 7.1%64.0%54.9% GNW 112% · L 93% · AIZ 81%
    Regional Banks 263 30.3%92.2%49.1% CBC 220% · FCNCA 152% · FBP 135%
    Financial Exchanges & Data 15 3.8%43.0%31.8% VIRT 163% · CBOE 154% · CME 69%
    Consumer Finance 30 10.0%87.1%22.7% ENVA 389% · EZPW 289% · FCFS 166%
    Asset Management & Custody Banks 81 -7.6%17.9%15.4% WT 341% · SII 263% · VCTR 260%
    Diversified Financial Services 4 -2.6%17.7%13.7% FRHC 168% · EQH 91%
    Insurance Brokers 15 -21.6%-2.6%9.6% LIFE 295% · ARX 88% · AJG 57%
    Commercial & Residential Mortgage Finance ← 14 -53.6%24.4%-3.9% FNMA 389% · FMCC 344% · ACT 175%
    Specialized Finance 3 14.5%35.6%-12.9% CACC -13% · HASI -16%
    Mortgage REITs 33 -15.1%-3.4%-32.7% RITM 26% · DX 19% · AGNC 8%
    Transaction & Payment Processing Services 17 0.3%-3.4%-38.5% V 80% · MA 78% · CPAY 56%
    Diversified Capital Markets 20 -44.6%16.6%-61.3% LPLA 102% · TW 35% · RIOT -35%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Financials

    FNMARKTUWMCPFSINLYAGNCMedian
    NameFederal .Rocket C.UWM PennyMac.Annaly C.AGNC Inv. 
    Mkt Price3.4710.851.0158.8818.338.699.77
    Mkt Cap20.430.80.33.113.510.111.8
    Rev LTM29,1738,9571,2535,0363,1722,4014,104
    Op Inc LTM---506--506
    FCF LTM41,313-1,436-4,922-1,853-314886-875
    FCF 3Y Avg14,948-2,063-3,638-2,0181,265420-799
    CFO LTM41,313-634-4,861-1,786886886126
    CFO 3Y Avg14,948-1,396-3,586-1,9772,157420-488

    Growth & Margins

    FNMARKTUWMCPFSINLYAGNCMedian
    NameFederal .Rocket C.UWM PennyMac.Annaly C.AGNC Inv. 
    Rev Chg LTM-3.1%94.2%-6.9%33.9%238.3%384.1%64.0%
    Rev Chg 3Y Avg0.3%41.3%2.7%30.9%231.2%252.2%36.1%
    Rev Chg Q1.5%86.0%-117.2%4.4%705.6%710.7%45.2%
    QoQ Delta Rev Chg LTM0.4%14.2%-37.8%0.8%32.7%49.6%7.5%
    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 LTM141.6%-7.1%-387.8%-35.5%27.9%36.9%10.4%
    CFO/Rev 3Y Avg50.7%-28.5%-300.5%-55.1%-37.7%-28.5%
    FCF/Rev LTM141.6%-16.0%-392.7%-36.8%-9.9%36.9%-13.0%
    FCF/Rev 3Y Avg50.7%-40.3%-304.6%-56.1%-37.7%-40.3%

    Valuation

    FNMARKTUWMCPFSINLYAGNCMedian
    NameFederal .Rocket C.UWM PennyMac.Annaly C.AGNC Inv. 
    Mkt Cap20.430.80.33.113.510.111.8
    P/S0.73.40.30.64.34.22.1
    P/Op Inc---6.0--6.0
    P/EBIT---6.0--6.0
    P/E1.365.3-9.27.84.64.44.5
    P/CFO0.5-48.5-0.1-1.715.311.40.2
    Total Yield74.1%1.5%19.4%14.9%37.4%40.0%28.4%
    Dividend Yield0.0%0.0%30.2%2.1%15.5%17.4%8.8%
    FCF Yield 3Y Avg119.4%-73.3%-488.4%-42.0%13.4%4.0%-19.0%
    D/E205.70.918.07.72.80.05.3
    Net D/E205.20.816.67.52.8-0.05.1

    Returns

    FNMARKTUWMCPFSINLYAGNCMedian
    NameFederal .Rocket C.UWM PennyMac.Annaly C.AGNC Inv. 
    1M Rtn-39.5%-17.7%-25.2%-16.3%-13.1%-13.3%-17.0%
    3M Rtn-43.6%-22.0%-49.5%-27.5%-15.5%-18.1%-24.7%
    6M Rtn-58.1%-29.2%-71.7%-36.2%-11.5%-11.6%-32.7%
    12M Rtn-70.8%-33.8%-79.3%-49.1%2.2%0.3%-41.4%
    3Y Rtn433.8%47.9%-75.2%-8.5%57.0%53.7%50.8%
    1M Excs Rtn-41.5%-19.6%-27.1%-18.3%-15.1%-15.2%-19.0%
    3M Excs Rtn-46.1%-27.6%-53.5%-32.2%-20.8%-23.0%-29.9%
    6M Excs Rtn-71.5%-42.5%-84.9%-49.6%-24.9%-24.9%-46.1%
    12M Excs Rtn-87.4%-49.2%-94.8%-63.9%-15.5%-16.4%-56.5%
    3Y Excs Rtn433.5%-36.9%-157.5%-91.8%-29.2%-33.5%-35.2%

    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 Date7/29/20264/29/20262/11/202610/29/20257/30/20254/30/20252/14/202510/31/20247/30/20244/30/20242/15/202410/31/2023
    Key Financials Quarterly            
    Total Revenue7,5427,1247,1887,3197,4337,2078,0717,4057,7217,5977,4688,099
    Net Income3,9823,7203,5273,8593,3173,6614,1304,0444,4844,3203,9434,699
    EPS0.030.013.050.000.000.000.00-0.000.00-0.00-0.000.00
    Key Financials TTM            
    Total Revenue TTM29,17329,06429,14730,03030,11630,40430,79430,19130,88530,69830,08729,763
    Net Income TTM15,08814,42314,36414,96715,15216,31916,97816,79117,44617,95617,40814,891
    Growth Rates Quarterly            
    Total Revenue Growth1.5%-1.2%-10.9%-1.2%-3.7%-5.1%8.1%-8.6%2.5%8.7%4.5%10.2%
    Net Income Growth20.0%1.6%-14.6%-4.6%-26.0%-15.3%4.7%-13.9%-10.2%14.5%176.5%92.9%
    Margins Quarterly            
    Net Income Margin52.8%52.2%49.1%52.7%44.6%50.8%51.2%54.6%58.1%56.9%52.8%58.0%
    Cash & Debt            
    Total Cash11,41711,48911,82712,54338,66739,79713,94638,63842,41813,05936,38148,606
    Total Debt4,188,2584,172,8024,180,4294,203,3354,210,5124,228,6584,228,0974,217,7784,212,9644,216,5744,222,7184,231,762
    Net Debt / (Cash)4,176,8414,161,3134,168,6024,190,7924,171,8454,188,8614,214,1514,179,1404,170,5464,203,5154,186,3374,183,156
    Cash Flows Quarterly            
    FCF from Operations9,25316,4845,9919,5854,9083,505-12,384-6,7581,4877,1352,0353,603
    Cash Flows TTM            
    FCF from Operations TTM41,31336,96823,9895,614-10,729-14,150-10,5203,89914,26015,00311,88320,263
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC0.4%0.3%0.3%0.4%0.3%0.3%0.4%0.4%0.4%0.4%0.4%0.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM0.4%0.3%0.3%0.3%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.3%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single-Family24,25226,02125,43326,10127,257
    Multifamily4,9074,7734,6544,6214,198
    Total29,15930,79430,08730,72231,455


    Net Income by Segment
    $ Mil20252024202320222021
    Single-Family11,41614,43014,85510,77019,127
    Multifamily2,9482,5482,5532,1533,049
    Total14,36416,97817,40812,92322,176


    Assets by Segment
    $ Mil20252024202320222021
    Single-Family3,757,2613,823,8403,833,5403,844,0923,782,447
    Multifamily560,277525,891491,897461,196446,719
    Total4,317,5384,349,7314,325,4374,305,2884,229,166


    Price Behavior

    Price Behavior
    Market Price$3.47 
    Market Cap ($ Bil)20.4 
    First Trading Date02/26/2016 
    Distance from 52W High-72.6% 
       50 Days200 Days
    DMA Price$5.42$6.93
    DMA Trenddowndown
    Distance from DMA-36.0%-49.9%
     3M1YR
    Volatility54.2%89.4%
    Downside Capture350.41246.32
    Upside Capture-8.0059.81
    Correlation (S&P 500)13.7%16.9%
    FNMA Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.570.921.041.281.201.32
    Up Beta-1.03-1.11-0.390.640.621.03
    Down Beta-1.421.301.030.961.821.56
    Up Capture35%42%44%70%38%538%
    Bmk +ve Days6162766132424
    Stock +ve Days719294892334
    Down Capture540%330%270%224%153%104%
    Bmk -ve Days16263760120328
    Stock -ve Days15233456120354

    [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-66.0%95.6%-1.09-
    Sector ETF (XLF)4.5%14.8%0.0817.7%
    Equity (SPY)17.0%13.0%0.9317.8%
    Gold (GLD)4.6%29.5%0.153.7%
    Commodities (DBC)48.0%20.9%1.77-6.3%
    Real Estate (VNQ)6.2%13.8%0.193.2%
    Bitcoin (BTCUSD)-32.3%44.3%-0.7611.8%

    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 FNMA
    FNMA41.5%92.2%0.78-
    Sector ETF (XLF)9.6%18.3%0.3816.3%
    Equity (SPY)14.1%17.1%0.6315.7%
    Gold (GLD)18.3%18.9%0.78-1.1%
    Commodities (DBC)9.9%19.5%0.39-0.5%
    Real Estate (VNQ)1.5%18.8%-0.039.2%
    Bitcoin (BTCUSD)11.0%52.0%0.3913.1%

    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
    FNMA9.1%82.4%0.46-
    Sector ETF (XLF)13.1%22.1%0.5421.6%
    Equity (SPY)15.4%17.9%0.7319.7%
    Gold (GLD)11.8%16.4%0.58-1.6%
    Commodities (DBC)8.3%18.1%0.376.6%
    Real Estate (VNQ)4.6%20.7%0.1813.2%
    Bitcoin (BTCUSD)63.4%66.2%1.036.5%

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

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity15.7 Mil
    Short Interest: % Change Since 91520264.6%
    Average Daily Volume10.1 Mil
    Days-to-Cover Short Interest1.6 days
    Basic Shares Quantity5,867.0 Mil
    Short % of Basic Shares0.3%

    Earnings Returns History

    Updated 8/31/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/2026-2.5%-7.2%2.5%
    4/29/20260.0%12.4%2.9%
    2/11/20260.5%-2.7%-27.3%
    10/29/2025-4.5%-6.4%-14.7%
    7/30/20250.3%-1.7%30.9%
    4/30/2025-1.1%0.3%66.8%
    2/14/20255.4%8.6%-13.5%
    10/31/2024-2.8%35.7%118.9%
    ...
    SUMMARY STATS   
    # Positive12910
    # Negative121514
    Median Positive1.2%8.6%20.9%
    Median Negative-2.2%-3.3%-10.7%
    Max Positive6.6%35.7%118.9%
    Max Negative-4.5%-21.2%-27.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/2026-2.5%-7.2%2.5%
    4/29/20260.0%12.4%2.9%
    2/11/20260.5%-2.7%-27.3%
    10/29/2025-4.5%-6.4%-14.7%
    7/30/20250.3%-1.7%30.9%
    4/30/2025-1.1%0.3%66.8%
    2/14/20255.4%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%
    2/15/2024-0.4%-2.7%17.4%
    10/31/20232.6%1.6%2.9%
    8/1/20236.6%2.3%24.5%
    5/2/20231.5%13.1%2.6%
    2/14/2023-3.0%-3.5%-16.3%
    11/8/2022-3.6%-3.3%-19.7%
    7/29/20221.5%4.1%-2.3%
    5/3/2022-2.0%-7.0%-1.6%
    2/15/20220.9%-7.7%-11.7%
    10/29/2021-0.6%21.6%-0.7%
    8/3/20212.0%-3.2%-19.4%
    4/30/20210.2%-10.5%-9.7%
    2/12/2021-1.0%-1.6%-1.0%
    10/29/20200.0%-1.6%38.3%
    SUMMARY STATS   
    # Positive12910
    # Negative121514
    Median Positive1.2%8.6%20.9%
    Median Negative-2.2%-3.3%-10.7%
    Max Positive6.6%35.7%118.9%
    Max Negative-4.5%-21.2%-27.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/29/202610-Q
    03/31/202604/29/202610-Q
    12/31/202502/11/202610-K
    09/30/202510/29/202510-Q
    06/30/202507/30/202510-Q
    03/31/202504/30/202510-Q
    12/31/202402/14/202510-K
    09/30/202410/31/202410-Q
    06/30/202407/30/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/15/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/14/202310-K
    09/30/202211/08/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/29/202610-Q
    03/31/202604/29/202610-Q
    12/31/202502/11/202610-K
    09/30/202510/29/202510-Q
    06/30/202507/30/202510-Q
    03/31/202504/30/202510-Q
    12/31/202402/14/202510-K
    09/30/202410/31/202410-Q
    06/30/202407/30/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/15/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/14/202310-K
    09/30/202211/08/202210-Q
    06/30/202207/29/202210-Q
    03/31/202205/03/202210-Q
    12/31/202102/15/202210-K
    09/30/202110/29/202110-Q
    06/30/202108/03/202110-Q
    03/31/202104/30/202110-Q
    12/31/202002/12/202110-K
    09/30/202010/29/202010-Q
    06/30/202007/30/202010-Q
    03/31/202005/01/202010-Q
    12/31/201902/13/202010-K
    09/30/201910/31/201910-Q

    Insider Activity

    Updated 4/26/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Stucky, Michael DirectSell50820256.408,000  Form
    2Stucky, Michael DirectBuy50820256.418,00051,28051,280Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Stucky, Michael DirectSell50820256.408,000  Form
    2Stucky, Michael DirectBuy50820256.418,00051,28051,280Form

    Investor Activity (13F)

    Updated Oct 13, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    CapWealth Advisors, LLC$181.2 Mil13.4%118Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    CapWealth Advisors, LLC$181.2 Mil13.4%118Hold13F

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