# Federal Agricultural Mortgage Corporation (AGM)

> Source: Nexqual · https://nexqual.com/AGM · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Federal Agricultural Mortgage Corporation (AGM), nexqual.com/AGM" · informational, not investment advice.

**Price:** USD 199.64 (-0.88% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 201.42 · day 198.57–200.93 · 52w 136.57–248.29 · market cap $2.17B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $446M, net income $229M (51.4% margin) (SEC filings).
- Valuation: P/E 9.5x (avg 10.1x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 257 (range 254–262).
- Total return with dividends: 1Y +26.6% vs S&P 500 +13.4%; 5Y +85.6% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 5.2, revenue estimate $121M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $245M | $310M | $351M | $375M | $408M | $446M |
| Net income | $136M | $178M | $200M | $207M | $207M | $229M |
| EPS (diluted) | $10.27 | $13.87 | $15.81 | $16.44 | $16.62 | — |
| Free cash flow | — | $809M | $376M | $607M | $80.1M | — |
| Net margin | 55.5% | 57.5% | 57.0% | 55.2% | 50.8% | 51.4% |
| Revenue growth | +14.6% | +26.4% | +13.4% | +6.8% | +8.9% | — |
| Cash + short-term investments | $909M | $861M | $889M | $1.02B | $931M | — |
| Total debt | $22.8B | $25.0B | $26.6B | $27.5B | $30.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.5x · P/S 4.9x · P/B 1.2x · Earnings yield 10.57%
P/E at fiscal year-ends: Dec 2025 9.3x, Dec 2024 10.4x, Dec 2023 10.5x.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 257 (low 254, high 262).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | Keefe, Bruyette & Woods | Target raised | Outperform | $228 → $255 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +26.6% | +85.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +26.7% | +13.2% |
| Volatility (annualized) | 30.9% | 29.1% |
| Max drawdown | -23.2% (Dec 2025→Mar 2026) | -31.3% (Aug 2025→Mar 2026) |

## Peers (Credit Services)
ECPG (Encore Capital Group Inc) USD 97.73 -2.62% · UPST (Upstart Holdings, Inc.) USD 23.78 -0.29% · WU (Western Union Company (The)) USD 6.34 -1.40% · EZPW (EZCORP, Inc.) USD 28.7 -2.21% · ATLC (Atlanticus Holdings Corporation) USD 86.19 -5.83% · SLM (SLM Corporation) USD 19.42 -10.78%

## More
Full page: https://nexqual.com/AGM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AGM in their own reports (relationship from AGM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (NRUC) | 10-K 2026-07-31 | "We also have access to funds through bank revolving line of credit arrangements, government-guaranteed programs such as funding from the Federal Financing Bank that is guaranteed by RUS through the Gu…" |
| partner | GLADSTONE LAND Corp (LAND) | 10-K 2026-02-24 | "As amended, our agreement with Federal Agricultural Mortgage Corporation ("Farmer Mac") currently provides for bond issuances up to an aggregate amount of $225.0 million (the "Farmer Mac Facility") by…" |
| partner | Farmland Partners Inc. (FPI) | 10-K 2026-02-19 | "The Operating Partnership has a bond purchase agreement entered into in October 2022 and amended in December 2025 (the "Farmer Mac Facility") with Federal Agricultural Mortgage Corporation and its who…" |
| partner | PRUDENTIAL FINANCIAL INC (PFH) | 10-K 2026-02-12 | "In September 2023, as an additional source of liquidity, the Company entered into an agreement with the Federal Agricultural Mortgage Corporation ("Farmer Mac"), under which the Company can borrow up …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.20 | $4.89 | +6.3% | $121.3M | 3 |
| Next quarter (ends 2026-12-31) | $5.36 | $5.03 | +6.4% | $124.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $20.70 | $19.52 | +6.0% | $480.8M | 3 |
| Next fiscal year (ends 2027-12-31) | $23.07 | $21.35 | +8.1% | $543.2M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±7.7%; last 8 reports averaged ±6.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 34.8% | ±7.7% |
| 2026-12-18 | 55 | 29.8% | ±9.5% |
| 2027-01-15 | 83 | 28.8% | ±11.0% |
| 2027-02-19 | 118 | 28.9% | ±13.1% |
| 2027-05-21 | 209 | 29.8% | ±17.9% |