National Rural Utilities Cooperative Finance Corp (NRUC) stock analysis
Close on Nov 12, 2026Market cap –P/E –Yield –
StockData Score
Prices as of Nov 12, 2026How the score works
Weak6 of 30 checks passed
National Rural Utilities Cooperative Finance passes 6 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 1/6
- Past performance
- 1/6
- Financial health
- 1/6
- Dividend
- 3/6
What stands out
Earnings growth accelerating
Net income grew 27.2% over the last twelve months, against a 5-year average of -20.2% a year.
Net margin above the industry
National Rural Utilities Cooperative Finance's net margin of 71.5% is above the Non-depository Credit Institutions median of 12.7%.
Debt falling against equity
Debt to equity fell from 333% five years ago to 142%.
Pays a dividend
National Rural Utilities Cooperative Finance paid dividends worth 5.4% of the share price over the last twelve months.
What to watch
Return on equity under 15%
Return on equity was 12.3% over the last twelve months and averaged 20.0% over five years; we look for 15% on both.
High debt
Debt is 142% of shareholders' equity, above the 40% we consider low.
Earnings shrank over 5 years
Net income shrank 20.2% a year on average over the last five fiscal years.
Revenue growing under 10% a year
Revenue grew -12.3% a year over the last three fiscal years, short of the 10% we look for.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth1/6
Revenue growing under 10% a year
Revenue grew -12.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth accelerating
Net income grew 27.2% over the last twelve months, against a 5-year average of -20.2% a year.
Growing slower than the industry
Revenue grew 19.6% over the last twelve months; the Non-depository Credit Institutions median is 19.6%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance1/6
Return on equity under 15%
Return on equity was 12.3% over the last twelve months and averaged 20.0% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
National Rural Utilities Cooperative Finance's return on equity of 12.3% is below the Non-depository Credit Institutions median of 13.1%.
Earnings shrank over 5 years
Net income shrank 20.2% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 71.5% over the last twelve months, against a 5-year average of 73.2%.
Net margin above the industry
National Rural Utilities Cooperative Finance's net margin of 71.5% is above the Non-depository Credit Institutions median of 12.7%.
Financial health1/6
High debt
Debt is 142% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 333% five years ago to 142%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 7.5% of total debt; we look for at least 20%.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend3/6
Pays a dividend
National Rural Utilities Cooperative Finance paid dividends worth 5.4% of the share price over the last twelve months.
Yield above Treasuries
The 5.4% yield is above the 4.6% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.9% or more; National Rural Utilities Cooperative Finance yields 5.4%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itWe don't publish a fair value for National Rural Utilities Cooperative Finance. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $417.22K
- Value traded per 1% price move
- $431.70K
Downside
Low risk
- Typical loss in a bad month
- 6.4%
- Volatility (annualized)
- 11%
- Sharpe ratio, 1 year
- -2.17
- Beta to the S&P 500 (5Y)
- 0.29
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2012 to 2026
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +45.5% | -12.3% | -15.2% | +27.7% | |
| Net income | +87.6% | -19.4% | -20.2% | – | |
| Free cash flow | +52.2% | -2.2% | +6.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 33.3% | 81.1% | 8.2% | |
| Return on assets | 1.3% | 2.8% | 0.7% | |
| Capex to revenue | – | 1.0% | 0.4% |
Where the cash went
Fiscal 2022 to 2026, five years combined
National Rural Utilities Cooperative Finance generated $1.43B from operations and spent $38.06M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 63.3% | 0.01× | 12.24× | 8.2% |
| FY2025 | 49.1% | 0.01× | 12.27× | 4.6% |
| FY2024 | 81.4% | 0.02× | 12.64× | 19.9% |
| FY2023 | 81.6% | 0.02× | 13.96× | 21.4% |
| FY2022 | 90.5% | 0.03× | 17.45× | 45.6% |
| FY2021 | 86.2% | 0.03× | 28.88× | 81.1% |
| FY2018 | 85.3% | 0.02× | 20.40× | 35.8% |
| FY2017 | 76.0% | 0.02× | 26.58× | 33.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$262.11M
- Cash generatingOperating cash flow above zero$310.53M
- Return on assets improvedROA up on the prior year0.4% → 0.7%
- Earnings backed by cashOperating cash flow above net income$310.53M vs $262.11M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.01 → 0.01
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