Fidelity National Financial, Inc.FNF
NYSE•Financial Services•Insurance - Specialty
Fidelity National Financial, Inc., together with its subsidiaries, provides various insurance products in the United States. It operates through Title, F&G, and Corporate and Other segments. The company offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty products. It also provides technology and transaction services to the real estate and mortgage industries; and mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. In addition, the company offers annuity and life insurance products, such as deferred and immediate annuities, as well as indexed universal life insurance products; and funding agreements and pension risk transfer (PRT) solutions. Further, it engages in the real estate brokerage business. Fidelity National Financial, Inc. was incorporated in 2005 and is headquartered in Jacksonville, Florida.
Fidelity National Financial, In (FNF) reported trailing twelve months revenue of $14.94B as of March 2026, a 14.0% increase year-over-year. Quarterly revenue reached $3.23B, reflecting continued top-line momentum.
Fidelity National Financial, In generated $762.00M in TTM net income, with quarterly EBITDA of $713.00M. The operating margin expanded from 4.1% to 15.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.4%) and net margin (7.5%) indicates moderate non-operating costs. Net margin has improved from 3.0% a year ago, signaling stronger bottom-line efficiency.
FNF trades at a P/E of 16.1x (in line with broad market averages) and a P/S of 0.8x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company generated $848.00M in free cash flow over the trailing twelve months, a 21.3% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $111.50B in total assets with $4.40B in long-term debt against $7.25B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~11.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.3% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~18.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~12.1% — no sign of cost or pricing stress.
FCF covers net income by 3.8x on average — earnings are well-supported by cash generation.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.