FNF
Fidelity National Financial, Inc.
Financials • CIK: 0001331875
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Market Cap
$14.81B
P/E (TTM)
24.6x
Rev Growth (TTM)
+5.6%
Net Margin (TTM)
4.2%
FCF Yield (TTM)
39.4%
FCF Margin (TTM)
40.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$5.8B
Q4 '25
$1.5B+15%
Q3 '25
$1.3B-31%
FCF Margin
TTM40.3%
Q4 '2537.2%+14%
Sector: 22.2%Top 25%
OCF Margin40.3%
OCF/NI9.68x
CapEx Coverage–
FCF Yield39.4%
FCF Growth (2Y)+10%
Cash Conversion Cycle
9 days
DSO: 9+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.4%
Div Yield3.7%
+Buyback (TTM)1.7%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.7%
FCF Payout Ratio9.4%
Free Cash Flow (TTM)$5.8B
Stock Repurchases (TTM)$251.0M
Capital Return / FCF13.7%
Est. Dividends Paid (TTM)$547.9M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.14x
8Q: 0.15x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Fixed Asset Turn
77.04x
8Q:81.13x
+426.3%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $14.4B | $4.1B↑0.5% | $4.0B↑10.9% | $3.6B↑33.2% | $2.7B↓24.6% | $3.6B↑0.5% | $3.6B↑14.1% | $3.2B↓4.3% | $3.3B |
Operating Income | $1.4B | $451.0M↓0.4% | $453.0M↑18.6% | $382.0M↑244.1% | $111.0M↓82.7% | $640.0M↑104.5% | $313.0M↓31.7% | $458.0M↑38.4% | $331.0M |
Net Income | $602.0M | $-117.0M↓132.7% | $358.0M↑28.8% | $278.0M↑234.9% | $83.0M↓81.6% | $450.0M↑69.2% | $266.0M↓13.1% | $306.0M↑23.4% | $248.0M |
Operating Cash Flow | $5.8B | $1.5B↑14.9% | $1.3B↓30.9% | $1.9B↑70.0% | $1.1B↓25.4% | $1.5B↓36.8% | $2.4B↑73.6% | $1.4B↓14.3% | $1.6B |
Free Cash Flow | $5.8B | $1.5B↑14.9% | $1.3B↓30.9% | $1.9B↑70.0% | $1.1B↓25.4% | $1.5B↓36.8% | $2.4B↑73.6% | $1.4B↓14.3% | $1.6B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
24.6x
Volatile
8Q: 50.2x-9383%
High PEG ratio (4.4x) suggests expensive for growth
Valuation Lenses
Earnings
24.6x
vs – sector
Cash Flow
1.9x
EV/FCF vs –
Growth-Adj
4.4xPEG
Expensive for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
3.7%
Buyback
1.7%
Total Yield
5.4%
Market Cap$14.81B
EV$11.23B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
65/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
7.6%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
9.68x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle9 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
61/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.6%
OpInc Growth YoY
-29.5%
EPS Growth YoY
-52.3%
FCF 3Y CAGR
10.2%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
4.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+36.2 pts
FCF: 40.3% | Net: 4.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $2.64B
Interest Coverage
–
+Net cash position: $2.64B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis