Federal National Mortgage Association Pref S (FNMAS) Fair Value & Analysis
Financial Services · US · Market cap $15.0B · ISIN US3135867527
What is Federal National Mortgage Association Pref S really worth?
Federal National Mortgage Association Pref S
FNMAS · US
A solid business, but trading 381% above our fair value of $2.01.
Strengths
Risks
Fair value as of: Aug 17, 2026
From 5 valuation models · updated 18 days ago
Fair value updated Aug 17, 2026, revised from $2.02 to $2.01 (−0.2%) since Aug 13, 2026. Share price −5.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($2.51). The favourable scenario is already priced in.
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.
How to read this chart
60‑month range $1.48 – $17.57 · fair‑value band $1.51 – $2.51 · the $9.67 price screens above the $2.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 17, 2026.
Analysis
Federal National Mortgage Association Pref S (FNMAS) currently trades at $9.67, while our model-based Fair Value estimate is $2.01, implying the stock looks roughly 380.8% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 21 models at a data quality of 95/100, which puts the evidence level at medium.
Over the trailing twelve months, Federal National Mortgage Association Pref S generated revenue of $27.2B at a net margin of 53.0%. Revenue declined 4.4% year over year. It earns a return on equity of 13.7%. Net debt stands at $4.2T. Fundamentals as of Aug 17, 2026
Our scenario range runs from $1.51 (bear case) to $2.51 (bull case); at $9.67, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −5% fair-value upside, at −79%, FNMAS screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.0047 per share, which is 0.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 5 models by family
Widest divergence: Earnings-Based ($35.98) versus Asset-Based ($12.73). Highest evidence: Residual Income (70).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 14
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Federal National Mortgage Association provides financing solutions for residential mortgages in the United States. The company operates in two segments, Single-Family and Multifamily. It offers mortgage acquisitions and securitizations; and credit risk and loss management services.
Full company description
Federal National Mortgage Association provides financing solutions for residential mortgages in the United States. The company operates in two segments, Single-Family and Multifamily. It offers mortgage acquisitions and securitizations; and credit risk and loss management services. The company also engages in mortgage securitization transactions, including lender swap, portfolio securitization, and structured securitization transactions; and credit risk and loss management services. Federal National Mortgage Association was incorporated in 1938 and is based in Washington, District Of Columbia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Federal National Mortgage Association Pref S reported revenue of $29.2B in FY2025 versus $36.6B in FY2021, a compound −5.5%/yr. Reported net income was $14.4B in FY2025, compounding −10.3%/yr from FY2021.
FNMAS screens 381% overvalued. Compare with Rocket Companies, Inc →
Peer Group
Mortgage Finance · 92 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Mortgage Finance median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Mortgage Finance stocks, each showing price versus our Fair Value estimate (as of Aug 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Federal Home Loan Mortgage Corporation FMCCT | $15.00 | $30.00 | +100% |
| Rocket Companies, Inc RKT | $13.03 | $8.26 | −37% |
| Bajaj Housing Finance Limited BAJAJHFL | ₹84.06 | ₹39.96 | −52% |
| PennyMac Financial Services, Inc PFSI | $70.78 | $125.45 | +77% |
| UWM Holdings UWMC | $1.46 | $0.1600 | −89% |
| PNB Housing Finance Limited PNBHOUSING | ₹1,169 | ₹1,143 | −2% |
| LIC Housing Finance Limited LICHSGFIN | ₹502.00 | ₹1,004 | +100% |
| Aadhar Housing Finance Limited AADHARHFC | ₹471.10 | ₹325.75 | −31% |
| Walker & Dunlop, Inc WD | $39.71 | $32.25 | −19% |
| Aptus Value Housing Finance India Limited APTUS | ₹258.50 | ₹244.80 | −5% |
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