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First American Financial Corporation

FAF Financial Insurance Specialty

First American Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $7.5 billion, up 21.6% from fiscal 2024.

Revenue
+5.34%
EPS
−6.52%
Free cash flow
−12.3%
Total debt
+0.08%

Quarter to September 2026, against a year earlier

67.94 0.27 +0.40%
Market cap
$7.0B
P/E
9.5×
Fwd P/E
9.6×
Dividend yield
3.33%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Title Insurance and Services
  • Home Warranty
  • Corporate
  • Corporate and Eliminations

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 4.05
Sold, $m 1.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — 1 1 — 1 — — — —
Insider Ownership 4.39%

Capital & Financial Ratios $m

Size
Market Cap 6,960.00
Revenue ttm 8,089.60
Net income ttm 733.90
Free cash flow ttm 805.80
Net debt Q (184.30)
Valuation
P/E 9.54
Forward P/E 9.55
Price / sales 0.86
Forward P/S Powerpack
Price / FCF 8.66
Price / book 1.29
Financial health
Current ratio Q 0.89
Debt / equity Q 0.29
Interest coverage Q 6.43
Growth
Revenue growth Q +5.34% (above 0%: growing)
Operating income growth Q −3.53% (below 0%: shrinking)
EPS, this year +12.37%
EPS, next year A +1.11%
Revenue, next year A +8.65%
EPS, past 5 yrs −0.52% (below 0%: weak)
EPS, next 5 yrs A +5.77%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 27.54%
10-year low 10-year high
P/S against its own 10 years 33.19%
10-year low 10-year high
P/B against its own 10 years 36.74%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.33%
Annual rate
2.26
Payout ratio
31.8%
Growth, 2017–25
+5.32%/yr
  1. 1.44 ’17
  2. 1.60 ’18 +11
  3. 1.68 ’19 +5
  4. 1.78 ’20 +6
  5. 1.94 ’21 +9
  6. 2.06 ’22 +6
  7. 2.10 ’23 +2
  8. 2.14 ’24 +2
  9. 2.18 ’25 +2
  10. 2.32 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,605 1,718 1,387 1,731
Receivables 1,222 1,126 1,484 1,562
Inventory — — — —
Other — — — —
4,827 2,844 2,871 3,293
2023 2024 2025 Q'26
Payables 2,162 2,137 2,172 2,157
ST’ Debt 1,394 1,547 1,545 1,547
Other — — — —
3,556 3,683 3,718 3,704

Compound Annual Growth %

10y 5y 3y
Sales 3.71% 1.01% (0.68%)
Cash Flow 5.60% (2.61%) 6.93%
Earnings 8.01% (2.23%) 33.22%
Book Value 7.21% 2.34% 5.68%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.85 Actual 1.78

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.49 1.99 Beat by 0.50
Q1 FY26 1.06 1.33 Beat by 0.27
Q2 FY26 1.80 2.08 Beat by 0.28
Q3 FY26 1.85 1.78 Miss by 0.07
Q4 FY26 1.78 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.21 2.12 1.72 — —
’25 0.71 1.41 1.84 2.05 6.00
’24 0.45 1.11 (1.00) 0.69 1.26
’23 0.44 1.33 (0.02) 0.33 2.07
’22 0.88 1.01 0.02 0.52 2.45
’21 2.10 2.72 4.00 2.33 11.14
’20 0.55 1.52 1.62 2.49 6.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,838 2,117 2,085 — —
’25 1,582 1,841 1,979 2,050 7,452
’24 1,425 1,612 1,406 1,685 6,128
’23 1,446 1,647 1,481 1,429 6,004
’22 2,034 2,063 1,824 1,685 7,605
’21 2,026 2,266 2,556 2,373 9,221
’20 1,413 1,609 1,914 2,151 7,086
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 6 357 238 — —
’25 (53) 362 273 369 951
’24 69 267 237 325 898
’23 (92) 269 219 (42) 354
’22 38 191 303 245 778
’21 224 253 399 344 1,220
’20 24 344 313 404 1,085
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (33) 318 196 — —
’25 (94) 309 224 325 763
’24 18 210 185 267 680
’23 (155) 193 154 (100) 91
’22 (5) 117 238 175 525
’21 196 226 356 299 1,077
’20 9 315 280 382 985
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 15.4% a year for ten years. It grew 8.1% a year over the last ten.

Implied
15.4%
10 years, reported
8.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,576 5,772 5,748 6,202 7,086 9,221 7,605 6,004 6,128 7,452 8,090 +3.3% 8,097 8,146 8,389 +4.0%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 478 445 610 905 923 1,641 326 274 165 826 961 +6.3%
EBT margin, % 8.57 7.71 10.60 14.59 13.03 17.80 4.28 4.57 2.70 11.09 11.88 +2.5 pt
Net income 343 422 476 710 700 1,249 265 216 133 625 734 +6.9%
Per share, $
Per share, $ Revenue 50.44 51.69 51.04 54.84 62.87 83.07 71.08 57.56 58.98 72.14 78.77 +4.1%
Earnings 3.10 3.79 4.21 6.26 6.18 11.18 2.46 2.08 1.26 6.02 7.12 +7.7%
Cash flow 4.43 5.66 7.04 8.07 9.63 10.99 7.27 3.40 8.64 9.20 9.44 +8.5%
Capex (1.11) (1.11) (1.03) (0.94) (0.89) (1.29) (2.36) (2.52) (2.10) (1.82) (1.59) +5.6%
Free cash flow 3.31 4.55 6.02 7.14 8.74 9.70 4.90 0.87 6.54 7.39 7.85 +9.3%
Book value 27.27 31.19 33.26 39.12 43.67 52.10 43.75 46.62 47.42 53.48 52.66 +7.8%
Shares, m 111 112 113 113 113 111 107 104 104 103 103 (0.8%)
Valuation, ×
Valuation, × P/E 11.99 14.74 10.60 9.33 8.33 6.99 21.91 30.04 49.56 10.19 9.54 17.4
P/S 0.74 1.08 0.87 1.06 0.82 0.94 0.75 1.09 1.06 0.85 0.86 0.9
P/B 1.36 1.79 1.34 1.49 1.18 1.50 1.22 1.34 1.32 1.15 1.29 1.4
EV/Sales 0.69 0.97 0.75 0.94 0.78 0.99 0.81 0.72 1.03 0.87 — 0.9
EV/FCF 10.48 10.99 6.33 7.23 5.64 8.45 11.71 47.32 9.29 8.52 — 12.6
Cash, $m
Cash, $m Operating cash flow 489 632 793 913 1,085 1,220 778 354 898 951 970 +7.7%
Capex (123) (124) (116) (106) (100) (143) (253) (263) (218) (188) (164) +4.8%
Free cash flow 366 508 678 807 985 1,077 525 91 680 763 806 +8.5%
Balance, $m
Balance, $m Working capital (1,183) (818) (673) (503) (759) (1,949) (1,860) 1,271 (839) (847) (411) (3.6%)
Net debt (269) (654) (735) (758) (264) 420 422 (2,211) (171) 158 (184) n/m
Shareholders’ equity 3,014 3,483 3,745 4,425 4,922 5,783 4,681 4,863 4,927 5,524 5,408 +7.0%
Returns, %
Returns, % ROA 4.02 4.60 4.70 6.38 5.72 8.49 1.67 1.37 0.83 3.99 4.12 0.0 pt
ROIC 13.12 12.18 14.95 17.45 14.93 18.28 6.24 11.09 5.04 11.71 14.70 (1.4) pt
ROE 11.89 13.02 13.13 17.31 14.89 23.19 5.03 4.54 2.68 11.90 13.65 0.0 pt
People
People Employees 19,531 18,705 18,251 18,412 19,597 22,233 21,153 19,210 19,038 19,102 — (0.2%)
Revenue/emp, $m 0.29 0.31 0.31 0.34 0.36 0.41 0.36 0.31 0.32 0.39 — +3.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

First American Financial Corporation provides title insurance, real estate closing services and related financial services. Its title insurance protects property owners and mortgage lenders against certain defects in ownership records, such as competing ownership claims or liens. Policies typically also require the insurer to defend against covered claims. The company traces its heritage to 1889, is headquartered in Santa Ana, California, and is led by Chief Executive Officer Mark E. Seaton.

Before a policy is issued, a title search checks records and other documents for matters affecting a property. First American or an independent agent can perform the search, address identified problems and issue the policy. The company also handles closings and escrow services, which can include recording documents and arranging transfers of funds when a property changes hands.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Title Insurance and Services 6,978 93.63%
Home Warranty 443 5.94%
Corporate 32 0.43%
Corporate and Eliminations 32 0.42%
Gross margin 100.00%
Operating margin 14.29%
Pre-tax margin 11.09%

Revenue by segment since 2009

First American Financial Corporation vs peers in Insurance Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FNF Fidelity National Financial, Inc. $11.5B 15.2× 9.3× +11.44% (above 0%: growing) +9.80% (above 0%: growing) −1.24% (below 0%: shrinking) 53.15% 9.85% Compare
AXS Axis Capital Holdings Limited $7.7B 8.0× 8.2× +6.91% (above 0%: growing) −24.09% (below 0%: shrinking) +31.71% (above 0%: growing) 24.75% 14.68% Compare
FAF First American Financial Corporation $7.0B 9.5× 9.6× +5.34% (above 0%: growing) −6.52% (below 0%: shrinking) −12.25% (below 0%: shrinking) 100.00% 14.30%
ACT Enact Holdings, Inc. $6.6B 9.9× 9.8× +0.45% (above 0%: growing) +4.50% (above 0%: growing) −4.21% (below 0%: shrinking) 0.00% 0.00% Compare
ESNT Essent Group Ltd. $6.2B 9.5× 8.8× +13.64% (above 0%: growing) +7.18% (above 0%: growing) +3.88% (above 0%: growing) 65.75% 65.75% Compare
MTG MGIC Investment Corporation $6.0B 9.1× 8.7× −1.78% (below 0%: shrinking) +2.41% (above 0%: growing) +0.56% (above 0%: growing) 77.43% 76.97% Compare
RDN Radian Group Inc. $4.9B 9.5× 8.8× +92.58% (above 0%: growing) −17.48% (below 0%: shrinking) +147.96% (above 0%: growing) 50.35% 30.09% Compare
NMIH NMI Holdings Inc $3.3B 8.5× 8.0× +8.12% (above 0%: growing) +13.82% (above 0%: growing) +10.69% (above 0%: growing) 93.00% 76.67% Compare
AGO Assured Guaranty Ltd. $3.2B 9.6× 11.1× −30.60% (below 0%: shrinking) −57.89% (below 0%: shrinking) −48.72% (below 0%: shrinking) 97.95% 42.05% Compare
Median of peers $6.1B 9.5× 8.8× +7.52% +3.46% +2.22% 59.45% 36.07%

All 15 Insurance Specialty stocks →

From the latest earnings call

Updated

  • CEO Mark Seaton said commercial refinance premiums rose while residential purchase and refinance revenue declined, and he expects elevated mortgage rates to prolong the residential slowdown.
  • CFO Matt Wajner expects essentially flat revenue in FY2027, with modest commercial growth offset by a decline in residential revenue and some growth in investment income.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.41%
Held by the ten largest 51.67%
Holder Shares Stake Change
Vanguard 10.65m 10.44% +240.17k
BlackRock 9.38m 9.20% +156.99k
Fidelity (FMR) 9.16m 8.98% +112.00
Boston Partners 5.84m 5.73% +92.01k
Dimensional Fund Advisors 4.90m 4.80% +261.30k
State Street 3.39m 3.32% +123.78k
ARIEL INVESTMENTS, LLC 3.22m 3.16% −609.24k
LSV ASSET MANAGEMENT 2.32m 2.27% +2.32m
Arrowstreet Capital 1.98m 1.94% +693.43k
Geode Capital Management 1.87m 1.83% +12.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

First American Financial Corporation (FAF) Latest News

30 Oct

Impact 3 · · The Motley Fool

28 Oct

Impact 3 · · Business Wire

26 Oct

Impact 3 · · Business Wire

25 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · StockStory
Impact 3 · · StockStory

22 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.
Impact 4 · · Moby earnings

21 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · Business Wire
Impact 3 · · Zacks

20 Oct

Impact 3 · · StockStory

15 Oct

Impact 4 · · Zacks

14 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · Zacks

8 Oct

Impact 4 · · Business Wire

5 Oct

Impact 3 · · Zacks

28 Sep

Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire

21 Sep

Impact 3 ·
Impact 3 · · StockStory

2 Sep

Impact 3 ·

25 Aug

Impact 3 ·

21 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

FAF metrics, ten years each

stockrow.com/FAF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com