Federal National Mortgage Association (FNMAN): fair value, margin of safety and Wheel Score

Is FNMAN undervalued?

At 9.11 (close of 5 Nov 2026), FNMAN trades 91% below the GLS average fair value of 96.85. That average comes from 8 models run on the latest filings, and 8 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Federal National Mortgage Association the full Value points in the Wheel Score - and a closer look at what the market is pricing in.

The 8 models disagree widely: Lynch gives 13.20 while DCF gives 416.79. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

Ranked against every other company we cover, FNMAN is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 96, growth score 37, out of 100).

Nine valuation models for FNMAN

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is average - FNMAN passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.

Returns on capital are thin or negative - ROIC 0.3%, ROE 13.2%, ROA 0.3% - with debt at 38.35 times equity and a free-cash-flow yield of 395.5%. Debt of 38.35 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.

Federal National Mortgage Association pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Multifamily 100% (quarter Q3 FY2026).

Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 33: No options

FNMAN has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (33 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 51k shares a day on a market cap of $5.3B, with a beta of 1.71 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for FNMAN in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Financial - Mortgages

The 12 companies below are the closest to Federal National Mortgage Association by market cap within the Financial - Mortgages industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

⚖ Compare FNMAN with 7 of them   All Financial Services stocks →