Federal Natl Financials
This page shows Federal Natl (FNMAO) 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).
Thin returns on a huge asset base are amplified by extreme leverage, making retained earnings the main source of resilience.
Across FY2021-FY2025, revenue stayed near$29B while equity more than doubled to$109.0B and debt-to-equity nearly halved; the balance sheet strengthened mainly by retaining profits rather than meaningfully shrinking liabilities. That matters because return on assets remained only0.3% -0.5% , so modest asset-level earnings still produce much larger changes in shareholder returns.
Cash conversion was much less stable than accounting profit: net income stayed positive at
Leverage is still the operating engine: FY2025 ROA was only
Financial Health Signals
We are recalculating Federal Natl'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 Natl 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 Natl 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 Natl generated $29.0B in revenue in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Federal Natl 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 Natl held $42.6B in cash against $4.2T in long-term debt as of fiscal year 2025.
Federal Natl had 1.16B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Federal Natl'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 Natl'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
FNMAO 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 |
FNMAO 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 |
FNMAO 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 |
FNMAO 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 Natl's annual revenue?
Federal Natl (FNMAO) 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 Natl's revenue growing?
Federal Natl (FNMAO) revenue declined by 0.4% year-over-year, from $29.1B to $29.0B in fiscal year 2025.
Is Federal Natl profitable?
Yes, Federal Natl (FNMAO) reported a net income of $14.4B in fiscal year 2025, with a net profit margin of 49.6%.
How much debt does Federal Natl have?
As of fiscal year 2025, Federal Natl (FNMAO) had $42.6B in cash and equivalents against $4.2T in long-term debt.
What is Federal Natl's net profit margin?
Federal Natl (FNMAO) 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 Natl's return on equity (ROE)?
Federal Natl (FNMAO) 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 Natl's operating cash flow?
Federal Natl (FNMAO) generated $24.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Federal Natl's total assets?
Federal Natl (FNMAO) had $4.3T in total assets as of fiscal year 2025, including both current and long-term assets.
What is Federal Natl's debt-to-equity ratio?
Federal Natl (FNMAO) 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 Natl's return on assets (ROA)?
Federal Natl (FNMAO) 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 Natl's Piotroski F-Score?
Federal Natl (FNMAO) 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 Natl's earnings high quality?
Federal Natl (FNMAO) 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.