GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA
Fannie Mae (OTCPK:FNMA)
[1]
Significantly Undervalued[5]$ 0.86
Banks - Mortgage Finance
Market Cap: $ 996 Mil
Fannie Mae acts as a source of financing for mortgage lenders. It focuses on buying mortgage and mortgage securities for its own portfolio and guaranteeing payment of securities backed by conforming mortgage loans.
Valuation Rank
Score: 9 /10CurrentIndustry MedianHistorical Median
PE Ratio47.7910.94117.5
Forward P/EN/A11.19N/A
PB RatioN/A1.03N/A
PS Ratio0.172.950.5
P/FCF0.126.261.36
Shiller P/EN/A13.92N/A
PEG Ratio19.121.45146.49
Valuation Analysis
% of Price
Tangible Book-84.44-9816
Price0.8602
Median PS Value2.74319
Dividend & Ownership
Dividend Yield(ttm) %N/A
Dividend Yield(forward) %N/A
PayoutN/A
Dividend Growth(5y) %N/A
Yield on Cost(5y) %N/A
Continuous Div. sinceN/A
Insider Ownership %0.27
Institution Ownership %11.58
Financial Strength
Score: 2 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.022.090.01
Equity-to-Asset0.010.100.02
Piotroski F-Score966
Profitability Rank
Score: 5 /10CurrentIndustry MedianHistorical Median
Net Margin %71.4226.8259.80
ROE %0.259.770.08
ROA %0.530.950.40
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)30.210.8
EPS w/o NRI Growth (%)N/AN/A-90
Free Cash Flow Growth (%)N/AN/AN/A
Book Value Growth (%)0.12.5N/A
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue70756628765885897309
Net Income42294570499371524842
EPS000.010.010
Revenue (YoY) %39.38-6.1252.1671.853.31
Net Income (YoY) %6.714.7983.08181.0214.5
EPS (YoY) %-200-90-266.674000
Free Cash Flow-3767240602488315156-2984
Cash & Equiv.3936740034280404983468263
Current Assets4911549971380336000378158
Short-Term Debt & CLO----285722808045
Current Liabilities99829719124421165417344
Total Liabilities3844k3960k4040k4121k4167k
Stockholders Equity2069325259302253734542173
Warning Signs
SEVEREFinancial Strength: Poor
Good Signs
GOODPiotroski F-Score: High
GOODBeneish M-Score: Unlikely manipulator
As of 01-23-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-0.55-5.75
1M-4.42-5.42
3M1.20-3.10
6M-36.281.47
YTD4.89-7.79
1Y-52.9915.50
3Y-29.0619.94
5Y-25.6716.09
10Y13.8614.91
5.82
2.81
0.2
85M
42.7M
2012201320142015201620172018201920202021CurrentPerformance
0.830.394.085.823.314.494.392.564.033.622.5Highest Stock Price
0.20.20.261.511.641.12.251.061.11.280.7Lowest Stock Price
23230134862386189945173069122836132768996Market Cap
57375893576257625762589357625893589358935893Shares Outstanding-Diluted
At Loss1.08At LossAt LossAt Loss390At Loss1.86104796.6747.79PE Ratio
----------------------PB Ratio
0.080.080.570.540.421.020.660.260.860.590.17PS Ratio
235.67167.05110.29152.06148.76150.56147.71146.75167.63170.23139.68EV-to-Revenue
2011201220132014201520162017201820192020TTMPer Share Data
2.443.365.283.813.883.814.044.063.634.035.12Revenue per Share
-4.610.24-0.25-0.19-0.050.01-1.120.570.0300.02Earnings per Share
-2.666.282.24-0.23-1.16-0.170.730.38-0.81-12.386.98Free Cash Flow per Share
----------------------Dividends per Share
-117.75-111.47-109.44-114.5-114.2-112.43-120.86-115.47-108.25-99.05-84.44Tangible Book per Share
----------------2.092.142.74Median PS Value
----------------------Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
1402119785304202195822326224362327123901214152373430184Revenue
26718-852-8949-3964-795-2155-2041-2630-28771806-4318Credit Losses Provision
4016317380247726913625868656432671570497336Total Noninterest Expense
-1694517220385672115016208183331844720099175771487927166Pretax Income
-168551722483963142081095412313246315959141601180521557Net Income
-120.287.127664.749.154.910.666.866.149.771.4Net Margin %
0.60.70.70.60.70.70.60.60.60.70.7Net Interest Margin-Bank %
--109.2-17.4-16.9-6.81.5-543.52621.80.10.3ROE %
-0.50.52.60.40.30.40.10.50.40.30.5ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
1753921117192282202314674252243211025557211843833767377Cash & Equivalents
100009176831981937726773781338490860499379895Total Receivables
3211k3222k3270k3248k3222k3288k3346k3418k3503k3986k4209kTotal Assets
--------------------8045Short-Term Debt & CLO
3190k3190k3235k3222k3198k3262k3330k3392k3467k3936k4134kLong-Term Debt & CLO
3216k3215k3261k3244k3218k3282k3349k3412k3489k3960k4167kTotal Liabilities
-462471839541368040306071-36866240146082525942173Total Stockholders Equity
-457172249591372040596071-36866240146082525942173Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
-152383700112903-1338-6673-98042132248-4754-7293441115Cash Flow from Operations
4643885276934527542246672483242310531844081508532070522668530393Cash Flow from Investing
----------------------Repurchase of Stock
-463419-554070-384949-200010-238748-203839-178529-158316-185193100975-49416Net Issuance of Debt
-448908-561116-467546-220534-249000-213449-190538-163938-190314100465-49032Cash Flow from Financing
2423578-18892795-734916624-1917-10837119845421622476Net Change in Cash
----------------------Capital Expenditure
-152383700112903-1338-6673-98042132248-4754-7293441115Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
HKSE:00056Allied Properties (HK) Ltd001,671At Loss0.000.000.000.00
BOM:535789Indiabulls Housing Finance Ltd241,3778.383.3339.571.307.38
NYSE:EFCEllington Financial Inc251,0045.054.93102.224.1416.70
OTCPK:FNMAFannie Mae2599647.790.1771.420.530.25
OTCPK:FMCCFederal Home Loan Mortgage Corp255723.350.1461.370.454.43
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (2/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.02

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.01

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 98.23

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 9

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 1.79% vs ROIC : N/A%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Profitability[3] (Annual data, as of Dec. 2020) : Fair (5/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $7,309 Mil vs Net Income : $4,842 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $67,377 Mil vs Long-Term Debt* : $4,134,424 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Net Margin % : 66.25%

Net margin % measures the percentage of revenue remaining after all operating expenses, interest, taxes, etc have been deducted from a company's total revenue. Net Margin % is calculated as Net Income divided by its Revenue.


EPS without NRI : $0.00

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-0.51

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $0.8602)


PE Ratio without NRI : 46.67

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 0.00

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 0.16

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.12

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-Revenue : 139.68

Enterprise value of a company divided by its trailing 12 months revenue.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

Fannie Mae displays poor financial strength. Usually this is caused by too much debt for the company.

Good Signs

Piotroski F-Score : High

Piotroski F-Score is 9, indicating very healthy situation.

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NYSE:ESNTEssent Group Ltd5/100.200.750.0891.1480.00-2.339.50N/A
NYSE:WDWalker & Dunlop Inc4/100.100.272.3051.5242.30-0.186.61N/A
NAS:ECPGEncore Capital Group Inc3/100.060.312.003.8281.37-2.276.38N/A
NYSE:HTGCHercules Capital Inc3/100.170.481.06N/A60.00-1.329.12N/A
NAS:TREELendingTree Inc3/100.290.341.720.0561.57-2.699.47N/A
NAS:COOPMr. Cooper Group Inc3/100.070.153.162.6170.74-1.512.53N/A
NYSE:EFCEllington Financial Inc2/100.030.242.97N/A50.00-2.224.55N/A
OTCPK:FNMAFannie Mae2/100.020.0198.23N/A90.00-2.391.79N/A
OTCPK:FMCCFederal Home Loan Mortgage Corp2/100.000.01114.39N/A70.00-2.471.66N/A
NYSE:PFSIPennyMac Financial Services Inc2/100.060.182.31N/A41.71-1.712.85N/A

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NYSE:PFSIPennyMac Financial Services Inc8/10N/A32.8237.984.665.72N/A4.70N/A73.10
NYSE:WDWalker & Dunlop Inc8/10N/A22.3821.046.056.02N/A15.40N/A5.90
NAS:ECPGEncore Capital Group Inc7/10N/A19.0324.496.617.72N/A1.70N/A28.30
NYSE:ESNTEssent Group Ltd7/10N/A61.2915.7811.677.26N/A14.00N/A-0.90
NAS:TREELendingTree Inc7/10N/A1.223.281.0536.20N/A15.70N/A0.00
NYSE:HTGCHercules Capital Inc6/10N/A80.4724.8412.297.61N/A17.40N/A28.40
NYSE:EFCEllington Financial Inc5/10N/A102.2216.704.148.13N/A-21.80N/A-27.90
OTCPK:FNMAFannie Mae5/10N/A71.420.250.530.12N/A-0.10N/A0.00
OTCPK:FMCCFederal Home Loan Mortgage Corp5/10N/A61.374.430.450.24N/A-9.10N/A0.00
NAS:COOPMr. Cooper Group Inc4/10N/A40.3950.516.440.00N/A20.10N/A120.10

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NAS:COOPMr. Cooper Group Inc2.620.971.040.420.000.000.000.00N/A34.98
OTCPK:FMCCFederal Home Loan Mortgage Corp3.350.000.140.030.000.330.670.00N/A1203.83
NYSE:PFSIPennyMac Financial Services Inc3.641.121.180.000.090.000.150.00N/A-6.43
NYSE:EFCEllington Financial Inc5.050.954.932.610.000.000.000.46N/A-30.17
NYSE:HTGCHercules Capital Inc6.281.475.033.640.230.680.000.64N/A-1.53
NAS:ECPGEncore Capital Group Inc6.511.361.240.740.311.280.571.09N/A20.99
NYSE:ESNTEssent Group Ltd8.071.204.950.480.000.000.610.66N/A25.64
NYSE:WDWalker & Dunlop Inc15.903.023.450.000.381.781.405.58N/A13.41
OTCPK:FNMAFannie Mae47.790.000.170.000.000.310.000.00N/A3241.66
NAS:TREELendingTree Inc149.123.961.631.310.000.449.350.00N/A16.19
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Per Share Data



Per Share Data

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
14.67
11.66
10.63
-4.61
0.8
2.92
2.44
3.36
5.28
3.81
3.88
3.81
4.04
4.06
3.63
4.03
5.12
Revenue per Share
6.01
3.65
-2.63
-24.04
-13.11
-3.81
-4.61
0.24
-0.25
-0.19
-0.05
0.01
-1.12
0.57
0.03
0
0.02
Earnings per Share (Diluted)
5.96
3.64
-2.62
-24.04
-13.11
-3.81
-4.61
0.24
-0.25
-0.19
-0.05
0.01
-1.12
0.57
0.03
0
0.02
EPS without NRI
--
--
--
-36.51
-18.22
-8.03
-8.44
-2.46
9.07
--
--
--
--
--
--
--
-- Owner Earnings per Share (TTM)
78.3
32.58
44.14
6.37
-15.13
-4.81
-2.66
6.28
2.24
-0.23
-1.16
-0.17
0.73
0.38
-0.81
-12.38
6.98
Free Cash Flow per Share
78.3
32.58
44.14
6.37
-15.13
-4.81
-2.66
6.28
2.24
-0.23
-1.16
-0.17
0.73
0.38
-0.81
-12.38
6.98
Operating Cash Flow per Share
2.9
3.33
4.03
16.52
6.12
15.46
15.15
18.23
16.6
19.02
12.67
21.78
27.73
22.07
18.29
33.1
58.18
Cash per Share
1.04
1.04
1.8
0.75
--
--
--
--
--
--
--
--
--
--
--
--
-- Dividends per Share
31.03
33.28
27.7
-34.58
-86.78
-99.6
-118
-111
-109
-114
-114
-112
-121
-115
-108
-99.05
-84.44
Book Value per Share
31.03
33.28
27.7
-34.58
-86.78
-99.6
-118
-111
-109
-114
-114
-112
-121
-115
-108
-99.05
-84.44
Tangible Book per Share
785
788
814
802
696
2858
2755
2754
2793
2782
2761
2817
2875
2929
2994
3398
3577
Total Debt per Share
48.81
59.39
39.98
0.76
1.18
0.3
0.2
0.26
3.01
2.06
1.64
3.9
2.65
1.06
3.12
2.39
0.86
Month End Stock Price

Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
14.99
8.78
-5.99
-417
--
--
--
109
-17.41
-16.87
-6.8
1.52
-543
262
1.83
0.08
0.25
ROE %
9.55
4.93
-4.16
--
--
--
--
--
--
--
--
--
--
--
--
--
-- ROE % Adjusted to Book Value
0.68
0.48
-0.24
-6.55
-8.08
-0.69
-0.52
0.54
2.59
0.44
0.34
0.38
0.07
0.47
0.41
0.32
0.53
ROA %
14.99
8.78
-5.99
-417
--
--
--
109
-17.41
-16.87
-6.8
1.52
-543
262
1.83
0.08
0.25
Return-on-Tangible-Equity
0.68
0.48
-0.24
-6.55
-8.08
-0.69
-0.52
0.54
2.59
0.44
0.34
0.38
0.07
0.47
0.41
0.32
0.53
Return-on-Tangible-Asset
0.89
2.75
8.16
5.29
3.07
8.5
4.41
3.37
2.99
2.96
1.86
1.8
1.16
1.4
2.34
1.85
1.79
WACC %
3.88
4.82
5.14
4.12
3.02
6.94
3.87
3.38
2.96
2.93
2.74
2.62
2.7
2.86
2.88
2.23
1.73
Effective Interest Rate on Debt %
1.3
0.85
0.57
1.06
1.77
0.83
0.61
0.68
0.71
0.63
0.68
0.67
0.64
0.64
0.63
0.68
0.73
Net Interest Margin (Bank Only) %
43.35
35.83
-19.83
512
-1583
-84.39
-120
87.06
276
64.71
49.06
54.88
10.58
66.77
66.12
49.74
71.42
Net Margin %
534
280
415
-138
-1890
-165
-109
187
42.42
-6.09
-29.89
-4.37
18.1
9.41
-22.2
-307
136
FCF Margin %
19.44
18.48
18.09
-56.84
-50.39
-1230
-690
444
339
876
793
537
-903
544
237
156
98.23
Debt-to-Equity
0.05
0.05
0.05
-0.02
-0.02
-0
-0
0
0
0
0
0
-0
0
0
0.01
0.01
Equity-to-Asset
0.92
0.91
0.91
0.95
0.89
0.99
0.99
0.99
0.99
0.99
0.99
0.99
1
0.99
0.99
0.99
0.98
Debt-to-Asset
0.95
0.95
0.95
1.02
1.02
1
1
1
1
1
1
1
1
1
1
0.99
0.99
Liabilities-to-Assets
0.02
0.01
0.01
-0.01
0.01
0.01
0
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Asset Turnover
0.17
0.29
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Dividend Payout Ratio
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Financial Satement



Income Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
44844
43627
44766
43123
39355
154270
142943
129190
117549
114405
109442
106021
109856
117473
120182
107569
98449
  Interest Income
-33339
-36875
-40185
-34341
-24845
-137861
-123662
-107689
-95145
-94437
-88033
-84726
-89123
-96200
-98889
-82703
-69363
  Interest Expense
11505
6752
4581
8782
14510
16409
19281
21501
22404
19968
21409
21295
20733
21273
21293
24866
29086
Net Interest Income (for Banks)
3135
4578
5757
-20249
-9965
197
-5260
-1716
8016
1990
917
1141
2538
2628
122
-1132
1098
Non Interest Income
14640
11330
10338
-11467
4545
16606
14021
19785
30420
21958
22326
22436
23271
23901
21415
23734
30184
Revenue
441
589
4564
27951
9569
24896
26718
-852
-8949
-3964
-795
-2155
-2041
-2630
-2877
1806
-4318
Credit Losses Provision
959
1219
1370
1223
1318
1485
1455
1413
1446
1498
2066
1786
1804
2027
2056
2147
2212
Selling, General, & Admin. Expense
5603
5500
9504
3707
3283
3757
2561
1760
-644
3274
4847
4472
5061
4405
4659
4902
5124
Other Noninterest Expense
6562
6719
10874
4930
4601
5242
4016
3173
802
4772
6913
6258
6865
6432
6715
7049
7336
Total Noninterest Expense
68
-201
47
222
63382
568
232
244
-131
-66
--
--
--
--
--
--
-- SpecialCharges
2
-10
21
--
--
--
--
--
-131
-66
--
--
--
--
--
--
-- Other Income (Expense)
7571
4213
-5126
-44570
-73007
-14100
-16945
17220
38567
21150
16208
18333
18447
20099
17577
14879
27166
Pre-Tax Income
-1277
-166
3091
-13749
985
82
90
--
45415
-6941
-5253
-6020
-15984
-4140
-3417
-3074
-5609
Tax Provision
16.87
3.94
60.3
-30.85
1.35
0.58
0.53
--
-118
32.82
32.41
32.84
86.65
20.6
19.44
20.66
20.65
Tax Rate %
6294
4047
-2035
-58319
-72022
-14018
-16855
17220
83982
14209
10955
12313
2463
15959
14160
11805
21557
Net Income (Continuing Operations)
2
-10
21
21
53
4
--
4
-19
-1
-1
--
--
--
--
--
--   Other Income (Minority Interest)
6347
4059
-2050
-58707
-71969
-14014
-16855
17224
83963
14208
10954
12313
2463
15959
14160
11805
21557
Net Income
43.35
35.83
-19.83
512
-1583
-84.39
-120
87.06
276
64.71
49.06
54.88
10.58
66.77
66.12
49.74
71.42
Net Margin %
486
511
513
1069
2474
7704
9614
15827
85419
15323
11216
12236
8944
12613
13969
11790
21480
Preferred Dividends
6.04
3.65
-2.63
-24.04
-13.11
-3.81
-4.61
0.24
-0.25
-0.19
-0.05
0.01
-1.12
0.58
0.03
0
0.02
EPS (Basic)
6.01
3.65
-2.63
-24.04
-13.11
-3.81
-4.61
0.24
-0.25
-0.19
-0.05
0.01
-1.12
0.57
0.03
0
0.02
EPS (Diluted)
998
972
973
2487
5680
5694
5737
5893
5762
5762
5762
5893
5762
5893
5893
5893
5893
Shares Outstanding (Diluted Average)
7123
8263
9384
8189
--
--
--
--
--
--
--
--
--
--
--
--
-- Depreciation, Depletion and Amortization

Cashflow Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
6347
4059
-2050
-58728
-72022
-14018
-16855
17220
83982
14209
10955
12313
2463
15959
14160
11805
21557
Net Income From Continuing Operations
7123
8263
9384
8189
--
--
--
--
--
--
--
--
--
--
--
--
-- Depreciation, Depletion and Amortization
--
--
--
--
--
--
--
--
--
--
--
--
--
204
332
-2749
--   Change In Receivables
79
-609
-3465
12904
--
--
--
--
--
--
--
--
--
--
--
--
--   Change In Payables And Accrued Expense
60476
18458
28611
-18585
--
--
--
--
--
--
--
--
--
-5660
-1697
-72727
--   Change In Other Working Capital
60555
17849
25146
-5681
-2525
-23612
-17048
31972
1575
-2666
-10153
-3005
4511
-5456
-1365
-75476
-- Change In Working Capital
--
--
--
12904
-1919
258
1044
10
-47766
4126
4083
4309
14369
3680
1517
3152
-- Deferred Tax
4116
1498
10469
59169
-9443
9977
17621
-12201
-24888
-17007
-11558
-14597
-17130
-11935
-19066
-12415
19558
Cash Flow from Others
78141
31669
42949
15853
-85909
-27395
-15238
37001
12903
-1338
-6673
-980
4213
2248
-4754
-72934
41115
Cash Flow from Operations
--
--
--
10905
22667
39682
47248
38685
38349
25476
20757
16115
12221
9321
7425
5991
4113
Sale Of Property, Plant, Equipment
-124695
-222401
-165126
-156479
-214450
-8960
-3143
-3216
-7521
--
--
--
--
--
--
--
-- Purchase Of Investment
287776
248211
199517
193394
406960
49163
20861
21311
42689
12144
14515
17763
5446
1733
1113
882
1265
Sale Of Investment
-23677
-39583
-100005
-120327
-97442
460294
399422
470913
379237
187047
213052
197175
166741
139799
198514
19812
25015
Cash From Other Investing Activities
139404
-13773
-65614
-72507
117735
540179
464388
527693
452754
224667
248324
231053
184408
150853
207052
26685
30393
Cash Flow from Investing
--
--
--
7211
--
--
--
--
--
--
--
--
--
--
--
--
-- Issuance of Stock
29
19
7741
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Repurchase of Stock
--
--
--
--
59900
27700
23978
4571
--
--
--
--
--
3687
--
--
-- Net Issuance of Preferred Stock
156336
179371
249520
2157k
1931k
2218k
1816k
1133k
782340
655635
790985
1420k
1419k
1147k
1225k
1671k
1540k
  Issuance of Debt
-372369
-195219
-232978
-2092k
-2031k
-2741k
-2279k
-1687k
-1167k
-855645
-1030k
-1624k
-1597k
-1306k
-1410k
-1570k
-1589k
  Payments of Debt
-216033
-15848
16542
65506
-100323
-522297
-463419
-554070
-384949
-200010
-238748
-203839
-178529
-158316
-185193
100975
-49416
Net Issuance of Debt
-1376
-1650
-2483
-1805
-2470
-7706
-9613
-11608
-82452
-20594
-10278
-9624
-12015
-9372
-5601
--
-- Cash Flow for Dividends
--
2
1567
-266
-54
4
146
-9
-145
70
26
14
6
63
480
-510
384
Other Financing
-217380
-17477
23367
70646
-42947
-502299
-448908
-561116
-467546
-220534
-249000
-213449
-190538
-163938
-190314
100465
-49032
Cash Flow from Financing
165
419
702
13992
-11121
10485
242
3578
-1889
2795
-7349
16624
-1917
-10837
11984
54216
22476
Net Change in Cash
78141
31669
42949
15853
-85909
-27395
-15238
37001
12903
-1338
-6673
-980
4213
2248
-4754
-72934
41115
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Financial Satement


Balance Sheet

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
2820
3239
3941
17933
6812
17297
17539
21117
19228
22023
14674
25224
32110
25557
21184
38337
67377
Cash and cash equivalents
9655
13414
49602
57947
56754
75429
96797
100419
67970
63492
58229
67368
47620
56804
53801
105486
93697
Money Market Investments
367845
383895
404222
428335
404486
2985k
2971k
3008k
3070k
3055k
3048k
3103k
3198k
3264k
3343k
3664k
3910k
  Gross Loan
-302
-340
-698
-2923
-9925
-61556
-72156
-58795
-43846
-35541
-27951
-23465
-19084
-14203
-9016
-10552
-6334
  Allowance For Loans And Lease Losses
367543
383555
403524
425412
394561
2924k
2899k
2949k
3026k
3019k
3020k
3080k
3179k
3249k
3334k
3654k
3904k
Net Loan
415379
390112
357513
357294
349667
151248
151780
103876
68939
62158
60138
48925
39522
45296
50527
138239
98095
Securities & Investments
3506
3672
3812
3816
3757
11279
10000
9176
8319
8193
7726
7737
8133
8490
8604
9937
9895
  Accounts Receivable
--
--
--
6482
18329
951
--
--
--
--
--
--
--
--
--
--
--   Other Current Receivables
3506
3672
3812
10298
22086
12230
10000
9176
8319
8193
7726
7737
8133
8490
8604
9937
9895
Total Receivables
1771
2141
3602
6918
9142
16173
--
--
--
--
--
--
--
--
--
--
-- Property, Plant and Equipment
33494
47803
57395
36602
30119
25875
36747
38428
79412
72816
61506
58961
39619
32776
35041
39858
36476
Other Assets for Banks
834168
843936
879389
912404
869141
3222k
3211k
3222k
3270k
3248k
3222k
3288k
3346k
3418k
3503k
3986k
4209k
Total Assets
6616
7847
7512
12297
30852
16714
12648
11303
10553
10232
9794
9431
9682
10211
10228
9719
9299
Accounts Payable & Accrued Expense
173186
165810
234160
330991
200437
157243
--
--
--
--
--
--
--
--
--
--
8045
Short-Term Debt & Capital Lease Obligation
590824
601236
562139
539402
574117
3040k
3190k
3190k
3235k
3222k
3198k
3262k
3330k
3392k
3467k
3936k
4134k
Long-Term Debt & Capital Lease Obligation
19.44
18.48
18.09
-56.84
-50.39
-1230
-690
444
339
876
793
537
-903
544
237
156
98.23
Debt-to-Equity
24119
27401
31460
44871
79016
10775
13535
14378
15441
12069
10393
10150
9479
9947
11097
15035
15268
Other Liabilities for Banks
794745
802294
835271
927561
884422
3224k
3216k
3215k
3261k
3244k
3218k
3282k
3349k
3412k
3489k
3960k
4167k
Total Liabilities
--
--
--
--
--
--
687
687
687
687
687
687
687
687
687
687
687
Common Stock
9108
9108
16913
22222
81248
108804
131708
136279
136279
136279
136279
136279
136279
139966
139966
139966
139966
Preferred Stock
35555
37955
33548
-26790
-90237
-102986
-128381
-122766
-121227
-127618
-126942
-124253
-133805
-127335
-118776
-108110
-91123
Retained Earnings
-131
-445
-1362
-7673
-1732
-1682
-1235
384
1203
1733
1407
759
553
322
131
116
43
Accumulated other comprehensive income (loss)
2506
2535
2424
4271
2747
667
--
--
--
--
--
--
--
--
--
--
-- Additional Paid-In Capital
-7736
-7647
-7512
-7344
-7398
-7402
-7403
-7401
-7401
-7401
-7401
-7401
-7400
-7400
-7400
-7400
-7400
Treasury Stock
39302
41506
44011
-15314
-15372
-2599
-4624
7183
9541
3680
4030
6071
-3686
6240
14608
25259
42173
Total Stockholders Equity
121
136
107
157
91
82
53
41
50
40
29
--
--
--
--
--
-- Minority Interest
39423
41642
44118
-15157
-15281
-2517
-4571
7224
9591
3720
4059
6071
-3686
6240
14608
25259
42173
Total Equity
0.05
0.05
0.05
-0.02
-0.02
-0
-0
0
0
0
0
0
-0
0
0
0.01
0.01
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Valuation Ratios



Valuation Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
8.12
16.27
At Loss
At Loss
At Loss
At Loss
At Loss
1.08
At Loss
At Loss
At Loss
390
At Loss
1.86
104
797
47.79
PE Ratio
8.19
16.32
At Loss
At Loss
At Loss
At Loss
At Loss
1.08
At Loss
At Loss
At Loss
390
At Loss
1.86
104
797
47.79
PE Ratio without NRI
--
--
--
--
--
--
--
--
0.33
--
--
--
--
--
--
--
-- Price-to-Owner-Earnings
1.57
1.78
1.44
--
--
--
--
--
--
--
--
--
--
--
--
--
-- PB Ratio
1.57
1.78
1.44
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Price-to-Tangible-Book
0.62
1.82
0.91
0.12
--
--
--
0.04
1.34
--
--
--
3.63
2.78
--
--
0.12
Price-to-Free-Cash-Flow
0.62
1.82
0.91
0.12
--
--
--
0.04
1.34
--
--
--
3.63
2.78
--
--
0.12
Price-to-Operating-Cash-Flow
3.33
5.1
3.76
--
1.48
0.1
0.08
0.08
0.57
0.54
0.42
1.02
0.66
0.26
0.86
0.59
0.17
PS Ratio
--
--
--
--
--
--
--
--
--
--
--
--
--
--
1040
413
19.12
PEG Ratio
55.87
73.33
82.07
-76.36
187
198
236
167
110
152
149
151
148
147
168
170
140
EV-to-Revenue
-7.74
-16.4
-13.49
866
558
2195
3276
2582
--
--
--
--
10.19
--
--
--
3242
Forward Rate of Return (Yacktman) %
9.67
11.38
8.33
10.37
--
--
--
--
--
--
--
--
--
--
--
--
-- Shiller PE Ratio
2.13
1.75
4.5
98.68
--
--
--
--
--
--
--
--
--
--
--
--
-- Dividend Yield %

Valuation and Quality

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
47494
57813
39112
825
1314
336
232
301
3486
2386
1899
4517
3069
1228
3613
2768
996
Market Cap
817913
830864
848490
875664
850395
3289k
3304k
3305k
3355k
3339k
3321k
3378k
3437k
3508k
3590k
4040k
4216k
Enterprise Value
48.81
59.39
39.98
0.76
1.18
0.3
0.2
0.26
3.01
2.06
1.64
3.9
2.65
1.06
3.12
2.39
0.86
Month End Stock Price
-814
-821
-850
-838
-788
-2867
-2696
-2704
-2766
-2756
-2749
-2805
-2860
-2921
-2992
-3385
-3539
Net Cash per Share
-821
-828
-864
-856
-859
-2957
-2803
-2815
-2878
-2869
-2861
-2918
-2973
-3037
-3107
-3500
-3654
Net-Net Working Capital
244
233
278
206
3.39
-15.15
-19.45
-7.49
-8.4
-27.05
-1.59
11.35
8.88
4.75
0.46
-18.29
-6.39
Intrinsic Value: Projected FCF
--
--
--
--
--
--
--
--
--
--
--
--
--
--
2.09
2.14
2.74
Median PS Value
64.51
52.21
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Graham Number
-718
-762
-583
-831
-197
-620
-599
-587
-613
-575
-539
--
--
--
--
--
-559
Earnings Power Value (EPV)
5
3
6
4
1
4
3
7
8
2
5
5
6
7
4
4
9
Piotroski F-Score
-2.33
-3.34
-1.67
-4.27
-4.06
0.42
-2.56
-2.52
-2.39
-2.39
-2.39
-2.39
-2.39
-2.39
-2.39
-2.39
-2.39
Beneish M-Score
0.78
0.97
0.99
0.95
0.83
3.66
0.98
0.99
1
0.98
0.98
1.01
1
1.01
1.01
1.12
0.99
Scaled Net Operating Assets
-25.32
-1.64
2.34
-0.23
-11.94
-16.35
-14.51
-16.99
-11.67
-6.44
-7.16
-6.62
-5.56
-4.01
-5.37
1.46
-1.19
Sloan Ratio %
71.27
61.65
69.49
37.46
2.04
1.3
0.83
0.39
4.08
5.82
3.31
4.49
4.39
2.56
4.03
3.62
2.5
Highest Stock Price
41.62
46.37
28.25
0.3
0.36
0.23
0.2
0.2
0.26
1.51
1.64
1.1
2.25
1.06
1.1
1.28
0.7
Lowest Stock Price
-0.53
-0.04
-0.5
-10.95
-2.57
-0.46
-3.51
-0.03
--
--
--
--
--
--
--
--
-- Shares Buyback Ratio %
-0.06
-0.03
-19.79
-874
--
--
--
--
--
--
--
--
--
--
--
--
-- Buyback Yield %
-32.11
-20.54
-8.85
-143
117
265
-16.19
37.36
57.25
-27.81
1.68
-1.75
6.09
0.42
-10.4
10.81
24.77
YoY Rev. per Sh. Growth
21.66
-39.27
-172
-814
45.47
70.94
-21
105
-204
24
73.68
120
-11300
151
-94.74
-90
63.64
YoY EPS Growth
970
972
973
2487
5680
5694
5737
5762
5762
5762
5762
5762
5762
5762
5762
5867
5867
Shares Outstanding (Basic Average)
973
973
978
1085
1113
1119
1158
1158
1158
1158
1158
1158
1158
1158
1158
1158
1158
Shares Outstanding (EOP)
0.82
1.19
1.94
2.43
3.11
2.97
2.89
2.27
3.99
5.67
4.77
2.67
2.01
1.71
1.92
2.33
2.35
Beta
05/02/07
08/16/07
02/27/08
02/26/09
02/26/10
02/24/11
02/29/12
04/02/13
02/21/14
02/20/15
02/19/16
02/17/17
02/14/18
02/14/19
02/13/20
02/12/21
  Filing Date
05/02/07
02/27/08
02/26/09
02/26/10
02/24/11
04/02/13
02/21/14
02/20/15
02/19/16
02/17/17
02/14/18
02/14/19
02/13/20
02/12/21
02/12/21
02/12/21
  Restated Filing Date
02/26/10
  Earnings Release Date
--
--
21000
--
--
18000
15000
14000
14000
13000
12000
12000
9000
9000
8000
8000
8000
Number of Shareholders
5600
6600
5700
--
6000
7300
7000
7200
7400
7600
7300
7000
7200
7400
7500
7700
7700
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Fannie Mae (OTCPK:FNMA)
www.gurufocus.com/stock/OTCPK:FNMA

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.