What is Federal Nat's earnings per share (EPS)?

Federal Nat (FNMA) reported diluted earnings per share of $0.00 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Federal Nat Financials

FNMA

Trailing 12 months to March 31, 2026

Revenue $29.2B +0.3% YoY

Net Income $14.4B -11.6% YoY

EPS (Diluted) $0.01 YoY not available

Free Cash Flow Not reported for the trailing 12 months

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Apr 29, 2026 Currency USD FYE December

Federal Nat (FNMA) reported $29.2B in revenue over the twelve months to Mar 31, 2026, up 0.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FNMA FY2025 2026-08-29

A highly leveraged balance sheet turns stable asset scale into volatile cash conversion despite recurring reported profits.

The cash-conversion swing is more revealing than annual profit alone: despite positive net income in both FY2024 and FY2025, operating cash flow moved from -$10.5B to $24.0B. That divergence indicates earnings are being accompanied by changing balance-sheet flows rather than a consistently repeatable cash pattern.

The 2025 balance sheet carries $4.2T of liabilities against only $109.0B of equity, so relatively small asset-value changes can affect the capital base disproportionately. Debt-to-equity fell from 69.9x in FY2022 to 38.1x in FY2025 as equity accumulated and debt edged lower, indicating gradual balance-sheet repair without eliminating structural leverage.

Revenue stability did not preserve earnings conversion: revenue was essentially flat across FY2024 and FY2025, while reported net margin compressed from 58.4% to 49.6%. With assets consistently near $4.3T, return on assets of just 0.3% also shows that this is fundamentally an asset-scale business, not a sales-margin business.

Financial Health Signals

Financial health score not available

Federal Nat does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/7

Federal Nat passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.67x

For every $1 of reported earnings, Federal Nat generates $1.67 in operating cash flow ($24.0B OCF vs $14.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$29.0B

YoY-0.4%

5Y CAGR+2.7%

10Y CAGR+2.4%

Federal Nat generated $29.0B in revenue in fiscal year 2025. This represents a decrease of 0.4% from the prior year.

Net Income

$14.4B

YoY-15.4%

5Y CAGR+4.0%

10Y CAGR+2.7%

Federal Nat reported $14.4B in net income in fiscal year 2025. This represents a decrease of 15.4% from the prior year.

EPS (Diluted)

$0.00

Federal Nat earned $0.00 per diluted share (EPS) in fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$42.6B

YoY+9.6%

5Y CAGR+2.1%

10Y CAGR+11.2%

Federal Nat held $42.6B in cash against $4.2T in long-term debt as of fiscal year 2025.

Shares Outstanding

1.16B

YoY0.0%

5Y CAGR0.0%

Federal Nat had 1.16B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

49.6%

YoY-8.8pp

5Y CAGR+3.0pp

10Y CAGR+1.5pp

Federal Nat's net profit margin was 49.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.8 percentage points from the prior year.

Return on Equity

13.2%

YoY-4.8pp

5Y CAGR-33.6pp

Federal Nat's ROE was 13.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.8 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

FNMA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FNMA quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$29.2B	$29.0B-0.4%	$29.1B+0.1%	$29.0B-2.3%	$29.7B-0.7%	$29.9B+18.2%	$25.3B+15.9%	$21.9B+0.1%	$21.8B-4.9%	$23.0B+3.1%	$22.3B-2.2%	$22.8B-12.0%	$25.9B-78.0%	$117.5B-9.0%	$129.2B-9.6%	$142.9B
SG&A Expenses	$3.3B	$3.6B-1.1%	$3.6B+5.1%	$3.4B+7.8%	$3.2B+4.3%	$3.1B-0.1%	$3.1B+1.5%	$3.0B-1.2%	$3.1B+11.8%	$2.7B-0.1%	$2.7B-10.1%	$3.0B+9.8%	$2.8B+9.1%	$2.5B+7.5%	$2.4B-0.1%	$2.4B
Interest Expense	$131.0B	$130.0B+6.7%	$121.8B+9.8%	$110.9B+22.1%	$90.9B+29.7%	$70.1B-15.3%	$82.7B-16.4%	$98.9B+2.8%	$96.2B+7.9%	$89.1B+5.2%	$84.7B-3.8%	$88.0B-6.8%	$94.4B-0.7%	$95.1B-11.6%	$107.7B-12.9%	$123.7B
Income Tax	$3.6B	$3.6B-15.7%	$4.3B-5.7%	$4.5B+37.4%	$3.3B-42.7%	$5.8B+87.8%	$3.1B-10.0%	$3.4B-17.5%	$4.1B-74.1%	$16.0B+165.5%	$6.0B+14.6%	$5.3B-24.3%	$6.9B+115.3%	-$45.4B	$0+100.0%	-$90.0M
Net Income	$14.4B	$14.4B-15.4%	$17.0B-2.5%	$17.4B+34.7%	$12.9B-41.7%	$22.2B+87.9%	$11.8B-16.6%	$14.2B-11.3%	$16.0B+547.9%	$2.5B-80.0%	$12.3B+12.4%	$11.0B-22.9%	$14.2B-83.1%	$84.0B+387.5%	$17.2B+202.2%	-$16.9B
EPS (Diluted)	$0.01	$0.00	$0.00	$0.00	$0.00-100.0%	$0.01	$0.00-100.0%	$0.03	$0.57+150.9%	-$1.12-11300.0%	$0.01+120.0%	-$0.05+73.7%	-$0.19+24.0%	-$0.25-204.2%	$0.24	-$4.61

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$7.3B-0.7%	$7.3B+0.3%	$7.3B+0.9%	$7.2B+2.2%	$7.1B-2.9%	$7.3B-0.6%	$7.3B+0.1%	$7.3B
SG&A Expenses	$745.0M-19.1%	$921.0M+12.5%	$819.0M-3.3%	$847.0M-14.6%	$992.0M+4.8%	$947.0M+7.1%	$884.0M-1.7%	$899.0M
Interest Expense	$33.0B+0.2%	$32.9B+0.5%	$32.8B+1.7%	$32.3B+0.8%	$32.0B+2.3%	$31.3B+1.8%	$30.7B+2.4%	$30.0B
Income Tax	$944.0M+6.9%	$883.0M-9.5%	$976.0M+16.6%	$837.0M-9.3%	$923.0M-12.0%	$1.0B+4.0%	$1.0B-9.9%	$1.1B
Net Income	$3.7B+5.5%	$3.5B-8.6%	$3.9B+16.3%	$3.3B-9.4%	$3.7B-11.4%	$4.1B+2.1%	$4.0B-9.8%	$4.5B
EPS (Diluted)	$0.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

FNMA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FNMA quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$4.3T-0.7%	$4.3T+0.6%	$4.3T+0.5%	$4.3T+1.8%	$4.2T+6.1%	$4.0T+13.8%	$3.5T+2.5%	$3.4T+2.2%	$3.3T+1.8%	$3.3T+2.1%	$3.2T-0.8%	$3.2T-0.7%	$3.3T+1.5%	$3.2T+0.3%	$3.2T
Cash & Equivalents	$42.6B+9.6%	$38.9B+8.5%	$35.8B-38.2%	$58.0B+36.6%	$42.4B+10.7%	$38.3B+81.0%	$21.2B-17.1%	$25.6B-20.4%	$32.1B+27.3%	$25.2B+71.9%	$14.7B-33.4%	$22.0B+14.5%	$19.2B-8.9%	$21.1B+20.4%	$17.5B
Total Liabilities	$4.2T-1.1%	$4.3T+0.2%	$4.2T+0.1%	$4.2T+1.5%	$4.2T+5.6%	$4.0T+13.5%	$3.5T+2.2%	$3.4T+1.9%	$3.3T+2.1%	$3.3T+2.0%	$3.2T-0.8%	$3.2T-0.5%	$3.3T+1.4%	$3.2T0.0%	$3.2T
Long-Term Debt	$4.2T-1.4%	$4.2T+0.3%	$4.2T-0.1%	$4.2T+1.4%	$4.2T+5.9%	$3.9T+14.0%	$3.4T+2.2%	$3.4T+2.1%	$3.3T+2.2%	$3.2T+3.2%	$3.1T+0.3%	$3.1T-1.4%	$3.2T+2.6%	$3.1T+1.4%	$3.0T
Total Equity	$109.0B+15.2%	$94.7B+21.9%	$77.7B+28.9%	$60.3B+27.3%	$47.4B+87.5%	$25.3B+72.9%	$14.6B+134.1%	$6.2B+269.3%	-$3.7B-160.7%	$6.1B+50.6%	$4.0B+9.5%	$3.7B-61.4%	$9.5B+32.8%	$7.2B+255.3%	-$4.6B
Retained Earnings	-$24.3B+37.2%	-$38.6B+30.5%	-$55.6B+23.8%	-$73.0B+15.0%	-$85.9B+20.5%	-$108.1B+9.0%	-$118.8B+6.7%	-$127.3B+4.8%	-$133.8B-7.7%	-$124.3B+2.1%	-$126.9B+0.5%	-$127.6B-5.3%	-$121.2B+1.3%	-$122.8B+4.4%	-$128.4B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.3T-0.1%	$4.3T-0.4%	$4.3T-0.1%	$4.3T-0.4%	$4.4T+0.1%	$4.3T+0.4%	$4.3T+0.2%	$4.3T
Cash & Equivalents	$45.3B+6.3%	$42.6B+8.1%	$39.4B+3.0%	$38.2B-2.9%	$39.4B+1.3%	$38.9B+1.9%	$38.1B-9.0%	$41.9B
Total Liabilities	$4.2T-0.2%	$4.2T-0.5%	$4.2T-0.1%	$4.2T-0.4%	$4.3T0.0%	$4.3T+0.3%	$4.2T+0.2%	$4.2T
Long-Term Debt	$4.2T-0.1%	$4.2T-0.7%	$4.2T-0.4%	$4.2T-0.4%	$4.2T0.0%	$4.2T+0.3%	$4.2T+0.1%	$4.2T
Total Equity	$112.7B+3.4%	$109.0B+3.3%	$105.5B+3.8%	$101.6B+3.4%	$98.3B+3.9%	$94.7B+4.6%	$90.5B+4.7%	$86.5B
Retained Earnings	-$20.5B+15.3%	-$24.3B+12.7%	-$27.8B+12.2%	-$31.6B+9.5%	-$35.0B+9.5%	-$38.6B+9.7%	-$42.8B+8.6%	-$46.8B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.

FNMA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FNMA quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$37.0B	$24.0B+328.0%	-$10.5B-188.5%	$11.9B-72.9%	$43.8B-7.2%	$47.2B+164.7%	-$72.9B-1434.2%	-$4.8B-311.5%	$2.2B-46.6%	$4.2B+529.9%	-$980.0M+85.3%	-$6.7B-398.7%	-$1.3B-110.4%	$12.9B-65.1%	$37.0B+342.8%	-$15.2B
Investing Cash Flow	$195.1B	$186.9B+22.8%	$152.2B+27.6%	$119.3B+32.3%	$90.1B-0.8%	$90.8B+240.5%	$26.7B-87.1%	$207.1B+37.3%	$150.9B-18.2%	$184.4B-20.2%	$231.1B-7.0%	$248.3B+10.5%	$224.7B-50.4%	$452.8B-14.2%	$527.7B+13.6%	$464.4B
Financing Cash Flow	-$224.8B	-$206.8B-50.8%	-$137.2B-5.4%	-$130.2B+15.9%	-$154.7B-6.7%	-$145.1B-244.4%	$100.5B+152.8%	-$190.3B-16.1%	-$163.9B+14.0%	-$190.5B+10.7%	-$213.4B+14.3%	-$249.0B-12.9%	-$220.5B+52.8%	-$467.5B+16.7%	-$561.1B-25.0%	-$448.9B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$16.5B+175.1%	$6.0B-37.5%	$9.6B+95.3%	$4.9B+40.0%	$3.5B+128.3%	-$12.4B-83.2%	-$6.8B-554.5%	$1.5B
Investing Cash Flow	$32.9B-50.0%	$65.7B+56.8%	$41.9B-23.2%	$54.5B+120.9%	$24.7B-39.4%	$40.8B-0.5%	$41.0B-50.6%	$82.8B
Financing Cash Flow	-$46.7B+31.9%	-$68.5B-35.9%	-$50.4B+14.9%	-$59.3B-106.7%	-$28.7B-3.3%	-$27.8B+30.3%	-$39.9B-1.5%	-$39.3B

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

FNMA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FNMA quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	49.6%-8.8pp	58.4%-1.5pp	59.9%+16.5pp	43.5%-30.6pp	74.1%+27.4pp	46.6%-18.2pp	64.8%-8.3pp	73.1%+62.4pp	10.7%-44.6pp	55.3%+7.2pp	48.1%-6.8pp	54.9%-16.5pp	71.4%+58.1pp	13.3%+25.1pp	-11.8%
Return on Equity	13.2%-4.8pp	17.9%-4.5pp	22.4%+1.0pp	21.4%-25.4pp	46.8%+0.1pp	46.7%-50.2pp	96.9%-158.8pp	255.8%	N/A	202.8%-69.0pp	271.8%-114.3pp	386.1%-493.9pp	880.0%+640.2pp	239.8%	N/A
Return on Assets	0.3%-0.1pp	0.4%0.0pp	0.4%+0.1pp	0.3%-0.2pp	0.5%+0.2pp	0.3%-0.1pp	0.4%-0.1pp	0.5%+0.4pp	0.1%-0.3pp	0.4%0.0pp	0.3%-0.1pp	0.4%-2.1pp	2.6%+2.0pp	0.5%+1.0pp	-0.5%
Debt-to-Equity	38.12-6.4x	44.55-9.6x	54.14-15.7x	69.87-17.9x	87.75-67.6x	155.33-80.2x	235.54-304.1x	539.59	N/A	531.50-244.1x	775.61-71.0x	846.63+515.4x	331.21-97.7x	428.90	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Net Margin	51.1%+3.0pp	48.1%-4.7pp	52.8%+7.0pp	45.8%-5.9pp	51.7%-4.9pp	56.6%+1.5pp	55.1%-6.0pp	61.1%
Return on Equity	3.3%+0.1pp	3.2%-0.4pp	3.7%+0.4pp	3.3%-0.5pp	3.7%-0.6pp	4.4%-0.1pp	4.5%-0.7pp	5.2%
Return on Assets	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%
Debt-to-Equity	36.85-1.3x	38.12-1.5x	39.66-1.7x	41.32-1.6x	42.90-1.6x	44.55-1.9x	46.46-2.1x	48.58

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

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Where Federal Nat Ranks

Frequently Asked Questions

What is Federal Nat's annual revenue?

Federal Nat (FNMA) reported $29.0B in total revenue for fiscal year 2025. This represents a -0.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Federal Nat's revenue growing?

Federal Nat (FNMA) revenue declined by 0.4% year-over-year, from $29.1B to $29.0B in fiscal year 2025.

Is Federal Nat profitable?

Yes, Federal Nat (FNMA) reported a net income of $14.4B in fiscal year 2025, with a net profit margin of 49.6%.

How much debt does Federal Nat have?

As of fiscal year 2025, Federal Nat (FNMA) had $42.6B in cash and equivalents against $4.2T in long-term debt.

What is Federal Nat's net profit margin?

Federal Nat (FNMA) had a net profit margin of 49.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Federal Nat's return on equity (ROE)?

Federal Nat (FNMA) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Federal Nat's operating cash flow?

Federal Nat (FNMA) generated $24.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Federal Nat's total assets?

Federal Nat (FNMA) had $4.3T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Federal Nat have outstanding?

Federal Nat (FNMA) had 1.16B shares outstanding as of fiscal year 2025.

What is Federal Nat's debt-to-equity ratio?

Federal Nat (FNMA) had a debt-to-equity ratio of 38.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Federal Nat's return on assets (ROA)?

Federal Nat (FNMA) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Federal Nat's Piotroski F-Score?

Federal Nat (FNMA) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Federal Nat's earnings high quality?

Federal Nat (FNMA) has an earnings quality ratio of 1.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.