# Federal National Mortgage Association (FNMAI)

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

**Price:** USD 6.41 (+0.43% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 6.38 · day 6.41–6.41 · 52w 5.5–14.91 · market cap null · OQB

## Key facts
- Last four reported quarters (through Mar 31, 2026): revenue $29.2B, net income $14.4B (49.5% margin) (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -56.0% vs S&P 500 +13.4%; 5Y +139.2% vs S&P 500 +76.9%.

## 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 | $29.2B |
| Net income | $22.2B | $12.9B | $17.4B | $17.0B | $14.4B | $14.4B |
| EPS (diluted) | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Net margin | 74.0% | 43.5% | 59.9% | 58.4% | 49.6% | 49.5% |
| 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 Mar 31, 2026)

P/E at fiscal year-ends: Dec 2025 5.4x, Dec 2024 3.5x, Dec 2023 0.8x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -56.0% | +139.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -56.1% | +19.1% |
| Volatility (annualized) | 52.6% | 61.0% |
| Max drawdown | -63.1% (Oct 2025→Sep 2026) | -64.0% (Sep 2025→Sep 2026) |

## Peers (Mortgage Finance)
RKT (Rocket Companies, Inc.) USD 11.73 -0.09% · PFSI (PennyMac Financial Services, In) USD 63.68 +0.51% · WD (Walker & Dunlop, Inc) USD 34.16 -1.50% · VEL (Velocity Financial, Inc.) USD 15.3 +0.59% · UWMC (UWM Holdings Corporation) USD 1.45 +26.09% · BETR (Better Home & Finance Holding C) USD 16.72 +0.84%

## More
Full page: https://nexqual.com/FNMAI · 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) | — | — | — | $7.28B | — |
| Next quarter (ends 2026-12-31) | — | — | — | $7.32B | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $29.26B | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $29.96B | — |