Federal Natnl Financials
This page shows Federal Natnl (FNMAI) 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).
Profits come from managing a vast financed balance sheet, while steady equity rebuilding slowly reduces very high leverage.
With revenue essentially flat across the past three years, equity rebuilding is the real balance-sheet change: total equity rose from$77.7B in FY2023 to$109.0B in FY2025. That thicker capital base pushed debt-to-equity down from 54.1x to 38.1x, so the lower ROE reflects a larger equity denominator as much as softer profit.
Cash conversion is not smooth: operating cash flow moved from
Profitability looks very different depending on the denominator: FY2025 net margin was
Financial Health Signals
We are recalculating Federal Natnl's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Federal Natnl 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.
For every $1 of reported earnings, Federal Natnl 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
Earnings & Revenue
Federal Natnl generated $29.0B in revenue in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Federal Natnl reported $14.4B in net income in fiscal year 2025. This represents a decrease of 15.4% from the prior year.
Cash & Balance Sheet
Federal Natnl held $42.6B in cash against $4.2T in long-term debt as of fiscal year 2025.
Federal Natnl had 1.16B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Federal Natnl'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.
Federal Natnl'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
FNMAI Income Statement
| 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 |
| 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 | $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 |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 | N/A | $0.00 | $0.00 | $0.00 | N/A | $0.00 | $0.00 |
FNMAI Balance Sheet
| 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 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
| 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-0.2% | $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 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
FNMAI Cash Flow Statement
| 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 |
| 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 | $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 |
| 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 |
FNMAI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 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% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 36.85-1.3 | 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 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Federal Natnl's annual revenue?
Federal Natnl (FNMAI) 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 Natnl's revenue growing?
Federal Natnl (FNMAI) revenue declined by 0.4% year-over-year, from $29.1B to $29.0B in fiscal year 2025.
Is Federal Natnl profitable?
Yes, Federal Natnl (FNMAI) reported a net income of $14.4B in fiscal year 2025, with a net profit margin of 49.6%.
How much debt does Federal Natnl have?
As of fiscal year 2025, Federal Natnl (FNMAI) had $42.6B in cash and equivalents against $4.2T in long-term debt.
What is Federal Natnl's net profit margin?
Federal Natnl (FNMAI) 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 Natnl's return on equity (ROE)?
Federal Natnl (FNMAI) 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 Natnl's operating cash flow?
Federal Natnl (FNMAI) generated $24.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Federal Natnl's total assets?
Federal Natnl (FNMAI) had $4.3T in total assets as of fiscal year 2025, including both current and long-term assets.
What is Federal Natnl's debt-to-equity ratio?
Federal Natnl (FNMAI) 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 Natnl's return on assets (ROA)?
Federal Natnl (FNMAI) 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 Natnl's Piotroski F-Score?
Federal Natnl (FNMAI) 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 Natnl's earnings high quality?
Federal Natnl (FNMAI) 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.