# Fairfax Financial Holdings (FRFHF.US)

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

Analysis as of: 2026-10-16T07:28:38.033Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1,700.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.83×

Chart: Net income; fiscal year observations.

- FY2016: -$557M

- FY2017: $1.7B

- FY2018: $331M

- FY2019: $2.0B

- FY2020: $174M

- FY2021: $3.4B

- FY2022: $1.1B

- FY2023: $4.4B

- FY2024: $3.9B

- FY2025: $4.9B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 24.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -13.3%

- FY2017: 28.0%

- FY2018: 4.4%

- FY2019: 23.9%

- FY2020: 2.3%

- FY2021: 32.1%

- FY2022: 10.0%

- FY2023: 26.4%

- FY2024: 24.5%

- FY2025: 26.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 15.5%

- Book return interval: 10 years

- Starting book value per share: $334.66

- Ending book value per share: $1K

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 7.7%

- FY2017: 36.5%

- FY2018: 1.8%

- FY2019: 13.4%

- FY2020: -0.2%

- FY2021: 21.7%

- FY2022: 12.2%

- FY2023: 41.3%

- FY2024: 10.4%

- FY2025: 16.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -3.6%

- Share growth excluding flagged crisis recapitalisations: -0.9%

- Five-year share growth excluding flagged crisis recapitalisations: -3.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.95×

- Book value created per share: $811.85

- Earnings retained per share after dividends and buybacks: $417.06

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

- FY2015: 100

- FY2016: 91

- FY2017: 103

- FY2018: 113

- FY2019: 111

- FY2020: 110

- FY2021: 109

- FY2022: 100

- FY2023: 99

- FY2024: 96

- FY2025: 92

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 104% since Oct 2023 · net income +25.3%

Story as of 2026-10-16T09:58:47.113Z; price observation 2026-10-15.

### Net income · FY2025

net income +25.3%; source https://www.sec.gov/Archives/edgar/data/915191/000110465926024781/ffh-20251231x40f.htm; observed 2026-03-06.

- FY2016: -$557M 

- FY2017: $1.7B 

- FY2018: $331M 

- FY2019: $2.0B 

- FY2020: $174M 

- FY2021: $3.4B 

- FY2022: $1.1B 

- FY2023: $4.4B 

- FY2024: $3.9B 

- FY2025: $4.9B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are USD 30.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/915191/000110465926024781/ffh-20251231x40f.htm (filed 2026-03-06); FY2025: revenue 30405400000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRFHF.US: Fairfax Financial Holdings Limited, through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in Canada, the United States, the Middle East and Asia, and internationally. It operates through Property and Casualty Insurance and Reinsurance; Life insurance and Run-off; and Non-Insurance Companies segments. The company offers property insurance, which insures against losses to property from fire, explosion, and terrorism, as well as natural perils, such as earthquake, windstorm, and flood; and engineering problems, including boiler explosion, machinery breakdown, and construction defects. It also provides casualty insurance, which insures against accidents, and workers' compensation and automobile; employers' liability, accident and health, medical malpractice, cyber, and professional liability and umbrella coverage; specialty insurance comprising marine, aerospace and surety risk, and other various risks and liabilities; and reinsurance products. In addition, the company engages in the franchising, owning, and operating of restaurants; specialty sleep retailing; sports lifestyle retailing; owns and operates holiday resorts; originates, processes, and distributes value-added pulses and staple food; develops, invests, and manages hospitality real estate; and designs, manufactures, and distributes performance sports related equipment, and related apparel and accessories. Further, it offers travel and travel-related financial services; infrastructure support services; advanced digital tools for agriculture; and value-added milk, fats, fresh confectionery, and plant-based bulk ingredients. The company was formerly known as Markel Financial Holdings Limited and changed its name to Fairfax Financial Holdings Limited in 1987. Fairfax Financial Holdings Limited was incorporated in 1951 and is headquartered in Toronto, Canada.

### Why customers stay

It earns 24.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); 10-year return on tangible equity observations [[2016,-0.1331480505833392],[2017,0.2795471533907867],[2018,0.04448836365103053],[2019,0.2392839687194526],[2020,0.022864634546050474],[2021,0.32099379357170865],[2022,0.10029852919761177],[2023,0.2643747511192094],[2024,0.24540526162459309],[2025,0.2678897614164516]]; median 0.24234461517202283. 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 2.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Dividend observations: [[2016,271800000],[2017,282000000],[2018,328300000],[2019,323800000],[2020,319700000],[2021,316600000],[2022,295100000],[2023,300308116],[2024,411700000],[2025,374543786]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/915191/000110465926024781/ffh-20251231x40f.htm (filed 2026-03-06); FY2025: cash repurchases 2547528604 USD.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRFHF.US SharesStats.PercentInsiders = 2.654 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Closing price 1700 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1317.161862616085; price multiple 1.2906538279384583. FY2025 cash earnings/share 218.474939749464. Closing-price date 2026-10-15.

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

- 2016-10: $512.00 per share

- 2016-11: $473.10 per share

- 2016-12: $486.70 per share

- 2017-01: $468.33 per share

- 2017-02: $455.00 per share

- 2017-03: $456.31 per share

- 2017-04: $456.46 per share

- 2017-05: $438.00 per share

- 2017-06: $432.85 per share

- 2017-07: $476.25 per share

- 2017-08: $517.00 per share

- 2017-09: $519.00 per share

- 2017-10: $527.37 per share

- 2017-11: $543.67 per share

- 2017-12: $530.34 per share

- 2018-01: $527.74 per share

- 2018-02: $487.76 per share

- 2018-03: $509.00 per share

- 2018-04: $555.28 per share

- 2018-05: $559.86 per share

- 2018-06: $560.56 per share

- 2018-07: $565.27 per share

- 2018-08: $548.44 per share

- 2018-09: $543.02 per share

- 2018-10: $484.45 per share

- 2018-11: $472.53 per share

- 2018-12: $440.08 per share

- 2019-01: $473.77 per share

- 2019-02: $496.17 per share

- 2019-03: $465.11 per share

- 2019-04: $477.51 per share

- 2019-05: $457.83 per share

- 2019-06: $489.72 per share

- 2019-07: $463.49 per share

- 2019-08: $444.92 per share

- 2019-09: $440.98 per share

- 2019-10: $424.29 per share

- 2019-11: $454.82 per share

- 2019-12: $469.11 per share

- 2020-01: $446.36 per share

- 2020-02: $430.96 per share

- 2020-03: $306.96 per share

- 2020-04: $273.40 per share

- 2020-05: $278.26 per share

- 2020-06: $308.84 per share

- 2020-07: $313.62 per share

- 2020-08: $308.59 per share

- 2020-09: $293.28 per share

- 2020-10: $263.17 per share

- 2020-11: $342.86 per share

- 2020-12: $340.94 per share

- 2021-01: $362.88 per share

- 2021-02: $407.62 per share

- 2021-03: $435.34 per share

- 2021-04: $456.01 per share

- 2021-05: $469.95 per share

- 2021-06: $437.91 per share

- 2021-07: $421.94 per share

- 2021-08: $442.46 per share

- 2021-09: $403.61 per share

- 2021-10: $405.15 per share

- 2021-11: $444.10 per share

- 2021-12: $492.13 per share

- 2022-01: $483.47 per share

- 2022-02: $485.78 per share

- 2022-03: $544.73 per share

- 2022-04: $550.05 per share

- 2022-05: $554.75 per share

- 2022-06: $529.10 per share

- 2022-07: $537.87 per share

- 2022-08: $498.88 per share

- 2022-09: $457.00 per share

- 2022-10: $491.95 per share

- 2022-11: $573.15 per share

- 2022-12: $594.12 per share

- 2023-01: $665.74 per share

- 2023-02: $699.08 per share

- 2023-03: $665.12 per share

- 2023-04: $699.00 per share

- 2023-05: $717.74 per share

- 2023-06: $748.90 per share

- 2023-07: $798.06 per share

- 2023-08: $824.48 per share

- 2023-09: $818.95 per share

- 2023-10: $831.91 per share

- 2023-11: $921.91 per share

- 2023-12: $920.76 per share

- 2024-01: $1,047.00 per share

- 2024-02: $1,064.77 per share

- 2024-03: $1,079.04 per share

- 2024-04: $1,086.29 per share

- 2024-05: $1,116.00 per share

- 2024-06: $1,136.25 per share

- 2024-07: $1,178.99 per share

- 2024-08: $1,205.00 per share

- 2024-09: $1,258.39 per share

- 2024-10: $1,245.52 per share

- 2024-11: $1,413.23 per share

- 2024-12: $1,389.76 per share

- 2025-01: $1,350.01 per share

- 2025-02: $1,438.28 per share

- 2025-03: $1,447.25 per share

- 2025-04: $1,558.00 per share

- 2025-05: $1,692.51 per share

- 2025-06: $1,806.58 per share

- 2025-07: $1,774.26 per share

- 2025-08: $1,721.22 per share

- 2025-09: $1,748.27 per share

- 2025-10: $1,623.50 per share

- 2025-11: $1,719.94 per share

- 2025-12: $1,908.02 per share

- 2026-01: $1,649.30 per share

- 2026-02: $1,720.99 per share

- 2026-03: $1,702.00 per share

- 2026-04: $1,727.26 per share

- 2026-05: $1,558.99 per share

- 2026-06: $1,646.81 per share

- 2026-07: $1,668.65 per share

- 2026-08: $1,625.77 per share

- 2026-09: $1,565.47 per share

- 2026-10: $1,575.75 per share

## Annual estimated value (USD 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 40-F filing](https://www.sec.gov/Archives/edgar/data/915191/000110465926024781/ffh-20251231x40f.htm); period 2025-12-31, filed 2026-03-06.

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.