Fidelity National Financial Inc (FNF)
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On paper Fidelity National Financial is one of the cheapest stocks in America: $13.9 billion of market value against $5.8 billion of free cash flow. Except most of that inflow is money belonging to policyholders and reinsurers — $888 million reached the holding company in 2025, and group cash actually shrank. We read the 2025 annual report and the quarterly report filed May 8, 2026, and sort out who owns what inside this vault.
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralKünstliche Intelligenz kommt in den ausgewerteten SEC-Berichten von Fidelity National Financial ausschließlich als Risiko- und Regulierungsthema vor — der Geschäftsbericht 2025 spricht von „potenziellen Nutzungen“ generativer KI und von möglichen Auflagen für Versicherer; im Quartalsbericht zum 31.03.2026 fällt der Begriff kein einziges Mal. Weder ein KI-Produkt noch ein beschriebener Ist-Einsatz im Geschäftsbetrieb ist belegt.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-02-28 · 10-Q 2026-05-08 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-Q 2025-05-08
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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).
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.
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.
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.
- 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.
About the Company
Fidelity National Financial, Inc. bietet mit ihren Tochtergesellschaften diverse Versicherungsprodukte in den USA an.
| Employees | 24,535 |
|---|---|
| Headquarters | Jacksonville, FL |
| Website | fnf.com |
| IPO Date | 14. Oct 2005 |
| Next Earnings | 5. Aug 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.