Latest Ratios: P/E Ratio 12.0x · EV/EBITDA 125.4x · ROE 12.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $1.9B | $2.2B | $2.1B | $1.2B | $1.3B | $801M | $900M | $650M | $845M | $615M |
| Enterprise Value | $32.1B | $31.8B | $30.5B | $28.9B | $26.0B | $24.1B | $22.9B | $31.0B | $18.0B | $17.5B | $15.2B |
| P/E Ratio → | 12.05 | 10.56 | 11.98 | 12.10 | 8.13 | 12.07 | 8.98 | 9.61 | 6.84 | 11.85 | 9.59 |
| P/S Ratio | 1.66 | 1.46 | 1.33 | 1.48 | 1.62 | 3.00 | 1.54 | 1.35 | 1.17 | 2.02 | 1.85 |
| P/B Ratio | 1.28 | 1.12 | 1.45 | 1.48 | 0.96 | 1.11 | 0.81 | 1.13 | 0.86 | 1.19 | 0.96 |
| P/FCF | 27.26 | 24.08 | 3.56 | 5.57 | 1.52 | 3.08 | — | — | 3.25 | 4.83 | 2.95 |
| P/OCF | 27.26 | 24.08 | 3.53 | 5.57 | 1.52 | 3.08 | — | — | 3.25 | 4.83 | 2.95 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 24.14 | 18.74 | 20.41 | 34.46 | 53.90 | 44.13 | 46.59 | 32.37 | 41.79 | 45.60 |
| EV / EBITDA | 125.43 | 124.43 | 117.99 | 114.17 | 115.28 | 139.81 | 166.91 | 223.80 | 132.31 | 133.69 | 126.98 |
| EV / EBIT | 125.43 | 124.43 | 117.99 | 114.17 | 115.28 | 139.92 | 166.91 | 223.80 | 132.31 | 133.69 | 126.98 |
| EV / FCF | — | 397.44 | 50.14 | 76.89 | 32.15 | 55.29 | — | — | 89.97 | 99.83 | 72.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.5% | 29.5% | 22.4% | 24.7% | 40.8% | 54.9% | 38.2% | 28.6% | 33.4% | 41.5% | 48.1% |
| Operating Margin | 19.4% | 19.4% | 15.9% | 17.9% | 29.9% | 38.5% | 26.4% | 20.8% | 24.5% | 31.3% | 35.9% |
| Net Profit Margin | 15.7% | 15.7% | 12.8% | 14.1% | 23.6% | 30.4% | 20.9% | 16.4% | 19.4% | 20.2% | 23.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 14.3% | 14.9% | 14.3% | 12.3% | 12.1% | 14.1% | 14.8% | 12.5% | 12.9% |
| ROA | 0.6% | 0.6% | 0.7% | 0.7% | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.5% | 0.5% |
| ROIC | 0.6% | 0.6% | 0.6% | 0.7% | 0.7% | 0.5% | 0.4% | 0.4% | 0.6% | 0.6% | 0.6% |
| ROCE | 1.1% | 1.1% | 1.2% | 1.3% | 1.2% | 0.8% | 0.8% | 1.4% | 0.7% | 0.8% | 0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 17.93 | 17.93 | 19.68 | 19.61 | 20.17 | 19.52 | 23.35 | 38.45 | 23.62 | 23.90 | 23.00 |
| Debt / EBITDA | 120.53 | 120.53 | 113.52 | 109.39 | 113.66 | 137.29 | 168.61 | 221.67 | 130.66 | 129.53 | 124.05 |
| Net Debt / Equity | — | 17.39 | 19.00 | 18.98 | 19.49 | 18.77 | 22.31 | 37.70 | 23.05 | 23.48 | 22.59 |
| Net Debt / EBITDA | 116.89 | 116.89 | 109.62 | 105.90 | 109.85 | 132.03 | 161.09 | 217.31 | 127.53 | 127.22 | 121.82 |
| Debt / FCF | — | 373.35 | 46.58 | 71.33 | 30.63 | 52.21 | — | — | 86.72 | 95.00 | 69.71 |
| Interest Coverage | 0.28 | 0.28 | 0.21 | 0.24 | 0.51 | 0.85 | 0.44 | 0.29 | 0.37 | 0.54 | 0.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 1.18 | 1.40 | 1.65 | 1.59 | 99.36 | 1.08 | — | — | — |
| Quick Ratio | 0.12 | 0.12 | 1.18 | 1.40 | 1.65 | 1.59 | 99.36 | 1.08 | — | — | — |
| Cash Ratio | 0.08 | 0.08 | 0.09 | 0.11 | 0.10 | 0.13 | 8.50 | 0.06 | — | — | — |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 0.03 | 0.02 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 42.9% | 42.9% | 41.5% | 37.4% | 38.3% | 45.1% | 46.6% | 40.1% | 35.1% | 33.7% | 31.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 9.5% | 8.3% | 8.3% | 12.3% | 8.3% | 11.1% | 10.4% | 14.6% | 8.4% | 10.4% |
| FCF Yield | 3.7% | 4.2% | 28.1% | 18.0% | 66.0% | 32.5% | — | — | 30.8% | 20.7% | 33.9% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M |
Interest rate spread volatility
Based on current market data, AGM trades at a P/E of 11.73, which appears to discount the volatility inherent in its GSE-based earnings model compared to broader financial services peers, while the forward P/E of 9.99 suggests investors anticipate a stabilization in core profitability metrics.
The valuation multiples suggest that the market is struggling to reconcile the company's structural GSE advantages with the recent 18.86% revenue contraction. Investors should monitor whether the current P/B of 1.25 provides a sufficient margin of safety given the high leverage required to maintain the company's secondary market position.
As reported in financial statements, AGM's ROE has remained consistently low, hovering between 2.8% and 3.8% over the last ten quarters, which indicates that the company's massive debt-financed asset base significantly dilutes the return generated for common equity holders relative to its peers.
The low ROE is a structural byproduct of the GSE model, where high leverage is necessary to maintain thin net interest margins. This trend warrants further investigation into whether management can improve capital allocation efficiency without compromising the risk-averse underwriting standards that define the company's long-term moat.
According to recent regulatory filings, AGM's asset turnover remains extremely low at approximately 0.01, reflecting the company's role as a long-term holder of agricultural mortgage assets rather than a high-velocity originator, which makes traditional efficiency metrics like the cash conversion cycle less relevant for analysis.
The lack of meaningful asset turnover highlights that the company's primary operational challenge is managing the spread between funding costs and long-term asset yields. Investors should focus on the stability of these spreads rather than traditional turnover ratios, as the latter may misrepresent the company's core business model.
Based on reported figures, AGM maintains a debt-to-equity ratio consistently near 18x to 20x, a level that is standard for a GSE but necessitates near-perfect credit execution to ensure that interest expenses do not erode the net interest margin during periods of rising agricultural input costs.
While this leverage profile is inherent to the company's mandate, the interest coverage ratio, which has struggled to remain above 0.30, suggests that the company's debt service capacity is highly sensitive to interest rate fluctuations. This warrants close monitoring of the company's hedging effectiveness against potential rate volatility.
The most commonly misapplied metric for AGM is the direct correlation to agricultural commodity prices, which obscures the company's true role as a provider of rural banking liquidity that often benefits from increased loan purchase demand during periods of moderate stress in the agricultural sector.
Analysts frequently mistake AGM for a pure-play agricultural producer, failing to account for the counter-cyclical nature of its secondary market business. A more appropriate analytical framework would prioritize the net interest margin on the retained portfolio and the volume of guarantee fees rather than headline agricultural output data.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AGM stock.
Federal Agricultural Mortgage Corporation's current P/E ratio is 12.0x. The historical average is 17.4x. This places it at the 61th percentile of its historical range.
Federal Agricultural Mortgage Corporation's current EV/EBITDA is 125.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.3x.
Federal Agricultural Mortgage Corporation's return on equity (ROE) is 12.9%. The historical average is 9.5%.
Based on historical data, Federal Agricultural Mortgage Corporation is trading at a P/E of 12.0x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Federal Agricultural Mortgage Corporation's current dividend yield is 4.05% with a payout ratio of 42.9%.
Federal Agricultural Mortgage Corporation has 29.5% gross margin and 19.4% operating margin. Operating margin between 10-20% is typical for established companies.
Federal Agricultural Mortgage Corporation's Debt/EBITDA ratio is 120.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.