AGM-A

Federal Agricultural Mortgage Corporation

$140.23

4.23

(3.11%)

Exchange:	NYSE
Market Cap:	2.011B
Shares Outstanding:	2.241M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Federal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers in the United States. It operates through four segments: Farm & Ranch, USDA (United States Department of Agriculture) Guarantees, Rural Utilities, and Institutional Credit. The Farm & Ranch segment purchases and retains eligible mortgage loans that are secured by first liens on agricultural real estate; securitizes eligible mortgage loans, and guarantees the timely payment of principal and interest on securities representing interests in or obligations secured by pools of mortgage loans; and issues long-term standby purchase commitments (LTSPC) on designated eligible mortgage loans. The USDA Guarantees segment purchases portions of certain agricultural and rural development loans guaranteed by the USDA. The Rural Utilities segment purchases and guarantees securities that are backed by loans for electric or telecommunications facilities by lenders organized as cooperatives to borrowers; and purchases eligible rural utilities loans and guarantees of securities backed by those loans, as well as LTSPCs for pools of eligible rural utilities loans. The Institutional Credit segment guarantees and purchases general obligations of lenders and other financial institutions that are secured by pools of loans eligible under the Farmer Mac’s Farm & Ranch, USDA Guarantees, or Rural Utilities lines of business. Federal Agricultural Mortgage Corporation was founded in 1987 and is headquartered in Washington, District of Columbia.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	145,948	160,742	175,159	186,176	194,077	206,891	238,842	309,111	346,587	361,990
? Cost Of Revenue	2,413	0	0	0	0	0	0	819	-2,620	0
? Gross Profit	143,535	160,742	175,159	186,176	194,077	206,891	238,842	308,292	349,207	361,990
? Research And Development Expenses	0	0.350	0.320	0.270	0.230	0.280	0.400	0.430	0	0
? General And Administrative Expenses	35,158	37,881	40,192	47,241	49,073	58,478	70,354	78,538	34,963	38,236
? Selling And Marketing Expenses	0	0	0	0	0	0	0	0	58,914	0
? Operating Expenses	179,000	213,000	287,000	420,000	-55,426	-69,458	-71,229	82,626	97,099	38,236
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	264,823	311,900	400,532	544,284	645,093	503,534	424,789	716,848	1,392,288	1,603,516
? Interest Expense	139,016	171,626	242,885	369,848	471,958	312,946	204,014	445,908	1,064,741	1,249,649
? Depreciation And Amortization	-108,078	216,906	35,294	48,900	466,014	82,333	73,000	64,135	0	0
? EBITDA	241,955	291,017	373,736	505,870	138,651	137,433	0	645,142	0	0
? EBIT
? Operating Income	241,955	291,017	373,736	505,870	138,651	137,433	167,613	644,422	249,488	323,754
? Income Before Tax	108,078	119,357	130,686	136,022	138,651	137,433	167,613	225,679	253,101	258,103
? Income Tax Expense	34,239	42,057	46,369	27,942	29,105	28,785	35,353	47,535	53,098	50,910
? Net Income From Continuing Operations
? Net Income	68,700	77,334	84,482	108,080	109,546	108,648	136,089	178,144	200,003	180,428
? EPS (Earnings Per Share)	4.330	6.120	6.730	10.150	8.760	8.310	10.360	13.990	15.960	16.590
? EPS Diluted	4.190	5.970	6.600	10.060	8.690	8.270	10.270	13.870	15.800	16.440
? Weighted Average Shares Outstanding	10,940.185	10,482.353	10,594.354	10,650.730	10,696	10,728	10,758	10,791	10,829	10,874
? Weighted Average Shares Outstanding Diluted	11,305.728	10,745.729	10,803.030	10,747.225	10,778	10,786	10,846	10,883	10,937	10,975
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	1,210,084	265,229	302,022	425,256	604,381	1,033,941	908,785	861,002	888,707	1,007,817
? Short Term Investments	8,815,974	7,369,536	7,687,319	8,192,349	10,102,868	10,801,393	10,164,950	12,186,790	4,979,504	5,973,301
? Cash And Short Term Investments	10,706,388	7,634,765	7,989,341	8,617,605	10,707,249	11,835,334	11,073,735	5,489,270	5,868,211	6,997,308
? Net Receivables	152,889	161,653	195,173	220,446	237,637	223,542	222,893	276,212	336,960	361,091
? Accounts Receivables
? Inventory	0	1,528	139	128	1,770	1,257,483	1,119,927	861,002	0	0
? Total Current Assets	4,098,300	2,903,862	2,717,737	2,868,220	10,944,886	12,058,876	11,296,628	5,489,270	6,205,171	7,307,900
? Property Plant Equipment Net	0	-12,291	-15,707	-13,064	-59,601	-112,242	-72,810	-88,172	0	0
? Goodwill	0	12,291	15,707	13,064	59,601	112,242	72,810	88,172	115,937	0
? Intangible Assets	0	0	0	0	0	0	0	0	0	0
? Long Term Investments	10,119,456	10,548,380	11,989,990	12,510,172	13,836,424	14,502,538	14,685,120	15,668,249	0	0
? Total Non Current Assets	11,442,054	12,702,158	15,074,537	15,826,108	13,836,424	14,502,538	14,685,120	4,628,268	115,937	1,544
? Total Assets	15,540,354	15,606,020	17,792,274	18,694,328	21,709,374	24,355,501	25,145,491	27,333,110	29,524,382	31,324,742
? Account Payables	76,710	59,115	89,498	108,634	129,040	121,617	130,729	186,750	258,503	407,640
? Short Term Debt	9,111,461	8,440,123	8,089,826	7,757,050	10,019,082	0	6,986,799	8,034,175	8,087,168	0
? Deferred Revenue	0	0	0	0	0	-10,624,765	-6,823,380	0	0	0
? Total Current Liabilities	9,306,265	8,596,914	8,246,393	7,926,167	10,148,122	121,617	163,419	24,537,976	0	407,640
? Long Term Debt	5,680,572	6,365,681	8,837,735	10,015,604	20,715,152	23,172,703	16,708,351	17,616,886	19,600,443	27,371,174
? Deferred Revenue Non Current	-908,716	14,962,373	-1,575,171	-1,704,769	10,652,979	23,078,782	23,640,594	-70,168	0	0
? Deferred Tax Liabilities Non Current	579	-14,535,491	13,659	6,695	43,091	93,921	56,941	70,168	0	0
? Total Non Current Liabilities	5,680,572	6,365,681	8,837,735	10,015,604	10,696,070	23,172,703	23,697,535	1,523,176	27,930,678	27,371,174
? Total Liabilities	14,986,634	14,962,373	17,084,128	17,941,771	20,910,098	23,363,024	23,941,078	26,061,152	28,112,519	29,835,716
? Treasury Stock
? Preferred Stock	204,759	204,759	204,759	204,759	228,374	363,204	484,531	484,531	484,531	0
? Common Stock	10,687	10,539	10,619	10,669	10,712	10,737	10,766	10,801	10,842	0
? Retained Earnings	231,228	275,714	322,704	393,351	457,047	509,560	579,270	698,530	823,716	943,239
? Additional Paid In Capital
? Total Stockholders Equity	553,517	643,425	708,146	752,557	799,276	992,477	1,204,413	1,271,958	1,411,863	1,489,026
? Total Equity	553,720	643,647	15,928,740	16,570,998	19,293,543	21,807,453	23,009,399	24,880,069	1,411,863	1,489,026
? Minority Interest	203	222	15,220,594	15,818,441	18,494,267	20,814,976	21,804,986	23,608,111	0	0
? Total Liabilities And Total Equity	15,540,354	15,606,020	17,792,274	18,694,328	21,709,374	24,355,501	25,145,491	27,333,110	29,524,382	31,324,742
? Total Investments	19,615,760	17,917,916	19,677,309	20,702,521	23,939,292	25,303,931	24,850,070	9,256,536	4,979,504	5,973,301
? Total Debt	14,792,033	14,805,804	16,927,561	17,772,654	20,715,152	23,172,703	23,697,535	25,651,061	27,687,611	27,371,174
? Net Debt	13,581,949	14,540,575	16,625,539	17,347,398	20,110,771	22,138,762	22,788,750	24,790,059	26,798,904	26,347,167
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	73,839	77,300	84,317	108,080	109,546	108,648	132,260	178,144	200,003	207,193
? Depreciation And Amortization	2,889	1,828	1,739	-1,104	-176,477	-219,189	219,165	720	-17,025	0
? Deferred Income Tax	3,992	4,103	3,221	2,625	789	-2,406	-1,960	12,406	6,690	0
? Stock Based Compensation	3,269	3,343	2,702	2,517	2,258	4,128	4,311	4,624	6,801	8,088
? Change In Working Capital	1,001	32,048	-150	-11,895	-10,246	-485	35,668	-130,495	43,622	144,567
? Accounts Receivables	-6,553	-8,604	-32,374	-26,054	-19,139	11,218	6,911	-62,734	0	0
? Inventory	5,216,253	5,731,625	5,535,178	5,050,765	0	0	0	0	0	0
? Accounts Payables	-734	2,079	25,702	21,341	10,216	-14,221	-8,746	58,884	0	0
? Net Cash Provided By Operating Activities	184,355	208,588	175,011	200,031	-19,699	-94,547	436,412	809,271	375,798	612,646
? Investments In Property Plant And Equipment	0	0	0	0	0	0	0	0	0	0
? Acquisitions Net	0	0	0	0	0	0	0	0	0	0
? Purchases Of Investments	-3,584,480	-4,333,403	-3,938,217	-4,692,224	-4,857,480	-4,927,359	-6,387,041	-7,750,232	-6,030,136	-4,035,337
? Sales Maturities Of Investments	2,876,895	4,355,833	2,919,394	4,438,280	3,949,885	4,644,906	6,138,425	5,969,208	4,875,220	4,571,652
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	0
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-20,182	-24,067	-28,439	-37,905	-43,894	-50,649	-61,315	-68,171	-74,817	-86,052
? Common Dividends Paid
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	912,875	-560,034	1,710,057	522,413	2,583,411	2,260,198	534,628	2,185,905	1,607,288	1,205,127
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	-153,303	-944,855	36,793	123,234	179,125	429,560	-125,156	-47,783	27,705	135,300
? Cash At End Of Period	1,210,084	265,229	302,022	425,256	604,381	1,033,941	908,785	861,002	888,707	1,024,007
? Cash At Beginning Of Period	1,363,387	1,210,084	265,229	302,022	425,256	604,381	1,033,941	908,785	861,002	888,707
? Operating Cash Flow	184,355	208,588	175,011	200,031	-19,699	-94,547	436,412	809,271	375,798	612,646
? Capital Expenditure	0	0	0	0	0	0	0	0	0	0
? Free Cash Flow	184,355	208,588	175,011	200,031	-19,699	-94,547	436,412	809,271	375,798	607,374
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2023	2024	2025	2026	2027
Estimated Revenue (Low)	344,416	362,680.998	384,349	413,546	453,396
Estimated Revenue (High)	344,416	362,719.001	384,349	413,546	453,396
Estimated Revenue (Avg)	344,416	362,700	384,349	413,546	453,396
Estimated Ebitda (Low)	114,640.747	120,720.352	127,932.665	137,651.046	150,915.336
Estimated Ebitda (High)	114,640.747	120,733.001	127,932.665	137,651.046	150,915.336
Estimated Ebitda (Avg)	114,640.747	120,726.677	127,932.665	137,651.046	150,915.336
Estimated Net Income (Low)	171,136.812	174,063.515	191,349.142	207,976.268	229,816.520
Estimated Net Income (High)	171,136.812	174,063.515	191,349.142	207,976.268	229,816.520
Estimated Net Income (Avg)	171,136.812	174,063.515	191,349.142	207,976.268	229,816.520
Estimated SGA Expense (Low)	83,195.731	87,607.750	92,841.784	99,894.493	109,520.497
Estimated SGA Expense (High)	83,195.731	87,616.929	92,841.784	99,894.493	109,520.497
Estimated SGA Expense (Avg)	83,195.731	87,612.340	92,841.784	99,894.493	109,520.497
Estimated EPS (Avg)	15.590	15.860	17.430	18.950	20.940
Estimated EPS (High)	15.590	15.860	17.430	18.950	20.940
Estimated EPS (Low)	15.590	15.860	17.430	18.950	20.940
Number of Analysts (Estimated Revenue)	1	2	1	1	1
Number of Analysts (Estimated EPS)	1	1	1	1	1

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Current Key Metrics

?	Revenue (TTM) :		?	P/S (TTM) :	2.56
?	Net Income (TTM) :		?	P/E (TTM) :	10.09
?	Enterprise Value (TTM) :	28.934B	?	EV/FCF (TTM) :	88.79
?	Dividend Yield (TTM) :	0.03	?	Payout Ratio (TTM) :	0.42
?	ROE (TTM) :	0.14	?	ROIC (TTM) :	0.04
?	Net Debt (TTM) :		?	Debt/Equity (TTM) :	18.34
?	P/B (TTM) :	1.34	?	Current Ratio (TTM) :	0

Forward P/E Ratios

?

Forward P/E calculated based on:

Forward P/E 1Y	Forward P/E 2Y	Forward P/E 3Y	Forward P/E 4Y	Forward P/E 5Y
14.33	8.86	8.71	7.92	7.29

SWOT Analysis

No SWOT analysis available for this stock.

AGM-A

3.11

3.87

-4.12

-11.07

13.09

147.76

Trading Metrics:

Open:	140.23	Previous Close:	136
Day Low:	140.23	Day High:	140.23
Year Low:	119	Year High:	167.5
Price Avg 50:	134.39	Price Avg 200:	146.07
Volume:	322	Average Volume:	396