AGMFEDERAL AGRICULTURAL MORTGAGE CORP
Federal & Federally-Sponsored Credit Agencies
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.2B
- Employees
- 212
- Net debt / EBITDA
- —
- $33.9B net debt
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes39% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo16% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo82% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 41st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $136M | $178M | $200M | $207M | $207M | 0.1% |
| Operating cash flow | $436M | $809M | $376M | $613M | $80M | 87% |
| Capex | — | $0 | $0 | $5M | $0 | 100% |
| Stock-based comp | $4M | $5M | $7M | $8M | $8M | 3.1% |
| Buybacks | $0 | $0 | $0 | $0 | $13M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $3M | 277 | 197 |
| FY2024 | $3M | $5M | 281 | 199 |
| FY2023 | $6M | $9M | 284 | 139 |
| FY2022 | $4M | $3M | 152 | 134 |
| FY2021 | $3M | $5M | 161 | 151 |