Federal National Mortgage Association Fannie Mae (FNMAS) intrinsic value & 10-year financials
Federal National Mortgage Association Fannie Mae (FNMAS) has a Graham intrinsic value of $0.12 per share. Over the last 10 fiscal years revenue grew 3.0% a year to $29.0B, with an average return on invested capital of 0.4%.
- Graham intrinsic value
- $0.12
- Revenue (FY2025)
- $29.0B
- Revenue growth (10-yr CAGR)
- 3.0%
- ROIC (10-yr avg)
- 0.4%
- Free cash flow (FY2025)
- —
FNMAS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $29.0B | $14.4B | $0.00 | — | — | 0.3% |
| FY2024 | $29.1B | $17.0B | $0.00 | — | — | 0.4% |
| FY2023 | $29.0B | $17.4B | $0.00 | — | — | 0.4% |
| FY2022 | $29.7B | $12.9B | $0.00 | — | — | 0.3% |
| FY2021 | $29.9B | $22.2B | $0.01 | — | — | 0.5% |
| FY2020 | $25.3B | $11.8B | $0.00 | — | — | 0.3% |
| FY2019 | $22.1B | $14.2B | $0.03 | — | — | 0.4% |
| FY2018 | $21.9B | $16.0B | $0.57 | — | — | 0.5% |
| FY2017 | $23.0B | $2.5B | -$1.12 | — | — | 0.1% |
| FY2016 | $22.3B | $12.3B | $0.01 | — | — | 0.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE has demonstrated mature, steady growth, with revenue compounding at 3.0% annually over the past decade.
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE has historically struggled to out-earn its cost of capital, averaging just 0.4% ROIC.
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE is modeled at 3.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.12 per share.