Federal Nat Financials
This page shows Federal Nat (FNMAT) 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 asset-level returns are being magnified by leverage, while capital rebuilding remains the main visible improvement in FY2025.
Across the last three fiscal years, equity expanded from$77.7B to$109.0B even though revenue barely moved, which means the visible progress came from capital rebuilding rather than business expansion. At the same time, debt-to-equity fell from 54.1x to 38.1x, so the balance sheet became less stretched without needing top-line growth.
Operating cash flow swung back to
FY2025 earned only a
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 Nat'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 Nat'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 Nat 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 Nat'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 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.
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
Earnings & Revenue
Federal Nat generated $29.0B in revenue in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Federal Nat 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 Nat held $42.6B in cash against $4.2T in long-term debt as of fiscal year 2025.
Federal Nat had 1.16B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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
FNMAT 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 |
FNMAT 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 |
FNMAT 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 |
FNMAT 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 Nat's annual revenue?
Federal Nat (FNMAT) 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 (FNMAT) 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 (FNMAT) 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 (FNMAT) had $42.6B in cash and equivalents against $4.2T in long-term debt.
What is Federal Nat's net profit margin?
Federal Nat (FNMAT) 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 (FNMAT) 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 (FNMAT) 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 (FNMAT) had $4.3T in total assets as of fiscal year 2025, including both current and long-term assets.
What is Federal Nat's debt-to-equity ratio?
Federal Nat (FNMAT) 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 (FNMAT) 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 (FNMAT) 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 Nat's earnings high quality?
Federal Nat (FNMAT) 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 Nat?
Federal Nat (FNMAT) 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.