Federal Agricultural Mortgage Corporation Financial Ratios — AGM-PC

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	56.07	20.57	47.23	49.08	19.53	24.46	24.29	23.02	25.74	21.93	18.39	19.9	23.07	22.39
Return on Assets (%)	1.77	0.41	0.16	0.38	0.58	0.35	0.46	0.5	0.51	0.59	0.54	0.47	0.55	0.68	0.7
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	80.63	65.83	60.4	72.48	80.81	70.54	74.05	74.25	74.61	73.06	71.44	66.43	70.77	73.01	72.04
Profit Margin (%)	52.79	31.67	22.54	37.21	46.38	46.4	47.07	48.11	48.23	58.05	56.44	52.51	55.85	57.63	56.93
Net Income to Common Margin (%)	43.62	27.58	18.65	34.92	44.22	36.91	38.04	39.91	40.71	50.97	49.26	43.91	45.72	48.84	49.19
Effective Tax Rate (%)	34.52	20.75	12.98	24.32	25.71	3.86	31.68	35.24	35.48	20.54	20.99	20.94	21.09	21.06	20.98
Dvd Payout Ratio (%)	2.46	2.96	3.55	4.76	3.86	5.03	10.64	16.99	21.5	26.05	31.33	36.15	32.89	27.16	27.57
Sustainable Growth Rate (%)	- -	54.41	19.84	44.98	47.19	18.55	21.86	20.17	18.07	19.03	15.06	11.74	13.36	16.81	16.22

Credit (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	5,620	8,798	10,894	11,770	12,602	13,249	14,792	14,806	16,928	17,773	30,734	23,173	23,740	26,182	27,938
ST Debt	3,663	4,509	6,088	6,567	7,339	7,354	9,111	8,440	8,090	7,757	10,019	- -	6,987	8,034	8,087
LT Debt	1,957	4,288	4,806	5,202	5,263	5,895	5,681	6,366	8,838	10,016	20,715	23,173	16,753	18,148	19,851
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.62	0.64	0.61	0.89	1.35	1.48	1.56	1.83	1.87	2.16	2.15	2.14	2.39	2.6	2.83
Long-Term Debt/Equity (%)	997.62	895.51	866.76	877.35	916.14	754.05	1,025.89	989	1,248.01	1,330.88	2,591.74	2,334.84	1,380.33	1,426.77	1,406
Long-Term Debt/Capital (%)	34.24	46.82	42.66	42.7	40.23	42.41	37.28	41.61	50.6	54.49	65.91	96.33	67.49	66.29	67.85
Long-Term Debt/Total Assets (%)	31.88	45.24	40.45	41.22	39.39	41.26	36.55	40.79	49.67	53.58	95.42	95.14	66.69	66.4	67.24
Total Debt/Equity (%)	2,864.63	1,837.17	1,964.6	1,984.9	2,193.63	1,694.66	2,671.39	2,300.3	2,390.41	2,361.64	3,845.26	2,334.84	1,956	2,058.41	1,978.81
Total Debt/Capital (%)	98.32	96.06	96.7	96.61	96.33	95.3	97.07	96.79	96.92	96.69	97.79	96.33	95.63	95.64	95.49
Total Debt/Total Assets (%)	91.55	92.8	91.68	93.25	94.31	92.73	95.18	94.87	95.14	95.07	141.57	95.14	94.5	95.79	94.63
Net Debt to Equity	2,530.87	1,678.42	1,817.26	1,852.42	2,063.19	1,520.28	2,452.86	2,259.09	2,347.76	2,305.13	3,769.64	2,230.66	1,881.12	1,990.72	1,915.86
Net Debt/Capital (%)	98.11	95.36	96.44	96.38	96.11	94.79	96.81	96.73	96.86	96.61	97.74	96.16	95.47	95.5	95.35
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.62	0.64	0.61	0.89	1.35	1.48	1.56	1.83	1.87	2.16	2.15	2.14	2.39	2.6	2.83
Long-Term Debt/Equity (%)	997.62	895.51	866.76	877.35	916.14	754.05	1,025.89	989	1,248.01	1,330.88	2,591.74	2,334.84	1,380.33	1,426.77	1,406
Long-Term Debt/Capital (%)	34.24	46.82	42.66	42.7	40.23	42.41	37.28	41.61	50.6	54.49	65.91	96.33	67.49	66.29	67.85
Long-Term Debt/Total Assets (%)	31.88	45.24	40.45	41.22	39.39	41.26	36.55	40.79	49.67	53.58	95.42	95.14	66.69	66.4	67.24
Total Debt/Equity (%)	2,864.63	1,837.17	1,964.6	1,984.9	2,193.63	1,694.66	2,671.39	2,300.3	2,390.41	2,361.64	3,845.26	2,334.84	1,956	2,058.41	1,978.81
Total Debt/Capital (%)	98.32	96.06	96.7	96.61	96.33	95.3	97.07	96.79	96.92	96.69	97.79	96.33	95.63	95.64	95.49
Total Debt/Total Assets (%)	91.55	92.8	91.68	93.25	94.31	92.73	95.18	94.87	95.14	95.07	141.57	95.14	94.5	95.79	94.63
CFO/Total Liabilities	0.52	-5.99	0.24	0.28	2.46	1.15	1.23	1.42	1.02	1.11	-0.09	-0.4	1.83	3.11	1.34
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.04	0.02	0.01	0.02	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05

Working Capital (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	2.69	1.28	0.74	1.18	1.54	0.97	1.33	1.37	1.26	1.11	1.02	1.07	1.38	1.57	1.36
Days Sales Outstanding	135.66	284.49	495.37	310.3	236.64	376.98	274.57	267.36	289.71	328.74	356.65	340.16	263.64	233.01	268.13
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	655	730	817	786	749	1,363	1,210	265	302	425	604	1,034	909	861	889
+ Preferred Equity and Hybrid Capital	58	58	58	58	58	205	205	205	205	205	228	363	485	485	485
+ Minority/Non Controlling Interest	- -	242	242	242	242	236	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	5,620	8,798	10,894	11,770	12,602	13,249	14,792	14,806	16,928	17,773	30,734	23,173	23,740	26,182	27,938
Enterprise Value	5,023	8,367	2,625	2,532	3,024	4,998	4,971	7,376	9,143	9,360	20,255	11,701	13,151	13,619	17,082
Total Capital	5,716	9,158	11,267	12,182	13,082	13,902	15,239	15,297	17,466	18,381	31,430	24,056	24,824	27,376	29,257
Total Debt/Capital (%)	98.32	96.06	96.7	96.61	96.33	95.3	97.07	96.79	96.92	96.69	97.79	96.33	95.63	95.64	95.49
Total Debt / EV	1.12	1.05	4.15	4.65	4.17	2.65	2.98	2.01	1.85	1.9	1.52	1.98	1.81	1.92	1.64
EV/Sales	26.62	82.83	35.52	20.14	18.62	48.22	34.06	45.89	52.2	50.27	104.37	56.55	53.96	44.06	48.62
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	161.46	- -	97.88	76.04	9.63	32.23	26.88	34.68	52.24	46.79	- -	- -	30.13	16.83	45.46
EV/Free Cash Flow to Firm	161.46	- -	97.88	76.04	9.63	32.23	26.88	34.68	52.24	46.79	- -	- -	30.13	16.83	45.46
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	5,023	8,367	10,377	11,284	12,153	12,327	13,787	14,746	16,830	17,552	30,358	22,502	23,316	25,806	27,534
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	189	101	74	126	162	104	146	161	175	186	194	207	244	309	351
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	31	-539	27	33	314	155	185	213	175	200	-20	-95	436	809	376
TTM Free Cash Flow to Firm	31	-539	27	33	314	155	185	213	175	200	-20	-95	436	809	376

Multiples (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	5,023	8,367	2,625	2,532	3,024	4,998	4,971	7,376	9,143	9,360	20,255	11,701	13,151	13,619	17,082
Low Price	- -	- -	- -	- -	- -	24.52	24.46	24.63	25.15	23.13	23.55	19.9	25.96	24.01	24.4
EV/Sales	26.62	82.83	35.52	20.14	18.62	48.22	34.06	45.89	52.2	50.27	104.37	56.55	53.96	44.06	48.62
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	26.62	82.83	140.39	89.76	74.82	118.94	94.46	91.73	96.09	94.28	156.42	108.76	95.68	83.48	78.37
EV/Sales High	26.62	82.83	140.39	89.76	74.82	118.94	94.46	91.73	96.09	94.28	156.42	108.76	95.68	83.48	78.37
EV/Sales Low	26.62	82.83	140.39	89.76	74.82	118.94	94.46	91.73	96.09	94.28	156.42	108.76	95.68	83.48	78.37
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	15.68	17.12	17.12	19.24	17.37	21.06	22.2	24.56	26.98	24.3
High Price	- -	- -	- -	- -	- -	27.06	28.05	30.6	31.25	28.02	28.68	28.65	32.84	34.62	31
Enterprise Value Average	5,023	8,367	10,377	11,284	12,153	12,327	13,787	14,746	16,830	17,552	30,358	22,502	23,316	25,806	27,534
Enterprise Value High	5,023	8,367	10,377	11,284	12,153	12,327	13,787	14,746	16,830	17,552	30,358	22,502	23,316	25,806	27,534
Enterprise Value Low	5,023	8,367	10,377	11,284	12,153	12,327	13,787	14,746	16,830	17,552	30,358	22,502	23,316	25,806	27,534

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	10	10	10	11	11	11	11	11	11	11	11	11	11	11	11
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Federal Agricultural Mortgage Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)