Fidelity National Financial Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The company has real substance and leads its market: 32 percent of the US title insurance market, $1,227 million of segment pre-tax earnings in title, $73,195 million of investments, $7,254 million of equity attributable to FNF shareholders, interest coverage of 8.33 and a dividend that has not been cut in five years. There is no sign of substance risk — hence no red. Too much is missing for green: earnings per share halved in 2025 from $4.65 to $2.21, the effective tax rate was 53.9 percent, equity attributable to shareholders fell from $7,754 million to $7,424 million, and $797 million was distributed — roughly 90 percent of everything that reached the holding company. Add a core business tied entirely to the US housing market and mortgage rates, and an annuity business of which roughly 30 percent has belonged to others since December 31, 2025. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Fidelity National Financial is two companies in one: the largest title insurer in the United States with 32 percent market share and $1,227 million of segment pre-tax earnings — and an annuity writer that contributed only $323 million in 2025 while generating almost all of the cash flow. That is exactly what the scanner hook hangs on: a price/free cash flow ratio of 2.09 arises because policyholder deposits and funds withheld from reinsurers count as cash inflow. $888 million reached the holding company, $797 million was paid out, and group cash fell by $843 million. The business is real and market-leading; the metric is not. Not investment advice.
Market position in the core business
FNF is the largest title insurer in the United States: 32 percent market share per industry body ALTA through the third quarter of 2025, five underwriters under one roof, 956,000 orders closed in 2025 after 879,000 (2024) and 837,000 (2023). Title segment pre-tax earnings rose to $1,227 million in 2025 after $1,096 million and $883 million. Title insurance is a regulated business with high barriers to entry.
Quality of the cash flow
The reported operating cash flow of $5,828 million (2025) is 85.6 percent other people's money: $1,710 million from the increase in future policy benefits and $3,277 million from funds withheld from reinsurers. $888 million reached the holding company, and group cash fell by $843 million in 2025 to $2,636 million. A price/free cash flow ratio of 2.09 does not describe that situation.
Cyclicality of the title business
No property transaction, no policy. The refinancing share of opened orders rose from 21.1 percent (2023) to 28.5 percent (2025) — a rate signal, and refinancings carry a lower fee per file. Orders did grow in the first quarter of 2026 (389,000 opened after 343,000), but the fee per file fell to $3,655 from $3,761 a year earlier.
Balance sheet and substance
At March 31, 2026, equity attributable to FNF shareholders was $7,254 million, after $7,424 million at year-end. Investments $73,195 million, reserve for title claim losses $1,700 million against a $262 million annual charge, interest coverage 8.33, financial debt $4,400 million. Solid, but without excess cushion: the fixed maturity portfolio carried roughly $2,600 million of unrealized losses at December 31, 2025 ($54,561 million fair value against $57,161 million amortized cost).
What belongs to shareholders
Of $679 million of group net earnings in 2025, $602 million was attributable to FNF shareholders — $2.21 per diluted share after $4.65 the year before. The causes: a 53.9 percent tax rate including $471 million from the company's own F&G distribution, and a weaker F&G result. Since December 31, 2025 roughly 30 percent of F&G belongs to others; in the first quarter of 2026, $78 million of $321 million went to minorities, after zero a year earlier.
Valuation and distribution
At $51.62 (July 24, 2026) and 269,157,540 shares, market capitalization is roughly $13.89 billion: 23 times 2025 earnings, 18 times the twelve months to March 31, 2026, 1.9 times book value and 15.7 times the cash that reached the parent. The $2.08 annual dividend yields roughly 4.0 percent; together with buybacks, however, $797 million of the $888 million that reached the parent was paid out in 2025.
Worth Noting
Hook: our in-house stock scanner "P/FCF Ranking", rank 44 of 545 US hits, P/FCF 2.09, measured identically on both brands on July 27, 2026 (list computed July 27, 2026). No tie — exactly one name carries this value, so the rank is unambiguous. The scanner page shows only the 25 strongest hits; FNF is not visible there, and the route runs through the screener with the market filter set to the US and sorting by P/FCF. The lists are recomputed daily.
Double counting inside the ranking: subsidiary F&G Annuities & Life, roughly 70 percent owned, sits at rank 15 on the same list with a P/FCF of 0.72. The same policyholder deposits generate the cash flow twice — once at the subsidiary, once in the parent's consolidated accounts.
Altman Z deliberately not used as a safety argument: the data set carries 3.78; the Z-double-prime variant (thresholds 1.1 and 2.6) computed from the December 31, 2025 balance sheet ratios gives roughly 0.36. Neither figure means anything for an insurer — the formula was built for industrial companies, an insurance balance sheet has no current/non-current split and is 91.8 percent liabilities. The argument is made instead with equity, investments, reserves and interest coverage.
Piotroski contradicts the filings: the data set carries 9 of 9. In fiscal 2025, however, net earnings ($679m after $1,391m), return on assets (0.62 percent after 1.46) and asset turnover (0.133 after 0.144) all fell — at least three of the nine criteria cannot be met. The value is therefore not cited as evidence.
Data-date deviation on market capitalization: the scanner computes the P/FCF of 2.09 on a market value of $12,143 million; at the July 24, 2026 close of $51.62 and 269,157,540 shares it is $13,894 million, which would give a P/FCF of 2.39. The article uses our own calculation and labels the scanner value as such. Likewise: the four quarterly values in the data set sum to $5,815 million of free cash flow, while the annual report for calendar 2025 shows $5,681 million ($5,828 million operating less $147 million of capital expenditure).
Takeover and delisting check: FNF common stock has been continuously listed on the NYSE. The Form 25-NSE of November 20, 2017 and the Form 15-12B of January 2, 2018 relate to a different class of securities separated at the time — the FNFV group split-off into Cannae Holdings (merger proxy DEFM14A of October 19, 2017) — not to the common stock. No SC 14D9, no pending DEFM14A.
Data as of: 10-K for 2025 filed 2026-02-26, 10-K for 2024 filed 2025-02-28, 10-Q for the quarter ended 2026-03-31 filed 2026-05-08, 10-Q reports for 2025-09-30, 2025-06-30 and 2025-03-31, current reports 8-K dated 2026-05-12 and 2026-06-11; metrics and price history July 24 to 27, 2026.
Possible confusion: Fidelity National Financial (FNF) is not Fidelity National Information Services (FIS) and not the asset manager Fidelity Investments. The former corporate name Fidelity National Title Group still appears in older registers.
The traffic light in this analysis judges the company, not the entry point. A scanner rank is an invitation to research, not a buy signal.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FNF since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 43.00 $ to 60.50 $ · Last price: 43.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Insurance - Specialty
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Fidelity National Financial Inc FNF | 11.4 | 15.6 | 0.0 | 54.1 | 19.3 | 8.6 | -20.6 |
| Ryan Specialty Group Holdings Inc RYAN | 10.5 | 49.0 | 0.0 | 41.5 | 17.4 | 21.3 | -24.1 |
| AXIS Capital Holdings Ltd AXS | 7.2 | 7.9 | 0.0 | 30.7 | 19.0 | 9.1 | 7.2 |
| First American Corporation FAF | 7.2 | 11.2 | 0.0 | 64.0 | 11.1 | 21.6 | 11.3 |
| Enact Holdings Inc ACT | 6.8 | – | 0.0 | 73.2 | 72.3 | 2.4 | 31.2 |
| MGIC Investment Corp MTG | 6.2 | 9.7 | 0.0 | 92.6 | 72.6 | 0.5 | 8.4 |
| Essent Group Ltd ESNT | 6.1 | 10.0 | 0.0 | 76.0 | 63.7 | -0.5 | 8.6 |
| Radian Group Inc RDN | 4.6 | 8.3 | 0.0 | 69.3 | 46.6 | -3.4 | 3.2 |
| NMI Holdings Inc NMIH | 3.2 | – | 0.0 | 76.4 | 72.0 | 8.4 | 11.1 |
| Median of companies shown | 6.8 | 10.0 | 0.0 | 69.3 | 46.6 | 8.4 | 8.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 7,257 | 955 | 650 | 1.92 | 1,162 | 6,898 | 21,361 |
| 2017 | 7,663 | 864 | 771 | 2.77 | 737 | 4,467 | 13,618 |
| 2018 | 7,594 | 750 | 628 | 2.26 | 943 | 4,630 | 8,957 |
| 2019 | 8,469 | 1,369 | 1,062 | 3.83 | 1,121 | 5,382 | 10,677 |
| 2020 | 10,702 | 1,784 | 1,427 | 4.99 | 1,578 | 8,392 | 50,455 |
| 2021 | 15,066 | 3,558 | 2,797 | 9.75 | 4,090 | 9,457 | 60,690 |
| 2022 | 11,455 | 1,730 | 1,294 | 4.67 | 4,355 | -2,502 | 57,108 |
| 2023 | 11,521 | 693 | 517 | 1.91 | 6,478 | 6,908 | 80,614 |
| 2024 | 13,355 | 1,742 | 1,270 | 4.65 | 6,815 | 7,754 | 95,372 |
| 2025 | 14,505 | 1,432 | 602 | 2.21 | 6,522 | 7,424 | 109,014 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.65 | – | 3,529 | 4.70 | 12.80 | 1,495 | 1,465 |
| 2025: Q1 | 0.30 | -66.70 | 2,674 | -17.60 | 3.10 | 1,115 | 1,078 |
| 2025: Q2 | 1.02 | -9.20 | 3,575 | 16.80 | 7.80 | 1,896 | 1,858 |
| 2025: Q3 | 1.31 | 34.60 | 3,939 | 11.90 | 9.10 | 1,311 | 1,273 |
| 2025: Q4 | -0.43 | -126.30 | 4,067 | 15.20 | -2.90 | 1,870 | 1,836 |
| 2026: Q1 | 0.90 | 197.10 | 3,224 | 20.60 | 7.50 | 875 | 848 |
| 2026: Q2 | 1.08 | 5.90 | 4,051 | 13.30 | 7.10 | 1,871 | 1,871 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Dividends
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 5.16 | 4.96 – 5.35 | 14,885 | 3.8% | 5 |
| 12/31/2027 | 5.79 | 5.04 – 6.25 | 15,522 | 12.2% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $5.79B |
|---|---|
| Market cap | $11.35B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 34.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Künstliche Intelligenz kommt in den ausgewerteten SEC-Berichten von Fidelity National Financial ausschließlich als Risiko- und Regulierungsthema vor — der Geschäftsbericht 2025 spricht von „potenziellen Nutzungen“ generativer KI und von möglichen Auflagen für Versicherer; im Quartalsbericht zum 31.03.2026 fällt der Begriff kein einziges Mal. Weder ein KI-Produkt noch ein beschriebener Ist-Einsatz im Geschäftsbetrieb ist belegt.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-02-28 · 10-Q 2026-05-08 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-Q 2025-05-08
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 8.2%
- More than 10% revenue growth is expected for the coming year 7.1%
- Share count grows by less than 3% a year -0.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 52.6%
- Gross margin at 40% or higher and without meaningful erosion 98.2%
- Goodwill from acquisitions does not grow faster than revenue 4.8%
- Net debt below twice EBITDA 28,090 m net cash
- Operating cash flow covers the profits of the last three years 17,426 m
- Return on capital at 15% or higher, or up versus two years ago 1.6%
- Insiders hold at least 10% or are net buyers 5.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 8.0%
- Exp. sales growth 3Y > 5% 3.4%
- EBIT growth 10Y > 5% 4.6%
- Exp. EBIT growth 3Y > 5% 61.7%
- Net debt < 4x EBIT -19.6x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 80.5%
- Return on equity > 15% –
- ROCE > 15% 1.6%
- Expected return > 10% 152.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Fidelity National Financial, Inc. bietet mit ihren Tochtergesellschaften diverse Versicherungsprodukte in den USA an.
- Employees
- 24,535
- Headquarters
- Jacksonville, FL
- Address
- 601 Riverside Avenue, 32204 Jacksonville, United States
- Phone
- 904 854 8100
- Website
- fnf.com
- IPO Date
- 10/14/2005
- ISIN
- US31620R3030
- Stock Split
- 1037:1000 on 12/17/2025
- Stock Split
- 104:100 on 12/01/2022
- Stock Split
- 1385:1000 on 10/02/2017
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael Joseph Nolan | Chief Executive Officer | 1960 |
| Raymond Randall Quirk | Executive Vice-Chairman | 1947 |
| Anthony John Park | Executive VP & CFO | 1967 |
| Peter Tadeusz Sadowski | Executive VP & Chief Legal Officer | 1955 |
| Michael Louis Gravelle J.D. | Executive VP, General Counsel & Corporate Secretary | 1962 |
| Gregg N. Sofer | EVP, Deputy Chief Legal Officer & Chief Compliance Officer | – |
| Jason R. Nadeau | Chief Artificial Intelligence Officer | 1971 |
| Jeffrey Heighton | President of Enterprise Solutions ? Agency | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.