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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

44.98 2.09 +4.87%
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

Fidelity National Financial, Inc. (FNF) valuation and DCF model

What the price implies · reverse DCF

At $44.98 the price implies 5.3% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 13.4% a year over the last ten years, 10.5% over the last five. The price asks for less than its ten-year rate. Return on equity averaged 15.7% over ten years; the price implies 11.4% for good.

In December 2017 the price assumed 17.0% a year; Fidelity National Financial, Inc. went on to grow the dividend a share 33.7% a year to FY2025.

Price implies
5.3%
Last 5 years, reported
10.5%
Last 10 years, reported
13.4%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
5.3% a year for ten years
$44.98
today’s price
Its base case
13.4% a year for five years, then 8.0%
$69.09
53.6% above today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Fidelity National Financial, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 5.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Fidelity National Financial, Inc.’s own cost of capital: risk-free 4.3% + beta 0.96 × equity premium 4.5% = 8.6% cost of equity; after-tax cost of debt 2.8%; weighted, 7.1%.

Use 7.1%
Base case value per share $69.09 ten years discounted, and what follows
Current price $44.98 market price per share
Above today’s price 53.6% upside at the base case’s assumptions

How we got there$26.70 10 years of dividends+$42.39 terminal value=$69.09 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 15.17× 17.39× 14.00× 8% above 9.49× 60% above
P/FCF 2.11× 2.29× 6.50× 67% below 8.44× 75% below
P/B 1.30× 1.60× 1.77× 26% below 1.23× 6% above
EV/EBITDA — 6.02× 6.49× — 3.38× —
EV/Sales — 1.06× 1.13× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
3.82×5.61×7.40×9.19×10Y avg 6.49×2016201720182019202020212022202320242025

EV/EBITDA has no reading today; its 10-year average is 6.49×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.