AGM (Federal Agricultural Mortgage) Beneish M-Score: -2.35 (As of Jun. 25, 2026)


AGM Federal Agricultural Mortgage Corp AGM
64 GF Score
Price $192.66
GF Value $211.77
Valuation Fairly Valued
! 5 Warning Signs
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What is Federal Agricultural Mortgage Beneish M-Score?

Federal Agricultural Mortgage AGM +1.73% 64 Beneish M-Score is -2.35 as of Jun. 25, 2026. GuruFocus rates AGM with a GF Score™ of 64/100 and a GF Value™ of $211.77 (Fairly Valued). The stock has 5 warning signs investors should review. Among 483 Credit Services companies, Federal Agricultural Mortgage ranks better than 58.59% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Federal Agricultural Mortgage's Beneish M-Score or its related term are showing as below:

AGM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -2.4   Max: -2.23
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Federal Agricultural Mortgage was -2.23. The lowest was -2.64. And the median was -2.40.

AGM
64GF Score
Federal Agricultural Mortgage Corp AGM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Federal Agricultural Mortgage Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Federal Agricultural Mortgage for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.024+0.528 * 1+0.404 * 1+0.892 * 1.1264+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0218+4.679 * -0.000137-0.327 * 1.0081
=-2.35

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $360.7 Mil.
Revenue was 109.125 + 107.503 + 103.918 + 102.733 = $423.3 Mil.
Gross Profit was 109.125 + 107.503 + 103.918 + 102.733 = $423.3 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $36,729.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $119.9 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $23,008.2 Mil.
Net Income was 59.123 + 47.924 + 55.003 + 54.837 = $216.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 92.052 + 103.41 + 74.193 + -47.722 = $221.9 Mil.
 Total Receivables was $312.7 Mil.
Revenue was 94.319 + 101.444 + 90.094 + 89.917 = $375.8 Mil.
Gross Profit was 94.319 + 101.444 + 90.094 + 89.917 = $375.8 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $31,803.9 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $104.2 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $19,761.9 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(360.666 / 423.279) / (312.697 / 375.774)
=0.852076 / 0.832141
=1.024

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(375.774 / 375.774) / (423.279 / 423.279)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 36729.246) / (1 - (0 + 0) / 31803.939)
=1 / 1
=1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=423.279 / 375.774
=1.1264

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(119.947 / 423.279) / (104.209 / 375.774)
=0.283376 / 0.277318
=1.0218

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((23008.189 + 0) / 36729.246) / ((19761.889 + 0) / 31803.939)
=0.626427 / 0.621366
=1.0081

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(216.887 - 0 - 221.933) / 36729.246
=-0.000137

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Federal Agricultural Mortgage has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.35 mean?
Federal Agricultural Mortgage (AGM) has a Beneish M-Score of -2.35 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Federal Agricultural Mortgage and its competitors. According to the industry distribution chart, Federal Agricultural Mortgage ranks #200 out of 483 companies in the Credit Services industry, placing it in the top 41.4%.
Is Federal Agricultural Mortgage's Beneish M-Score too high?
Federal Agricultural Mortgage's current Beneish M-Score is -2.35. Based on the distribution chart, Federal Agricultural Mortgage ranks #200 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, Federal Agricultural Mortgage has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Federal Agricultural Mortgage's Beneish M-Score compare to EZPW and QFIN?
According to the Credit Services industry distribution chart, Federal Agricultural Mortgage ranks #200 out of 483 companies for Beneish M-Score. This puts Federal Agricultural Mortgage in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Credit Services company?
A good Beneish M-Score depends on the Credit Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Federal Agricultural Mortgage and its competitors. Federal Agricultural Mortgage's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Federal Agricultural Mortgage stock overvalued right now?
Based on GuruFocus' analysis, Federal Agricultural Mortgage (AGM) is currently considered Fairly Valued. The stock's GF Value™ is $211.77, compared to a current price of $192.66 — trading 9% below its estimated fair value. The current Beneish M-Score is -2.35. Federal Agricultural Mortgage's overall GF Score™ is 64/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Federal Agricultural Mortgage (AGM), the current Beneish M-Score is -2.35 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Federal Agricultural Mortgage (AGM) Overvalued in 2026?

Based on GuruFocus' analysis, Federal Agricultural Mortgage stock appears to be undervalued. The current stock price of $192.66 is trading 9% below its estimated GF Value™ of $211.77. GuruFocus considers Federal Agricultural Mortgage to be Fairly Valued.

Key valuation signals for AGM:

  • Beneish M-Score: -2.35
  • GF Value™: $211.77 vs. price of $192.66 (9% below fair value)
  • GF Score™: 64/100 with 5 warning signs

No single metric tells the full story. See the AGM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Federal Agricultural Mortgage Business Description

Address 2100 Pennsylvania Avenue NW, Suite 450 N, Washington, DC, USA, 20037
Federal Agricultural Mortgage Corp provides agricultural real estate and rural housing mortgage loans in the secondary market in the U.S. Its operations consist of seven reportable segments: Farm & Ranch, which generates maximum revenue, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments. The company purchases eligible mortgage loans secured by first liens on agricultural real estate and rural housing under the Farm & Ranch line of business. Its subsidiary purchases portions of certain agricultural, rural development, business and industry, and community facilities loans guaranteed by the USDA. Geographically, the company's operations are spread across different regions in the United States.
64GF Score

Get the complete analysis for AGM

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$192.66
Price
$211.77
GF Value