# Federal National Mortgage Association (FNMA)

> Source: Nexqual · https://nexqual.com/FNMA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Federal National Mortgage Association (FNMA), nexqual.com/FNMA" · informational, not investment advice.

**Price:** USD 4.22 (+13.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3.73 · day 3.64–4.57 · 52w 2.96–12.39 · market cap $4.89B · OQB

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $29.5B, net income $15.1B (51.2% margin) (SEC filings).
- Valuation: P/E 0.3x (avg 2.0x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 3.17 on a 1–5 scale) (6 analysts), mean target USD 7.4 (range 3.5–18).
- Total return with dividends: 1Y -64.7% vs S&P 500 +14.9%; 5Y +414.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0, revenue estimate $7.28B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.9B | $29.7B | $29.0B | $29.1B | $29.0B | $29.5B |
| Net income | $22.2B | $12.9B | $17.4B | $17.0B | $14.4B | $15.1B |
| EPS (diluted) | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Net margin | 74.0% | 43.5% | 59.9% | 58.4% | 49.6% | 51.2% |
| Revenue growth | +18.2% | -0.7% | -2.3% | +0.1% | -0.4% | — |
| Cash + short-term investments | $42.4B | $58.0B | $35.8B | $38.9B | $42.6B | — |
| Total debt | $4.16T | $4.21T | $4.21T | $4.22T | $4.16T | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 0.3x · P/S 0.2x · P/B 0.0x · Earnings yield 308.73%
P/E at fiscal year-ends: Dec 2025 4.4x, Dec 2024 1.1x, Dec 2023 0.4x.

## Analysts
Consensus Hold (mean 3.17 on a 1–5 scale), 6 analysts; mean target USD 7.4 (low 3.5, high 18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-28 | Keefe, Bruyette & Woods | Target lowered | Underperform | $6.25 → $3.5 |
| 2026-07-30 | B. Riley Securities | Target lowered | Neutral | $8 → $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -64.7% | +414.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -64.8% | +38.7% |
| Volatility (annualized) | 86.2% | 80.0% |
| Max drawdown | -73.6% (Dec 2025→Oct 2026) | -74.3% (Sep 2025→Oct 2026) |

## Peers (Mortgage Finance)
PFSI (PennyMac Financial Services, In) USD 63.36 +6.43% · UWMC (UWM Holdings Corporation) USD 1.15 +3.60% · WD (Walker & Dunlop, Inc) USD 34.68 +5.44% · RKT (Rocket Companies, Inc.) USD 11.74 +5.67% · VEL (Velocity Financial, Inc.) USD 15.21 +2.42% · BETR (Better Home & Finance Holding C) USD 16.58 +6.42%

## More
Full page: https://nexqual.com/FNMA · 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

## Company outlook (8-K filed 2026-07-29)

- "(8) Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains (losses) from partnership investments."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.00 | $0.00 | — | $7.28B | 1 |
| Next quarter (ends 2026-12-31) | $0.00 | $0.00 | — | $7.32B | 1 |
| Current fiscal year (ends 2026-12-31) | $0.04 | $0.01 | +300.0% | $29.26B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.00 | $0.00 | — | $29.96B | 1 |