Farmer Mac
Provides secondary-market financing for U.S. agriculture and rural power, broadband, and renewable-energy infrastructure.
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Profile
Provides a secondary market for U.S. agricultural and rural-infrastructure credit by purchasing loans, holding or securitizing assets, and earning interest and guarantee or commitment fees. Agricultural finance remains the largest business, complemented by rural power, broadband, and renewable-energy financing under a federal charter.
Supplies secondary-market liquidity to lenders serving U.S. agriculture and rural infrastructure. Agricultural Finance spans Farm & Ranch and Corporate AgFinance, while Infrastructure Finance covers Power & Utilities, Broadband Infrastructure, and Renewable Energy. Funding and Investments support debt issuance and the liquidity portfolio.
Buys eligible loans and securities, guarantees eligible-loan securities, services agricultural loans, and provides long-term standby purchase commitments. Revenue comes mainly from net interest income and guarantee or commitment fees.
Most business volume remains in agricultural finance. Activities are confined by a federal charter, funded primarily in public debt markets, and supervised by the Farm Credit Administration through its Office of Secondary Market Oversight.
Company facts
Categories
Key statistics
Year to date +25.6% · Average volume (30d) 104.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| Nov 5, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $4.87 | $5.40 | +10.9% | $113.5M | $125.2M | +10.3% | +3.31% |
| May 5, 2026Q1 FY26 | $4.52 | $4.74 | +4.9% | $110.8M | $109.9M | −0.8% | +4.45% |
| Feb 19, 2026Q4 FY25 | $4.50 | $3.66 | −18.7% | $107.5M | $107.9M | +0.4% | −14.12% |
| Nov 3, 2025Q3 FY25 | $4.43 | $4.52 | +2.0% | $107.5M | $103.9M | −3.3% | +4.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $384.7M | $405.0M | $420.8M | $107.9M | $423.7M | $450.3M | |
| Gross profit | $92.6M | $94.9M | $96.5M | $104.5M | $104.8M | $118.1M | |
| Operating income | $63.1M | $65.4M | $66.7M | $60.5M | $71.4M | $74.9M | |
| Net income | $49.7M | $54.8M | $55.0M | $47.9M | $59.1M | $67.0M | |
| Diluted EPS | $4.01 | $4.48 | $4.44 | $3.71 | $4.75 | $5.41 | |
| Gross margin | 24.1% | 23.4% | 22.9% | 96.9% | 24.7% | 26.2% | |
| Operating margin | 16.4% | 16.2% | 15.8% | 56.0% | 16.9% | 16.6% |
Fiscal years (4-quarter sums)FY21 $448.4M · FY22 $754.7M · FY23 $1.42B · FY24 $1.62B · FY25 $1.32B
Balance sheet, Jun 30, 2026Cash & short-term investments $20.46B · Total debt $34.69B · Total assets $39.29B · Shareholders' equity $1.85B
Dividends
Raised for 16 straight years — most recently to $1.60 from $1.50 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $1.60 | |
| Mar 16, 2026 | Mar 16 | Mar 31 | $1.60 | raised from $1.50 |
| Dec 15, 2025 | Dec 15 | Dec 31 | $1.50 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $1.50 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $1.50 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $1.50 | raised from $1.40 |
| Dec 16, 2024 | Dec 16 | Dec 31 | $1.40 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $1.40 |
Ownership
Shares outstanding 10.88M · Float 10.20M · 93.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 783.7K | 7.21% | 13F | Aug 7, 2026 |
| Thrivent Financial for Lutherans | 452.3K | 4.16% | 13F | Aug 14, 2026 |
| Dimensional Fund Advisors LP | 449.7K | 4.13% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 396.6K | 3.65% | 13F | Aug 13, 2026 |
| Charles Schwab Investment Management Inc | 352.2K | 3.24% | 13F | Aug 14, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Wells Fargo
Largest US commercial bank ag lender; retains farm loans on balance sheet.
- Bank of America
#1 commercial bank by farm mortgage volume; retains ag loans on balance sheet.
- AGNC
Largest US pure-play agency mortgage REIT; rivals for agency-paper capital.
- Annaly Capital Management
Largest US residential mortgage REIT; agency-paper and yield-capital rival.
- Walker & Dunlop
Non-bank Agency conduit for multifamily/CRE; structural analog, not loan rival.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Farmer Mac | $221.43 | −0.04% | $2.41B | 12.1 | 10.2 | 1.7 | +21.9% |
| Wells Fargo | $86.69 | +0.01% | $262.12B | 12.5 | 11.6 | 2.0 | +8.6% |
| Bank of America | $62.30 | −0.04% | $442.26B | 14.4 | 12.7 | 2.3 | +19.3% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| Walker & Dunlop | $41.78 | +1.04% | $1.42B | 36.9 | 12.2 | 1.1 | +3.5% |
| Median | 12.5 | 11.6 | 2.3 | +6.1% |