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

Federal Nat (FNMAG) 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

FNMAG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Federal Nat (FNMAG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Financial Health Signals

Piotroski F-Score Neutral

6/9

Federal Nat passes 6 of 9 financial strength tests. 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

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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.

EBITDA

N/A

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.

Cash & Balance Sheet

Free Cash Flow

N/A

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.

Dividends Per Share

N/A

Shares Outstanding

1.16B

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR+0.0%

Federal Nat had 1.16B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

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

10Y CAGR-258.6pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FNMAG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$29.0B-0.4%	$29.1B+0.1%	$29.0B-2.3%	$29.7B-0.7%	$29.9B+18.2%	$25.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.6B-1.1%	$3.6B+5.1%	$3.4B+7.8%	$3.2B+4.3%	$3.1B-0.1%	$3.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$130.0B+6.7%	$121.8B+9.8%	$110.9B+22.1%	$90.9B+29.7%	$70.1B-15.3%	$82.7B
Income Tax	$3.6B-15.7%	$4.3B-5.7%	$4.5B+37.4%	$3.3B-42.7%	$5.8B+87.8%	$3.1B
Net Income	$14.4B-15.4%	$17.0B-2.5%	$17.4B+34.7%	$12.9B-41.7%	$22.2B+87.9%	$11.8B
EPS (Diluted)	$0.00	$0.00	$0.00	$0.00-100.0%	$0.01	$0.00

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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+3.4%	$7.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$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+1.1%	$889.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$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+0.8%	$29.8B
Income Tax	$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+0.6%	$1.1B
Net Income	$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+3.8%	$4.3B
EPS (Diluted)	N/A	$0.00	$0.00	$0.00	N/A	$0.00	$0.00	$0.00

FNMAG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.3T-0.7%	$4.3T+0.6%	$4.3T+0.5%	$4.3T+1.8%	$4.2T+6.1%	$4.0T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$42.6B+9.6%	$38.9B+8.5%	$35.8B-38.2%	$58.0B+36.6%	$42.4B+10.7%	$38.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.2T-1.1%	$4.3T+0.2%	$4.2T+0.1%	$4.2T+1.5%	$4.2T+5.6%	$4.0T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
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
Total Equity	$109.0B+15.2%	$94.7B+21.9%	$77.7B+28.9%	$60.3B+27.3%	$47.4B+87.5%	$25.3B
Retained Earnings	-$24.3B+37.2%	-$38.6B+30.5%	-$55.6B+23.8%	-$73.0B+15.0%	-$85.9B+20.5%	-$108.1B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$4.3T-0.4%	$4.3T-0.1%	$4.3T-0.4%	$4.4T+0.1%	$4.3T+0.4%	$4.3T+0.2%	$4.3T0.0%	$4.3T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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+234.6%	$12.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$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-0.1%	$4.2T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$4.2T-0.7%	$4.2T-0.4%	$4.2T-0.4%	$4.2T0.0%	$4.2T+0.3%	$4.2T+0.1%	$4.2T0.0%	$4.2T
Total Equity	$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+5.5%	$82.0B
Retained Earnings	-$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+8.7%	-$51.3B

FNMAG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$24.0B+328.0%	-$10.5B-188.5%	$11.9B-72.9%	$43.8B-7.2%	$47.2B+164.7%	-$72.9B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$186.9B+22.8%	$152.2B+27.6%	$119.3B+32.3%	$90.1B-0.8%	$90.8B+240.5%	$26.7B
Financing Cash Flow	-$206.8B-50.8%	-$137.2B-5.4%	-$130.2B+15.9%	-$154.7B-6.7%	-$145.1B-244.4%	$100.5B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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-79.2%	$7.1B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$65.7B+56.8%	$41.9B-23.9%	$55.1B+128.1%	$24.1B-40.8%	$40.8B-0.5%	$41.0B-50.6%	$82.8B+773.8%	-$12.3B
Financing Cash Flow	-$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-29.6%	-$30.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FNMAG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	49.6%-8.8pp	58.4%-1.5pp	59.9%+16.5pp	43.5%-30.6pp	74.1%+27.4pp	46.6%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	38.12-6.4	44.55-9.6	54.14-15.7	69.87-17.9	87.75-67.6	155.33
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	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%+0.2pp	60.9%
Return on Equity	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%-0.1pp	5.3%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	38.12-1.5	39.66-1.7	41.32-1.6	42.90-1.6	44.55-1.9	46.46-2.1	48.58-2.7	51.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Federal Nat's annual revenue?

Federal Nat (FNMAG) 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 (FNMAG) 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 (FNMAG) 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 (FNMAG) had $42.6B in cash and equivalents against $4.2T in long-term debt.

What is Federal Nat's net profit margin?

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

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

Federal Nat (FNMAG) 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 (FNMAG) 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 (FNMAG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Federal Nat's earnings high quality?

Federal Nat (FNMAG) 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.