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FED NAT MTGE ASSN E PFD (FNMFM) Financials

FNMFM
Trailing 12 months to March 31, 2026
Revenue $29.2B -3.9% YoY
Net Income $14.4B -11.6% YoY
EPS (Diluted) $0.01 YoY not available
Operating Cash Flow $37.0B +361.3% YoY
Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FNMFM SEC filings page.

FED NAT MTGE ASSN E PFD (FNMFM) reported $29.2B in revenue over the twelve months to Mar 31, 2026, down 3.9% from the prior twelve months. 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 FNMFM FY2025

Balance-sheet scale dominates: enormous leverage and thin equity support a business whose earnings are small relative to its asset base.

The key earnings-quality split is temporal: operating cash flow swung from -$11B in FY2024 to $24B in FY2025 while net income remained positive, so reported profit did not translate consistently into cash. That volatility matters more than the headline 49.3% net margin because the business operates against an exceptionally large asset base.

At FY2025, liabilities of $4.2 trillion sat against $109B of equity, leaving the capital structure heavily debt-funded; the debt-to-equity ratio nevertheless improved to 38.1x from 44.5x in FY2024 as equity accumulated faster than debt.

Interest expense reached $130B in FY2025, roughly nine times net income, while return on assets was only 0.3%; the combination says the business earns on a vast asset base but retains little profit per asset dollar after financing costs. The net margin narrowed from 55.1% to 49.3%, indicating weaker earnings economics rather than simple volume expansion.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

FED NAT MTGE ASSN E PFD does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
5/7

FED NAT MTGE ASSN E PFD passes 5 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, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.67x

For every $1 of reported earnings, FED NAT MTGE ASSN E PFD 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
$7.3B
YoY+1.0%
QoQ+1.3%
5Y CAGR-1.0%
10Y CAGR+3.9%

FED NAT MTGE ASSN E PFD generated $7.3B in revenue in Q1 2026. This represents an increase of 1.0% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

Net Income
$3.7B
YoY+1.6%
QoQ+5.5%
5Y CAGR-5.7%
10Y CAGR+12.6%

FED NAT MTGE ASSN E PFD reported $3.7B in net income in Q1 2026. This represents an increase of 1.6% from the same quarter a year earlier. Against the prior quarter it is up 5.5%.

EPS (Diluted)
$0.01
10Y CAGR-12.9%

FED NAT MTGE ASSN E PFD earned $0.01 per diluted share (EPS) in Q1 2026.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt
$45.3B
YoY+15.0%
QoQ+6.3%
5Y CAGR+11.3%
10Y CAGR+9.1%

FED NAT MTGE ASSN E PFD held $45.3B in cash against $4.2T in long-term debt as of Q1 2026.

Shares Outstanding
1.16B
YoY0.0%
QoQ0.0%
5Y CAGR0.0%
10Y CAGR0.0%

FED NAT MTGE ASSN E PFD had 1.16B shares outstanding in Q1 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Net Margin
51.1%
YoY+0.3pp
QoQ+2.0pp
5Y change-14.1pp
10Y change+28.2pp

FED NAT MTGE ASSN E PFD's net profit margin was 51.1% in Q1 2026, showing the share of revenue converted to profit. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Return on Equity
3.3%
YoY-0.4pp
QoQ+0.1pp
5Y change-13.2pp

FED NAT MTGE ASSN E PFD's ROE was 3.3% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

None of these metrics is reported for Q1 2026.

FNMFM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMFM quarterly income statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Revenue$7.3B+1.0%$7.2B-10.9%$7.3B-1.2%$7.4B-3.6%$7.2B-5.1%$8.1B+8.1%$7.4B-8.6%$7.7B+2.5%
SG&A Expenses$745.0M-24.9%$921.0M-2.7%$819.0M-7.4%$847.0M-5.8%$992.0M+11.6%$947.0M+16.1%$884.0M-1.4%$899.0M+4.1%
Interest Expense$33.0B+3.2%$32.9B+5.3%$32.8B+6.7%$32.3B+7.5%$32.0B+7.5%$31.3B+9.2%$30.7B+9.0%$30.0B+9.9%
Income Tax$944.0M+2.3%$883.0M-15.8%$976.0M-3.3%$837.0M-25.3%$923.0M-17.1%$1.0B+3.6%$1.0B-18.8%$1.1B-12.8%
Net Income$3.7B+1.6%$3.5B-14.6%$3.9B-4.6%$3.3B-26.0%$3.7B-15.3%$4.1B+4.7%$4.0B-13.9%$4.5B-10.2%
EPS (Basic)$0.01$0.00$0.00$0.00$0.00$0.00$0.00$0.00
EPS (Diluted)$0.01$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Diluted Shares (Avg)5.89B0.0%N/A5.89B+0.4%5.87B-0.4%5.89B+0.4%N/A5.87B-0.4%5.89B+0.4%

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

FNMFM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMFM quarterly balance sheet
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Total Assets$4.3T-0.9%$4.3T-0.7%$4.3T0.0%$4.3T+0.3%$4.4T+0.7%$4.3T+0.6%$4.3T+0.1%$4.3T0.0%
Cash & Equivalents$45.3B+15.0%$42.6B+9.6%$39.4B+3.2%$38.2B-8.8%$39.4B+214.2%$38.9B+8.5%$38.1B-21.5%$41.9B-19.8%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$4.2T-1.3%$4.2T-1.1%$4.2T-0.3%$4.2T0.0%$4.3T+0.3%$4.3T+0.2%$4.2T-0.3%$4.2T-0.4%
Long-Term Debt$4.2T-1.6%$4.2T-1.4%$4.2T-0.5%$4.2T0.0%$4.2T+0.4%$4.2T+0.3%$4.2T-0.3%$4.2T-0.4%
Total Equity$112.7B+14.6%$109.0B+15.2%$105.5B+16.5%$101.6B+17.5%$98.3B+19.9%$94.7B+21.9%$90.5B+22.8%$86.5B+25.3%
Retained Earnings-$20.5B+41.3%-$24.3B+37.2%-$27.8B+35.0%-$31.6B+32.4%-$35.0B+31.8%-$38.6B+30.5%-$42.8B+28.2%-$46.8B+27.2%

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

FNMFM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMFM quarterly cash flow statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Cash Flow$16.5B+370.3%$6.0B+148.4%$9.6B+241.8%$4.9B+230.1%$3.5B-50.9%-$12.4B-708.6%-$6.8B-287.6%$1.5B-33.3%
Investing Cash Flow$32.9B+33.0%$65.7B+61.3%$41.9B+2.4%$54.5B-34.1%$24.7B+300.9%$40.8B-7.4%$41.0B+15.1%$82.8B+274.8%
Financing Cash Flow-$46.7B-62.8%-$68.5B-146.8%-$50.4B-26.5%-$59.3B-50.9%-$28.7B+5.4%-$27.8B+28.9%-$39.9B-8.3%-$39.3B-9.9%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

FNMFM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMFM quarterly financial ratios
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Net Margin51.1%+0.3pp49.1%-2.1pp52.7%-1.9pp44.6%-13.5pp50.8%-6.1pp51.2%-1.6pp54.6%-3.4pp58.1%-8.2pp
Return on Equity3.3%-0.4pp3.2%-1.1pp3.7%-0.8pp3.3%-1.9pp3.7%-1.6pp4.4%-0.7pp4.5%-1.9pp5.2%-2.1pp
Return on Assets0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp
Debt-to-Equity36.85-6.0x38.12-6.4x39.66-6.8x41.32-7.3x42.90-8.3x44.55-9.6x46.46-10.7x48.58-12.5x
Asset Turnover0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x

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

Frequently Asked Questions

What is FED NAT MTGE ASSN E PFD's annual revenue?

FED NAT MTGE ASSN E PFD (FNMFM) reported $29.2B in total revenue for fiscal year 2025. This represents a -5.3% 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 FED NAT MTGE ASSN E PFD's revenue growing?

FED NAT MTGE ASSN E PFD (FNMFM) revenue declined by 5.3% year-over-year, from $30.8B to $29.2B in fiscal year 2025.

Is FED NAT MTGE ASSN E PFD profitable?

Yes, FED NAT MTGE ASSN E PFD (FNMFM) reported a net income of $14.4B in fiscal year 2025, with a net profit margin of 49.3%.

FED NAT MTGE ASSN E PFD (FNMFM) 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.

As of fiscal year 2025, FED NAT MTGE ASSN E PFD (FNMFM) had $42.6B in cash and equivalents against $4.2T in long-term debt.

FED NAT MTGE ASSN E PFD (FNMFM) had a net profit margin of 49.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

FED NAT MTGE ASSN E PFD (FNMFM) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

FED NAT MTGE ASSN E PFD (FNMFM) generated $24.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

FED NAT MTGE ASSN E PFD (FNMFM) had $4.3T in total assets as of fiscal year 2025, including both current and long-term assets.

FED NAT MTGE ASSN E PFD (FNMFM) had 1.16B shares outstanding as of fiscal year 2025.

FED NAT MTGE ASSN E PFD (FNMFM) 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.

FED NAT MTGE ASSN E PFD (FNMFM) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

FED NAT MTGE ASSN E PFD (FNMFM) has a Piotroski F-Score of 5 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.

FED NAT MTGE ASSN E PFD (FNMFM) 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.

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