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. In the quarter to June 2026, revenue grew 11.4%, EPS grew 9.80%, free cash flow fell 1.24% and total debt was flat, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.
Follow FNF
Fidelity National Financial, Inc. (FNF) Piotroski F-score
Fidelity National Financial, Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (1.00) |
| FY2024 | 7 | 2.00 |
| FY2023 | 5 | (1.00) |
| FY2022 | 6 | 0.00 |
| FY2021 | 6 | 3.00 |
| FY2020 | 3 | (6.00) |
| FY2019 | 9 | 1.00 |
| FY2018 | 8 | 0.00 |
| FY2017 | 8 | 0.00 |
| FY2016 | 8 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.59% | 1.44% | Pass | 1 |
| Positive operating cash flow | 5.83b | 6.82b | Pass | 1 |
| Rising return on assets | 0.59% | 1.44% | Fail | 0 |
| Cash flow above net income | 5.23b | 5.55b | Pass | 1 |
| Falling long-term leverage | 0.04 | 0.05 | Pass | 1 |
| Rising current ratio | 0.22 | 0.21 | Pass | 1 |
| No new shares issued | 271,000,000 | 271,000,000 | Pass | 1 |
| Rising gross margin | 55.13% | 55.57% | Fail | 0 |
| Rising asset turnover | 0.14 | 0.16 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FAF First American Financial Corporation compare | 8 |
| MTG MGIC Investment Corporation compare | 6 |
| FNF Fidelity National Financial, Inc. | 6 |
| AXS Axis Capital Holdings Limited compare | 6 |
| AGO Assured Guaranty Ltd. compare | 6 |
| RYAN Ryan Specialty Holdings Inc. compare | 5 |
| ESNT Essent Group Ltd. compare | 5 |
| ACT Enact Holdings, Inc. compare | 5 |
| RDN Radian Group Inc. compare | 5 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover