Revenue performance remains highly inconsistent, with gross margins fluctuating wildly from a low of 30.7% in 2024Q1 to a peak of 100% in 2023Q4, reflecting the difficulty in reconciling disparate business segments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 167.58M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 116.08M | 243.77M | 3.94M | 4.68M | 1.84M | 2.26M | -8.58M | -7.39M | -6.96M | -6.04M | -5.11M | -4.46M | -2.99M | -2.85M | -3.74M | -1.96M | -2.78M | -3.33M | -7.45M | -13.27M | -6.14M | -4.92M | -2.17M | 145.04M | -1.97M | -2.79M | -2.13M | -1.12M | 32.82M | 28.47M | 29.92M |
| Gross Margin % | 69.27% | 70.74% | 48.07% | 49.04% | 18.99% | 24.06% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100% | - | - | - | - | 100% | 100% | 100% |
| Gross Profit Growth % | - | 6089.8% | -15.89% | 155.07% | -18.7% | 126.32% | -16.14% | -6.18% | -15.23% | -18.1% | -14.65% | -48.9% | -4.93% | 23.79% | -90.91% | 29.42% | 16.45% | 55.34% | 43.87% | -116.09% | -24.79% | -126.37% | -101.5% | 7461.38% | 29.4% | -31.28% | -89.92% | -103.41% | 15.26% | -4.84% | 14.57% |
| Operating Expenses | 71.19M | 202.36M | -30.17M | -11.62M | -32.54M | -49.54M | -80.03M | -21.33M | -33.14M | -13.57M | -24.82M | -25.47M | -16.72M | -12.68M | -25.1M | -3.2M | -1.69M | -9.67M | -8.18M | -16.39M | -13.04M | -9.65M | -4.83M | 135.58M | -7.51M | -6.56M | -3.37M | -2.57M | 31.79M | 22.98M | 28.55M |
| OpEx % of Revenue | - | 58.73% | -368.22% | -121.68% | -336.65% | -527.87% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 93.47% | - | - | - | - | 96.87% | 80.69% | 95.4% |
| Selling, General & Admin | 831.09M | 3.51B | 120.97M | 125.77M | 158.49M | 167.67M | 144.58M | 110.98M | 110.59M | 114.23M | 113.31M | 101.4M | 82.88M | 71.42M | 60.04M | 48.69M | 52.33M | 106.86M | 125.17M | 120.9M | 105.73M | 90.69M | 82.1M | 102.93M | 68.46M | 52.25M | 35.96M | 26.96M | 19.65M | 15.36M | 17.29M |
| SG&A % of Revenue | - | 1019.96% | 1476.67% | 1317.26% | 1639.64% | 1786.54% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 70.96% | - | - | - | - | 59.87% | 53.94% | 57.79% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 44.89M | 41.41M | 34.1M | 16.3M | 34.38M | 51.8M | 71.45M | 13.94M | 26.18M | 7.53M | 19.7M | 21.01M | 13.73M | 9.82M | 21.35M | 1.24M | -1.09M | 6.35M | 730.51K | 3.12M | 6.9M | 4.73M | 2.66M | 9.46M | 5.54M | 3.77M | 1.25M | 1.45M | 1.03M | 5.5M | 1.38M |
| Operating Margin % | 26.79% | 12.02% | 416.29% | 170.73% | 355.64% | 551.93% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.53% | - | - | - | - | 3.13% | 19.31% | 4.6% |
| Operating Income Growth % | - | 21.42% | 109.22% | -52.58% | -33.64% | -27.5% | 412.41% | -46.74% | 247.58% | -61.77% | -6.24% | 53.08% | 39.73% | -53.99% | 1626.68% | 213.51% | -117.16% | 768.93% | -76.61% | -54.71% | 45.86% | 77.8% | -71.91% | 70.88% | 46.85% | 202.49% | -14.05% | 41.4% | -81.34% | 299.35% | -39.07% |
| EBITDA | 48.13M | 50.13M | 42.89M | 25.53M | 52.05M | 72.19M | 88.74M | 26.18M | 36.92M | 17.39M | 27.69M | 27.41M | 18.87M | 14.43M | 24.23M | 4.05M | 1.83M | 9.15M | 3.2M | 5.52M | 8.92M | 6.82M | 4.67M | 11.33M | 7.21M | 5.32M | 2.66M | 2.64M | 1.94M | 6.42M | 2.59M |
| EBITDA Margin % | 28.72% | 14.55% | 523.51% | 267.39% | 538.51% | 769.2% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.81% | - | - | - | - | 5.92% | 22.55% | 8.66% |
| EBITDA Growth % | 45.99% | 16.88% | 67.99% | -50.96% | -27.9% | -18.65% | 238.91% | -29.08% | 112.26% | -37.19% | 1.03% | 45.28% | 30.73% | -40.43% | 498.08% | 121.6% | -80.02% | 185.76% | -42.01% | -38.09% | 30.74% | 46.01% | -58.77% | 57.09% | 35.59% | 99.74% | 0.96% | 35.77% | -69.73% | 147.86% | -13.06% |
| D&A (Non-Cash Add-back) | 1.21M | 8.72M | 8.78M | 9.23M | 17.68M | 20.39M | 17.29M | 12.24M | 10.74M | 9.86M | 7.99M | 6.4M | 5.14M | 4.61M | 2.88M | 2.81M | 2.92M | 2.8M | 2.47M | 2.4M | 2.02M | 2.09M | 2.01M | 1.87M | 1.67M | 1.55M | 1.42M | 1.19M | 917.17K | 922.76K | 1.21M |
| EBIT | 49.29M | 45.93M | 38.36M | 21.17M | 42.21M | 58.93M | 80.03M | 21.33M | 33.14M | 13.57M | 24.82M | 25.47M | 16.72M | 12.68M | 25.1M | 3.2M | 1.69M | 9.67M | 8.18M | 16.39M | 13.04M | 9.65M | 4.83M | 13.11M | 7.51M | 6.56M | 3.37M | 2.57M | 2.03M | 947.63K | 2.69M |
| Net Interest Income | 470.62K | -4.52M | 3.94M | 4.68M | 1.84M | 2.26M | -8.58M | -7.39M | -6.96M | -6.04M | -5.11M | -4.46M | -2.99M | -2.85M | -3.74M | -1.96M | -2.78M | -3.33M | -7.45M | -13.27M | -6.14M | -4.92M | -2.17M | -3.64M | -1.97M | -2.79M | -2.13M | -1.12M | -999.12K | -947.63K | -1.32M |
| Interest Income | 4.87M | 0 | 8.19M | 9.55M | 9.67M | 9.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.4M | 4.52M | 4.25M | 4.87M | 7.83M | 7.13M | 8.58M | 7.39M | 6.96M | 6.04M | 5.11M | 4.46M | 2.99M | 2.85M | 3.74M | 1.96M | 2.78M | 3.33M | 7.45M | 13.27M | 6.14M | 4.92M | 2.17M | 3.64M | 1.97M | 2.79M | 2.13M | 1.12M | 999.12K | 947.63K | 1.32M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 44.89M | 41.41M | 34.1M | 16.3M | 34.38M | 51.8M | 71.45M | 13.94M | 26.18M | 7.53M | 19.7M | 21.01M | 13.73M | 9.82M | 21.35M | 1.24M | -1.09M | 6.35M | 730.51K | 3.12M | 6.9M | 4.73M | 2.66M | 9.46M | 5.54M | 3.77M | 1.25M | 1.45M | 1.03M | 1.67M | 1.38M |
| Pretax Margin % | 26.79% | 12.02% | 416.29% | 170.73% | 355.64% | 551.93% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.53% | - | - | - | - | 3.13% | 5.86% | 4.6% |
| Income Tax | 10.08M | 9.26M | 7.57M | 1.81M | 8.69M | 12.28M | 15.85M | 3.05M | 4.49M | -6.58M | 7.51M | 7.66M | 5.51M | 2.24M | 4.64M | -62.2K | -658.8K | 2.57M | 155.66K | 857.63K | 1.77M | 1.24M | 652K | 2.89M | 1.57M | 913K | 305K | 230.52K | 254.81K | 360.11K | 139.46K |
| Effective Tax Rate % | 22.44% | 22.36% | 22.19% | 11.08% | 25.27% | 23.71% | 22.19% | 21.88% | 17.17% | -87.37% | 38.14% | 36.46% | 40.14% | 22.78% | 21.73% | -5.03% | 60.47% | 40.55% | 21.31% | 27.46% | 25.69% | 26.22% | 24.52% | 30.54% | 28.26% | 24.2% | 24.46% | 15.89% | 24.83% | 21.58% | 10.13% |
| Net Income | 34.82M | 32.15M | 26.54M | 14.5M | 25.69M | 39.52M | 55.6M | 10.89M | 21.69M | 14.11M | 12.19M | 13.35M | 8.22M | 7.59M | 16.71M | 1.3M | -430.62K | 3.77M | 574.85K | 2.27M | 5.12M | 3.49M | 2.12M | 6.6M | 3.99M | 2.84M | 896K | 975.89K | 771.23K | 1.31M | 1.24M |
| Net Margin % | 20.78% | 9.33% | 323.91% | 151.82% | 265.78% | 421.07% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.55% | - | - | - | - | 2.35% | 4.6% | 4.13% |
| Net Income Growth % | 48.79% | 21.17% | 83.07% | -43.58% | -34.99% | -28.92% | 410.36% | -49.77% | 53.66% | 15.79% | -8.71% | 62.49% | 8.32% | -54.61% | 1186.81% | 401.6% | -111.41% | 556.49% | -74.62% | -55.79% | 46.92% | 64.37% | -67.83% | 65.26% | 40.49% | 217.08% | -8.19% | 26.54% | -41.08% | 5.8% | -20.28% |
| Net Income (Continuing) | 34.82M | 32.15M | 26.54M | 14.5M | 25.69M | 39.52M | 55.6M | 10.89M | 21.69M | 14.11M | 12.19M | 13.35M | 8.22M | 7.59M | 16.71M | 1.3M | -430.62K | 3.77M | 574.85K | 2.27M | 5.12M | 3.49M | 2.12M | 6.6M | 3.99M | 2.86M | 895.73K | 1.22M | 771.23K | 1.31M | 1.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.47M | 2.28M | 2.17M | 3.81M | 3.96M | 4.3M | 4.24M | 4.62M | 6.05M | 6.78M | 0 | 0 |
| EPS (Diluted) | 1.36 | 1.26 | 1.06 | 0.61 | 1.17 | 1.63 | 2.37 | 0.48 | 0.96 | 0.60 | 0.56 | 0.62 | 0.40 | 0.36 | 0.87 | 0.07 | -0.02 | 0.21 | 0.03 | 0.13 | 0.30 | 0.22 | 0.13 | 0.42 | 0.26 | 0.20 | 0.06 | 0.07 | 0.05 | 0.10 | 0.08 |
| EPS Growth % | 52.37% | 18.87% | 73.77% | -47.86% | -28.22% | -31.22% | 393.75% | -50% | 60% | 7.14% | -9.68% | 55% | 11.11% | -58.62% | 1110.01% | 431.34% | -110.33% | 538.3% | -74.69% | -56.67% | 36.36% | 69.23% | -69.05% | 61.54% | 30% | 223.62% | -11.59% | 34.68% | -45.37% | 19.35% | -20.4% |
| EPS (Basic) | - | 1.30 | 1.09 | 0.63 | 1.10 | 1.70 | 2.43 | 0.51 | 0.92 | 0.61 | 0.57 | 0.61 | 0.39 | 0.36 | 0.92 | 0.07 | -0.02 | 0.21 | 0.03 | 0.13 | 0.31 | 0.22 | 0.13 | 0.42 | 0.27 | 0.20 | 0.06 | 0.07 | 0.05 | 0.10 | 0.08 |
| Diluted Shares Outstanding | 25.54M | 25.48M | 23.98M | 23.81M | 21.95M | 24.23M | 23.45M | 22.72M | 22.66M | 23.52M | 21.86M | 21.56M | 21.58M | 21.63M | 19.12M | 17.84M | 18.61M | 17.66M | 17.39M | 17.47M | 16.85M | 16.24M | 15.97M | 15.83M | 15.01M | 14.3M | 14.27M | 13.84M | 14.83M | 13.57M | 15.51M |
| Basic Shares Outstanding | 24.82M | 24.73M | 23.31M | 23.19M | 23.3M | 23.31M | 22.89M | 21.49M | 23.51M | 23.07M | 21.74M | 21.87M | 21.04M | 20.89M | 18.17M | 17.65M | 18.61M | 17.65M | 17.39M | 17.07M | 16.49M | 15.91M | 16.32M | 15.47M | 14.61M | 14.3M | 14.27M | 13.84M | 14.83M | 13.23M | 15.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Revenue Volatility
As indicated by the quarterly income statements, SNFCA exhibits extreme revenue volatility, with figures oscillating between $1.5M and $83.0M, suggesting that the company's top-line performance is heavily influenced by non-recurring accounting adjustments or episodic mortgage origination cycles rather than consistent, organic operational expansion.
The massive fluctuations in quarterly revenue suggest that the company's business model is highly sensitive to external market conditions or specific accounting recognition events. Investors should monitor whether these swings represent genuine shifts in market share or merely the timing of insurance premium recognition and mortgage servicing rights valuations.
Based on reported financial data, gross margins have fluctuated wildly from a low of 30.7% in 2024Q1 to a peak of 100% in 2023Q4, reflecting the inherent difficulty in reconciling the disparate profitability profiles of the company's insurance, mortgage, and death care segments.
The lack of a stable gross margin profile implies that the company's cost of goods sold is not consistently aligned with its revenue streams. This volatility warrants further investigation into whether the mortgage segment's cyclicality is periodically overwhelming the more stable, high-margin death care and insurance operations.
According to recent SEC filings, the company's operating income has failed to scale predictably with revenue, as evidenced by the 2026Q1 operating margin of 11.4% despite significant revenue levels, suggesting that administrative overhead remains a persistent drag on overall profitability.
The inability to maintain consistent operating margins during periods of higher revenue indicates a lack of operational leverage. This suggests that the company's cost structure is heavily weighted toward fixed administrative expenses that do not necessarily decline when mortgage or insurance volumes contract.
As reported in financial statements, the presence of massive, irregular stock-based compensation charges, such as the $1.3B figure in 2025Q4, suggests that reported net income is frequently impacted by non-operating items that obscure the underlying cash-generating capability of the core business.
The extreme variance in net income, ranging from losses in 2024Q4 to significant profits in other periods, suggests that investors should focus on normalized earnings metrics. The impact of these non-operating charges appears to be significant enough to render standard P/E ratios potentially misleading for valuation purposes.
Based on the provided income statement history, the sharp contraction in operating income during periods of low revenue suggests that the mortgage segment may be an unsustainable profit driver, potentially exposing the company to significant margin compression risks during prolonged high-interest-rate environments.
Short-sellers would likely focus on the high reliance on the mortgage segment, which appears to lack the defensive characteristics of the death care business. If the mortgage arm continues to exhibit high volatility, it may permanently depress the company's valuation multiple relative to more stable, pure-play death care competitors.
Quick answers to the most common questions about buying SNFCA stock.
Security National Financial Corporation (SNFCA) is profitable, generating $32.2M in net income for the fiscal year ending 2025 with a net profit margin of 9.3%.
Security National Financial Corporation (SNFCA) reported an operating income of $41.4M, resulting in an operating profit margin of 12.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Security National Financial Corporation (SNFCA) generated $243.8M in gross profit for the year, representing a gross profit margin of 70.7%. This demonstrates the company's core pricing power and production efficiency.