Fidelity National Financial, Inc.

FNF

Fidelity National Financial, Inc., together with its subsidiaries, provides various insurance products in the United States. It operates through Title, F&G, and Corporate and Other segments. The company offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty products.

Country: United StatesPrice: $49.47Market Cap: $13.3B

Company Profile

Industry: Insurance

SIC Sector: Insurance Carriers

Size: Large Cap($13.3B)

Revenue: $14.4B+5.6% YoY

Net Income: $602.0M-52.6% YoY

Financial Snapshot

Operating Margin--

Return on Equity8.1%

Debt / Equity0.59

Current Ratio--

EPS (Diluted)$2.21−52.5%

Buybacks (1y)$251.0M

Buybacks (2y)$251.0M

Shares Retired1.5% / 0.7% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC

$360.6B

PGRPROGRESSIVE CORP/OH/

$121.9B

ELVElevance Health, Inc.

$86.8B

CICigna Group

$74.7B

Shareholder Return

Fiscal 2025

Retired 1.5% of shares last year, 0.7% over two.

Buybacks: $251.0M
Dividends: $546.0M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−52.1% = −53.7% + 3.5%

FY23

−59.1% = −60.0% + 2.4%

FY24

143.5% = 145.6% + −0.9%

FY25

−52.5% = −52.6% + 0.3%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$13.3B	$14.7Best.	$12.1Best.	$10.2Best.	$11.1Best.
Revenue	$14.4B↑6%	$13.7B↑16%	$11.8B↑2%	$11.6B↓26%	$15.7B
Operating Income	--	--	--	--	--
Net Income	$602.0M↓53%	$1.3B↑146%	$517.0M↓60%	$1.3B↓54%	$2.8B
EPS (Diluted)	$2.21↓52%	$4.65↑143%	$1.91↓59%	$4.67↓52%	$9.75
Gross Margin	—	—	—	—	—
Operating Margin	—	—	—	—	—
ROE	8.1%↓50%	16.4%↑119%	7.5%↓65%	21.2%↓29%	29.7%
Total Debt	$4.4B↑2%	$4.3B↑11%	$3.9B↑20%	$3.2B↑5%	$3.1B
Shareholders' Equity	$7.4B↓4%	$7.8B↑12%	$6.9B↑13%	$6.1B↓35%	$9.4B
Current Ratio	—	—	—	—	—
Debt / Equity	0.59↑6%	0.56↓1%	0.56↑6%	0.53↑61%	0.33
Operating Cash Flow	$5.8B↓14%	$6.8B↑5%	$6.5B↑49%	$4.4B↑6%	$4.1B
Free Cash Flow	--	--	--	--	--

Scored from 10-K1d ago

Metric	Marks Risk-Aware Value	Akre Three-Legged Stool	Druckenmiller Macro-Enhanced Growth	Spier Value Checklist	Pabrai Dhandho Framework	Munger Quality Focus	Ackman Activist Value	Piotroski F-Score	Greenblatt Magic Formula	Lynch GARP	Buffett Quality Compounder	Graham Defensive Value
Verdict	HOLD	FAIL	PASS	BUY	HOLD	HOLD	PASS	PASS	Not ranked	FAIL	FAIL	FAIL
Score
Analysis
Intrinsic Value				N/A		N/A	N/A		N/A	N/A	N/A
Margin of Safety	+23.0%	+16.2%	-38.7%	N/A	+7.4%	N/A	N/A	-80.6%	N/A	N/A	N/A	-34.0%
Data As Of	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)

Where They Agree

Efficiency
All 6 investors flag FNF's efficiency
ROIC (high and growing)
✗AkreROIC > 15% for 3+ years
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital
✗Munger> 15%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY0.14x -> 0.13x
✗PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
Current Ratio
✗Graham>= 2.0

Where They Disagree

Profitability
No clean pass — all 11 investors flag at least one profitability criterion
Discount to Intrinsic Value-20.6% (IV=$43.85 vs Price=$52.88)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency24/25 years positive
✓MarksPositive net income in >= 7 of last 10 years
Return on Equity10.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: -52.5%, Prior: 143.5%
✗DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/E=23.9x, P/B=1.9x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity8.1%
✗Ackman>= 15%
Net Income / Total Assets0.55%
✓PiotroskiROA > 0
ROA Change YoY1.33% -> 0.55% (delta: -0.78%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.35%, ROA=0.55%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
EBIT / Enterprise Value
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=None, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR-15.0%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE8.1%
✗Lynch> 15%
Net Income Positive (10+ years)24/25 years positive
✗BuffettPositive every year for 10+ years
ROE (5-yr avg)16.6%
✓Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$849.0M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.78
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)17/25 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Debt & Leverage
2 of 8 pass — Marks, Akre, Munger +3 more object
Interest Coverage & Debt/EBITDA
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt Levels0.59
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders Equity0.59
✓Ackman<= 1.0
LT Debt / Total Assets Change4.54% -> 4.04%
✓PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity0.59
✗Lynch< 0.33
Cash - Long-term Debt$-1.8B
✗LynchPositive preferred
Debt/Equity & Interest CoverageD/E: 0.59, IC: N/A
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Valuation
2 of 9 pass — Marks, Spier, Pabrai +4 more object
P/B or P/E vs. Historical AverageP/E=23.9x, P/B=1.9x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-20.6% (IV=$43.85 vs Price=$52.88)
✗Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/E=23.9x, P/B=1.9x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldP/E=23.9x
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=23.9x, OE Yield=10.1%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share
✗Ackman<= 25
EBIT / Enterprise Value
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=None, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth RateP/E 23.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS18.1x
✗Graham<= 15x
Price-to-Book Ratio1.9x
✗Graham<= 1.5x
P/E x P/B34.90
✗Graham<= 22.5
Cash Flow
4 of 6 pass — Pabrai and Ackman object
FCF Positive6/7 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldP/E=23.9x
✗PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$5.8B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.35%, ROA=0.55%
✓PiotroskiCFO/Assets > ROA
FCF Positive and Growing$384.0M
✓LynchPositive and growing
Free Cash Flow Proxy$849.0M
✓BuffettPositive and growing
Growth
1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object
Positive Net Income Frequency24/25 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: -52.5%, Prior: 143.5%
✗DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: 5.6%, Prior: 16.4%
✗DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth5.6%
✓Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth RateP/E 23.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-15.0%
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Verdicts
Split decision: 4 FAIL · 3 HOLD · 3 PASS · 1 BUY
Overall verdict
•MarksHOLD (6/8)✗AkreFAIL (1/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)•MungerHOLD (5/7)✓AckmanPASS (4/9)✓PiotroskiPASS (F-Score 5)•GreenblattNot ranked✗LynchFAIL (2/7)✗BuffettFAIL (2/9)✗GrahamFAIL (2/9)
Valuation models
Models split on FNF at $49.47 — fair values range $27.39–$64.26
Marks fair value$64.26
✓Marks+23.0% margin vs $49.47
Akre fair value$59.01
✓Akre+16.2% margin vs $49.47
Druckenmiller fair value$35.66
✗Druckenmiller-38.7% margin vs $49.47
Pabrai fair value$53.40
✓Pabrai+7.4% margin vs $49.47
Show 2 more metrics ▾Show fewer ▴
Piotroski fair value$27.39
✗Piotroski-80.6% margin vs $49.47
Graham fair value$36.91
✗Graham-34.0% margin vs $49.47

Historical Score Timeline

Industry Peers

Similar companies in Insurance

FNF vs Peers — Financial Grading

Revenue$14.4BBottom 25%

Net Income$602.0MBottom 25%

ROE8.1%Bottom 25%

D/E0.59Median

Op. Margin—

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski
UNITEDHEALTH GROUP INCUNH	$360.6B	$401.73	$447.6B	$12.1B	12.0%	0.78	4.2%	0.79	3/9	6/9	1/7	0/3	F-Score 7
PROGRESSIVE CORP/OH/PGR	$121.9B	$209.60	$87.7B	$11.3B	37.3%	0.00	—	—	3/9	3/9	6/7	0/3	F-Score 6
Elevance Health, Inc.ELV	$86.8B	$400.32	$199.1B	$5.7B	12.9%	0.75	3.6%	1.54	5/9	5/9	2/7	1/3	F-Score 6
Cigna GroupCI	$74.7B	$282.56	$274.9B	$6.0B	14.3%	0.01	3.3%	0.85	1/9	4/9	3/7	1/3	F-Score 8
AEGON LTD.AEFC	$28.5B	$18.36	—	$1.1B	10.4%	—	—	—	0/9	1/9	1/7	0/3	F-Score 5
PRINCIPAL FINANCIAL GROUP INCPFG	$24.4B	$113.98	$15.6B	$1.2B	10.0%	0.33	—	—	2/9	3/9	3/7	0/3	F-Score 5
MARKEL GROUP INC.MKL	$22.9B	$1847.24	$15.5B	$2.1B	11.3%	0.23	20.6%	—	4/9	6/9	5/7	1/3	F-Score 5
Enact Holdings, Inc.ACT	$6.9B	$49.94	$1.2B	$674.2M	12.6%	0.14	—	—	5/9	1/9	4/7	0/3	F-Score 5

24 fiscal years have an unverified share basis

FY2001, FY2002, FY2003, FY2004, FY2005, FY2006, FY2007, FY2008, FY2009, FY2010, FY2011, FY2012, FY2013, FY2014, FY2015, FY2016, FY2017, FY2018, FY2019, FY2020, FY2021, FY2022, FY2023 and FY2024 could not be reconciled between the historical share price and the per-share figures reported for those years. Splits and ADS re-bundlings change what “one share” means, and the two sides are not always restated together — so ratios for those years, including P/E, P/B and margin of safety, may be scaled by a whole-number factor. Other years on this page are unaffected.

Across the whole archive, 82.4% of company-years reconcile and 17.6% do not. Unverified years are shown rather than silently corrected, because a guessed adjustment is worse than a flagged one.