# Fidelity National Financial (FNF.US)

Canonical: https://gigainvestors.com/s/FNF

Analysis as of: 2026-10-16T07:28:36.190Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $39.68 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.46×

Chart: Net income; fiscal year observations.

- FY2016: $1.3B

- FY2017: $1.4B

- FY2018: $1.3B

- FY2019: $2.1B

- FY2020: $1.4B

- FY2021: $2.4B

- FY2022: $1.1B

- FY2023: $517M

- FY2024: $1.3B

- FY2025: $602M

### moat: pass

- Common book per share

- Bank / P&C ROTE, median of available years: 19.4%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 7.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 21.7%

- FY2017: 32.2%

- FY2018: 27.1%

- FY2019: 39.5%

- FY2020: 17.1%

- FY2021: 25.7%

- FY2022: 0.0%

- FY2023: 7.5%

- FY2024: 16.4%

- FY2025: 8.1%

### economics: fail

- Common book per share

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: $16.53

- Ending book value per share: $27.29

### management: fail

- Common book per share

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -2.4%

- Diluted shares, 5-year annual growth: -1.7%

- Share growth excluding flagged crisis recapitalisations: -2.4%

- Five-year share growth excluding flagged crisis recapitalisations: -1.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.43×

- Book value created per share: $10.76

- Earnings retained per share after dividends and buybacks: $25.04

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 97

- FY2017: 81

- FY2018: 83

- FY2019: 83

- FY2020: 85

- FY2021: 86

- FY2022: 83

- FY2023: 78

- FY2024: 78

- FY2025: 78

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Mar 2025 · "Fidelity National Balances Record Title Growth With Margin And Dividend Strains" (finance.yahoo.com, Feb 2026) · net income -52.6%

Story as of 2026-10-16T09:58:46.662Z; price observation 2026-10-15.

- 2025-08-12: FNF Q2 Deep Dive: Revenue Strength Offset by Margin Pressure and Higher Costs ([finance.yahoo.com](https://finance.yahoo.com/news/fnf-q2-deep-dive-revenue-072307501.html))

- 2026-02-24: Fidelity National Balances Record Title Growth With Margin And Dividend Strains ([finance.yahoo.com](https://finance.yahoo.com/news/fidelity-national-balances-record-title-060950885.html))

### Net income · FY2025

net income -52.6%; source https://www.sec.gov/Archives/edgar/data/1331875/000133187526000026/fnf-20251231.htm; observed 2026-02-26.

- FY2016: $1.3B 

- FY2017: $1.4B 

- FY2018: $1.3B 

- FY2019: $2.1B 

- FY2020: $1.4B 

- FY2021: $2.4B 

- FY2022: $1.1B 

- FY2023: $517M 

- FY2024: $1.3B 

- FY2025: $602M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance specialty; annual sales are USD 14.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1331875/000133187526000026/fnf-20251231.htm#000133187526000026 (filed 2026-02-26); FY2025: revenue 14445000000.

### Why customers stay

It earns 19.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,0.21681120747164775],[2017,0.32223971216550484],[2018,0.2712742980561555],[2019,0.39464882943143814],[2020,0.17087773919291102],[2021,0.25727639685574677],[2022,0],[2023,0.07484076433121019],[2024,0.16378643280887284],[2025,0.08108836206896551]]; median 0.1938444733322794. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 289 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,239000000],[2017,278000000],[2018,328000000],[2019,344000000],[2020,389000000],[2021,446000000],[2022,489000000],[2023,500000000],[2024,532000000],[2025,546000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1331875/000133187526000026/fnf-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 289000000 USD.

### Are managers owners

Insiders own 5.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FNF.US SharesStats.PercentInsiders = 5.739 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 39.68 USD; reporting-to-trading FX 1; FY2025 annual sales per share 53.106617647058826; price multiple 0.7471761855313257. FY2025 cash earnings/share 4.4851425106124925. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $35.91 per share

- 2016-11: $31.94 per share

- 2016-12: $33.96 per share

- 2017-01: $35.36 per share

- 2017-02: $38.33 per share

- 2017-03: $38.94 per share

- 2017-04: $40.95 per share

- 2017-05: $42.61 per share

- 2017-06: $44.83 per share

- 2017-07: $48.86 per share

- 2017-08: $48.24 per share

- 2017-09: $47.46 per share

- 2017-10: $37.42 per share

- 2017-11: $40.46 per share

- 2017-12: $39.24 per share

- 2018-01: $38.98 per share

- 2018-02: $39.93 per share

- 2018-03: $40.02 per share

- 2018-04: $36.83 per share

- 2018-05: $36.96 per share

- 2018-06: $37.62 per share

- 2018-07: $40.50 per share

- 2018-08: $40.10 per share

- 2018-09: $39.35 per share

- 2018-10: $33.45 per share

- 2018-11: $33.60 per share

- 2018-12: $31.44 per share

- 2019-01: $36.16 per share

- 2019-02: $35.09 per share

- 2019-03: $36.55 per share

- 2019-04: $39.95 per share

- 2019-05: $38.55 per share

- 2019-06: $40.30 per share

- 2019-07: $42.88 per share

- 2019-08: $43.94 per share

- 2019-09: $44.41 per share

- 2019-10: $45.84 per share

- 2019-11: $47.63 per share

- 2019-12: $45.35 per share

- 2020-01: $48.75 per share

- 2020-02: $38.76 per share

- 2020-03: $24.88 per share

- 2020-04: $27.05 per share

- 2020-05: $31.90 per share

- 2020-06: $30.66 per share

- 2020-07: $32.36 per share

- 2020-08: $32.83 per share

- 2020-09: $31.31 per share

- 2020-10: $31.29 per share

- 2020-11: $35.99 per share

- 2020-12: $39.09 per share

- 2021-01: $36.30 per share

- 2021-02: $38.28 per share

- 2021-03: $40.66 per share

- 2021-04: $45.62 per share

- 2021-05: $46.99 per share

- 2021-06: $43.46 per share

- 2021-07: $44.61 per share

- 2021-08: $48.83 per share

- 2021-09: $45.34 per share

- 2021-10: $47.91 per share

- 2021-11: $48.91 per share

- 2021-12: $52.18 per share

- 2022-01: $50.35 per share

- 2022-02: $47.64 per share

- 2022-03: $48.84 per share

- 2022-04: $39.82 per share

- 2022-05: $42.30 per share

- 2022-06: $36.96 per share

- 2022-07: $39.96 per share

- 2022-08: $39.10 per share

- 2022-09: $36.20 per share

- 2022-10: $39.38 per share

- 2022-11: $40.36 per share

- 2022-12: $37.62 per share

- 2023-01: $44.03 per share

- 2023-02: $39.86 per share

- 2023-03: $34.93 per share

- 2023-04: $35.49 per share

- 2023-05: $34.14 per share

- 2023-06: $36.00 per share

- 2023-07: $39.17 per share

- 2023-08: $41.40 per share

- 2023-09: $41.30 per share

- 2023-10: $39.09 per share

- 2023-11: $44.84 per share

- 2023-12: $51.02 per share

- 2024-01: $50.03 per share

- 2024-02: $50.58 per share

- 2024-03: $53.10 per share

- 2024-04: $49.50 per share

- 2024-05: $50.36 per share

- 2024-06: $49.42 per share

- 2024-07: $55.41 per share

- 2024-08: $58.96 per share

- 2024-09: $62.06 per share

- 2024-10: $60.17 per share

- 2024-11: $63.39 per share

- 2024-12: $56.14 per share

- 2025-01: $58.17 per share

- 2025-02: $64.53 per share

- 2025-03: $65.08 per share

- 2025-04: $64.05 per share

- 2025-05: $54.77 per share

- 2025-06: $56.06 per share

- 2025-07: $56.43 per share

- 2025-08: $59.87 per share

- 2025-09: $60.49 per share

- 2025-10: $55.24 per share

- 2025-11: $59.43 per share

- 2025-12: $54.59 per share

- 2026-01: $54.39 per share

- 2026-02: $52.88 per share

- 2026-03: $46.38 per share

- 2026-04: $52.30 per share

- 2026-05: $47.35 per share

- 2026-06: $47.16 per share

- 2026-07: $51.59 per share

- 2026-08: $46.45 per share

- 2026-09: $38.65 per share

- 2026-10: $39.68 per share

## Annual estimated value (USD per share)

- FY2016: low $7.43 per share, central $8.17 per share, high $9.08 per share

- FY2017: low $5.54 per share, central $6.09 per share, high $6.77 per share

- FY2018: low $10.94 per share, central $13.68 per share, high $18.24 per share

- FY2019: low $20.38 per share, central $25.47 per share, high $33.96 per share

- FY2020: low $35.78 per share, central $44.72 per share, high $59.63 per share

- FY2021: low $46.87 per share, central $58.58 per share, high $78.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1331875/000133187526000026/fnf-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.