A Business at a Glance
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Fidelity National Financial, Inc.
FNF
$14.1B
Mkt Cap
$51.62
+6.19%
Fidelity National Financial, Inc. (FNF) has a current P/E ratio of 23.4, compared to its historical median P/E of 9.9. The stock is currently considered Expensive based on its historical valuation range.
Fidelity National Financial, Inc. (FNF) has a 5-year average return on invested capital (ROIC) of 11.4%. This indicates solid capital allocation.
Fidelity National Financial, Inc. (FNF) has a market capitalization of $13.9B. It is classified as a large-cap stock.
Yes, Fidelity National Financial, Inc. (FNF) pays a dividend with a trailing twelve-month yield of 3.96%. The company also returns capital through share buybacks, with a buyback yield of 2.20%.
Based on historical P/E analysis, Fidelity National Financial, Inc. (FNF) appears expensive. The current P/E of 23.4 is 135% above its historical median of 9.9. The estimated fair value CAGR (P/E method) is -3.5%.
Fidelity National Financial, Inc. (FNF) operates in the Title Insurance industry, within the Financials sector.
Fidelity National Financial is a leading provider of title insurance, escrow, and title-related services through its underwriters (FNTIC, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York), which collectively hold a 32% share of the U.S. title insurance market as of Q3 2025. The company operates through three segments: Title, which provides residential and commercial title insurance, escrow services, trust activities, trustee sales guarantees, recordings, reconveyances, and home warranty products; F&G, a majority-owned subsidiary (approximately 70% ownership as of December 31, 2025) that issues deferred annuities, immediate annuities, indexed universal life insurance, and pension risk transfer solutions through retail and institutional distribution channels; and Corporate and Other, which includes real estate technology subsidiaries and holding company operations. The Title segment generates revenue through transaction-based fees on real estate transactions and maintains a capital-light model supported by decades of technology and automation investment, while F&G operates on a spread-based model earning returns on invested assets and managing capital through flow reinsurance strategies. The company serves residential and commercial real estate markets across the United States, with particular strength in direct commercial business, and benefits from a diversified customer base including retail annuity and life insurance customers and institutional clients.
【Strong commercial momentum continuing】 Management expects 2026 to deliver improved results compared to 2025, with direct commercial revenue anticipated to remain robust as the company enters the year with a strong inventory of commercial deals to close and the office sector presenting potential upside. The Title segment is positioned to benefit from potential mortgage rate declines and a normalization of home sales toward historical averages, with management noting that existing home sales forecasts from MBA and Fannie Mae suggest approximately 10% more activity in 2026 compared to 2025. The company expects to maintain disciplined capital allocation, returning substantial cash to shareholders through dividends and opportunistic share repurchases while remaining active in acquisition opportunities. F&G is expected to be a meaningful source of capital to FNF through approximately $112 million in annual common and preferred dividends at the 70% ownership level, supporting the parent company's financial flexibility.
| Metric | Target | Period |
|---|---|---|
| Interest and investment income per quarter | $90 million–$95 million | 2026 (remainder of year) |
| Common and preferred dividend income from F&G to Corporate Segment | approximately $28 million per quarter | 2026 |
| Interest and investment income per quarter | $95 million–$100 million | 2026 |
| Annual common and preferred dividend income from F&G to Corporate segment | approximately $112 million | 2026 |
| Common dividend | approximately $560 million in cash | 2026 |
Interest and investment income per quarter (2026 (remainder of year)): “For the remainder of 2026, we expect a range of $90 million-$95 million in interest and investment income per quarter during 2026, assuming no Fed rate cuts in the remainder of the year and stable cash balances.”
Common and preferred dividend income from F&G to Corporate Segment (2026): “In addition, we expect approximately $28 million per quarter of common and preferred dividend income from F&G to the Corporate Segment.”
Interest and investment income per quarter (2026): “Looking ahead, we expect a range of $95 million-$100 million in interest and investment income per quarter during 2026, assuming two 25 basis point Fed rate cuts during the year.”
Annual common and preferred dividend income from F&G to Corporate segment (2026): “In addition, we expect approximately $112 million of annual common and preferred dividend income from F&G to the Corporate segment.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Insurance contracts | $10.14B | $8.70B | $7.15B | $8.24B | $8.86B | 40% |
Agency title insurance premiums | $4.98B | $3.98B | $2.61B | $2.95B | $3.25B | 15% |
Life insurance premiums, insurance and investment product fees, and other | $1.41B | $1.70B | $2.41B | $2.94B | $2.88B | 13% |
Direct title insurance premiums | $3.57B | $2.86B | $1.98B | $2.20B | $2.57B | 12% |
Life insurance premiums, insurance and investment product fees, other, pension risk transfer | $1.15B | $1.36B | $1.96B | $2.22B | $2.11B | 10% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.9B | 14.4B | 13.7B | 11.8B | 11.6B | 15.7B |
| Net Income | 762M | 602M | 1.3B | 517M | 1.3B | 2.8B |
| EPS | $2.81 | $2.21 | $4.65 | $1.91 | $4.67 | $9.75 |
| Free Cash Flow | 0 | 5.8B | 6.8B | 6.5B | 4.4B | 4.1B |
| ROIC | 0.0% | 5.0% | 11.1% | 5.1% | 11.8% | 23.8% |
| Gross Margin | - | 9.7% | 12.7% | 5.9% | 15.0% | - |
| Debt/Equity | 0.61 | 0.60 | 0.56 | 0.56 | 0.53 | 0.33 |
| Dividends/Share | $2.04 | $2.02 | $1.94 | $1.83 | $1.77 | $1.56 |
| Operating Income | 0 | 1.4B | 1.7B | 693M | 1.7B | 3.6B |
| Operating Margin | 0.0% | 9.7% | 12.7% | 5.9% | 15.0% | 22.7% |
| ROE | 10.5% | 7.9% | 17.3% | 7.9% | 16.7% | 31.5% |
| Shares Outstanding | 269M | 272M | 273M | 271M | 277M | 287M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.0B | 6.7B | 7.3B | 7.7B | 7.6B | 8.5B | 10.8B | 15.7B | 11.6B | 11.8B | 13.7B | 14.4B | 14.9B |
| Gross Margin | 4.9% | 11.6% | 13.2% | 11.3% | 9.9% | 16.2% | N/A | N/A | 15.0% | 5.9% | 12.7% | 9.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.5B | 2.1B | 2.3B | 2.5B | 2.5B | 2.7B | 3.0B | 3.5B | 3.2B | 2.9B | 3.1B | 3.4B | 3.5B |
| EBIT | 392M | 770M | 955M | 864M | 750M | 1.4B | 1.8B | 3.6B | 1.7B | 693M | 1.7B | 1.4B | 0 |
| Op. Margin | 4.9% | 11.6% | 13.2% | 11.3% | 9.9% | 16.2% | 16.6% | 22.7% | 15.0% | 5.9% | 12.7% | 9.7% | 0.0% |
| Net Income | 583M | 527M | 650M | 771M | 628M | 1.1B | 1.4B | 2.8B | 1.3B | 517M | 1.3B | 602M | 762M |
| Net Margin | 7.3% | 7.9% | 9.0% | 10.1% | 8.3% | 12.5% | 13.2% | 17.9% | 11.2% | 4.4% | 9.3% | 4.2% | 5.1% |
| Non-Recurring | 0 | 0 | 0 | 2.0M | 8.0M | 11M | -9.0M | -14M | 14M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.7% | 6.1% | 8.4% | 12.7% | 11.8% | 18.2% | 16.6% | 23.8% | 11.8% | 5.1% | 11.1% | 5.0% | 0.0% |
| ROE | 10.5% | 9.0% | 11.1% | 14.8% | 13.8% | 21.2% | 20.8% | 31.5% | 16.7% | 7.9% | 17.3% | 7.9% | 10.5% |
| ROA | 4.8% | 3.8% | 4.6% | 6.5% | 6.8% | 10.6% | 4.7% | 5.0% | 2.0% | 0.7% | 1.4% | 0.6% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 594M | 951M | 1.2B | 737M | 943M | 1.1B | 1.6B | 4.1B | 4.4B | 6.5B | 6.8B | 5.8B | 5.6B |
| Free Cash Flow | 384M | 951M | 1.2B | 737M | 943M | 1.1B | 1.6B | 4.1B | 4.4B | 6.5B | 6.8B | 5.8B | 0 |
| Owner Earnings | 67M | 485M | 673M | 304M | 730M | 905M | 1.2B | 3.6B | 3.8B | 5.8B | 6.0B | 4.9B | 4.6B |
| CapEx | 210M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 476M | 410M | 431M | 389M | 182M | 178M | 296M | 432M | 491M | 593M | 739M | 844M | 863M |
| Growth CapEx | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 476M | 410M | 431M | 389M | 182M | 178M | 296M | 432M | 491M | 593M | 739M | 844M | 863M |
| CapEx/OCF | 35.4% | N/A | N/A | N/A | N/A | N/A | N/A | 3.2% | 3.2% | 2.0% | 2.1% | 2.5% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 203M | 220M | 239M | 278M | 328M | 344M | 389M | 446M | 489M | 500M | 532M | 546M | 550M |
| Dividend Yield | 4.3% | 4.4% | 5.0% | 3.8% | 4.5% | 4.2% | 5.3% | 4.5% | 5.2% | 5.3% | 3.9% | 3.6% | 4.0% |
| Share Buybacks | 2.0M | 498M | 276M | 23M | 20M | 86M | 236M | 463M | 553M | 6.0M | 0 | 251M | 305M |
| Buyback Yield | 0.0% | 9.6% | 5.4% | 0.2% | 0.3% | 0.9% | 2.6% | 3.8% | 6.1% | 0.0% | N/A | 1.7% | 2.2% |
| Stock-Based Comp | 51M | 56M | 58M | 44M | 31M | 38M | 39M | 42M | 49M | 60M | 82M | 88M | 90M |
| Debt Repayment | 1.1B | 1.4B | 200M | 996M | 370M | 0 | 1.0B | 0 | 400M | 0 | 250M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -922M | 979M | -2.5B | -2.2B | -2.4B | -1.4B | -27.6B | -33.3B | -1.6B | -999M | -2.2B | -104M | 280M |
| Cash & Equiv. | 700M | 780M | 1.0B | 1.1B | 1.3B | 1.4B | 2.7B | 4.4B | 2.3B | 2.8B | 3.5B | 2.6B | 4.1B |
| Long-Term Debt | 2.8B | 2.8B | 987M | 759M | 836M | 838M | 2.7B | 3.1B | 3.2B | 3.9B | 4.3B | 4.4B | 4.4B |
| Debt/Equity | 0.47 | 0.49 | 0.16 | 0.17 | 0.18 | 0.16 | 0.32 | 0.33 | 0.53 | 0.56 | 0.56 | 0.60 | 0.61 |
| Interest Coverage | 3.1 | 10.5 | 14.9 | 18.0 | 17.4 | 29.1 | 19.8 | 31.2 | 15.0 | 4.0 | 8.3 | 3.3 | 3.3 |
| Equity | 6.0B | 5.8B | 6.0B | 4.4B | 4.6B | 5.4B | 8.4B | 9.4B | 6.1B | 6.9B | 7.8B | 7.4B | 7.3B |
| Total Assets | 13.8B | 13.9B | 14.5B | 9.2B | 9.3B | 10.7B | 50.5B | 61.3B | 65.1B | 80.6B | 95.3B | 109.0B | 111.5B |
| Total Liabilities | 7.1B | 7.0B | 7.3B | 4.3B | 4.3B | 5.0B | 42.1B | 51.2B | 58.6B | 73.2B | 86.7B | 100.0B | 102.8B |
| Intangibles | 1.1B | N/A | 585M | 618M | 513M | 422M | 540M | 523M | 3.8B | 4.6B | 6.0B | 917M | 6.8B |
| Retained Earnings | 1.1B | 1.4B | 1.8B | 217M | 641M | 1.4B | 2.4B | 4.4B | 5.2B | 5.2B | 6.0B | 5.5B | 5.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.57 | 1.79 | 2.24 | 2.30 | 2.26 | 3.83 | 4.99 | 9.75 | 4.67 | 1.91 | 4.65 | 2.21 | 2.81 |
| Owner EPS | 0.18 | 1.65 | 2.32 | 0.91 | 2.63 | 3.26 | 4.35 | 12.60 | 13.77 | 21.52 | 21.95 | 17.97 | 17.23 |
| Book Value | 16.10 | 19.54 | 20.66 | 13.27 | 16.66 | 19.41 | 29.20 | 32.82 | 22.07 | 25.52 | 28.39 | 27.25 | 26.97 |
| Cash Flow/Share | 1.60 | 3.23 | 4.00 | 2.20 | 3.39 | 4.04 | 5.52 | 14.26 | 15.72 | 23.93 | 24.95 | 21.40 | 6.04 |
| Dividends/Share | 0.55 | 0.75 | 0.82 | 0.83 | 1.18 | 1.24 | 1.36 | 1.56 | 1.77 | 1.83 | 1.94 | 2.02 | 2.04 |
| Shares Out. | 372.4M | 294.4M | 290.2M | 335.2M | 277.9M | 277.3M | 286.0M | 286.9M | 277.1M | 270.7M | 273.1M | 272.4M | 269.0M |
| Valuation | |||||||||||||
| P/E Ratio | 11.3 | 9.8 | 7.9 | 12.7 | 10.6 | 9.3 | 6.4 | 5.0 | 7.0 | 25.1 | 11.3 | 24.8 | 18.3 |
| P/FCF | 16.0 | 5.1 | 4.1 | 12.3 | 6.5 | 8.2 | 5.4 | 2.9 | 2.0 | 1.9 | 2.1 | 2.6 | N/A |
| EV/EBIT | 8.2 | 7.0 | 4.3 | 8.7 | 7.2 | 6.0 | 4.5 | 3.2 | 4.0 | 13.5 | 6.6 | 9.3 | N/A |
| Price/Book | 1.1 | 0.9 | 0.9 | 2.2 | 1.4 | 1.8 | 1.1 | 1.3 | 1.5 | 1.9 | 1.8 | 2.0 | 1.9 |
| Price/Sales | 0.6 | 0.8 | 0.7 | 1.0 | 1.0 | 1.0 | 0.7 | 0.7 | 0.8 | 0.8 | 1.0 | 1.0 | 0.9 |
| FCF Yield | 5.8% | 18.4% | 22.7% | 7.5% | 14.2% | 11.3% | 17.2% | 33.7% | 48.0% | 50.0% | 47.6% | 39.0% | N/A |
| Market Cap | 6.6B | 5.2B | 5.1B | 9.8B | 6.6B | 9.9B | 9.2B | 12.1B | 9.1B | 13.0B | 14.3B | 15.0B | 13.9B |
| Avg. Price | 12.67 | 17.06 | 16.49 | 21.73 | 26.27 | 29.47 | 25.54 | 34.89 | 33.83 | 34.53 | 49.61 | 55.19 | 51.62 |
| Year-End Price | 16.47 | 16.32 | 16.38 | 27.05 | 22.12 | 33.07 | 29.74 | 40.76 | 31.55 | 46.18 | 52.46 | 54.89 | 51.62 |
Fidelity National Financial, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Fidelity National Financial, Inc. trades at 23.4x trailing earnings, compared to its 15-year median P/E of 9.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 2.5x vs a median of 3.5x. The company's 5-year average ROIC is 11.4% with a gross margin of 10.8%. Total shareholder yield (dividends + buybacks) is 6.2%. At current prices, the estimated annualized return to fair value is +38.8%.
Fidelity National Financial, Inc. (FNF) reported annual revenue of $14.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Fidelity National Financial, Inc. (FNF) has a net profit margin of 4.2%. This is a modest margin.
Fidelity National Financial, Inc. (FNF) generated $5.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Fidelity National Financial, Inc. (FNF) has a debt-to-equity ratio of 0.60. This indicates moderate leverage.
Fidelity National Financial, Inc. (FNF) reported earnings per share (EPS) of $2.21 in its most recent fiscal year.
Fidelity National Financial, Inc. (FNF) has a return on equity (ROE) of 7.9%. This indicates moderate shareholder returns.
Fidelity National Financial, Inc. (FNF) has a 5-year average gross margin of 10.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for Fidelity National Financial, Inc. (FNF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Fidelity National Financial, Inc. (FNF) has a book value per share of $27.25, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver improved results compared to 2025, with direct commercial revenue anticipated to remain robust as the company enters the year with a strong inventory of commercial deals to close and the office sector presenting potential upside. The Title segment is positioned to benefit from potential mortgage rate declines and a normalization of home sales toward historical averages, with management noting that existing home sales forecasts from MBA and Fannie Mae suggest approximately 10% more activity in 2026 compared to 2025. The company expects to maintain disciplined capital allocation, returning substantial cash to shareholders through dividends and opportunistic share repurchases while remaining active in acquisition opportunities. F&G is expected to be a meaningful source of capital to FNF through approximately $112 million in annual common and preferred dividends at the 70% ownership level, supporting the parent company's financial flexibility.
Based on recent SEC filings and earnings calls, Fidelity National Financial, Inc. (FNF) has provided the following forward guidance: Interest and investment income per quarter: $90 million–$95 million (2026 (remainder of year)); Common and preferred dividend income from F&G to Corporate Segment: approximately $28 million per quarter (2026); Interest and investment income per quarter: $95 million–$100 million (2026); Annual common and preferred dividend income from F&G to Corporate segment: approximately $112 million (2026); Common dividend: approximately $560 million in cash (2026).
Common dividend (2026): “And we expect to spend probably $560 million or so in cash to pay our common dividend.”