Federal National Mortgage Association Financial Ratios — FNMFO

Profitability (USD)

	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	2024 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-0.69	-0.52	0.54	2.59	0.44	0.34	0.38	0.07	0.47	0.41	0.32	0.54	0.3	0.4	0.39
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 (%)	-84.91	-120.85	87.04	136.67	123.27	72.67	82.61	82.74	84.09	82.08	62.69	88.85	52.84	72.46	68.94
Profit Margin (%)	-84.39	-120.21	87.06	297.53	82.81	49.11	55.49	11.05	66.77	66.12	49.74	70.5	42.06	57.45	55.03
Net Income to Common Margin (%)	-130.78	-188.78	7.06	-5.16	-6.5	-1.17	0.35	-29.07	14	0.89	0.06	0.25	0.01	0.01	0.01
Effective Tax Rate (%)	- -	- -	- -	- -	32.82	32.41	32.84	86.65	20.6	19.44	20.66	20.66	20.39	20.71	20.17
Dvd Payout Ratio (%)	-0.01	- -	-303.74	209.24	-473.58	360.77	-3,392.21	-47.38	-96.86	-4,381.15	-78,600	-28,330.77	-430,666.67	-580,166.67	-565,833.33
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	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	2024 Y
Total Debt	3,197,000	3,341,597	3,189,517	3,234,523	3,222,155	3,197,671	3,262,316	3,330,054	3,391,920	3,467,386	3,935,736	4,158,191	4,221,888	4,222,718	4,228,097
ST Debt	157,243	151,725	- -	- -	106,572	71,950	35,579	33,377	24,896	26,662	12,173	2,795	10,204	17,314	11,188
LT Debt	3,039,757	3,189,872	3,189,517	3,234,523	3,115,583	3,125,721	3,226,737	3,296,677	3,367,024	3,440,724	3,923,563	4,155,396	4,211,684	4,205,404	4,216,909
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	-3.2	-3.98	-3.79	-3.69	-3.91	-3.92	-3.76	-3.98	-3.7	-3.37	-2.7	-2.02	-1.68	-1.27	-0.87
Long-Term Debt/Equity (%)	- -	- -	44,151.67	33,724.56	83,752.23	77,007.17	53,150.01	- -	53,958.72	23,553.7	15,533.33	8,774.62	6,987.22	5,413.61	4,454.94
Long-Term Debt/Capital (%)	94.91	95.34	99.56	99.51	96.41	97.44	98.53	98.9	98.88	98.61	98.87	98.63	98.19	97.62	97.39
Long-Term Debt/Total Assets (%)	94.34	99.33	98.98	98.91	95.92	97.01	98.14	98.54	98.5	98.21	98.44	98.26	97.83	97.22	96.95
Total Debt/Equity (%)	-127,016.29	-73,104.29	44,151.67	33,724.56	86,617.07	78,779.77	53,736.06	-90,343.3	54,357.69	23,736.21	15,581.52	8,780.52	7,004.14	5,435.9	4,466.76
Total Debt/Capital (%)	99.82	99.88	99.56	99.51	99.71	99.69	99.61	99.91	99.61	99.37	99.18	98.7	98.42	98.03	97.64
Total Debt/Total Assets (%)	99.22	104.05	98.98	98.91	99.2	99.25	99.22	99.54	99.23	98.97	98.75	98.32	98.06	97.63	97.2
Net Debt to Equity	-126,329.08	-72,720.59	43,859.36	33,524.09	86,025.05	78,418.26	53,320.57	-89,472.16	53,948.13	23,591.2	15,429.74	8,690.89	6,907.94	5,389.8	4,425.71
Net Debt/Capital (%)	99.81	99.88	99.55	99.51	99.71	99.69	99.61	99.9	99.61	99.37	99.17	98.69	98.4	98.01	97.62
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	2024 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-3.2	-3.98	-3.79	-3.69	-3.91	-3.92	-3.76	-3.98	-3.7	-3.37	-2.7	-2.02	-1.68	-1.27	-0.87
Long-Term Debt/Equity (%)	- -	- -	44,151.67	33,724.56	83,752.23	77,007.17	53,150.01	- -	53,958.72	23,553.7	15,533.33	8,774.62	6,987.22	5,413.61	4,454.94
Long-Term Debt/Capital (%)	94.91	95.34	99.56	99.51	96.41	97.44	98.53	98.9	98.88	98.61	98.87	98.63	98.19	97.62	97.39
Long-Term Debt/Total Assets (%)	94.34	99.33	98.98	98.91	95.92	97.01	98.14	98.54	98.5	98.21	98.44	98.26	97.83	97.22	96.95
Total Debt/Equity (%)	-127,016.29	-73,104.29	44,151.67	33,724.56	86,617.07	78,779.77	53,736.06	-90,343.3	54,357.69	23,736.21	15,581.52	8,780.52	7,004.14	5,435.9	4,466.76
Total Debt/Capital (%)	99.82	99.88	99.56	99.51	99.71	99.69	99.61	99.91	99.61	99.37	99.18	98.7	98.42	98.03	97.64
Total Debt/Total Assets (%)	99.22	104.05	98.98	98.91	99.2	99.25	99.22	99.54	99.23	98.97	98.75	98.32	98.06	97.63	97.2
CFO/Total Liabilities	-0.85	-0.47	1.15	0.4	-0.04	-0.21	-0.03	0.13	0.07	-0.14	-1.84	1.13	1.03	0.28	-0.25
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.04	-0.05	-0.05	-0.04	-0.05	-0.05	-0.05	-0.05	-0.05	-0.04	-0.03	-0.02	-0.02	-0.01	-0.01

Working Capital (USD)

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	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	2024 Y
Accounts Receivable Turnover	2.21	1.32	2.06	3.23	2.08	2.8	2.87	2.81	2.88	2.51	2.56	3.28	3.22	2.95	2.79
Days Sales Outstanding	165.25	276.97	176.88	113.14	175.63	130.25	127.17	129.9	126.93	145.68	142.57	111.4	113.37	123.75	130.66
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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	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	2024 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	17,297	17,539	21,117	19,228	22,023	14,674	25,224	32,110	25,557	21,184	38,337	42,448	57,987	35,817	38,853
+ Preferred Equity and Hybrid Capital	108,804	131,708	136,279	136,279	136,279	136,279	136,279	136,279	139,966	139,966	139,966	139,966	139,966	139,966	139,966
+ Minority/Non Controlling Interest	82	53	41	50	40	29	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3,197,000	3,341,597	3,189,517	3,234,523	3,222,155	3,197,671	3,262,316	3,330,054	3,391,920	3,467,386	3,935,736	4,158,191	4,221,888	4,222,718	4,228,097
Enterprise Value	3,288,589	3,378,237	3,241,539	3,313,453	3,305,797	3,299,075	3,365,008	3,429,380	3,502,900	3,583,764	4,035,668	4,254,872	4,303,171	4,326,303	4,328,741
Total Capital	3,202,900	3,345,664	3,203,758	3,250,312	3,231,543	3,207,724	3,275,029	3,333,215	3,405,238	3,489,263	3,968,279	4,212,910	4,289,530	4,307,768	4,330,125
Total Debt/Capital (%)	99.82	99.88	99.56	99.51	99.71	99.69	99.61	99.91	99.61	99.37	99.18	98.7	98.42	98.03	97.64
Total Debt / EV	0.97	0.99	0.98	0.98	0.97	0.97	0.97	0.97	0.97	0.97	0.98	0.98	0.98	0.98	0.98
EV/Sales	198.04	240.94	163.84	117.42	192.67	147.91	151.64	153.81	146.56	167.35	170.04	135.27	140.07	142.79	140.31
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	87.61	256.8	- -	- -	- -	814	1,558.23	- -	- -	90.12	98.19	364.07	- -
EV/Free Cash Flow to Firm	- -	- -	87.61	256.8	- -	- -	- -	814	1,558.23	- -	- -	90.12	98.19	364.07	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	3,288,589	3,455,819	3,304,720	3,351,624	3,336,451	3,319,305	3,373,371	3,434,223	3,506,329	3,586,168	4,037,365	4,255,709	4,303,867	4,326,867	4,329,210
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	16,606	14,021	19,785	28,220	17,158	22,305	22,191	22,296	23,901	21,415	23,734	31,455	30,722	30,299	30,852
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-27,395	-15,238	37,001	12,903	-1,338	-6,673	-980	4,213	2,248	-4,754	-72,934	47,211	43,826	11,883	-10,520
TTM Free Cash Flow to Firm	-27,395	-15,238	37,001	12,903	-1,338	-6,673	-980	4,213	2,248	-4,754	-72,934	47,211	43,826	11,883	-10,520

Multiples (USD)

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	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	2024 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	3,288,589	3,378,237	3,241,539	3,313,453	3,305,797	3,299,075	3,365,008	3,429,380	3,502,900	3,583,764	4,035,668	4,254,872	4,303,171	4,326,303	4,328,741
Low Price	- -	5,000	2,551	17,000	10,000	9,510	8,000	500	1,000	20,000.1	18,000	4,300	5,000	5,000	9,000
EV/Sales	198.04	240.94	163.84	117.42	192.67	147.91	151.64	153.81	146.56	167.35	170.04	135.27	140.07	142.79	140.31
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	198.04	246.47	167.03	118.77	194.45	148.81	152.02	154.03	146.7	167.46	170.11	135.3	140.09	142.81	140.32
EV/Sales High	198.04	246.47	167.03	118.77	194.45	148.81	152.02	154.03	146.7	167.46	170.11	135.3	140.09	142.81	140.32
EV/Sales Low	198.04	246.47	167.03	118.77	194.45	148.81	152.02	154.03	146.7	167.46	170.11	135.3	140.09	142.81	140.32
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	5,000	2,700	28,000	11,250	11,500	25,500	28,250	21,000	38,500	31,000	10,000	7,000	9,100	34,000
High Price	- -	5,000	4,750	29,000	40,500	16,000	26,000	35,000	25,000	47,000	39,650	25,100	11,500	9,100	34,000
Enterprise Value Average	3,288,589	3,455,819	3,304,720	3,351,624	3,336,451	3,319,305	3,373,371	3,434,223	3,506,329	3,586,168	4,037,365	4,255,709	4,303,867	4,326,867	4,329,210
Enterprise Value High	3,288,589	3,455,819	3,304,720	3,351,624	3,336,451	3,319,305	3,373,371	3,434,223	3,506,329	3,586,168	4,037,365	4,255,709	4,303,867	4,326,867	4,329,210
Enterprise Value Low	3,288,589	3,455,819	3,304,720	3,351,624	3,336,451	3,319,305	3,373,371	3,434,223	3,506,329	3,586,168	4,037,365	4,255,709	4,303,867	4,326,867	4,329,210

	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	2024 Y
Shares Outstanding	1,119	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158	1,158
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 National Mortgage Association

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)