Federal Agricultural Mortgage (AGM)
Market Price (11/9/2026): $182.2 | Market Cap: $2.0 BilSector: Financials | Industry: Consumer Finance
Federal Agricultural Mortgage (AGM)
Market Price (11/9/2026): $182.2Market Cap: $2.0 BilSector: FinancialsIndustry: Consumer 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 17%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 16% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Agricultural & Rural Financial Systems. Themes include Agricultural Mortgage Finance, and Rural Capital Access. | Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -44% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1749% Key risksAGM key risks include [1] heightened credit losses driven by the inherent volatility of the agricultural sector and loan portfolio concentrations, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 16% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Agricultural & Rural Financial Systems. Themes include Agricultural Mortgage Finance, and Rural Capital Access. |
| Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -44% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1749% |
| Key risksAGM key risks include [1] heightened credit losses driven by the inherent volatility of the agricultural sector and loan portfolio concentrations, Show more. |
Qualitative Assessment
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Federal Agricultural Mortgage (AGM) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Federal Agricultural Mortgage reported diluted earnings per share of $4.82 for fiscal Q3 2026, which ended September 30, 2026, missing the Zacks Consensus Estimate of $5.22 per share by $0.40, representing a -7.66% surprise.
2. The company experienced a significant decline in comprehensive income in fiscal Q3 2026, totaling $14.2 million, compared to $67.2 million in the prior year's comparable quarter. This included a $50.0 million after-tax other comprehensive loss and pre-tax unrealized losses on available-for-sale securities amounting to $68.2 million, a reversal from $18.9 million in gains during fiscal Q3 2025.
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Federal Agricultural Mortgage (AGM) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Federal Agricultural Mortgage reported diluted earnings per share of $4.82 for fiscal Q3 2026, which ended September 30, 2026, missing the Zacks Consensus Estimate of $5.22 per share by $0.40, representing a -7.66% surprise.
2. The company experienced a significant decline in comprehensive income in fiscal Q3 2026, totaling $14.2 million, compared to $67.2 million in the prior year's comparable quarter. This included a $50.0 million after-tax other comprehensive loss and pre-tax unrealized losses on available-for-sale securities amounting to $68.2 million, a reversal from $18.9 million in gains during fiscal Q3 2025.
3. Federal Agricultural Mortgage's core earnings decreased by $6.2 million quarter-over-quarter in fiscal Q3 2026, with diluted core EPS declining 11% compared to fiscal Q2 2026. This quarter-over-quarter downturn was primarily due to a nonrecurring event that favorably impacted interest income in the prior quarter.
4. Zacks Research downgraded Federal Agricultural Mortgage from a "strong-buy" rating to a "hold" rating on September 29, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -20.3% change in AGM stock from 7/31/2026 to 11/8/2026 was primarily driven by a -20.3% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 225.98 | 180.20 | -20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 446 | 446 | 0.0% |
| Net Income Margin (%) | 51.4% | 51.4% | 0.0% |
| P/E Multiple | 10.7 | 8.5 | -20.3% |
| Shares Outstanding (Mil) | 11 | 11 | 0.0% |
| Cumulative Contribution | -20.3% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AGM | -20.3% | |
| Market (SPY) | -1.6% | 33.0% |
| Sector (XLF) | 0.4% | 38.9% |
Fundamental Drivers
The 5.3% change in AGM stock from 4/30/2026 to 11/8/2026 was primarily driven by a 9.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 171.05 | 180.20 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 408 | 446 | 9.1% |
| Net Income Margin (%) | 50.8% | 51.4% | 1.2% |
| P/E Multiple | 9.0 | 8.5 | -4.9% |
| Shares Outstanding (Mil) | 11 | 11 | 0.3% |
| Cumulative Contribution | 5.3% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AGM | 5.3% | |
| Market (SPY) | 2.6% | 26.9% |
| Sector (XLF) | 10.0% | 37.5% |
Fundamental Drivers
The 17.6% change in AGM stock from 10/31/2025 to 11/8/2026 was primarily driven by a 14.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 153.21 | 180.20 | 17.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 388 | 446 | 14.7% |
| Net Income Margin (%) | 54.3% | 51.4% | -5.3% |
| P/E Multiple | 7.9 | 8.5 | 7.5% |
| Shares Outstanding (Mil) | 11 | 11 | 0.8% |
| Cumulative Contribution | 17.6% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AGM | 17.6% | |
| Market (SPY) | 8.7% | 25.8% |
| Sector (XLF) | 10.5% | 34.7% |
Fundamental Drivers
The 33.3% change in AGM stock from 10/31/2023 to 11/8/2026 was primarily driven by a 39.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.21 | 180.20 | 33.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 320 | 446 | 39.2% |
| Net Income Margin (%) | 55.9% | 51.4% | -8.1% |
| P/E Multiple | 8.2 | 8.5 | 4.4% |
| Shares Outstanding (Mil) | 11 | 11 | -0.1% |
| Cumulative Contribution | 33.3% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| AGM | 33.3% | |
| Market (SPY) | 81.9% | 39.8% |
| Sector (XLF) | 84.4% | 48.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AGM Return | 73% | -6% | 75% | 6% | -8% | 5% | 192% |
| Peers Return | 40% | -17% | 13% | 34% | 26% | 3% | 128% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| AGM Win Rate | 67% | 42% | 75% | 33% | 58% | 36% | |
| Peers Win Rate | 67% | 42% | 55% | 60% | 63% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| AGM Max Drawdown | -15% | -29% | -20% | -19% | -25% | -25% | |
| Peers Max Drawdown | -13% | -37% | -29% | -14% | -26% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JPM, BAC, WFC, PNC, USB. See AGM Returns vs. Peers.
[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 11/6/2026 (YTD)
How Low Can It Go
| Event | AGM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.0% | -18.8% |
| % Gain to Breakeven | 19.0% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.0% | -6.7% |
| % Gain to Breakeven | 11.2% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.9% | -24.5% |
| % Gain to Breakeven | 34.9% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.4% | -19.2% |
| % Gain to Breakeven | 25.6% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.2% | -12.2% |
| % Gain to Breakeven | 13.8% | 13.9% |
| Time to Breakeven | 5 days | 62 days |
In The Past
Federal Agricultural Mortgage's stock fell -16.0% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.
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| Event | AGM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.9% | -24.5% |
| % Gain to Breakeven | 34.9% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.4% | -19.2% |
| % Gain to Breakeven | 25.6% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -30.6% | -6.8% |
| % Gain to Breakeven | 44.0% | 7.3% |
| Time to Breakeven | 103 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.0% | -17.9% |
| % Gain to Breakeven | 31.6% | 21.8% |
| Time to Breakeven | 218 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.3% | -15.4% |
| % Gain to Breakeven | 54.5% | 18.2% |
| Time to Breakeven | 220 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -91.5% | -53.4% |
| % Gain to Breakeven | 1075.0% | 114.4% |
| Time to Breakeven | 1265 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -27.5% | -8.6% |
| % Gain to Breakeven | 37.9% | 9.5% |
| Time to Breakeven | 67 days | 47 days |
In The Past
Federal Agricultural Mortgage's stock fell -16.0% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% 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 Agricultural Mortgage (AGM)
Federal Agricultural Mortgage Corporation (AGM), commonly known as Farmer Mac, serves as a government-sponsored enterprise that provides a secondary market for agricultural and rural loans across the United States. Its core mission is to enhance the availability and affordability of credit for farmers, ranchers, rural utility providers, and other rural borrowers by offering liquidity and reducing risk for the financial institutions that serve these vital sectors.
AGM accomplishes this through several specialized segments. The Farm & Ranch segment focuses on agricultural real estate by purchasing eligible mortgage loans, securitizing them, and guaranteeing the timely payment of principal and interest on those securities. Additionally, its USDA Guarantees segment purchases portions of agricultural and rural development loans backed by the U.S. Department of Agriculture, further supporting lenders in these areas.
Beyond traditional agriculture, the Rural Utilities segment facilitates lending for electric or telecommunications facilities, primarily for cooperative lenders, by purchasing and guaranteeing securities backed by such loans. Finally, the Institutional Credit segment provides crucial support by guaranteeing and purchasing general obligations of lenders and other financial institutions, with these obligations secured by pools of loans eligible under Farmer Mac's other business lines. In essence, AGM acts as a vital financial intermediary, empowering lenders to effectively serve the unique credit needs of America's agricultural community and rural economies.
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Fannie Mae or Freddie Mac for agriculture and rural development.
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- Secondary Market for Agricultural Real Estate Mortgages: Purchases, securitizes, and guarantees payments on mortgage loans secured by agricultural real estate.
- Purchases of USDA-Guaranteed Loans: Acquires portions of agricultural and rural development loans that are guaranteed by the United States Department of Agriculture.
- Secondary Market for Rural Utilities Loans: Purchases loans and guarantees securities backed by loans for rural electric or telecommunications facilities.
- Long-Term Standby Purchase Commitments (LTSPCs): Offers commitments to purchase eligible agricultural real estate or rural utilities loans in the future.
- Institutional Lender Credit Enhancements: Provides guarantees for and purchases obligations of lenders and financial institutions, secured by pools of eligible agricultural or rural utility loans.
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Federal Agricultural Mortgage (AGM) sells primarily to other companies. The provided description does not list specific names of customer companies or their symbols. However, based on the company's operations, its major customers are various types of financial institutions and lenders that originate agricultural and rural development loans. These include:
- Lenders: Financial institutions that originate eligible mortgage loans secured by agricultural real estate, agricultural and rural development loans, and rural utilities loans. These can include commercial banks, credit unions, and other institutions involved in lending to farmers, ranchers, and rural businesses.
- Financial Institutions: A broader category encompassing entities that participate in the secondary market by selling pools of loans or seeking guarantees on obligations tied to eligible loans under Farmer Mac's programs.
- Lenders organized as cooperatives: Specifically mentioned in the Rural Utilities segment, these are cooperative organizations that originate loans for electric or telecommunications facilities in rural areas.
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Bradford Nordholm, Chief Executive Officer
Bradford Nordholm was appointed President and Chief Executive Officer of Federal Agricultural Mortgage Corporation (Farmer Mac) in October 2018 and is slated to retire on March 31, 2027. He has a career spanning over four decades in financial services, including agricultural and energy finance, capital markets, and credit. Prior to joining Farmer Mac, he served as the first CEO of Starwood Energy Group Global, LLC, a leading private investment firm specializing in energy infrastructure, from 2006 to 2016, and then as Vice-Chairman. Starwood Energy raised over $3 billion of private equity capital under his leadership, indicating a pattern of managing companies backed by private equity firms. Before Starwood Energy, he founded and served as CEO of Tyr Energy, an energy and power-focused investment firm. He also served as General Manager at Aquila, Inc., a leading merchant energy company that was acquired by Kansas City Power & Light. Earlier in his career, he held management positions at Federal Land Bank of St Paul and Interregional Service Corporation of Minneapolis, both of which were acquired by successor organizations of the Farm Credit System. He also served as CEO at U.S. Central and Managing Director at National Cooperative Bank (NCB).
Matthew M. Pullins, Executive Vice President – Chief Financial Officer and Treasurer
Matthew M. Pullins was appointed Executive Vice President – Chief Financial Officer and Treasurer of Federal Agricultural Mortgage Corporation, effective December 11, 2025. He brings over 20 years of experience in corporate finance, accounting, capital markets, and regulatory reporting. Before joining Farmer Mac, Mr. Pullins served as Senior Vice President, Chief Financial Officer - Capital Markets at PNC Financial Services Group, Inc., where he managed financial operations for a $1 billion revenue business unit and led strategic planning initiatives. His experience also includes roles as Chief Financial Officer of PNC's institutional asset management division and oversight of regulatory reporting for a $290 billion loan portfolio. He holds a bachelor's degree in agribusiness and applied economics and an MBA in corporate financial management from The Ohio State University, and is a Certified Public Accountant.
Zachary N. Carpenter, President and Chief Operating Officer
Zachary N. Carpenter was appointed President and Chief Operating Officer of Federal Agricultural Mortgage Corporation, effective September 25, 2025, and is designated to become CEO upon Mr. Nordholm's retirement on March 31, 2027. He has served as Farmer Mac's Executive Vice President – Chief Business Officer since May 2019, retaining these responsibilities in his current role. Prior to joining Farmer Mac, Mr. Carpenter worked at CoBank, ACB from September 2011 to May 2019, serving as Executive Director in its Capital Markets division, then as a Managing Director, and ultimately as Sector Vice President of its Corporate Agribusiness Banking Group. He has also held roles as Vice President at Goldman Sachs & Co. LLC. Mr. Carpenter holds an undergraduate degree from The Wharton School of the University of Pennsylvania and an MBA from The Leonard N Stern School of Business.
Brian Brinch, Executive Vice President – Chief Risk Officer
Brian Brinch joined Federal Agricultural Mortgage Corporation in 2000 and currently serves as Executive Vice President – Chief Risk Officer, overseeing risk monitoring, reporting, and governance. His previous roles at Farmer Mac include Senior Vice President – Enterprise Risk Officer, Senior Vice President of Rural Infrastructure, and Vice President of Financial Planning and Analysis, where he was involved in strategic planning, financial projections, and data analytics. Mr. Brinch earned a Master's in Agricultural and Applied Economics from Pennsylvania State University and holds CFA and FRM certifications. He has also completed Carnegie Mellon University's Chief Risk Officer certificate program.
Geraldine Hayhurst, Executive Vice President – Chief Legal Officer and Secretary
Geraldine Hayhurst was appointed Executive Vice President – Chief Legal Officer and Secretary for Federal Agricultural Mortgage Corporation, effective September 8, 2025. With over two decades of legal experience in financial services, Ms. Hayhurst most recently served as Associate General Counsel, Corporate and Compliance, at CoStar Group, Inc., where she handled corporate governance, SEC filings, and M&A transactions. Her prior experience includes serving as General Counsel and Secretary at NewPoint Real Estate Capital and nearly 16 years at Freddie Mac, where she advised senior leadership and was instrumental in developing the multifamily K-deal securitization product. She also worked as an Attorney-Advisor at the SEC and began her legal career in private practice at A&O Shearman and Clifford Chance. Ms. Hayhurst holds a J.D. from Georgetown University Law Center and a BBA in Finance from Loyola University, Chicago.
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Federal Agricultural Mortgage Corporation (AGM) operates in the United States, providing a secondary market for various agricultural and rural loans. The addressable markets for its main products and services are as follows:
- Farm & Ranch: The market for farm sector real estate debt, which includes agricultural real estate mortgages, was approximately $375.9 billion in 2023 in the U.S. This market has shown continuous growth, with projections of nearly $360 billion in 2024.
- USDA Guarantees: For agricultural and rural development loans guaranteed by the U.S. Department of Agriculture (USDA), the USDA Rural Development obligated approximately $10.6 billion in loans, loan guarantees, and grants in Fiscal Year 2023. The total outstanding guaranteed loan portfolio within USDA Rural Development was $111.5 billion in Fiscal Year 2023.
- Rural Utilities: The market for loans supporting rural electric and telecommunications facilities in the U.S. involves significant federal investment and lending.
- For rural electric utilities, $10.7 billion in funding was announced under the Inflation Reduction Act to support rural electrification by rural electric cooperatives. Additionally, the USDA announced $2.7 billion in loans for rural electric cooperatives and utilities in February 2023 to modernize infrastructure.
- For rural telecommunications, federal broadband internet expansion programs invested $44 billion between 2015 and 2020, with subsequent legislative acts in 2021 projected to more than double that investment.
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Expected Drivers of Future Revenue Growth for Federal Agricultural Mortgage (AGM)
Federal Agricultural Mortgage Corporation (AGM) is poised for continued revenue growth over the next 2-3 years, driven by its strategic focus on expanding its core business segments, diversifying its portfolio into high-demand areas, and leveraging its financial capabilities.
- Expansion in Rural Infrastructure Financing: Growth in the Rural Utilities segment, particularly through financing for data centers, broadband expansion, and renewable energy projects, is a significant driver. This segment has shown substantial increases in business volume and is expected to continue benefiting from strong interest and investment in rural infrastructure.
- Sustained Growth in the Farm & Ranch Segment: The foundational Farm & Ranch segment is experiencing accelerated activity, contributing significantly to net growth in outstanding business volume. The U.S. Department of Agriculture (USDA) anticipates robust demand for real estate mortgages, projecting an increase in transaction volume in 2026, which will support continued growth in this core area.
- New Product Development and Market Diversification: Federal Agricultural Mortgage plans to introduce new products to the market to meet strong investor demand for agricultural assets, aligning with its mission fulfillment. The company has a demonstrated history of diversifying its loan portfolio into newer lines of business and extending its reach through strategic partnerships.
- Strategic Use of Capital and Securitization Initiatives: The effective management and deployment of capital, including ongoing securitization efforts of agricultural mortgage loans and the strategic utilization of renewable energy investment tax credits, are expected to enhance revenue. These initiatives provide liquidity and allow Farmer Mac to further expand its platform and deliver investment opportunities.
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Share Repurchases
- Federal Agricultural Mortgage Corporation repurchased $75.0 million in preferred shares in 2024.
- The company announced plans to buy back all outstanding 6.000% Series C Preferred Stock on July 18, 2024, at $25.00 per share plus declared and unpaid dividends.
- Federal Agricultural Mortgage Corp.'s equity buyback plan was extended until March 2025.
Share Issuance
- The number of shares outstanding for Federal Agricultural Mortgage has increased by less than 1.5% in total over the last five years, from 10.74 million to 10.89 million, indicating minor dilution likely from employee stock compensation.
- As of February 5, 2026, Farmer Mac had 1,030,780 Class A, 500,301 Class B, and 9,325,900 Class C common shares outstanding.
Capital Expenditures
- Federal Agricultural Mortgage Corporation reported minimal capital expenditures, with only $5.27 million for the entire 2024 fiscal year, which is typical for a financial services firm.
- Capital expenditures are generally not significant for the company, resulting in free cash flow closely mirroring operating cash flow.
Peer Outperformance in Consumer Finance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AGM | Federal Agricultural Mortgage | 11.7% | 8.5x | 13.8% | 27.7% | 54.4% | — |
| FCFS | FirstCash | 12.3% | 19.7x | 16.5% | 75.9% | 129.3% | +75pp |
| AXP | American Express | 9.6% | 17.6x | -11.9% | 117.9% | 89.6% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.4% | 72.7% | 116.0% | SPNT 167% · RGA 156% · RNR 127% |
| Diversified Banks | 12 | 28.4% | 141.2% | 88.0% | CM 145% · RY 127% · JPM 124% |
| Investment Banking & Brokerage | 13 | -6.7% | 89.5% | 85.6% | IBKR 323% · SNEX 156% · GS 139% |
| Multi-Sector Holdings | 4 | 8.8% | 60.0% | 80.0% | BRK-B 98% · VOYA 62% · JEF 34% |
| Life & Health Insurance | 20 | 9.7% | 57.7% | 76.6% | JXN 500% · UNM 240% · FG 211% |
| Property & Casualty Insurance | 42 | 13.8% | 73.5% | 66.7% | TRV 174% · ACGL 165% · PGR 164% |
| Multi-line Insurance | 9 | 5.4% | 70.7% | 56.0% | AIZ 107% · GNW 101% · L 92% |
| Regional Banks | 267 | 29.4% | 92.4% | 46.2% | CBC 272% · FCNCA 172% · NIC 137% |
| Insurance Brokers | 15 | 2.2% | 10.0% | 29.6% | LIFE 297% · ARX 89% · WTW 51% |
| Financial Exchanges & Data | 15 | 16.6% | 31.2% | 15.9% | CBOE 182% · VIRT 132% · CME 71% |
| Asset Management & Custody Banks | 85 | -6.7% | 20.9% | 12.8% | VCTR 233% · WT 209% · AAMI 204% |
| Consumer Finance ← | 30 | 2.5% | 85.0% | 7.2% | ENVA 337% · FCFS 129% · ECPG 90% |
| Commercial & Residential Mortgage Finance | 14 | -43.9% | 29.5% | 2.6% | FNMA 348% · FMCC 305% · ACT 151% |
| Diversified Financial Services | 4 | -6.2% | 22.5% | -0.8% | FRHC 150% · EQH 71% |
| Specialized Finance | 3 | 25.4% | 33.0% | -20.4% | CACC -20% · HASI -21% |
| Transaction & Payment Processing Services | 17 | 23.6% | 10.4% | -29.1% | V 99% · MA 92% · CPAY 84% |
| Mortgage REITs | 35 | -20.5% | -10.7% | -38.7% | RITM 34% · DX 16% · AGNC 10% |
| Diversified Capital Markets | 20 | -47.8% | -4.9% | -69.5% | LPLA 81% · TW 37% · RIOT -54% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 133.09 |
| Mkt Cap | 173.0 |
| Rev LTM | 58,730 |
| Op Inc LTM | - |
| FCF LTM | 10,418 |
| FCF 3Y Avg | 8,548 |
| CFO LTM | 10,418 |
| CFO 3Y Avg | 8,548 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 8.5% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 33.8% |
| CFO/Rev 3Y Avg | 31.6% |
| FCF/Rev LTM | 33.8% |
| FCF/Rev 3Y Avg | 31.6% |
Segment Financials
Revenue by Segment| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Farm & Ranch | 153 | 147 | 138 | 112 | 85 |
| Funding | 132 | 85 | 70 | 79 | |
| Corporate AgFinance | 32 | 30 | 27 | 21 | |
| Power & Utilities | 26 | 17 | 9 | 8 | 12 |
| Renewable Energy | 5 | 3 | 1 | 0 | |
| Reconciling Adjustments | 2 | 34 | -3 | -12 | -2 |
| Investments | 1 | -7 | 1 | -1 | |
| Corporate | 0 | 0 | -0 | -1 | 11 |
| Institutional Credit | 69 | ||||
| United States Department of Agriculture (USDA) Guarantees | 19 | ||||
| Total | 351 | 309 | 244 | 207 | 194 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Institutional Credit | 43 | 39 | |||
| Farm & Ranch | 38 | 38 | 76 | 106 | |
| USDA Guarantees | 15 | 16 | 9 | 15 | |
| Reconciling Adjustments | 10 | -25 | 25 | -9 | -45 |
| Power & Utilities | 8 | 8 | 10 | 23 | 13 |
| Corporate | -6 | -2 | 10 | 25 | 5 |
| Farmer Mac I | 64 | ||||
| Farmer Mac II | 9 | ||||
| Total | 108 | 73 | 130 | 160 | 45 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Farm & Ranch | 121 | 115 | 111 | 86 | 42 |
| Funding | 104 | 68 | 55 | 63 | |
| Corporate AgFinance | 25 | 22 | 21 | 17 | |
| Power & Utilities | 20 | 16 | 7 | 3 | 11 |
| Renewable Energy | 4 | 2 | 1 | 0 | |
| Reconciling Adjustments | 2 | 27 | -2 | -11 | -0 |
| Investments | 1 | -5 | 0 | -1 | |
| Corporate | -104 | -92 | -83 | -67 | -17 |
| Institutional Credit | 49 | ||||
| United States Department of Agriculture (USDA) Guarantees | 10 | ||||
| Total | 173 | 151 | 111 | 89 | 94 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Farm & Ranch | 19,565 | 18,607 | 18,809 | 17,729 | 13,112 |
| Power & Utilities | 7,861 | 6,809 | 6,980 | 6,043 | 5,345 |
| Unallocated assets | 7,784 | 6,783 | 5,764 | 5,357 | |
| Renewable Energy | 2,443 | 1,417 | 488 | 230 | 88 |
| Corporate AgFinance | 1,951 | 1,888 | 1,694 | 1,604 | 1,508 |
| Broadband Infrastructure | 1,532 | 802 | 501 | 317 | |
| Funding | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 5,013 | |
| Off-balance sheet assets under management | -5,765 | -4,981 | -4,710 | -3,946 | |
| Corporate | 56 | ||||
| Reconciling Adjustments | 0 | ||||
| Total | 35,370 | 31,325 | 29,524 | 27,333 | 25,121 |
Price Behavior
| Market Price | $180.20 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 08/18/1995 | |
| Distance from 52W High | -24.9% | |
| 50 Days | 200 Days | |
| DMA Price | $211.20 | $187.41 |
| DMA Trend | down | up |
| Distance from DMA | -14.7% | -3.8% |
| 3M | 1YR | |
| Volatility | 27.2% | 31.5% |
| Downside Capture | 83.78 | 55.19 |
| Upside Capture | -44.52 | 60.55 |
| Correlation (S&P 500) | 26.1% | 27.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | 0.38 | 0.71 | 0.55 | 0.60 | 0.81 |
| Up Beta | 0.21 | 0.07 | 1.18 | 1.09 | 0.96 | 0.93 |
| Down Beta | -0.08 | -0.22 | -0.01 | -0.29 | 0.04 | 0.68 |
| Up Capture | 46% | 34% | 46% | 82% | 73% | 49% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 18 | 24 | 63 | 131 | 380 |
| Down Capture | 75% | 92% | 117% | 56% | 61% | 93% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 25 | 40 | 63 | 120 | 371 |
[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 AGM | |
|---|---|---|---|---|
| AGM | 9.7% | 31.5% | 0.31 | - |
| Sector ETF (XLF) | 10.0% | 15.3% | 0.41 | 34.6% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 27.4% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 5.7% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -23.6% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 24.2% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 5.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGM | |
|---|---|---|---|---|
| AGM | 10.9% | 30.3% | 0.37 | - |
| Sector ETF (XLF) | 9.0% | 18.4% | 0.35 | 58.0% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 47.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 1.6% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 1.0% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 43.7% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGM | |
|---|---|---|---|---|
| AGM | 19.6% | 34.5% | 0.61 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 57.7% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 48.2% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | -0.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 9.7% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 42.5% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -9.0% | ||
| 7/30/2026 | 3.3% | 7.5% | 0.5% |
| 5/5/2026 | 4.4% | 4.2% | 6.3% |
| 2/19/2026 | -14.1% | -6.8% | -18.6% |
| 11/3/2025 | 4.7% | 3.0% | 11.3% |
| 8/7/2025 | 3.3% | 9.4% | 18.3% |
| 5/9/2025 | 4.7% | 10.8% | 7.9% |
| 2/21/2025 | 6.3% | 3.1% | -1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 15 |
| # Negative | 11 | 9 | 9 |
| Median Positive | 3.3% | 4.3% | 6.3% |
| Median Negative | -5.5% | -5.0% | -8.1% |
| Max Positive | 6.3% | 17.2% | 20.4% |
| Max Negative | -14.1% | -9.1% | -18.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -9.0% | ||
| 7/30/2026 | 3.3% | 7.5% | 0.5% |
| 5/5/2026 | 4.4% | 4.2% | 6.3% |
| 2/19/2026 | -14.1% | -6.8% | -18.6% |
| 11/3/2025 | 4.7% | 3.0% | 11.3% |
| 8/7/2025 | 3.3% | 9.4% | 18.3% |
| 5/9/2025 | 4.7% | 10.8% | 7.9% |
| 2/21/2025 | 6.3% | 3.1% | -1.4% |
| 11/4/2024 | 6.2% | 17.2% | 18.6% |
| 8/5/2024 | -6.0% | -5.0% | 0.6% |
| 5/6/2024 | -4.6% | -7.6% | -10.6% |
| 2/23/2024 | -3.2% | -4.2% | 2.3% |
| 11/6/2023 | -2.7% | -2.0% | 3.7% |
| 8/7/2023 | 0.6% | 8.1% | 0.1% |
| 5/9/2023 | -4.6% | 3.2% | 16.0% |
| 2/24/2023 | 4.1% | 7.1% | -6.7% |
| 11/7/2022 | 2.1% | 5.8% | 3.4% |
| 8/8/2022 | 1.3% | 4.3% | -2.2% |
| 5/9/2022 | -2.1% | -2.6% | -2.7% |
| 2/28/2022 | -5.5% | -6.8% | -8.1% |
| 11/8/2021 | -5.8% | -4.1% | -8.8% |
| 8/5/2021 | 1.9% | 3.9% | 4.9% |
| 5/6/2021 | -8.4% | -9.1% | -9.8% |
| 2/25/2021 | 1.7% | 2.7% | 20.4% |
| 11/9/2020 | 1.2% | 0.9% | 8.0% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 15 |
| # Negative | 11 | 9 | 9 |
| Median Positive | 3.3% | 4.3% | 6.3% |
| Median Negative | -5.5% | -5.0% | -8.1% |
| Max Positive | 6.3% | 17.2% | 20.4% |
| Max Negative | -14.1% | -9.1% | -18.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Investor Activity (13F)
Updated Nov 9, 2026Active 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 Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Consumer Finance Resources |
| Consumer Financial Protection Bureau (CFPB) |
| InsideARM |
| The Nilson Report |
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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