Federal Natl Financials
This page shows Federal Natl (FNMAP) 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).
A massive leveraged balance sheet is steadily rebuilding equity, letting profits reduce leverage without materially shrinking assets.
With assets essentially flat near$4.3T , equity still expanded to$109.0B in the latest year. Because leverage dropped materially over the past three years even without asset shrinkage, the company is deleveraging through retained earnings; that matters because return on assets around0.3% can still materially change shareholder capital when liabilities finance almost the entire balance sheet.
This is a balance-sheet business: the latest year reported only
Earnings quality was uneven even though profit stayed positive. Operating cash flow fell from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Federal Natl's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Federal Natl's revenue declined 0.4% year-over-year, from $29.1B to $29.0B. This contraction results in a growth score of 33/100.
Federal Natl has elevated debt relative to equity (D/E of 38.12), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Federal Natl's ROE of 13.2% shows moderate profitability relative to equity, earning a score of 48/100. This is down from 17.9% the prior year.
Federal Natl passes 6 of 9 financial strength tests. 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
FNMAP 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 |
FNMAP 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 |
FNMAP 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 |
FNMAP 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 (FNMAP) 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 (FNMAP) 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 (FNMAP) 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 (FNMAP) had $42.6B in cash and equivalents against $4.2T in long-term debt.
What is Federal Natl's net profit margin?
Federal Natl (FNMAP) 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 (FNMAP) 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 (FNMAP) 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 (FNMAP) 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 (FNMAP) 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 (FNMAP) 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 (FNMAP) 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 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 (FNMAP) 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.
How financially healthy is Federal Natl?
Federal Natl (FNMAP) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.