Fidelity National Financial, Inc. (FNF) 10-Year Financial Performance & Capital Metrics

FNF • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceTitle InsuranceTitle Insurance Underwriters

AboutFidelity National Financial, Inc., together with its subsidiaries, provides various insurance products in the United States. The company operates through Title, F&G, and Corporate and Other segments. It offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty insurance. The company also provides technology and transaction services to the real estate and mortgage industries; and mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. In addition, it offers annuity and life insurance products, such as deferred annuities that include fixed indexed, fixed rate, and immediate annuities, as well as indexed universal life insurance products. Further, the company engages in the real estate brokerage business. Fidelity National Financial, Inc. was founded in 1847 and is headquartered in Jacksonville, Florida.Show more

Revenue $13.36B +15.9%
Combined Ratio 86.96% -7.5%
Net Income $1.27B +145.6%
Return on Equity 15.88% -23.8%
Medical Cost Ratio 47.06% -7.5%
Operating Margin 13.04% +116.9%
Net Margin 9.51% +111.9%
ROA 1.44% +92.2%
Equity / Assets 8.95% -3.3%
Book Value per Share 31.25 +13.5%
Tangible BV/Share -11.48 -28.9%
Debt/Equity 0.55 -3.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 87.0% combined ratio
✓Excellent 3Y average ROE of 24.6%
✓Low loss ratio of 47.1%
✓Healthy dividend yield of 3.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.23%

5Y9.54%

3Y-3.94%

TTM3.95%

Profit (Net Income) CAGR

10Y8.1%

5Y3.64%

3Y-23.14%

TTM55.66%

EPS CAGR

10Y8.33%

5Y3.96%

3Y-18.02%

TTM-40%

ROCE

10Y Avg5.36%

5Y Avg3.63%

3Y Avg1.97%

Latest1.98%

Peer Comparison

Title Insurance Underwriters

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FAFFirst American Financial Corporation	6.17B	60.57	48.07	2.04%	6.81%	9.06%	11%	0.49
ITICInvestors Title Company	481.71M	255.20	15.54	14.93%	11.86%	8.56%	4.65%	0.03
FNFFidelity National Financial, Inc.	14.31B	52.73	11.34	15.92%	8.52%	12.52%	46.61%	0.55

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	6.66B	7.26B	7.66B	7.59B	8.47B	10.7B	15.07B	11.46B	11.52B	13.36B
Revenue Growth %	-0.17%	0.09%	0.06%	-0.01%	0.12%	0.26%	0.41%	-0.24%	0.01%	0.16%
Medical Costs & Claims+	1.98B	2.15B	2.33B	2.28B	2.5B	3.9B	6.09B	4.32B	5.86B	6.29B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	4.69B	5.1B	5.34B	5.31B	5.97B	6.8B	8.97B	7.14B	5.66B	7.07B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.26%	0.09%	0.05%	-0%	0.12%	0.14%	0.32%	-0.2%	-0.21%	0.25%
Operating Expenses+	3.92B	4.15B	4.47B	4.56B	4.6B	5.02B	5.41B	5.41B	4.96B	5.33B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	410M	431M	389M	182M	178M	296M	432M	491M	593M	739M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	770M	955M	864M	750M	1.37B	1.78B	3.56B	1.73B	693M	1.74B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.96%	0.24%	-0.1%	-0.13%	0.83%	0.3%	0.99%	-0.51%	-0.6%	1.51%
EBITDA+	1.18B	1.39B	1.25B	932M	1.55B	2.08B	3.99B	2.22B	1.29B	2.48B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	73M	64M	48M	43M	47M	90M	114M	115M	174M	209M
Non-Operating Income	-73M	-64M	-48M	-43M	-47M	-90M	-114M	-115M	-174M	-209M
Pretax Income+	770M	955M	864M	750M	1.37B	1.8B	3.62B	1.75B	710M	1.76B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	274M	347M	235M	120M	308M	322M	813M	439M	192M	367M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	527M	650M	771M	628M	1.06B	1.43B	2.8B	1.29B	517M	1.27B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.1%	0.23%	0.19%	-0.19%	0.69%	0.34%	0.96%	-0.54%	-0.6%	1.46%
EPS (Diluted)+	1.51	1.92	2.38	2.26	3.83	4.99	8.44	4.67	1.91	4.65
EPS Growth %	-0.28%	0.27%	0.24%	-0.05%	0.69%	0.3%	0.69%	-0.45%	-0.59%	1.43%
EPS (Basic)	1.51	1.92	2.44	2.30	3.89	5.02	8.50	4.71	1.91	4.69
Diluted Shares Outstanding	348M	338.81M	278M	278M	277M	286M	287M	277M	271M	273M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	20.52B	21.36B	13.62B	8.96B	10.68B	50.45B	60.69B	57.11B	80.61B	95.37B
Asset Growth %	0.48%	0.04%	-0.36%	-0.34%	0.19%	3.73%	0.2%	-0.06%	0.41%	0.18%
Total Investment Assets+	5.63B	5.61B	4.48B	4.81B	7.2B	35.05B	70.11B	75.56B	28.89B	63.62B
Long-Term Investments	4.75B	4.23B	3.26B	3.41B	4.23B	31.99B	37.63B	39.88B	4.83B	56.08B
Short-Term Investments	3.59B	2.92B	2.11B	2.48B	2.97B	28.36B	32.48B	35.69B	24.05B	27.64B
Total Current Assets+	442M	343M	2.11B	4.04B	4.3B	0	40.66B	43.78B	27B	0
Cash & Equivalents	780M	1.32B	1.11B	1.26B	992M	2.45B	3.88B	2.04B	2.5B	3.41B
Receivables	0	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	442M	21M	0	0	2.94B	-35.45B	4.94B	4.2B	35.98B	-44.9B
Goodwill & Intangibles+	6.68B	7.07B	3.76B	3.64B	3.55B	7.16B	7.5B	9.09B	9.88B	11.67B
Goodwill	4.76B	5.07B	2.75B	2.73B	2.73B	4.5B	4.54B	4.64B	4.83B	5.27B
Intangible Assets	1.92B	2B	1.02B	918M	826M	2.67B	2.96B	4.45B	5.04B	6.4B
PP&E (Net)	510M	616M	193M	164M	586M	554M	561M	555M	516M	524M
Other Assets	4.47B	3.79B	-3.65B	-110M	-110M	-39.7B	-1.18B	-1.83B	67.72B	-68.28B
Total Liabilities	13.93B	14.46B	9.15B	4.33B	4.97B	42.06B	51.23B	59.61B	73.15B	86.84B
Total Debt+	2.79B	2.75B	759M	836M	1.28B	3.08B	3.51B	3.66B	4.28B	4.71B
Net Debt	2.01B	1.42B	-351M	-421M	288M	627M	-370M	1.61B	1.78B	1.3B
Long-Term Debt	2.79B	987M	759M	836M	838M	2.66B	3.1B	3.24B	3.89B	4.32B
Short-Term Debt	0	0	0	0	0	0	545M	0	507M	0
Total Current Liabilities+	1.16B	1.14B	137M	35M	44M	0	129M	156M	-5.05B	0
Accounts Payable	68M	42M	39M	35M	44M	115M	129M	156M	339M	191M
Deferred Revenue	0	0	0	0	-101M	0	-416M	-541M	3M	0
Other Current Liabilities	2.01B	1.76B	-570M	-35M	-539M	-1.06B	-1.23B	-333M	-5.91B	-1.29B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	3.4B	6.29B	3.17B	3.16B	3.28B	-3.49B	0	54.85B	67.26B	-4.8B
Total Equity+	6.59B	6.9B	4.47B	4.63B	5.71B	8.39B	9.46B	-2.5B	7.46B	8.53B
Equity Growth %	-0.03%	0.05%	-0.35%	0.04%	0.23%	0.47%	0.13%	-1.26%	3.98%	0.14%
Shareholders Equity	5.75B	6B	4.45B	4.63B	5.38B	8.35B	9.41B	6.12B	6.91B	7.75B
Minority Interest	834M	902M	20M	-2M	327M	41M	43M	360M	552M	778M
Retained Earnings	1.37B	1.78B	217M	641M	1.36B	2.39B	4.37B	5.22B	5.24B	5.98B
Common Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-69M	-13M	111M	-13M	43M	1.3B	779M	-2.86B	-2.12B	-2.05B
Return on Equity (ROE)	0.08%	0.1%	0.14%	0.14%	0.21%	0.2%	0.31%	0.37%	0.21%	0.16%
Return on Assets (ROA)	0.03%	0.03%	0.04%	0.06%	0.11%	0.05%	0.05%	0.02%	0.01%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.42x	0.40x	0.17x	0.18x	0.22x	0.37x	0.37x	-	0.57x	0.55x
Book Value per Share	18.93	20.36	16.07	16.65	20.61	29.34	32.95	-9.03	27.53	31.25
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	917M	1.16B	737M	943M	1.12B	1.58B	4.09B	4.36B	6.48B	6.82B
Operating CF Growth %	0.62%	0.27%	-0.37%	0.28%	0.19%	0.41%	1.59%	0.06%	0.49%	0.05%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	561M	692M	794M	635M	1.08B	1.45B	2.44B	1.15B	518M	1.39B
Depreciation & Amortization	410M	431M	389M	182M	178M	296M	645M	496M	593M	739M
Stock-Based Compensation	56M	58M	44M	31M	38M	39M	42M	49M	60M	82M
Deferred Taxes	-21M	0	0	0	-328M	-10M	-738M	0	0	0
Other Non-Cash Items	17M	10M	-258M	110M	-2M	-102M	-190M	-73M	597M	-721M
Working Capital Changes	-106M	-29M	-232M	-15M	159M	-97M	1.89B	2.73B	4.71B	5.32B
Cash from Investing+	-571M	-254M	-95M	-354M	-520M	-2.33B	-7.45B	-10.52B	-9.09B	-7.86B
Capital Expenditures	-241M	-290M	-149M	-83M	-96M	-110M	-131M	-138M	-132M	-146M
Acquisitions	-152M	-723M	-235M	-59M	-35M	-1.25B	-1.85B	-1.26B	-1.59B	-1.72B
Purchase of Investments	-1.69B	-598M	-893M	-1.5B	-1.26B	-4.81B	-16.01B	-15.72B	-13.98B	-18.9B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	358M	138M	101M	93M	42M	246M	480M	250M	407M	628M
Cash from Financing+	-238M	-588M	-999M	-442M	-482M	2.1B	5B	4.09B	3.09B	1.76B
Dividends Paid	-237M	-239M	-278M	-328M	-344M	-389M	-446M	-489M	-500M	-532M
Share Repurchases	-498M	-276M	-70M	-20M	-86M	-236M	-463M	-553M	-24M	-34M
Stock Issued	475M	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Financing	492M	6M	-470M	-166M	-37M	1.48B	5.48B	5B	2.97B	1.87B
Net Change in Cash+	108M	320M	-357M	147M	119M	1.34B	1.64B	-2.07B	481M	712M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	564M	672M	992M	1.11B	1.26B	1.38B	2.72B	4.36B	2.29B	2.77B
Cash at End	672M	992M	635M	1.26B	1.38B	2.72B	4.36B	2.29B	2.77B	3.48B
Free Cash Flow+	676M	872M	588M	860M	1.02B	1.47B	3.96B	4.22B	6.35B	6.67B
FCF Growth %	0.89%	0.29%	-0.33%	0.46%	0.19%	0.43%	1.7%	0.07%	0.5%	0.05%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.94	2.57	2.12	3.09	3.7	5.13	13.79	15.22	23.42	24.43

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	88.45%	86.84%	88.73%	90.12%	83.84%	83.33%	76.38%	84.9%	93.98%	86.96%
Medical Cost Ratio	29.67%	29.7%	30.37%	30.02%	29.5%	36.42%	40.45%	37.68%	50.89%	47.06%
Return on Equity (ROE)	7.88%	9.64%	13.57%	13.81%	20.55%	20.24%	31.34%	37.21%	20.86%	15.88%
Return on Assets (ROA)	3.07%	3.1%	4.41%	5.56%	10.82%	4.67%	5.03%	2.2%	0.75%	1.44%
Equity / Assets	32.11%	32.29%	32.8%	51.67%	53.47%	16.63%	15.58%	-4.38%	9.25%	8.95%
Book Value / Share	18.93	20.36	16.07	16.65	20.61	29.34	32.95	-9.03	27.53	31.25
Debt / Equity	0.42x	0.40x	0.17x	0.18x	0.22x	0.37x	0.37x	-	0.57x	0.55x
Revenue Growth	-16.95%	8.9%	5.59%	-0.9%	11.52%	26.37%	40.78%	-23.97%	0.58%	15.92%

Revenue by Segment

	2013	2014	2016	2018	2019	2020	2021	2022	2023	2024
Title	-	-	-	-	-	9.37B	11.5B	9.11B	7.04B	8.24B
Title Growth	-	-	-	-	-	-	22.65%	-20.80%	-22.71%	17.08%
F&G	-	-	-	-	-	25M	3.96B	2.34B	4.5B	2.94B
F&G Growth	-	-	-	-	-	-	15748.00%	-40.94%	92.31%	-34.64%
Corporate And Reconciling Items	-	-	-	434M	210M	-	-	-	-	140M
Corporate And Reconciling Items Growth	-	-	-	-	-51.61%	-	-	-	-	-
Corporate and Other	-	-	-	-	-	171M	184M	110M	214M	-
Corporate and Other Growth	-	-	-	-	-	-	7.60%	-40.22%	94.55%	-
Title Subsegment	-	-	-	7.16B	8.26B	-	-	-	-	-
Title Subsegment Growth	-	-	-	-	15.35%	-	-	-	-	-
Fidelity National Financial Group	-	-	9.58B	-	-	-	-	-	-	-
Fidelity National Financial Group Growth	-	-	-	-	-	-	-	-	-	-
Total FNF Core	-	6.37B	-	-	-	-	-	-	-	-
Total FNF Core Growth	-	-	-	-	-	-	-	-	-	-
Title Insurance Product Line	-	5.53B	-	-	-	-	-	-	-	-
Title Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-
Total Portfolio Company Investments	2.62B	1.55B	-	-	-	-	-	-	-	-
Total Portfolio Company Investments Growth	-	-41.04%	-	-	-	-	-	-	-	-
Restaurant group	1.41B	1.44B	-	-	-	-	-	-	-	-
Restaurant group Growth	-	1.99%	-	-	-	-	-	-	-	-
Black Knight Financial Services	-	852M	-	-	-	-	-	-	-	-
Black Knight Financial Services Growth	-	-	-	-	-	-	-	-	-	-
Portfolio Company Corporate and Other	-	110M	-	-	-	-	-	-	-	-
Portfolio Company Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-
FNF Corporate and Other	-	-13M	-	-	-	-	-	-	-	-
FNF Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-
Remy	1.13B	-	-	-	-	-	-	-	-	-
Remy Growth	-	-	-	-	-	-	-	-	-	-
Consolidation, Eliminations	-	-	-	-	-	-	-	-	-	-
Consolidation, Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2013	2014	2016	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Valuation & Price

Fidelity National Financial, Inc. (FNF) has a price-to-earnings (P/E) ratio of 11.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Fidelity National Financial, Inc. (FNF) grew revenue by 15.9% over the past year. This is strong growth.

Yes, Fidelity National Financial, Inc. (FNF) is profitable, generating $1.17B in net income for fiscal year 2024 (9.5% net margin).

Dividend & Returns

Yes, Fidelity National Financial, Inc. (FNF) pays a dividend with a yield of 3.70%. This makes it attractive for income-focused investors.

Fidelity National Financial, Inc. (FNF) has a return on equity (ROE) of 15.9%. This is reasonable for most industries.

Industry Metrics

Fidelity National Financial, Inc. (FNF) has a combined ratio of 87.0%. A ratio below 100% indicates underwriting profitability.

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