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Federal National Mortgage Association Fannie Mae Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Federal National Mortgage Association Fannie Mae has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Federal National Mortgage Association Fannie Mae's Piotroski F-Score or its related term are showing as below:

FNMA' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Federal National Mortgage Association Fannie Mae was 9. The lowest was 1. And the median was 6.


Federal National Mortgage Association Fannie Mae Piotroski F-Score Historical Data

The historical data trend for Federal National Mortgage Association Fannie Mae's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Federal National Mortgage Association Fannie Mae Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 4.00 4.00 9.00

Federal National Mortgage Association Fannie Mae Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 9.00 9.00 9.00 6.00

Competitive Comparison

For the Mortgage Finance subindustry, Federal National Mortgage Association Fannie Mae's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Federal National Mortgage Association Fannie Mae Piotroski F-Score Distribution

For the Banks industry and Financial Services sector, Federal National Mortgage Association Fannie Mae's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Federal National Mortgage Association Fannie Mae's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 4842 + 5189 + 4408 + 4653 = $19,092 Mil.
Cash Flow from Operations was -2984 + 10156 + 3358 + 20805 = $31,335 Mil.
Revenue was 7309 + 7899 + 7860 + 8369 = $31,437 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(4158038 + 4209209 + 4229166 + 4285029 + 4288967) / 5 = $4234081.8 Mil.
Total Assets at the begining of this year (Jun21) was $4,158,038 Mil.
Long-Term Debt & Capital Lease Obligation was $4,201,057 Mil.
Total Assets was $4,288,967 Mil.
Total Liabilities was $4,232,560 Mil.
Net Income was 4229 + 4570 + 4993 + 7152 = $20,944 Mil.

Revenue was 7075 + 6628 + 7658 + 8589 = $29,950 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(3760676 + 3864603 + 3985749 + 4070103 + 4158038) / 5 = $3967833.8 Mil.
Total Assets at the begining of last year (Jun20) was $3,760,676 Mil.
Long-Term Debt & Capital Lease Obligation was $4,093,995 Mil.
Total Assets was $4,158,038 Mil.
Total Liabilities was $4,120,693 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Federal National Mortgage Association Fannie Mae's current Net Income (TTM) was 19,092. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Federal National Mortgage Association Fannie Mae's current Cash Flow from Operations (TTM) was 31,335. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=19092/4158038
=0.00459159

ROA (Last Year)=Net Income/Total Assets (Jun20)
=20944/3760676
=0.00556921

Federal National Mortgage Association Fannie Mae's return on assets of this year was 0.00459159. Federal National Mortgage Association Fannie Mae's return on assets of last year was 0.00556921. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Federal National Mortgage Association Fannie Mae's current Net Income (TTM) was 19,092. Federal National Mortgage Association Fannie Mae's current Cash Flow from Operations (TTM) was 31,335. ==> 31,335 > 19,092 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=4201057/4234081.8
=0.99220025

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=4093995/3967833.8
=1.03179599

Federal National Mortgage Association Fannie Mae's gearing of this year was 0.99220025. Federal National Mortgage Association Fannie Mae's gearing of last year was 1.03179599. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Jun22)=Total Assets/Total Liabilities
=4288967/4232560
=1.01332692

Current Ratio (Last Year: Jun21)=Total Assets/Total Liabilities
=4158038/4120693
=1.0090628

Federal National Mortgage Association Fannie Mae's current ratio of this year was 1.01332692. Federal National Mortgage Association Fannie Mae's current ratio of last year was 1.0090628. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Federal National Mortgage Association Fannie Mae's number of shares in issue this year was 5893. Federal National Mortgage Association Fannie Mae's number of shares in issue last year was 5893. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=19092/31437
=0.60730986

Net Margin (Last Year: TTM)=Net Income/Revenue
=20944/29950
=0.69929883

Federal National Mortgage Association Fannie Mae's net margin of this year was 0.60730986. Federal National Mortgage Association Fannie Mae's net margin of last year was 0.69929883. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=31437/4158038
=0.00756054

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=29950/3760676
=0.00796399

Federal National Mortgage Association Fannie Mae's asset turnover of this year was 0.00756054. Federal National Mortgage Association Fannie Mae's asset turnover of last year was 0.00796399. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+1+0+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Federal National Mortgage Association Fannie Mae has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Federal National Mortgage Association Fannie Mae  (OTCPK:FNMA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Federal National Mortgage Association Fannie Mae Piotroski F-Score Related Terms

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Federal National Mortgage Association Fannie Mae Business Description

Federal National Mortgage Association Fannie Mae logo
Address
1100 15th Street, NW, Midtown Center, Washington, DC, USA, 20005
Federal National Mortgage Association Fannie Mae is a nonbank financial services company. Its objective is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. The company operates in the secondary mortgage market by purchasing mortgage loans and mortgage-related securities, from mortgage market institutions, such as commercial banks, savings and loan associations, mortgage banking companies, securities dealers, and other investors. It has two business segments namely Single-Family and Multifamily. Most of the revenue is derived from the Single-Family segment.
Executives
Brammer Andrew M officer: VP & Interim CRO C/O FANNIE MAE 110015TH STREET, NW WASHINGTON DC 20005
Holmberg James L officer: SVP & Controller C/O FANNIE MAE 1100 15TH STREET, NW WASHINGTON DC 20005
Evans H. Malloy Iii officer: EVP-Single-family C/O FANNIE MAE, 1100 15TH STREET NW WASHINGTON DC 20005
Johnson Simon H R director C/O FANNIE MAE, 1100 15TH STREET NW WASHINGTON DC 20005
Brummer Christopher J director C/O FANNIE MAE, 1100 15TH STREET NW WASHINGTON DC 20005
Evans Michele M officer: EVP--Multifamily C/O FANNIE MAE, 1100 15TH STREET NW WASHINGTON DC 20005
Bair Sheila Colleen director 6903 ROCKLEDGE DRIVE, SUITE 1500 BETHESDA MD 20817
Theologides Stergios officer: EVP, GC & Corporate Secretary CORELOGIC, INC. 40 PACIFICA, SUITE 900 IRVINE CA 92618
Kimbrough Karin director C/O FANNIE MAE 1100 15TH STREET NW WASHINGTON DC 20005
Mcelhennon Stephen H officer: interim GC C/O FANNIE MAE 1100 15TH STREET, NW WASHINGTON DC 20005
Sanchez Rodriquez Manuel director C/O FANNIE MAE 1100 15TH STREET, NW WASHINGTON DC 20005
Brown Celeste M officer: EVP & CFO C/O EVERCORE INC. 55 EAST 52ND STREET NEW YORK NY 10055
Jenkins Antony P director C/O FANNIE MAE 3900 WISCONSIN AVENUE, NW WASHINGTON DC 20016
Forlines John S officer: SVP& Interim Chief Risk Off. C/O FANNIE MAE 1100 15TH STREET, NW WASHINGTON DC 20005
Halley Chryssa C officer: SVP & Controller C/O FANNIE MAE, 3900 WISCONSIN AVENUE,NW WASHINGTON DC 20016

Federal National Mortgage Association Fannie Mae Headlines

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