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

Federal Nat (FNMAT) 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

FNMAT

FY2025 annual

Revenue $29.0B -0.4% YoY

Net Income $14.4B -15.4% YoY

EPS (Diluted) $0.00 YoY not available

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

Federal Nat (FNMAT) reported $29.0B in revenue for fiscal year 2025, down 0.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI FNMAT FY2025 2026-07-29

A highly leveraged balance sheet turns a tiny asset return of 0.3% into a double-digit equity return.

With revenue still near $29B, operating cash flow rebounded to $24.0B after turning negative the year before, showing that near-term cash generation is driven more by balance-sheet movements than by sales. At the same time, ROA stayed at just 0.3% while ROE was 13.2%, the signature of a business where leverage, not asset yield, does most of the work.

Liabilities of $4.21T against equity of $109.0B leave only a thin capital layer relative to the balance sheet, so modest shifts in asset performance can have outsized effects on common equity. Still, balance-sheet repair is visible because leverage has been moving lower rather than higher.

Retained earnings were still -$24.3B even though total equity reached $109.0B, implying the capital base is not yet mainly the product of profits kept over time. That helps explain why reported profit can look strong while the underlying cushion remains thinner than the headline net income suggests.

Financial Health Signals

Financial health score pending refresh

We are recalculating Federal Nat'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.

Piotroski F-Score Partial

6/7

Federal Nat 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.

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.

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

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.

Shares Outstanding

1.16B

YoY0.0%

5Y CAGR0.0%

Federal Nat had 1.16B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

FNMAT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FNMAT annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$29.2B	$29.0B-0.4%	$29.1B+0.1%	$29.0B-2.3%	$29.7B-0.7%	$29.9B+18.2%	$25.3B+15.9%	$21.9B+0.1%	$21.8B-4.9%	$23.0B+3.1%	$22.3B-2.2%	$22.8B-12.0%	$25.9B-78.0%	$117.5B-9.0%	$129.2B-9.6%	$142.9B
SG&A Expenses	$3.3B	$3.6B-1.1%	$3.6B+5.1%	$3.4B+7.8%	$3.2B+4.3%	$3.1B-0.1%	$3.1B+1.5%	$3.0B-1.2%	$3.1B+11.8%	$2.7B-0.1%	$2.7B-10.1%	$3.0B+9.8%	$2.8B+9.1%	$2.5B+7.5%	$2.4B-0.1%	$2.4B
Interest Expense	$131.0B	$130.0B+6.7%	$121.8B+9.8%	$110.9B+22.1%	$90.9B+29.7%	$70.1B-15.3%	$82.7B-16.4%	$98.9B+2.8%	$96.2B+7.9%	$89.1B+5.2%	$84.7B-3.8%	$88.0B-6.8%	$94.4B-0.7%	$95.1B-11.6%	$107.7B-12.9%	$123.7B
Income Tax	$3.6B	$3.6B-15.7%	$4.3B-5.7%	$4.5B+37.4%	$3.3B-42.7%	$5.8B+87.8%	$3.1B-10.0%	$3.4B-17.5%	$4.1B-74.1%	$16.0B+165.5%	$6.0B+14.6%	$5.3B-24.3%	$6.9B+115.3%	-$45.4B	$0+100.0%	-$90.0M
Net Income	$14.4B	$14.4B-15.4%	$17.0B-2.5%	$17.4B+34.7%	$12.9B-41.7%	$22.2B+87.9%	$11.8B-16.6%	$14.2B-11.3%	$16.0B+547.9%	$2.5B-80.0%	$12.3B+12.4%	$11.0B-22.9%	$14.2B-83.1%	$84.0B+387.5%	$17.2B+202.2%	-$16.9B
EPS (Diluted)	—	$0.00	$0.00	$0.00	$0.00-100.0%	$0.01	$0.00-100.0%	$0.03	$0.57+150.9%	-$1.12-11300.0%	$0.01+120.0%	-$0.05+73.7%	-$0.19+24.0%	-$0.25-204.2%	$0.24	-$4.61

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
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
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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FNMAT Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FNMAT annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$4.3T-0.7%	$4.3T+0.6%	$4.3T+0.5%	$4.3T+1.8%	$4.2T+6.1%	$4.0T+13.8%	$3.5T+2.5%	$3.4T+2.2%	$3.3T+1.8%	$3.3T+2.1%	$3.2T-0.8%	$3.2T-0.7%	$3.3T+1.5%	$3.2T+0.3%	$3.2T
Cash & Equivalents	$42.6B+9.6%	$38.9B+8.5%	$35.8B-38.2%	$58.0B+36.6%	$42.4B+10.7%	$38.3B+81.0%	$21.2B-17.1%	$25.6B-20.4%	$32.1B+27.3%	$25.2B+71.9%	$14.7B-33.4%	$22.0B+14.5%	$19.2B-8.9%	$21.1B+20.4%	$17.5B
Total Liabilities	$4.2T-1.1%	$4.3T+0.2%	$4.2T+0.1%	$4.2T+1.5%	$4.2T+5.6%	$4.0T+13.5%	$3.5T+2.2%	$3.4T+1.9%	$3.3T+2.1%	$3.3T+2.0%	$3.2T-0.8%	$3.2T-0.5%	$3.3T+1.4%	$3.2T0.0%	$3.2T
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+14.0%	$3.4T+2.2%	$3.4T+2.1%	$3.3T+2.2%	$3.2T+3.2%	$3.1T+0.3%	$3.1T-1.4%	$3.2T+2.6%	$3.1T+1.4%	$3.0T
Total Equity	$109.0B+15.2%	$94.7B+21.9%	$77.7B+28.9%	$60.3B+27.3%	$47.4B+87.5%	$25.3B+72.9%	$14.6B+134.1%	$6.2B+269.3%	-$3.7B-160.7%	$6.1B+50.6%	$4.0B+9.5%	$3.7B-61.4%	$9.5B+32.8%	$7.2B+255.3%	-$4.6B
Retained Earnings	-$24.3B+37.2%	-$38.6B+30.5%	-$55.6B+23.8%	-$73.0B+15.0%	-$85.9B+20.5%	-$108.1B+9.0%	-$118.8B+6.7%	-$127.3B+4.8%	-$133.8B-7.7%	-$124.3B+2.1%	-$126.9B+0.5%	-$127.6B-5.3%	-$121.2B+1.3%	-$122.8B+4.4%	-$128.4B

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
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
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
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

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.

FNMAT Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FNMAT annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$37.0B	$24.0B+328.0%	-$10.5B-188.5%	$11.9B-72.9%	$43.8B-7.2%	$47.2B+164.7%	-$72.9B-1434.2%	-$4.8B-311.5%	$2.2B-46.6%	$4.2B+529.9%	-$980.0M+85.3%	-$6.7B-398.7%	-$1.3B-110.4%	$12.9B-65.1%	$37.0B+342.8%	-$15.2B
Investing Cash Flow	$195.1B	$186.9B+22.8%	$152.2B+27.6%	$119.3B+32.3%	$90.1B-0.8%	$90.8B+240.5%	$26.7B-87.1%	$207.1B+37.3%	$150.9B-18.2%	$184.4B-20.2%	$231.1B-7.0%	$248.3B+10.5%	$224.7B-50.4%	$452.8B-14.2%	$527.7B+13.6%	$464.4B
Financing Cash Flow	-$224.8B	-$206.8B-50.8%	-$137.2B-5.4%	-$130.2B+15.9%	-$154.7B-6.7%	-$145.1B-244.4%	$100.5B+152.8%	-$190.3B-16.1%	-$163.9B+14.0%	-$190.5B+10.7%	-$213.4B+14.3%	-$249.0B-12.9%	-$220.5B+52.8%	-$467.5B+16.7%	-$561.1B-25.0%	-$448.9B

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
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

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

FNMAT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FNMAT annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	49.6%-8.8pp	58.4%-1.5pp	59.9%+16.5pp	43.5%-30.6pp	74.1%+27.4pp	46.6%-18.2pp	64.8%-8.3pp	73.1%+62.4pp	10.7%-44.6pp	55.3%+7.2pp	48.1%-6.8pp	54.9%-16.5pp	71.4%+58.1pp	13.3%+25.1pp	-11.8%
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%-50.2pp	96.9%-158.8pp	255.8%	N/A	202.8%-69.0pp	271.8%-114.3pp	386.1%-493.9pp	880.0%+640.2pp	239.8%	N/A
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%-0.1pp	0.4%-0.1pp	0.5%+0.4pp	0.1%-0.3pp	0.4%0.0pp	0.3%-0.1pp	0.4%-2.1pp	2.6%+2.0pp	0.5%+1.0pp	-0.5%
Debt-to-Equity	38.12-6.4x	44.55-9.6x	54.14-15.7x	69.87-17.9x	87.75-67.6x	155.33-80.2x	235.54-304.1x	539.59	N/A	531.50-244.1x	775.61-71.0x	846.63+515.4x	331.21-97.7x	428.90	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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%
Debt-to-Equity	36.85-1.3x	38.12-1.5x	39.66-1.7x	41.32-1.6x	42.90-1.6x	44.55-1.9x	46.46-2.1x	48.58

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Where Federal Nat Ranks

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.

How many shares does Federal Nat have outstanding?

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

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 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 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.