Fidelity National Financial, Inc. (FNF)

FundStockHighly Crowded

Held by 198 of 2,417 reporting institutions (95th percentile) — extremely crowded.

Data as of Q3 2026

FY2025 basis· insurer

$40.51▲ 0.57%

EOD close · as of 2026-10-30

Market Cap

$10.86B

Enterprise Value

$12.63B

P/E

18.3×

P/S

0.8×

Revenue (FY)

$14.45B

Rev. growth

7.9%/yr

Gross margin

—

Net margin

ROIC

Net debt / EBITDA

n/a for an insurer

Revenue· FY2025$14.45B

Net Income· FY2025$602.0M

Free Cash Flow· FY2025$5.83B

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 61th pct blended

P/E

18.2× now

3.0×23.8×

83th

rich

P/S

0.8× now

0.3×1.1×

42th

mid

P/B

1.5× now

0.4×1.9×

58th

mid

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 9.7× net income

9.68×

✓

Capital intensity

Reinvests 0% of operating cash flow

light

Returns on capital

ROIC 5%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 8.1%

DuPont — the three levers

Net margin

4.2%

profit / rev

Asset turns

0.13×

rev / assets

Leverage

14.68×

assets / year-end equity

ROE

8.1%

on year-end equity

ROE 8% against ROIC 5% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$4.40B

Cash & Equivalents

$2.64B

Net Debt

$1.76B

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+5.6%

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Tax	1.6	3.6	3.0	5.2	3.8	1.6	2.7	5.2
Net Income	8.3	12.5	13.2	17.9	11.2	4.4	9.3	4.2

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2025 · latest

Net margin

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

40%

FY2025 · latest

Free cash flow

$5.83B

FY2025 · latest

Institutional ownership: 198 holders · 4% of shares · 95th percentile crowding — Held by 198 of 2,417 reporting institutions (95th percentile) — extremely crowded. (see the 13F tab)

A 30-second read on FNF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$40.51▲ 0.57%

EOD close · as of 2026-10-30

Market Cap

$10.86B

Enterprise Value

$12.63B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$14.45B 100.0%	$13.68B 100.0%	$11.75B 100.0%	$11.56B 100.0%	$15.65B 100.0%	$10.78B 100.0%	$8.47B 100.0%	$7.59B 100.0%	$7.66B 100.0%	$7.26B 100.0%
Interest Expense	—	$209.0M 1.5%	$174.0M 1.5%	$115.0M 1.0%	$114.0M 0.7%	$90.0M 0.8%	$47.0M 0.6%	$43.0M 0.6%	$48.0M 0.6%	$64.0M 0.9%
Pretax Income	$1.40B 9.7%	$1.74B 12.7%	$693.0M 5.9%	$1.73B 15.0%	$3.56B 22.7%	$1.78B 16.6%	$1.37B 16.2%	$750.0M 9.9%	$864.0M 11.3%	$955.0M 13.2%
Income Tax Expense	$753.0M 5.2%	$367.0M 2.7%	$192.0M 1.6%	$439.0M 3.8%	$813.0M 5.2%	$322.0M 3.0%	$308.0M 3.6%	$120.0M 1.6%	$235.0M 3.1%	$347.0M 4.8%
Net Income	$602.0M 4.2%	$1.27B 9.3%	$517.0M 4.4%	$1.29B 11.2%	$2.80B 17.9%	$1.43B 13.2%	$1.06B 12.5%	$628.0M 8.3%	$771.0M 10.1%	$650.0M 9.0%
Per Share
EPS (Basic)	$2.22	$4.69	$1.91	$4.71	$9.81	$5.02	$3.89	$2.30	—	—
EPS (Diluted)	$2.21	$4.65	$1.91	$4.67	$9.75	$4.99	$3.83	$2.26	—	—
Weighted Avg Shares (Basic)	271.0M	271.0M	270.0M	275.0M	285.0M	284.0M	273.0M	273.0M	—	—
Weighted Avg Shares (Diluted)	272.0M	273.0M	271.0M	277.0M	287.0M	286.0M	277.0M	278.0M	—	—

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	not reported	9.0%
FY2017	not reported	not reported	10.1%
FY2018	not reported	not reported	8.3%
FY2019	not reported	not reported	12.5%
FY2020	not reported	not reported	13.2%
FY2021	not reported	not reported	17.9%
FY2022	not reported	not reported	11.2%
FY2023	not reported	not reported	4.4%
FY2024	not reported	not reported	9.3%
FY2025	not reported	not reported	4.2%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

ROIC

Gap

+3pts

Leverage and buybacks account for 3 points of the 8% return on equity in FY2025. The business earns 5% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Strong

Converts 6.48x of reported profit into free cash flow over 5 years, with accruals negative.

FCF / net income

6.48×↘ narrowing

5-year average; latest 9.68x

Sloan accruals

-4.8%

(net income − OCF) / assets · negative is better

Share count since FY2019

-1.7%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

0.6%

benign

Cash conversion cycle

—

DSO 10d — not enough of the cycle is reported to complete it

The other side

Capex has been below depreciation for 7 consecutive years (0.00x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a insurer.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at $5.8B/yr

Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.

What is on hand

Cash & equivalents

$2.6B

excludes restricted cash

Net debt

$1.8B

total debt less cash

Current ratio

—

not reported

Quick ratio

—

not reported

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $40.51, free cash flow must compound -28.87%/yr for 10 years. It has done 31.62%/yr over 6 years, though across a reporting-basis change.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	40.8%	−28.9%
FY2021	159.2%	−28.9%
FY2022	6.5%	−28.9%
FY2023	48.7%	−28.9%
FY2024	5.2%	−28.9%
FY2025	−14.5%	−28.9%

The rate the price requires sits outside every year on record (6 years). Shaded band is ±1σ of its own free-cash-flow growth. The record spans a reporting-basis change, so part of the variation is the restatement rather than the business.

Implied FCF growth

-28.9%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

31.6%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

-0.91×

above 1 means the price asks for more than the record

P / E

18.3× · med 12.3× · 10.4×–15.4×

P / S

0.75× · med 1.1× · 0.92×–1.8×

EV / EBITDA

not reported for this company

P / B

1.5× · med 1.7× · 1.2×–2.5×

FNF cohort median p25–p7525 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

Leverage ratios is not shown for an insurer.

Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.

Classified from the filings: SIC code.

Debt & Leverage

How much the company owes, how it's trended, and how comfortably it's serviced.

Total debt

$4.40B

Net debt

$1.76B

Net debt / EBITDA

n/a for an insurer

Debt / equity

n/a for an insurer

Debt / assets

Interest coverage

—

EBIT ÷ interest

Debt maturity ladder

When the debt comes due · $4.45B scheduled

due within 1 yearlatercash on hand

Cash of $2.64B covers the $32.0M due within a year 82.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).

Balance sheet

Capital structure over time

Hover a year for the split.

DebtEquity· Debt is 37% of total capital

Can it service the debt?

Debt servicing

Interest coverage (EBIT)

—

Coverage (EBITDA)

—

Effective interest rate

4.8%

Interest / operating income

—

Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~4.8% on $4.32B of debt. Interest last disclosed in FY2024 (no longer broken out).

Near-term cover

Liquidity

Cash

$2.64B

Short-term debt

—

Current ratio

—

Quick ratio

—

Cash vs short-term debt unavailable.

Composition

Short-term vs long-term debt

100%

Short-term —Long-term $4.40B

Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.

Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.

Loading debt & leverage...

FNF vs. Title Insurance peers

Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

FNF 18.3× · med 12.3× · p25–p75 10.4×–15.4×

15th pct

P / S

FNF 0.8× · med 1.1× · p25–p75 0.9×–1.8×

88th pct

EV / EBITDA

FNF — · med 10.4×

not enough peer data

—

P / B

FNF 1.5× · med 1.7× · p25–p75 1.2×–2.5×

58th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

FNF 5.6% · med 5.7% · p25–p75 1.5%–9.8%

50th pct

ProfitabilityMargins vs the sector

Gross margin

FNF — · med 56.4%

not enough peer data

—

Operating margin

FNF — · med 13.1% · p25–p75 8.3%–16.7%

not enough peer data

—

Net margin

FNF 4.2% · med 9.1% · p25–p75 7.8%–20.1%

4th pct

FCF margin

FNF 40.3% · med 17.2% · p25–p75 12.6%–28.1%

88th pct

Returns on capitalHow hard the capital works

Return on equity

FNF 8.1% · med 13.2% · p25–p75 10.9%–19.0%

4th pct

Return on invested capital

FNF 5.1% · med 12.7% · p25–p75 8.8%–15.8%

4th pct

LeverageLess debt scores higher

Net debt / EBITDA

FNF — · med -0.5×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

FNF 198 · med 128 · p25–p75 104–166

83rd pct

Institutional ownership

FNF 4.3% · med 2.9% · p25–p75 1.7%–5.1%

67th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
PFGPRINCIPAL FINANCIAL GR…	$23.8B	21.3×	—	1.5×	-3.1%	—	7.6%	10.0%	7.5%	—	285
MKLMARKEL GROUP INC.	$22.9B	11.1×	—	1.5×	4.7%	—	13.6%	11.3%	9.2%	—	244
LLOEWS CORP	$22.8B	14.0×	—	1.2×	5.4%	—	9.0%	8.9%	8.9%	—	201
RGAREINSURANCE GROUP OF A…	$17.3B	15.0×	—	0.7×	7.2%	—	5.0%	8.8%	6.2%	—	159
EGEVEREST GROUP, LTD.	$15.4B	10.9×	—	0.9×	1.2%	—	9.1%	10.3%	10.3%	—	—
AIZASSURANT, INC.	$14.4B	17.3×	—	1.1×	7.9%	—	6.8%	14.9%	14.9%	—	141
UNMUnum Group	$14.4B	21.3×	—	1.1×	1.5%	—	5.6%	6.6%	5.0%	—	199
RNRRENAISSANCERE HOLDINGS…	$13.7B	6.1×	—	1.1×	9.9%	—	20.9%	23.1%	19.2%	—	—
CNACNA FINANCIAL CORP	$13.2B	10.4×	—	0.9×	5.0%	—	8.5%	11.0%	8.8%	—	72
AFGAMERICAN FINANCIAL GRO…	$12.8B	15.3×	—	1.6×	-1.8%	—	10.3%	17.5%	12.7%	—	127
GLGLOBE LIFE INC.	$12.2B	11.3×	—	2.0×	3.7%	—	19.4%	19.4%	13.5%	—	166
FNFFidelity National Fina…	$10.9B	18.3×	—	0.8×	5.6%	—	4.2%	8.1%	5.1%	—	198
MOHMOLINA HEALTHCARE, INC…	$10.6B	23.0×	10.4×	0.2×	11.7%	13.1%	1.0%	11.6%	6.0%	-0.5×	142
ORIOLD REPUBLIC INTERNATI…	$9.3B	10.3×	—	1.0×	11.0%	—	10.2%	15.8%	15.8%	—	167
VOYAVoya Financial, Inc.	$8.9B	15.6×	—	1.1×	1.7%	—	8.0%	13.2%	9.3%	—	104
PRIPrimerica, Inc.	$8.7B	12.3×	—	2.6×	6.6%	—	22.8%	30.7%	30.7%	—	123
THGHANOVER INSURANCE GROU…	$8.4B	13.3×	—	1.3×	5.7%	—	10.0%	18.5%	13.8%	—	121
KNSLKinsale Capital Group,…	$8.2B	16.9×	—	4.4×	18.0%	—	26.9%	25.7%	23.1%	—	129
LNCLINCOLN NATIONAL CORP	$7.9B	7.0×	—	0.4×	-1.2%	—	6.5%	10.8%	6.9%	—	156
AXSAXIS CAPITAL HOLDINGS …	$7.5B	8.5×	—	1.1×	10.2%	—	15.4%	15.9%	15.9%	—	—
FAFFirst American Financi…	$6.5B	10.6×	—	0.9×	21.6%	—	8.3%	11.3%	11.3%	—	104
ESNTEssent Group Ltd.	$6.0B	9.7×	—	4.8×	1.5%	—	54.7%	12.0%	12.0%	—	77
RLIRLI CORP	$6.0B	14.9×	—	3.2×	6.3%	—	21.4%	22.7%	21.5%	—	102
SIGISELECTIVE INSURANCE GR…	$5.9B	13.2×	—	1.1×	9.8%	—	8.7%	12.9%	12.9%	—	82
MTGMGIC INVESTMENT CORP	$5.8B	9.1×	—	4.8×	0.5%	—	60.8%	14.3%	14.3%	—	119

Peers = companies sharing FNF's sector (Title Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$7.9m · 3 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

1 of 43 filings

0 open-market purchases and 5 discretionary sales against the share price · hover a marker

2025-10-31$38.80 – $55.702026-10-23

Shares held by reporting insiders5 → 14 insiders reporting — no comparable change

2025-11-08 · 1,219,9402026-06-26 · 2,583,817 (14 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-30	Ammerman Douglas K Director	Grant	422	$38.65	—
2026-09-30	Shea Peter O Jr Director	Grant	1,322	$38.65	—
2026-06-30	Shea Peter O Jr Director	Grant	1,071	$47.16	—
2026-06-30	Ammerman Douglas K Director	Grant	342	$47.16	—
2026-06-26	Sadowski Peter T

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

Loading insider activity...

Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

27.3%

25.9%

-1.4 points

FY2021

45.3%

29.7%

-15.6 points

FY2022

-26.1%

-33.4%

-7.3 points

FY2023

1.6%

-9.2%

-10.8 points

FY2024

16.4%

14.2%

-2.2 points

FY2025

5.6%

3.6%

-2.0 points

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2019

13.8 days

not reported

FY2020

13.7 days

not reported

FY2021

12.2 days

not reported

FY2022

11 days

not reported

FY2023

9.8 days

not reported

FY2024

9.7 days

not reported

FY2025

9.5 days

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-0.6 percent

FY2020

-0.3 percent

FY2021

-2.1 percent

FY2022

-4.7 percent

FY2023

-7.4 percent

FY2024

-5.8 percent

FY2025

-4.8 percent

Step	Amount	Running total
Net income	$602M	$602M
Share-based comp	$88M	$690M
Other non-cash & working capital	$5.14B	$5.83B
Operating cash flow	$5.83B	$5.83B
Capex	$0	$5.83B
Free cash flow	$5.83B	$5.83B
FCF after SBC	$5.74B	$5.74B

Fidelity National Financial, Inc. (FNF)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 8.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $4.45B scheduled

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -35%

FNF vs. Title Insurance peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -35%

Reverse DCF — what growth does the price assume?

Ownership Map

FNF vs. Title Insurance peers

Where it ranks

Peer table

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 8.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

When the debt comes due · $4.45B scheduled

Capital structure over time

Debt servicing

Liquidity