MeritValue

FEDERAL AGRICULTURAL MORTGAGE CORP

AGMdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$426M1$716.8M2$1.39B3$1.6B3$1.61B3
Net income$136.1M4$178.1M5$200M6$207.2M6$207.4M6
Operating cash flow$436.4M7$809.3M8$375.8M9$612.6M9$80.1M9
Capital expenditure—$010$011$5.27M11$011
Free cash flow (derived)—$809.3M8$375.8M9$607.4M9$80.1M9
Total debt$45.5B12$50B13$53.2B14$55B15$61.6B16
Cash & equivalents$908.8M17$861M18$888.7M18$1.02B19$931.1M19
Diluted shares10.8M10.9M10.9M11.0M11.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000091%
of the whole company
Your share of last year’s profit
$188.85
Your share of its debt
$56,115.6
Your share of free cash flow
$72.9
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$375.8M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$375.8M
Earnings Power Value
$191.89
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$200M
  • growthAssumed0.0%
Graham Number
$241.92
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000845877-24-000028 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000845877-25-000033 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000845877-26-000014 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000845877-24-000028 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000845877-25-000033 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000845877-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000845877-24-000028 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000845877-25-000033 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000845877-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000845877-25-000033 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0000845877-26-000014 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2021-12-31 · accession 0000845877-22-000022 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0000845877-23-000026 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000845877-24-000028 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0000845877-25-000033 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-12-31 · accession 0000845877-26-000014 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000845877-23-000026 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000845877-24-000028 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0000845877-26-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)