Federal Agricultural Mortgage (AGM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-162.0%

-$128.29

vs $206.95 price

Levered DCF

$10,437.67

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.37

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.49×	11.87×	11.98×	8.06×	11.96×	8.94×	9.53×	6.78×
P/B	1.11×	1.44×	1.47×	0.96×	1.1×	0.8×	1.12×	0.86×
P/S	1.45×	1.32×	1.46×	1.61×	2.98×	1.53×	1.34×	1.16×
EV / EBITDA	124.38×	117.92×	114.08×	114.87×	139.75×	166.88×	223.75×	132.27×
Gross margin	29.5%	22.4%	24.7%	40.8%	54.9%	38.2%	28.6%	33.4%
Operating margin	19.4%	15.9%	17.9%	29.9%	38.5%	26.4%	20.8%	24.5%
Net margin	15.7%	12.8%	14.1%	23.6%	30.4%	20.9%	16.4%	19.4%
Current ratio	0.12×	1.18×	1.4×	1.65×	1.59×	99.36×	1.08×	0×
Debt / equity	17.93×	19.68×	19.61×	20.17×	19.52×	23.35×	38.45×	23.62×
Interest coverage	0.28×	0.21×	0.24×	0.51×	0.85×	0.44×	0.29×	0.37×
Dividend yield	4.6%	4.0%	3.6%	5.6%	4.6%	6.4%	4.9%	5.9%
Payout ratio	42.9%	41.5%	37.4%	38.3%	45.1%	46.6%	40.1%	35.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.1%	13.9%	14.2%	14.0%	11.2%	10.9%	13.7%	14.4%
Return on invested capital	0.6%	0.7%	0.7%	0.7%	0.5%	0.4%	0.5%	0.6%
Return on assets	0.6%	0.7%	0.7%	0.7%	0.5%	0.4%	0.5%	0.6%
Free cash flow yield	4.2%	28.4%	18.1%	66.5%	32.7%	-11.9%	-2.2%	31.1%
Earnings yield	10.8%	9.7%	9.7%	14.6%	10.2%	13.6%	12.3%	16.8%
Enterprise value	$31.8B	$30.4B	$28.9B	$26B	$24.1B	$22.9B	$31B	$18B
Net debt / EBITDA	116.89×	109.62×	105.9×	109.5×	132.03×	161.09×	217.31×	127.53×
Cash conversion cycle (days)	-11,985	-37	-2	-19	-64	19	31	38