AGNC Nasdaq Mortgage REITs Financials FY2016βFY2025
AGNC Investment had $3.5B of revenue in fiscal 2025, up 19.5% on the year before. Over five years, revenue changed +18.3% a year on average.
Hi! I read AGNC Investmentβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+19.5%
Yes. Sales grew 19.5% last year.
Does it make a profit?
47.4%
Yes. It keeps 47.4% of every sale as profit.
How is the share priced?
4.6x
One share costs 4.6 times its yearly profit per share. Typical for its sector: 13.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. AGNC is a mortgage REIT and reports no revenue line, so revenue is its interest income on mortgage securities, before the interest it pays on its borrowings. Before 2022 its filings tag that income under a different label.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
AGNC Investment had $3.5B of revenue in fiscal 2025, up 19.5% on the year before.
Over five years, revenue changed +18.3% a year on average.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
AGNC Investment made $1.7B of net profit in fiscal 2025.
From fiscal 2016 to 2025, diluted EPS grew β2.2% a year.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
AGNC Investment returned $1.6B to shareholders in fiscal 2025.
The diluted share count rose 30.2%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders sold $12.8M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$12.8M
6 insiders
Of sales under plans
17%
$2.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Bernice BellEVP, CFO | Sold | 15,000 | $11.07 | $0.2M | Form 4 |
| Jul 28, 2026 | Bernice BellEVP, CFO | Sold | 5,000 | $11.00 | $0.1M | Form 4 |
| May 12, 2026 | Bernice BellEVP, CFO | Sold | 10,000 | $10.79 | $0.1M | Form 4 |
| May 6, 2026 | Donna BlankDirector | Sold | 22,000 | $10.78 | $0.2M | Form 4 |
| May 4, 2026 | Paul E MullingsDirector | Sold | 6,800 | $10.74 | $0.1M | Form 4 |
| Apr 28, 2026 | Peter J FedericoDirector, President, CEO, CIO, Director | Sold plan | 64,412 | $11.08 | $0.7M | Form 4 |
| Apr 27, 2026 | Peter J FedericoDirector, President, CEO, CIO, Director | Sold plan | 64,411 | $11.03 | $0.7M | Form 4 |
| Apr 24, 2026 | Peter J FedericoDirector, President, CEO, CIO, Director | Sold plan | 64,411 | $10.91 | $0.7M | Form 4 |
| Feb 19, 2026 | Bernice BellEVP, CFO | Sold | 15,000 | $11.36 | $0.2M | Form 4 |
| Feb 17, 2026 | Bernice BellEVP, CFO | Sold | 35,397 | $11.29 | $0.4M | Form 4 |
| Jan 29, 2026 | Gary D KainDirector, Executive Chair, Director | Sold | 700,000 | $11.91 | $8.3M | Form 4 |
| Jan 28, 2026 | Kenneth L. PollackEVP and General Counsel | Sold | 50,000 | $12.11 | $0.6M | Form 4 |
| Jan 28, 2026 | Bernice BellEVP, CFO | Sold | 25,000 | $12.14 | $0.3M | Form 4 |
| Nov 10, 2025 | Bernice BellEVP, CFO | Sold | 10,000 | $10.32 | $0.1M | Form 4 |
| Nov 6, 2025 | Bernice BellEVP, CFO | Sold | 10,000 | $10.22 | $0.1M | Form 4 |
| Oct 28, 2025 | Peter J FedericoDirector, Pres., CEO and CIO, Director | Sold plan | 45,798 | $10.30 | $0.5M | Form 4 |
| Oct 27, 2025 | Peter J FedericoDirector, Pres., CEO and CIO, Director | Sold plan | 45,798 | $10.27 | $0.5M | Form 4 |
| Oct 24, 2025 | Peter J FedericoDirector, Pres., CEO and CIO, Director | Sold plan | 45,797 | $10.16 | $0.5M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably AGNC Investment can carry it.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $998M | $1.0B | $518M | $505M | $450M |
| Total assets | $68.1B | $51.7B | $71.6B | $88.0B | $115.1B |
| Total liabilities | $57.9B | $43.9B | $63.3B | $78.3B | $102.7B |
| Shareholders' equity | $10.3B | $7.9B | $8.3B | $9.8B | $12.4B |
| Net debt (β = net cash) | β | β | β | β | β |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | 0.4% | 1.0% | 1.0% |
| Altman Z'' | β | β | β |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
What does the share cost, and how does it compare?
What could happen to the share if things go badly, normally or very well? Pick a story or make your own. These are examples, not forecasts or price targets.
KIRA summarises the numbers
At $8.87 a share, the company is worth $10.3B: 4.6 times its earnings of the last four quarters.
Tap one to see how it is built. Swipe for more.
Share in 5 years
$53.10
+43% a year
If you put in $1,000 today: $5,987
At 11x, the share would still be worth todayβs price in 5 years even if earnings fell 16.1% a year.
These are examples, not forecasts: nobody knows which will happen. Price in 5 years = earnings per share then Γ the P/E then. Dividends are not included.
Value per share
β
Adds net cash of β and divides by 1,023.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 4.6x Β· peers 14.5x Β· sector 13.7x.
In plain words: In the long run a share tends to follow two things: how much the company earns per share, and how many times those earnings the market is willing to pay (the P/E). Move those two levers and you see what the share could be worth. Different guesses give very different answers.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
KIRA summarises the numbers
AGNC Investment grew sales faster than 2 of its 4 similar companies.
Its P/E is higher than 1 of 4.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| AGNC Investment AGNC | $10.3B | 19.5% | β | β | β | 4.6x | β | |
| Annaly Capital Management NLY | $13.6B | 23.1% | β | β | β | 4.5x | β | Compare β |
| Starwood Property Trust STWD | $4.6B | β5.3% | β | 5.4% | β | 21.1x | β | Compare β |
| Virtu Financial VIRT | $4.8B | 26.3% | β | 13.6% | 37.9% | 9.1x | β | Compare β |
| FirstCash FCFS | $8.2B | 8.0% | β | 14.5% | 10.7% | 21.2x | 8 | Compare β |
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3B | $1.3B | $1.9B | $2.8B | $1.5B | $1.4B | $1.6B | $2.0B | $2.9B | $3.5B |
| Interest expense | $394M | $524M | $1.2B | $2.1B | $674M | $75.0M | $625M | $2.3B | $2.9B | $2.8B |
| Net income | $623M | $771M | $129M | $688M | β$266M | $749M | β$1.2B | $155M | $863M | $1.7B |
| Diluted EPS | $1.79 | $2.04 | $0.21 | $1.16 | β$0.66 | $1.22 | β$2.41 | $0.05 | $0.93 | $1.47 |
| Diluted shares | 0.33B | 0.36B | 0.44B | 0.54B | 0.55B | 0.53B | 0.54B | 0.62B | 0.79B | 1.02B |
| Cash flow | ||||||||||
| Cash from operations | $1.4B | $1.3B | $1.1B | $1.2B | $1.7B | $1.5B | $1.0B | β$118M | $86.0M | $653M |
| Stock-based compensation | $1.0M | $4.0M | $6.0M | $13.0M | $18.0M | $19.0M | $2.0M | $11.0M | $18.0M | $26.0M |
| Acquisitions | $555M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $116M | $0.0M | $0.0M | $103M | $378M | $281M | $51.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $799M | $795M | $974M | $1.1B | $970M | $860M | $869M | $1.0B | $1.2B | $1.6B |
| Dividends and buybacks | $915M | $795M | $974M | $1.2B | $1.3B | $1.1B | $920M | $1.0B | $1.2B | $1.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.2B | $1.0B | $921M | $831M | $1.0B | $998M | $1.0B | $518M | $505M | $450M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $56.9B | $70.4B | $109.2B | $113.1B | $81.8B | $68.1B | $51.7B | $71.6B | $88.0B | $115.1B |
| Total liabilities | $49.5B | $61.6B | $99.3B | $102.0B | $70.7B | $57.9B | $43.9B | $63.3B | $78.3B | $102.7B |
| Shareholders' equity | $7.4B | $8.8B | $9.9B | $11.0B | $11.1B | $10.3B | $7.9B | $8.3B | $9.8B | $12.4B |
| Margins | ||||||||||
| Net margin | 47.2% | 59.6% | 6.6% | 24.2% | β17.5% | 55.0% | β74.8% | 7.6% | 29.3% | 47.4% |
| Returns | ||||||||||
| Return on equity | 8.1% | 9.6% | 1.4% | 6.6% | β2.4% | 7.0% | β13.1% | 1.9% | 9.6% | 15.1% |
| Return on assets | 1.1% | 1.2% | 0.1% | 0.6% | β0.3% | 1.0% | β2.0% | 0.3% | 1.1% | 1.6% |
| Growth | ||||||||||
| Revenue growth | β9.9% | β2.1% | 50.7% | 45.8% | β46.6% | β10.4% | 16.8% | 28.4% | 44.5% | 19.5% |
| Net income growth | 189.8% | 23.8% | β83.3% | 433.3% | β138.7% | β | β258.9% | β | 456.8% | 93.5% |
| EPS growth | 231.5% | 14.0% | β89.7% | 452.4% | β156.9% | β | β297.5% | β | 1,760.0% | 58.1% |
| Share count change | β4.8% | 8.1% | 23.1% | 22.7% | 1.9% | β3.9% | 1.3% | 15.4% | 26.9% | 30.2% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.1% | 0.3% | 0.3% | 0.5% | 1.2% | 1.4% | 0.1% | 0.5% | 0.6% | 0.7% |
| Quality scores | ||||||||||
| Accruals ratio | β1.3% | β0.8% | β1.1% | β0.4% | β2.1% | β1.1% | β3.7% | 0.4% | 1.0% | 1.0% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001423689). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
