# Federal National Mortgage Association (FNMAS)

> Source: Nexqual · https://nexqual.com/FNMAS · data as of 2026-10-22 19:58 UTC · cite as "Nexqual, Federal National Mortgage Association (FNMAS), nexqual.com/FNMAS" · informational, not investment advice.

**Price:** USD 8.1 (+0.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.1 · day 7.9–8.5 · 52w 7.11–17.6 · market cap null · OQB

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $29.5B, net income $15.1B (51.2% margin) (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -53.9% vs S&P 500 +14.9%; 5Y +180.3% vs S&P 500 +80.3%.

## 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 at fiscal year-ends: Dec 2025 6.2x, Dec 2024 4.1x, Dec 2023 1.1x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -53.9% | +180.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -54.0% | +22.8% |
| Volatility (annualized) | 42.5% | 57.3% |
| Max drawdown | -59.0% (Oct 2025→Oct 2026) | -62.1% (Dec 2021→May 2023) |

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

## More
Full page: https://nexqual.com/FNMAS · 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 | — |