# 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.

## Reported holder observations

- [Glenn Greenberg](https://gigainvestors.com/CCM): 3,446,864 FNF shares; USD 162,554,000 reported position value; 3.54% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 8,977,002 FNF shares; USD 423,356,000 reported position value; 0.7% of portfolio; add; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 193,119 FNF shares; USD 9,107,000 reported position value; 1.46% of portfolio; reduce; quarter 2026 Q2.

# FNF — Fidelity National Financial Inc.

Held by 3 investors · USD 595,017,000 total · 2026 Q2 · reported price USD 47.16 (split-adjusted).
Page: https://gigainvestors.com/s/FNF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 423,356,000 | 0.7% | add +1.09% |
| Glenn Greenberg (https://gigainvestors.com/CCM) | USD 162,554,000 | 3.5% | reduce -1.58% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 9,107,000 | 1.5% | reduce -0.17% |

## Total held by quarter

- 2011 Q4: USD 200,439,464 · 1 holder · USD 8.74
- 2012 Q1: USD 280,952,745 · 1 holder · USD 9.89
- 2012 Q2: USD 300,119,239 · 1 holder · USD 10.57
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 64,069,280 · 1 holder · USD 17.80
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 21,687,038 · 1 holder · USD 21.96
- 2018 Q2: USD 20,437,780 · 1 holder · USD 20.64
- 2018 Q3: USD 21,442,681 · 1 holder · USD 21.59
- 2018 Q4: USD 16,475,660 · 1 holder · USD 17.25
- 2019 Q1: USD 18,812,923 · 1 holder · USD 21.36
- 2019 Q2: USD 18,735,470 · 1 holder · USD 22.11
- 2019 Q3: USD 15,055,701 · 1 holder · USD 24.36
- 2019 Q4: USD 11,829,411 · 1 holder · USD 24.88
- 2020 Q1: USD 9,214,681 · 1 holder · USD 24.88
- 2020 Q2: USD 10,979,698 · 2 holders · USD 30.66
- 2020 Q3: USD 11,094,336 · 2 holders · USD 31.31
- 2020 Q4: USD 161,476,633 · 3 holders · USD 39.09
- 2021 Q1: USD 135,727,437 · 3 holders · USD 40.66
- 2021 Q2: USD 285,952,493 · 3 holders · USD 43.46
- 2021 Q3: USD 411,962,377 · 3 holders · USD 45.34
- 2021 Q4: USD 482,871,233 · 4 holders · USD 52.18
- 2022 Q1: USD 460,761,698 · 3 holders · USD 48.84
- 2022 Q2: USD 345,655,760 · 3 holders · USD 36.96
- 2022 Q3: USD 348,152,803 · 3 holders · USD 36.20
- 2022 Q4: USD 417,853,073 · 4 holders · USD 37.62
- 2023 Q1: USD 474,827,483 · 4 holders · USD 34.93
- 2023 Q2: USD 499,902,156 · 4 holders · USD 36.00
- 2023 Q3: USD 653,760,334 · 4 holders · USD 41.30
- 2023 Q4: USD 813,864,866 · 4 holders · USD 51.02
- 2024 Q1: USD 883,383,069 · 5 holders · USD 53.10
- 2024 Q2: USD 733,876,523 · 5 holders · USD 49.42
- 2024 Q3: USD 795,669,149 · 4 holders · USD 62.06
- 2024 Q4: USD 698,804,727 · 4 holders · USD 56.14
- 2025 Q1: USD 649,499,701 · 4 holders · USD 65.08
- 2025 Q2: USD 553,395,000 · 4 holders · USD 56.06
- 2025 Q3: USD 597,564,303 · 4 holders · USD 60.49
- 2025 Q4: USD 536,452,219 · 3 holders · USD 54.59
- 2026 Q1: USD 583,264,491 · 3 holders · USD 46.38
- 2026 Q2: USD 595,017,000 · 3 holders · USD 47.16