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Fidelity National Financial, Inc.

FNF Financial Insurance Specialty

Fidelity National Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.4 billion, up 5.58% from fiscal 2024.

Revenue
+11.4%
EPS
+9.80%
Free cash flow
−1.24%
Total debt
−0.43%

Quarter to June 2026, against a year earlier

42.97 0.31 −0.72%
Market cap
$11.5B
P/E
15.2×
Fwd P/E
9.3×
Dividend yield
4.80%
F-score
6/9
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 2017

  • Title
  • Corporate and Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 7.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 — — 1 — 2 — — — — —
Insider Ownership 5.29%

Capital & Financial Ratios $m

Size
Market Cap 11,500.00
Revenue ttm 15,358.00
Net income ttm 900.00
Free cash flow ttm 5,428.00
Net debt Q 796.00
Valuation
P/E 15.17
Forward P/E 9.27
Price / sales 0.75
Forward P/S Powerpack
Price / FCF 2.11
Price / book 1.30
Financial health
Current ratio Q 0.25
Debt / equity Q 0.50
Interest coverage Q 6.54
Growth
Revenue growth Q +11.44% (above 0%: growing)
Operating income growth Q −11.52% (below 0%: shrinking)
EPS, this year −0.45% (below 0%: weak)
EPS, next year A +8.06%
Revenue, next year A +2.17%
EPS, past 5 yrs −14.41% (below 0%: weak)
EPS, next 5 yrs A +5.84%

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 70.22%
10-year low 10-year high
P/S against its own 10 years 6.23%
10-year low 10-year high
P/B against its own 10 years 12.50%
10-year low 10-year high

Dividends raised 2 years running

Yield
4.80%
Annual rate
2.06
Payout ratio
72.8%
Growth, 2017–25
−21.9%/yr
  1. 14.01 ’17
  2. 1.11 ’18 −92
  3. 1.18 ’19 +6
  4. 1.25 ’20 +6
  5. 1.45 ’21 +16
  6. 3.22 ’22 +122
  7. 1.76 ’23 −45
  8. 1.87 ’24 +6
  9. 1.95 ’25 +4
  10. 2.02 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,767 3,479 2,636 3,582
Receivables 9,419 13,851 18,024 21,405
Inventory — — — —
Other — — — —
12,186 17,330 20,660 24,987
2023 2024 2025 Q'26
Payables 12,232 14,260 17,186 17,614
ST’ Debt — — — —
Other 55,881 67,162 76,917 81,855
68,113 81,422 94,103 99,469

Compound Annual Growth %

10y 5y 3y
Sales 8.04% 6.03% 7.69%
Cash Flow 19.88% 29.86% 10.20%
Earnings 1.34% (15.85%) (22.51%)
Book Value 3.14% 1.35% 10.95%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.26 Actual 1.39

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.38 1.57 Beat by 0.19
Q4 FY25 1.51 1.41 Miss by 0.10
Q1 FY26 1.09 0.93 Miss by 0.16
Q2 FY26 1.26 1.39 Beat by 0.13

EPS $

Mar Jun Sep Dec Year
’26 0.90 1.08 — — —
’25 0.29 0.98 1.28 (0.43) 2.21
’24 0.88 1.08 0.94 1.59 4.48
’23 (0.21) 0.78 1.51 (0.24) 1.84
’22 1.35 1.88 1.01 0.24 4.67
’21 2.01 1.85 2.48 3.09 9.75
’20 (0.21) 1.07 1.24 2.63 4.81
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,226 4,051 — — —
’25 2,729 3,635 4,030 4,051 14,445
’24 3,299 3,158 3,603 3,621 13,681
’23 2,474 3,068 2,778 3,432 11,752
’22 3,167 2,635 3,206 2,557 11,565
’21 3,100 3,854 3,892 4,809 15,655
’20 1,612 2,420 2,976 3,770 10,778
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 875 1,871 — — —
’25 1,115 1,896 1,311 1,506 5,828
’24 1,591 1,363 2,366 1,495 6,815
’23 1,418 1,721 1,076 2,263 6,478
’22 667 828 1,482 1,378 4,355
’21 665 851 1,084 1,490 4,090
’20 105 448 412 613 1,578
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 848 1,835 — — —
’25 1,078 1,858 1,273 1,472 5,681
’24 1,556 1,322 2,326 1,465 6,669
’23 1,384 1,686 1,044 2,232 6,346
’22 629 794 1,455 1,339 4,217
’21 643 822 1,042 1,452 3,959
’20 86 428 385 569 1,468
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 4.7% a year for ten years. It grew 13.4% a year over the last ten.

Implied
4.7%
10 years, reported
13.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,257 7,663 7,594 8,469 10,778 15,655 11,565 11,752 13,681 14,445 15,358 +7.9% 14,759 14,948 15,890 +3.2%
Gross margin, % 72.47 72.74 72.89 73.34 66.46 63.25 63.77 52.68 55.57 55.13 55.91 (17.3) pt
EBT 955 864 750 1,369 1,784 3,558 1,730 693 1,742 1,397 1,740 +4.3%
EBT margin, % 13.16 11.27 9.88 16.16 16.55 22.73 14.96 5.90 12.73 9.67 11.33 (3.5) pt
Net income 692 794 635 1,076 1,452 2,817 1,306 518 1,391 679 900 (0.2%)
Per share, $
Per share, $ Revenue 20.64 21.99 26.82 29.92 36.60 52.97 40.55 43.53 50.48 53.30 57.52 +11.1%
Earnings 2.40 2.35 2.22 3.75 4.84 9.81 4.71 1.84 4.52 2.22 2.83 (0.9%)
Cash flow 3.31 2.12 3.33 3.96 5.36 13.84 15.27 23.99 25.15 21.51 20.84 +23.1%
Capex (0.81) (0.42) (0.22) (0.32) (0.37) (0.44) (0.48) (0.49) (0.54) (0.54) (0.51) (4.3%)
Free cash flow 2.50 1.70 3.11 3.63 4.98 13.40 14.79 23.50 24.61 20.96 20.33 +26.7%
Book value 19.62 12.82 16.35 18.95 28.50 32.00 23.04 27.63 31.48 33.11 32.99 +6.0%
Shares, m 352 348 283 283 295 296 285 270 271 271 271 (2.8%)
Valuation, ×
Valuation, × P/E 10.26 15.38 13.34 11.40 7.72 5.18 8.13 25.94 12.05 25.68 15.17 13.5
P/S 1.14 1.65 1.10 1.43 1.01 0.93 0.90 1.10 1.08 1.02 0.75 1.1
P/B 1.20 2.82 1.81 2.25 1.29 1.53 1.59 1.74 1.73 1.65 1.30 1.8
EV/Sales 1.09 1.58 1.03 1.34 0.99 0.83 0.98 1.19 1.13 1.15 — 1.1
EV/FCF 9.03 20.40 8.89 11.05 7.23 3.29 2.69 2.21 2.33 2.91 — 7.0
Cash, $m
Cash, $m Operating cash flow 1,162 737 943 1,121 1,578 4,090 4,355 6,478 6,815 5,828 5,563 +19.6%
Capex (284) (145) (62) (92) (110) (131) (138) (132) (146) (147) (135) (7.1%)
Free cash flow 878 592 881 1,029 1,468 3,959 4,217 6,346 6,669 5,681 5,428 +23.1%
Balance, $m
Balance, $m Working capital (1,049) (1,018) (877) (881) (31,192) (37,857) (45,814) (55,927) (64,092) (73,443) (74,482) +60.3%
Net debt (62) (351) (421) (538) (57) (1,264) 952 1,120 842 1,764 796 n/m
Shareholders’ equity 6,898 4,467 4,628 5,365 8,392 9,457 6,569 7,460 8,532 8,972 8,809 +3.0%
Returns, %
Returns, % ROA 4.57 6.51 6.81 10.63 4.67 5.03 2.06 0.71 1.44 0.59 0.71 (4.0) pt
ROIC 8.73 13.12 11.14 17.73 13.38 27.14 14.38 5.05 11.61 8.13 11.32 (0.6) pt
ROE 9.64 13.57 13.81 21.25 20.75 31.34 16.15 7.37 15.88 6.88 8.76 (2.8) pt
People
People Employees 55,219 24,367 23,436 25,063 27,058 28,000 21,759 1,200 23,533 24,535 — (8.6%)
Revenue/emp, $m 0.13 0.31 0.32 0.34 0.40 0.56 0.53 9.79 0.58 0.59 — +18.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Fidelity National Financial, or FNF, provides title insurance and services that help complete real estate transactions. Title insurance protects a property buyer or lender against covered problems with ownership or liens that existed before the policy was issued. FNF also provides escrow and closing services, home warranties, and services used to originate and manage mortgage loans.

When a customer orders a title policy, the title company or its agent researches the property’s history and identifies issues that need to be resolved. After the parties satisfy those conditions and the transaction closes, the insurer issues the policy. FNF’s underwriters include Fidelity National Title Insurance Company, Chicago Title and Commonwealth Land Title Insurance Company.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
Title 7,211 94.10%
Corporate and Other 452 5.90%
Gross margin 72.74%
Operating margin 11.27%
Pre-tax margin 11.27%

Revenue by segment since 2009

Fidelity National Financial, Inc. 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%
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% Compare
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× +6.13% −2.05% +2.22% 71.59% 36.07%

All 15 Insurance Specialty stocks →

From the latest earnings call

Updated

  • CEO Mike Nolan expects commercial activity to continue, but remains cautious on residential transactions and anticipates some title margin compression as recruiting and acquisitions add costs.
  • CFO Anthony Park said F&G reported $2.7 billion in quarterly gross sales, while the company is exploring strategic alternatives for its Peak Altitude distribution business.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.65%
Held by the ten largest 54.10%
Holder Shares Stake Change
BlackRock 37.54m 14.01% −2.07m
Vanguard 26.13m 9.75% −64.94k
WINDACRE PARTNERSHIP LLC 20.90m 7.80% 0.00
First Eagle Investment Management, LLC 17.95m 6.70% +9.07m
State Street 9.78m 3.65% +258.71k
Charles Schwab 8.38m 3.13% +749.11k
AQR Capital Management 7.38m 2.75% +1.99m
Fidelity (FMR) 7.08m 2.64% +2.94m
Geode Capital Management 5.04m 1.88% −171.23k
Dimensional Fund Advisors 4.79m 1.79% +579.91k
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.

Fidelity National Financial, Inc. (FNF) Latest News

5 Nov

Impact 3 · · StockStory
Impact 3 · · PR Newswire

8 Oct

Impact 4 · · PR Newswire

6 Oct

Impact 3 · · Simply Wall St.

2 Sep

Impact 3 ·

13 Aug

Impact 3 ·

8 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript

5 Aug

Impact 3 ·
Impact 3 ·
Impact 3 ·

26 Jun

Impact 3 · · StockStory

16 May

Impact 3 · · StockStory

11 May

Impact 4 · · Simply Wall St.

10 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · Moby

6 May

Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · PR Newswire

29 Apr

Impact 3 · · Zacks

27 Apr

Impact 4 · · MarketBeat

25 Apr

Impact 3 · · Simply Wall St.

18 Apr

Impact 3 · · StockStory

5 Apr

Impact 4 · · Simply Wall St.

10 Mar

Impact 4 · · Simply Wall St.
Impact 3 ·

3 Mar

Impact 4 · · Insider Monkey

24 Feb

Impact 3 · · Simply Wall St.MarketBeat

23 Feb

Impact 4 · · MarketBeat

FNF metrics, ten years each

stockrow.com/FNF · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com