Fidelity National Financial, Inc. (FNF) vs NMI Holdings Inc (NMIH)

Fidelity National Financial, Inc. and NMI Holdings Inc are both Insurance Specialty companies. Fidelity National Financial, Inc. is the larger, with a market value of $11.0B against $3.1B — 3.5× the size. NMI Holdings Inc trades at the lower P/E: 8.0× against 14.6×. Fidelity National Financial, Inc. grew revenue faster over the last twelve months: 13.0% against 7.53%. NMI Holdings Inc has the higher net margin (54.1% vs 5.03%) and the lower return on invested capital (10.4% vs 11.3%). Across the 22 metrics below, NMI Holdings Inc leads on 15 and Fidelity National Financial, Inc. on 7.

Valuation

Metric FNF NMIH Insurance Specialty median
P/E 14.62 7.97 9.15
P/S 0.72 4.28 1.84
P/B 1.26 1.16 1.16
Price to free cash flow 2.04 7.08 8.16
EV/EBITDA 4.14 6.37 7.51
EV/Sales 0.77 4.75 2.17
Earnings yield 6.84% 12.54% 10.79%
Free cash flow yield 49.08% 14.13% 11.79%

Profitability

Metric FNF NMIH Insurance Specialty median
Gross margin 55.91% 89.94% 73.81%
Operating margin 12.91% 73.24% 17.70%
Net margin 5.03% 54.10% 13.80%
Free cash flow margin 35.34% 60.43% 34.47%
Return on equity 8.76% 15.43% 12.01%
Return on assets 0.71% 10.42% 4.12%
Return on invested capital 11.32% 10.38% 8.77%

Growth

Metric FNF NMIH Insurance Specialty median
Revenue growth (TTM) 13.03% 7.53% 7.53%
EPS growth (last fiscal year) (50.71%) 11.06% —
Revenue growth, 5-year CAGR 6.03% 10.27% 2.24%
Net income growth, 5-year CAGR (15.85%) 17.78% 0.00%

Health

Metric FNF NMIH Insurance Specialty median
Debt to equity 0.50 0.15 0.15
Current ratio 0.25 0.56 0.53
Net debt to EBITDA 0.71 0.69 0.28

Dividend

Metric FNF NMIH Insurance Specialty median
Dividend yield 3.60% — 2.60%
Payout ratio 1.32 0.00 0.21

Size

Metric FNF NMIH Insurance Specialty median
Market cap 10.95b 3.13b 3.13b

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