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    First American Financial (FAF)

    Market Price (9/13/2026): $71.775 | Market Cap: $7.4 BilSector: Financials | Industry: Property & Casualty Insurance

    First American Financial (FAF)

    Market Price (9/13/2026): $71.775
    Market Cap: $7.4 Bil
    Sector: Financials
    Industry: Property & Casualty Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%, FCF Yield is 11%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%

    Low stock price volatility
    Vol 12M is 29%

    Megatrend and thematic drivers
    Megatrends include Smart Buildings & Proptech, and Fintech & Digital Payments. Themes include Real Estate Data Analytics, and Digital Payments.

    Weak multi-year price returns
    2Y Excs Rtn is -23%, 3Y Excs Rtn is -41%

    Key risks
    FAF key risks include [1] potential regulatory shifts that could decrease demand for its products, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%, FCF Yield is 11%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
    2 Low stock price volatility
    Vol 12M is 29%
    3 Megatrend and thematic drivers
    Megatrends include Smart Buildings & Proptech, and Fintech & Digital Payments. Themes include Real Estate Data Analytics, and Digital Payments.
    4 Weak multi-year price returns
    2Y Excs Rtn is -23%, 3Y Excs Rtn is -41%
    5 Key risks
    FAF key risks include [1] potential regulatory shifts that could decrease demand for its products, Show more.

    FAF in ETFs

    Weight = FAF's share of each fund

    VTI0.01%
    ITOT0.01%
    IWB0.01%
    IJH0.20%
    VIG0.03%
    VYM0.03%
    VB0.09%
    MDYV0.45%
    +18 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FAF [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$8.0 Bil—
    FY 2026 Sales$8.2 Bil—
    FY 2027 Sales$8.5 Bil—
    FY 2026 Sales Growth2.5%—
    FY 2027 Sales Growth4.1%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$745.1 Mil—
    FY 2026 Net Income (Non-GAAP)$720.4 Mil—
    FY 2027 Net Income (Non-GAAP)$752.5 Mil—
    FY 2027 Net Income Growth4.5%18.4%
    FY 2026 EPS (Non-GAAP)$6.96—
    FY 2027 EPS (Non-GAAP)$7.22—
    FY 2027 EPS Growth3.7%—
    VALUATION
    FY 2026 P/S0.91.6
    FY 2027 P/S0.9—
    FY 2026 P/E10.27.4
    FY 2027 P/E9.8—

    [1] FAF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of direct title orders closed (domestic)1311006302025Link
    Average revenue per direct title order41126302025Link
    Total opened direct title orders (domestic)1795006302025Link
    Home Warranty claim loss rate47%9302025Link

    Price Chart

    Upcoming
    10/21/2026Earnings ReleaseRev: $2.0 Bil (E)
    EPS: $1.88 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    First American Financial (FAF) stock has gained about 10% since 5/31/2026 because of the following key factors:

    1. First American Financial (FAF) exceeded fiscal Q2 2026 earnings expectations, driven by strong commercial business performance and increased investment income. The company, whose fiscal Q2 2026 ended on June 30, 2026, reported adjusted earnings per share of $2.08, surpassing the consensus estimate of $1.80 by $0.28. Quarterly revenue climbed 15.0% year-over-year to $2.11 billion, exceeding analysts' expectations of $2.03 billion. This strong performance was primarily fueled by a 34% increase in commercial revenues, reaching $314 million, and an 11% rise in title segment investment income.

    2. Analysts responded with positive revisions and higher price targets for FAF following the robust earnings report. Keefe, Bruyette & Woods upgraded their price objective from $84.00 to $86.00 and issued an "outperform" rating on July 24th, 2026. Similarly, Barclays increased their price objective from $80.00 to $83.00 with an "overweight" rating on July 7th, 2026. The average price target from 8 Wall Street analysts stands at $84.60, indicating a forecasted upside of 13.56% from the closing price of $74.50 as of August 28, 2026.

    Show more
    Updated on 9/1/2026

    First American Financial (FAF) stock has gained about 10% since 5/31/2026 because of the following key factors:

    1. First American Financial (FAF) exceeded fiscal Q2 2026 earnings expectations, driven by strong commercial business performance and increased investment income. The company, whose fiscal Q2 2026 ended on June 30, 2026, reported adjusted earnings per share of $2.08, surpassing the consensus estimate of $1.80 by $0.28. Quarterly revenue climbed 15.0% year-over-year to $2.11 billion, exceeding analysts' expectations of $2.03 billion. This strong performance was primarily fueled by a 34% increase in commercial revenues, reaching $314 million, and an 11% rise in title segment investment income.

    2. Analysts responded with positive revisions and higher price targets for FAF following the robust earnings report. Keefe, Bruyette & Woods upgraded their price objective from $84.00 to $86.00 and issued an "outperform" rating on July 24th, 2026. Similarly, Barclays increased their price objective from $80.00 to $83.00 with an "overweight" rating on July 7th, 2026. The average price target from 8 Wall Street analysts stands at $84.60, indicating a forecasted upside of 13.56% from the closing price of $74.50 as of August 28, 2026.

    3. Increased institutional investor confidence contributed to the stock's upward trend, with notable buying activity post-earnings. Following the strong fiscal Q2 2026 earnings announcement, institutional accumulation of FAF shares continued. Bank of America notably increased its stake by 42.1%, and Royal Bank of Canada raised its position by 66.3% in the first quarter, as evidenced by 13F filings. Furthermore, Assenagon Asset Management initiated a new position valued at $16.7 million, reflecting growing institutional interest.

    4. The company's share repurchase program in fiscal Q2 2026 demonstrated management's confidence and provided shareholder value. During the fiscal quarter that ended on June 30, 2026, First American Financial repurchased 330,405 shares. These buybacks amounted to a total of $20 million, executed at an average price of $61.99 per share.

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    Stock Movement Drivers

    Fundamental Drivers

    The 9.3% change in FAF stock from 5/31/2026 to 9/12/2026 was primarily driven by a 6.9% change in the company's Net Income Margin (%).
    (LTM values as of)53120269122026Change
    Stock Price ($)65.6971.789.3%
    Change Contribution By: 
    Total Revenues ($ Mil)7,7017,9773.6%
    Net Income Margin (%)8.7%9.3%6.9%
    P/E Multiple10.19.9-1.7%
    Shares Outstanding (Mil)1031030.4%
    Cumulative Contribution9.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/12/2026
    ReturnCorrelation
    FAF9.3% 
    Market (SPY)1.0%5.7%
    Sector (XLF)11.0%46.3%

    Fundamental Drivers

    The 4.1% change in FAF stock from 2/28/2026 to 9/12/2026 was primarily driven by a 11.8% change in the company's Net Income Margin (%).
    (LTM values as of)22820269122026Change
    Stock Price ($)68.9771.784.1%
    Change Contribution By: 
    Total Revenues ($ Mil)7,4457,9777.1%
    Net Income Margin (%)8.4%9.3%11.8%
    P/E Multiple11.49.9-13.2%
    Shares Outstanding (Mil)1031030.1%
    Cumulative Contribution4.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/12/2026
    ReturnCorrelation
    FAF4.1% 
    Market (SPY)11.7%17.4%
    Sector (XLF)11.9%41.9%

    Fundamental Drivers

    The 12.4% change in FAF stock from 8/31/2025 to 9/12/2026 was primarily driven by a 222.1% change in the company's Net Income Margin (%).
    (LTM values as of)83120259122026Change
    Stock Price ($)63.8471.7812.4%
    Change Contribution By: 
    Total Revenues ($ Mil)6,5077,97722.6%
    Net Income Margin (%)2.9%9.3%222.1%
    P/E Multiple35.09.9-71.8%
    Shares Outstanding (Mil)1041030.9%
    Cumulative Contribution12.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/12/2026
    ReturnCorrelation
    FAF12.4% 
    Market (SPY)19.5%16.5%
    Sector (XLF)7.3%37.2%

    Fundamental Drivers

    The 29.1% change in FAF stock from 8/31/2023 to 9/12/2026 was primarily driven by a 155.8% change in the company's Net Income Margin (%).
    (LTM values as of)83120239122026Change
    Stock Price ($)55.6071.7829.1%
    Change Contribution By: 
    Total Revenues ($ Mil)6,5917,97721.0%
    Net Income Margin (%)3.7%9.3%155.8%
    P/E Multiple24.19.9-59.0%
    Shares Outstanding (Mil)1041031.7%
    Cumulative Contribution29.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/12/2026
    ReturnCorrelation
    FAF29.1% 
    Market (SPY)75.7%35.3%
    Sector (XLF)74.0%49.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FAF Return56%-31%28%0%2%18%67%
    Peers Return28%-22%47%28%16%4%127%
    S&P 500 Return27%-19%24%23%16%11%102%

    Monthly Win Rates [3]
    FAF Win Rate75%33%50%50%50%56% 
    Peers Win Rate62%42%62%60%63%49% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    FAF Max Drawdown-11%-44%-21%-17%-19%-18% 
    Peers Max Drawdown-20%-38%-21%-13%-22%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: FNF, ORI, STC, FTDR, MTG. See FAF Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/11/2026 (YTD)

    How Low Can It Go

    EventFAFS&P 500
    2025 US Tariff Shock
      % Loss-15.7%-18.8%
      % Gain to Breakeven18.6%23.1%
      Time to Breakeven76 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-14.2%-9.5%
      % Gain to Breakeven16.5%10.5%
      Time to Breakeven33 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-15.4%-6.7%
      % Gain to Breakeven18.2%7.1%
      Time to Breakeven132 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-41.6%-24.5%
      % Gain to Breakeven71.3%32.4%
      Time to Breakeven769 days427 days
    2020 COVID-19 Crash
      % Loss-48.8%-33.7%
      % Gain to Breakeven95.5%50.9%
      Time to Breakeven400 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-17.7%-19.2%
      % Gain to Breakeven21.4%23.8%
      Time to Breakeven50 days105 days

    Compare to FNF, ORI, STC, FTDR, MTG

    In The Past

    First American Financial's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFAFS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-41.6%-24.5%
      % Gain to Breakeven71.3%32.4%
      Time to Breakeven769 days427 days
    2020 COVID-19 Crash
      % Loss-48.8%-33.7%
      % Gain to Breakeven95.5%50.9%
      Time to Breakeven400 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-22.4%-12.2%
      % Gain to Breakeven28.9%13.9%
      Time to Breakeven177 days62 days
    2013 Taper Tantrum
      % Loss-21.0%-0.2%
      % Gain to Breakeven26.5%0.2%
      Time to Breakeven120 days1 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-24.3%-17.9%
      % Gain to Breakeven32.1%21.8%
      Time to Breakeven143 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-36.6%-15.4%
      % Gain to Breakeven57.8%18.2%
      Time to Breakeven791 days125 days

    Compare to FNF, ORI, STC, FTDR, MTG

    In The Past

    First American Financial's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About First American Financial (FAF)

    First American Financial (FAF) is a financial services company primarily operating within the real estate sector. Its core business revolves around two main segments: Title Insurance and Services, and Specialty Insurance. While the company offers a range of financial products, it is most recognized for its pivotal role in real estate transactions, ensuring the security and smooth transfer of property ownership.

    The Title Insurance and Services segment is FAF's largest, where it issues title insurance policies for both residential and commercial properties. These policies protect property owners and lenders against losses arising from defects in a property's title. In addition to title insurance, this segment provides essential related services such as closing and escrow services, property appraisals, risk mitigation solutions for real estate transactions, and banking, trust, and wealth management services. First American Financial serves a broad market of homebuyers, commercial property investors, lenders, and real estate professionals across 49 U.S. states, the District of Columbia, and several international locations including Canada, the UK, and Australia.

    FAF's Specialty Insurance segment complements its real estate focus by offering property and casualty insurance to residential homeowners and renters. This coverage protects against common hazards like fire, theft, vandalism, and other property damage, along with liability losses. Additionally, this segment provides residential service contracts that cover the repair or replacement of major home systems and appliances, such as heating, air conditioning, and kitchen appliances, when they fail due to normal usage. Through these offerings, First American Financial serves a diverse customer base involved in all facets of property ownership and related financial needs.

    AI Analysis | Feedback

    Here are 1-2 brief analogies for First American Financial (FAF):

    • They're like a combination of the **DMV** and **State Farm**, but specifically for real estate – they handle property titles and provide comprehensive insurance for your home's legal ownership and physical protection.
    • They're like the **'Visa or Mastercard'** for buying and selling property, securely facilitating transactions and providing essential insurance to guarantee clear legal ownership.

    AI Analysis | Feedback

    First American Financial (FAF) provides the following major products and services:

    • Title Insurance: Issues policies protecting property owners and lenders against losses from defects in property titles.
    • Closing and Escrow Services: Manages funds and documents to facilitate the secure completion of real estate transactions.
    • Real Estate Valuation Services: Provides appraisals and other services to determine the value of real property.
    • Mortgage and Real Estate Transaction Support Services: Offers various services supporting mortgage lending and real estate transactions, including lien release, document custodial, warehouse lending, default-related services, and mortgage subservicing.
    • Tax-Deferred Exchange Services: Facilitates tax-deferred exchanges of real estate under Section 1031 of the IRS code.
    • Banking, Trust, and Wealth Management Services: Provides a suite of financial services including banking, trust administration, and wealth management.
    • Property and Casualty Insurance: Offers insurance coverage for residential homeowners and renters against property damage and liability.
    • Residential Service Contracts: Provides contracts for the repair or replacement of residential systems and appliances due to normal usage failures.

    AI Analysis | Feedback

    First American Financial (FAF) serves a diverse customer base primarily involved in real estate transactions. Based on the company description, it sells to a mix of individuals and other companies, with a significant focus on individuals and the financial institutions that serve them in the residential real estate market. Therefore, the major customers can be best described by the following categories:

    • Individuals (Homebuyers, Homeowners, and Renters): This category includes individuals purchasing residential properties who require title insurance and escrow services. It also encompasses homeowners and renters who purchase property and casualty insurance (e.g., homeowners insurance, renters insurance) and residential service contracts for home systems and appliances from First American Financial.
    • Financial Institutions and Lenders: This group includes banks, mortgage lenders, and other financial institutions. They are significant customers as they often require title insurance to protect their financial interests in properties used as collateral for loans. Furthermore, they utilize FAF's services such as warehouse lending, mortgage subservicing, default-related products, and banking, trust, and wealth management services.
    • Real Estate Businesses and Commercial Property Owners/Developers: This category includes companies and investors involved in commercial real estate transactions, such as property developers, commercial property buyers, and sellers. These entities utilize First American Financial for commercial title insurance, escrow services, and other related solutions to mitigate risk and facilitate their real estate ventures.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Here is the management team for First American Financial (FAF):

    Mark E. Seaton, Chief Executive Officer

    Mark E. Seaton has served as Chief Executive Officer of First American Financial Corporation since April 2025. Prior to this, he served as the company's Chief Financial Officer for 12 years. Mr. Seaton joined First American in 2006, and during his tenure as CFO, he oversaw all financial-related activities, First American Trust (the company's federally chartered bank), and its technology group. He holds a bachelor's degree in economics from Stanford University and a Master of Business Administration from The Tuck School of Business at Dartmouth College.

    Matthew F. Wajner, Chief Financial Officer

    Matthew F. Wajner was promoted to Chief Financial Officer of First American Financial Corporation in April 2025. He joined First American in 2009 and previously held the positions of Treasurer for five years, Chief Accounting Officer, and Controller. Before joining First American, Mr. Wajner held roles with JPMorgan Chase & Co. and PricewaterhouseCoopers LLP. He holds a bachelor's degree in business economics from UCLA.

    Lisa W. Cornehl, Chief Legal Officer and Secretary

    Lisa W. Cornehl has served as Senior Vice President, Chief Legal Officer of First American Financial Corporation since September 2021 and Corporate Secretary since August 2022. She joined the company in 2011 and from 2015 to 2021, she served as Deputy General Counsel, Litigation, and also held the role of Chief Privacy Officer. Earlier in her career, Ms. Cornehl worked for a leading international law firm.

    Dennis J. Gilmore, Executive Chairman

    Dennis J. Gilmore has served as Executive Chairman of First American Financial Corporation's Board since April 2025, and previously as Chairman of the Board since February 2022 and a director since 2010. He served as the company's Chief Executive Officer from 2010 to 2022. Prior to that, from 1993 to 2010, he held various managerial roles with The First American Corporation, including Chief Executive Officer of its financial services group and Chief Operating Officer.

    Jeffrey J. Dailey, Director

    Jeffrey J. Dailey was appointed a director of First American Financial Corporation in November 2025. Mr. Dailey served as chief executive officer of Farmers Group, Inc., a subsidiary of Zurich Insurance Group, from 2012 until his retirement in 2022, and as chairman of the board of directors of Farmers until June 2023. Earlier in his career, he founded and served as chief executive officer of Reliant Insurance, which was subsequently acquired by Bristol West Holdings. He also held various senior executive positions with Progressive Corporation.

    AI Analysis | Feedback

    First American Financial Corporation (FAF) faces several key risks to its business, primarily stemming from its deep ties to the real estate sector and the increasingly complex regulatory and digital landscape. The three most significant risks are:
    1. Cyclical Nature of the Real Estate and Mortgage Markets: First American Financial's business is heavily dependent on the activity within the real estate and mortgage markets. These markets are inherently cyclical and highly sensitive to macroeconomic factors such as interest rates, credit availability, and overall economic conditions. A downturn or slowdown in real estate sales, refinancing activity, or property values can directly lead to reduced demand for the company's title insurance policies and related services, thereby adversely impacting its revenue and profitability. Management acknowledges this cyclicality and its impact on financial performance.
    2. Regulatory and Compliance Risks: Operating in a highly regulated industry, FAF is exposed to significant regulatory and compliance challenges. Changes in government regulations, particularly those affecting the real estate and insurance sectors, including data protection laws, financial regulations, and anti-money laundering requirements, can increase compliance costs or restrict the company's operations. There is also a risk of increased scrutiny by governmental entities and potential litigation, which could affect financial performance. The emergence of "title waivers" is a specific regulatory concern that could undermine the demand for title insurance.
    3. Cybersecurity and Data Privacy Concerns: Given First American Financial's extensive use of technology and its role in handling vast amounts of sensitive personal and financial data related to real estate transactions, it is highly susceptible to cybersecurity threats and data breaches. Sophisticated cybercriminals and wire fraud pose significant risks, potentially leading to substantial financial losses, reputational damage, and erosion of customer trust. The company has previously faced SEC fines due to inadequate cybersecurity disclosure controls related to a data vulnerability. Protecting intellectual property and ensuring the security of its data and systems are ongoing challenges for the company.

    AI Analysis | Feedback

    Blockchain technology applied to property records and land registries could pose an emerging threat by creating immutable, transparent, and verifiable digital ledgers of property ownership. If widely adopted, this technology has the potential to significantly reduce or eliminate the need for traditional title searches, verification processes, and title insurance, thereby disrupting the core business model of First American Financial's Title Insurance and Services segment.

    AI Analysis | Feedback

    First American Financial Corporation (FAF) operates in several significant addressable markets:

    • Title Insurance and Services:
      • The global title insurance market was valued at $56.8 billion in 2022 and is projected to reach $161.6 billion by 2032.
      • In North America, the market value for title insurance was estimated at $2 billion in 2023 and is projected to reach $2.8 billion by 2032. North America dominated the global title insurance market in 2022 and is expected to maintain its position. The North American region holds approximately 70% of the global market share, with the United States being the primary contributor.
      • The U.S. title insurance industry revenue is projected to be around $17.1 billion in 2025.
      • The broader United States Real Estate Services market, which encompasses many of First American's related services, was valued at USD 198 billion in 2024 and is projected to reach USD 285 billion by 2032.
    • Specialty Insurance:
      • Property and Casualty Insurance (Residential Homeowners and Renters): The United States homeowners insurance market size is expected to increase from USD 175.60 billion in 2025 to USD 184.59 billion in 2026 and is projected to reach USD 236.90 billion by 2031.
      • Residential Service Contracts (Home Warranties): The U.S. home warranty industry was valued at $3.9 billion in 2023. The market size for Home Warranty Providers in the United States is estimated at $4.6 billion in 2026.

    AI Analysis | Feedback

    First American Financial Corporation (FAF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

    1. Continued Strength and Growth in the Commercial Business Segment: First American Financial anticipates record revenue from its commercial business in 2026, surpassing its prior peak in 2022, with a strong pipeline and momentum in major asset classes, including data centers. The commercial segment demonstrated significant growth in 2025, with a 35% surge in Q4 2025 and a 29% increase in Q3 2025.
    2. Recovery and Modest Improvement in Residential Purchase and Refinance Markets: Despite past challenges in the residential market, the company projects a 7% to 8% growth in purchase revenue for 2026. Additionally, refinance activity is showing signs of recovery, with a notable increase in open refinance orders, as mortgage rates moderate.
    3. Strategic Investments in Technology, Data, and AI: First American Financial is heavily investing in advanced technology, data, and AI-powered platforms, such as Endpoint for escrow and Sequoia for automation. These investments are aimed at enhancing operational efficiencies, reducing processing costs, and improving margins, positioning the company to outperform in a strengthening market by reimagining its core title and escrow business with modern, AI-powered products.
    4. Growth in the Home Warranty Business and Direct-to-Consumer Channel: The Specialty Insurance segment, particularly the home warranty business, continues to contribute to earnings growth. The company is also expanding its direct-to-consumer channel within this segment, which is expected to further improve profitability as the lifetime value of these new policies is realized over time.
    5. Increase in 1031 Exchange Deposits: First American Financial ended 2025 with $94 million in 1031 deposits and aims to grow this to approximately $1 billion by the end of 2026. This growth in deposits is expected to help offset any potential impact on investment income from lower short-term interest rates.

    AI Analysis | Feedback

    Share Repurchases

    • In July 2025, the Board of Directors approved a new share repurchase authorization of $300 million.
    • The company repurchased and retired 2.1 million shares of its common stock for a total purchase price of $122.3 million in 2025.
    • In 2024, First American Financial repurchased and retired 1.2 million shares of its common stock for a total purchase price of $68.5 million.

    Share Issuance

    • First American Financial issued 0.5 million shares in 2024 and 0.5 million shares in 2023 in connection with its Employee Stock Purchase Plan (ESPP).
    • In March 2023, the company's board of directors approved an amendment to the Incentive Compensation Plan, increasing the maximum number of shares available for grant from 4.3 million to 6.5 million.
    • As of December 31, 2024, 2.1 million shares of common stock remained available to be issued under the Incentive Compensation Plan.

    Outbound Investments

    • In May 2022, First American Financial completed the acquisition of Mother Lode Holding Company, a provider of title insurance, underwriting, and escrow services, to expand coverage in key growth markets.
    • The company has engaged in strategic acquisitions and investments, including investments in venture-stage companies and non-marketable equity securities.
    • In 2024, the company initiated a strategic investment portfolio rebalancing, which included the sale of certain debt securities, generating $2.8 billion in proceeds to optimize the investment portfolio and enhance financial flexibility.

    Capital Expenditures

    • The company focuses on strategic capital allocation, which includes capital expenditures to support sustainable growth.
    • First American Financial has made strategic investments in data, technology, and AI, as highlighted by the recognition of its CFO for driving revenue growth through disciplined capital management and such investments.

    Peer Outperformance in Property & Casualty Insurance

    FAF has trailed 80% of its 41 Property & Casualty Insurance peers over 5Y. Among the peers that beat it are TRV, WRB and ORI. Property & Casualty Insurance ranks 7th of 18 industries in Financials by median 5Y return.
    Share of Property & Casualty Insurance constituents that FAF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    51%
    of 45 industry peers · 9.9% return
    3Y
    29%
    of 42 industry peers · 32.2% return
    5Y
    20%
    of 41 industry peers · 23.7% return
    Property & Casualty Insurance peers with revenue growth within 4pp of FAF's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    FAF First American Financial 7.4% 9.9x 9.9%32.2%23.7% —
    TRV Travelers Companies 8.2% 9.5x 36.6%142.0%159.7% +136pp
    WRB WR Berkley 8.7% 14.1x -2.7%80.8%146.0% +122pp
    ORI Old Republic International 8.6% 8.6x 10.9%82.7%140.4% +117pp
    ALL Allstate 8.8% 4.9x 29.1%147.7%114.3% +91pp
    HIG Hartford Insurance 7.2% 8.5x 4.7%99.4%114.2% +91pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is FAF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Investment Banking & Brokerage 13 4.4%115.9%133.5% IBKR 504% · SNEX 259% · GS 184%
    Reinsurance 6 18.8%75.0%128.6% SPNT 164% · RGA 139% · RNR 130%
    Diversified Banks 12 37.8%130.5%117.6% JPM 153% · CM 150% · RY 141%
    Life & Health Insurance 20 8.2%55.1%98.8% JXN 535% · UNM 318% · FG 203%
    Multi-Sector Holdings 4 3.5%56.7%80.3% JONE 361% · BRK-B 82% · VOYA 78%
    Regional Banks 265 26.8%88.4%67.0% GCBC 365% · ESQ 361% · VBNK 332%
    Property & Casualty Insurance ← 42 9.4%71.1%65.5% ASIC 2746900% · HRTG 461% · UVE 304%
    Multi-line Insurance 9 8.9%79.6%60.7% GNW 185% · L 105% · SLF 90%
    Financial Exchanges & Data 15 -6.5%13.6%30.1% VIRT 207% · CBOE 141% · CME 80%
    Consumer Finance 30 5.7%90.3%29.6% ENVA 588% · EZPW 373% · FCFS 176%
    Diversified Financial Services 4 0.9%12.2%22.0% FRHC 171% · EQH 102% · TMS -58%
    Insurance Brokers 16 -17.9%-3.4%18.7% LIFE 340% · ARX 89% · AJG 75%
    Asset Management & Custody Banks 83 -10.8%14.5%13.3% WT 326% · SII 288% · VCTR 281%
    Commercial & Residential Mortgage Finance 12 -48.2%30.3%1.8% FNMA 468% · FMCC 441% · ESNT 65%
    Specialized Finance 3 27.4%41.6%-1.5% EFC 30% · CACC -1% · HASI -15%
    Mortgage REITs 33 -13.2%9.8%-14.7% NREF 52% · RITM 47% · DX 36%
    Diversified Capital Markets 21 -33.6%5.8%-35.8% BTCS 569% · OPY 212% · LPLA 150%
    Transaction & Payment Processing Services 15 2.2%-8.2%-43.1% V 71% · MA 69% · CPAY 57%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1null10/17/2025
    2Day 10 of Gains Streak for First American Financial Stock with 12% Return (vs. -0.5% YTD) [7/29/2025]07/30/2025
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    8First American Financial Price Volatility09/24/2024
    9Fundamental Metrics: ...06/19/2024
    10First American (FAF) Stock Has 58% Chance Of Rise In The Next One Month02/10/2023
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    Financials

    FAFFNFORISTCFTDRMTGMedian
    NameFirst Am.Fidelity.Old Repu.Stewart .FrontdoorMGIC Inv. 
    Mkt Price71.7844.1340.9666.2481.0130.7455.19
    Mkt Cap7.411.89.82.05.76.56.9
    Rev LTM7,97714,9859,7163,2682,1481,1965,622
    Op Inc LTM----425-425
    FCF LTM8325,4281,280150386706769
    FCF 3Y Avg5936,1031,171106309731662
    CFO LTM1,0045,5631,280238410708856
    CFO 3Y Avg7966,2431,171165340732764

    Growth & Margins

    FAFFNFORISTCFTDRMTGMedian
    NameFirst Am.Fidelity.Old Repu.Stewart .FrontdoorMGIC Inv. 
    Rev Chg LTM22.6%12.7%12.1%22.5%9.3%-1.9%12.4%
    Rev Chg 3Y Avg7.4%10.0%8.6%10.7%7.9%1.0%8.2%
    Rev Chg Q15.0%11.0%13.4%24.5%4.7%-2.9%12.2%
    QoQ Delta Rev Chg LTM3.6%2.7%3.1%5.7%1.4%-0.7%2.9%
    Op Inc Chg LTM----11.0%-11.0%
    Op Inc Chg 3Y Avg----25.7%-25.7%
    Op Mgn LTM----19.8%-19.8%
    Op Mgn 3Y Avg----18.9%-18.9%
    QoQ Delta Op Mgn LTM----0.7%-0.7%
    CFO/Rev LTM12.6%37.1%13.2%7.3%19.1%59.2%16.1%
    CFO/Rev 3Y Avg11.5%46.5%13.5%5.8%17.1%61.1%15.3%
    FCF/Rev LTM10.4%36.2%13.2%4.6%18.0%59.1%15.6%
    FCF/Rev 3Y Avg8.5%45.5%13.5%3.7%15.5%61.0%14.5%

    Valuation

    FAFFNFORISTCFTDRMTGMedian
    NameFirst Am.Fidelity.Old Repu.Stewart .FrontdoorMGIC Inv. 
    Mkt Cap7.411.89.82.05.76.56.9
    P/S0.90.81.00.62.65.41.0
    P/Op Inc----13.3-13.3
    P/EBIT6.45.96.59.312.97.06.7
    P/E9.915.38.615.020.79.112.4
    P/CFO7.32.17.78.513.89.18.1
    Total Yield13.2%11.2%20.9%9.8%4.8%13.1%12.2%
    Dividend Yield3.0%4.7%9.3%3.1%0.0%2.1%3.1%
    FCF Yield 3Y Avg9.1%44.4%12.9%5.6%7.7%12.0%10.6%
    D/E0.40.40.20.40.20.10.3
    Net D/E0.0-2.3-0.20.20.1-0.8-0.1

    Returns

    FAFFNFORISTCFTDRMTGMedian
    NameFirst Am.Fidelity.Old Repu.Stewart .FrontdoorMGIC Inv. 
    1M Rtn-3.1%-9.9%-3.5%-2.1%-4.3%-0.3%-3.3%
    3M Rtn9.2%-6.9%7.0%2.4%17.7%19.8%8.1%
    6M Rtn10.2%-5.2%3.8%4.2%28.2%19.4%7.2%
    12M Rtn9.9%-21.3%10.9%-8.3%22.2%10.6%10.2%
    3Y Rtn32.2%20.2%82.7%60.3%155.4%92.0%71.5%
    1M Excs Rtn0.5%-6.2%-1.7%2.2%-4.1%1.5%-0.6%
    3M Excs Rtn7.2%-9.8%4.4%-0.5%16.4%17.8%5.8%
    6M Excs Rtn-0.6%-17.7%-10.7%-8.3%13.5%4.3%-4.5%
    12M Excs Rtn-5.1%-37.2%-5.4%-23.5%10.7%-6.4%-5.9%
    3Y Excs Rtn-41.5%-50.4%15.8%-14.7%79.0%19.4%0.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/23/20264/24/20262/18/202610/24/20257/25/20254/25/20252/21/202510/25/20247/26/20244/26/20242/21/202410/27/2023
    Key Financials Quarterly            
    Total Revenue2,1171,8382,0421,9791,8411,5821,6781,4061,6121,4251,4241,481
    Net Income2181252121901467472-1041164734-2
    EPS2.131.212.061.841.410.720.70-1.001.110.450.33-0.02
    Key Financials TTM            
    Total Revenue TTM7,9777,7017,4457,0806,5076,2786,1215,8675,9425,9775,9986,248
    Net Income TTM74567362248218915913193195218217237
    Growth Rates Quarterly            
    Total Revenue Growth15.0%16.2%21.7%40.7%14.2%11.1%17.8%-5.1%-2.1%-1.5%-14.9%-18.8%
    Net Income Growth49.6%68.6%192.7%282.3%25.9%58.9%112.3%-6017.6%-16.2%1.7%-37.2%-185.0%
    Margins Quarterly            
    Net Income Margin10.3%6.8%10.4%9.6%7.9%4.7%4.3%-7.4%7.2%3.3%2.4%-0.1%
    Cash & Debt            
    Total Cash2,728-1,4662,992-2,1081,8043,0092,1051,5843,6611,634
    Total Debt2,7891,2852,6702,8451,1062,5122,4202,9682,2782,3202,1942,177
    Net Debt / (Cash)61-1,204-146-404617-41173737-1,467543
    Cash Flows Quarterly            
    FCF from Operations3576369272362-5332523726769-42219
    Cash Flows TTM            
    FCF from Operations TTM1,0041,009951906870775898531514516354641
    Returns to Shareholders Quarterly            
    Dividends565656565556565655555455
    Share Repurchases2034-0346028816414189
    Return on Invested Capital (ROIC) Quarterly            
    ROIC60.8%18.5%31.7%58.5%23.5%16.7%15.3%-28.5%38.0%10.3%--0.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM51.8%25.1%23.2%37.3%7.6%9.0%6.9%6.5%16.0%11.9%-17.7%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Title Insurance and Services6,9785,7375,7257,5478,321
    Home Warranty443426417419422
    Corporate32-33-137  
    Eliminations-0-2-1  
    Elimination   -361478
    Total7,4526,1286,0047,6059,221


    Operating Income by Segment
    $ Mil20152014
    Title Insurance and Services490373
    Home Warranty4053
    Corporate-97-75
    Total433351


    Assets by Segment
    $ Mil20252024202320222021
    Title Insurance and Services15,28813,99015,76813,91115,059
    Corporate9127558321,258 
    Home Warranty395370352390436
    Elimination of intersegment assets-366-206-150-603 
    Elimination    956
    Total16,22914,90916,80314,95516,451


    Price Behavior

    Price Behavior
    Market Price$71.78 
    Market Cap ($ Bil)7.4 
    First Trading Date05/28/2010 
    Distance from 52W High-9.3% 
       50 Days200 Days
    DMA Price$72.87$66.47
    DMA Trendupup
    Distance from DMA-1.5%8.0%
     3M1YR
    Volatility33.0%29.1%
    Downside Capture74.7948.18
    Upside Capture107.1350.15
    Correlation (SPY)12.7%15.9%
    FAF Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.900.18-0.040.340.350.61
    Up Beta0.15-1.83-0.690.500.680.65
    Down Beta-0.08-0.39-0.70-0.23-0.240.46
    Up Capture105%121%68%43%39%34%
    Bmk +ve Days10213268138427
    Stock +ve Days10193163126383
    Down Capture213%105%17%50%49%88%
    Bmk -ve Days11213259113324
    Stock -ve Days11233364124366

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FAF
    FAF12.1%29.1%0.39-
    Sector ETF (XLF)9.0%14.6%0.3738.2%
    Equity (SPY)18.3%12.8%1.0316.4%
    Gold (GLD)19.0%29.2%0.593.2%
    Commodities (DBC)48.3%20.6%1.80-23.8%
    Real Estate (VNQ)7.6%13.6%0.2948.8%
    Bitcoin (BTCUSD)-32.4%43.8%-0.772.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FAF
    FAF4.1%27.6%0.15-
    Sector ETF (XLF)10.2%18.4%0.4256.6%
    Equity (SPY)12.5%17.2%0.5549.7%
    Gold (GLD)18.7%18.8%0.819.3%
    Commodities (DBC)11.4%19.5%0.464.5%
    Real Estate (VNQ)0.7%18.9%-0.0762.7%
    Bitcoin (BTCUSD)9.4%52.6%0.3617.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FAF
    FAF8.8%29.0%0.34-
    Sector ETF (XLF)13.2%22.1%0.5455.3%
    Equity (SPY)15.2%17.9%0.7253.7%
    Gold (GLD)12.3%16.3%0.6210.8%
    Commodities (DBC)8.7%18.1%0.3916.3%
    Real Estate (VNQ)4.7%20.7%0.1959.7%
    Bitcoin (BTCUSD)63.2%66.2%1.0312.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity6.0 Mil
    Short Interest: % Change Since 81520267.8%
    Average Daily Volume0.6 Mil
    Days-to-Cover Short Interest10.0 days
    Basic Shares Quantity102.6 Mil
    Short % of Basic Shares5.8%

    Earnings Returns History

    Updated 8/24/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/22/2026-2.2%10.8%2.1%
    4/22/20263.6%7.0%2.0%
    2/11/20262.8%3.4%2.9%
    10/22/20253.5%-0.0%2.1%
    7/23/20253.5%4.6%12.2%
    4/23/20254.9%1.9%-7.2%
    2/12/20250.5%0.8%2.7%
    10/23/20240.2%1.4%4.1%
    ...
    SUMMARY STATS   
    # Positive171617
    # Negative787
    Median Positive2.8%4.4%3.4%
    Median Negative-6.1%-2.3%-6.1%
    Max Positive6.3%10.8%17.3%
    Max Negative-9.4%-11.3%-13.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/22/2026-2.2%10.8%2.1%
    4/22/20263.6%7.0%2.0%
    2/11/20262.8%3.4%2.9%
    10/22/20253.5%-0.0%2.1%
    7/23/20253.5%4.6%12.2%
    4/23/20254.9%1.9%-7.2%
    2/12/20250.5%0.8%2.7%
    10/23/20240.2%1.4%4.1%
    7/24/20241.5%5.9%8.8%
    4/24/2024-6.1%-7.9%-6.1%
    2/7/2024-0.8%-1.4%-5.4%
    10/26/20233.4%4.0%16.1%
    7/27/20234.2%4.3%0.5%
    4/27/20230.5%4.9%-1.2%
    2/9/2023-6.5%-0.8%-13.1%
    10/27/20226.3%6.5%17.3%
    7/28/20222.3%-2.2%1.8%
    4/28/2022-0.2%5.0%0.6%
    2/10/2022-6.8%-7.9%-11.5%
    10/21/20211.2%-2.5%3.4%
    7/22/20212.7%4.1%6.9%
    4/22/20212.7%6.3%5.9%
    2/11/20214.2%2.7%6.6%
    10/22/2020-9.4%-11.3%-2.3%
    SUMMARY STATS   
    # Positive171617
    # Negative787
    Median Positive2.8%4.4%3.4%
    Median Negative-6.1%-2.3%-6.1%
    Max Positive6.3%10.8%17.3%
    Max Negative-9.4%-11.3%-13.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/23/202610-Q
    03/31/202604/24/202610-Q
    12/31/202502/18/202610-K
    09/30/202510/24/202510-Q
    06/30/202507/25/202510-Q
    03/31/202504/25/202510-Q
    12/31/202402/21/202510-K
    09/30/202410/25/202410-Q
    06/30/202407/26/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/21/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/15/202310-K
    09/30/202210/28/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/23/202610-Q
    03/31/202604/24/202610-Q
    12/31/202502/18/202610-K
    09/30/202510/24/202510-Q
    06/30/202507/25/202510-Q
    03/31/202504/25/202510-Q
    12/31/202402/21/202510-K
    09/30/202410/25/202410-Q
    06/30/202407/26/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/21/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/15/202310-K
    09/30/202210/28/202210-Q
    06/30/202207/28/202210-Q
    03/31/202204/29/202210-Q
    12/31/202102/17/202210-K
    09/30/202110/22/202110-Q
    06/30/202107/23/202110-Q
    03/31/202104/23/202110-Q
    12/31/202002/17/202110-K
    09/30/202010/22/202010-Q
    06/30/202007/23/202010-Q
    03/31/202004/29/202010-Q
    12/31/201902/18/202010-K
    09/30/201910/24/201910-Q

    Insider Activity

    Updated 7/28/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Adams, Steven AVP & Chief Accounting OfficerDirectSell728202674.993,253243,924767,480Form
    2Cornehl, Lisa WSVP, Chief Legal OfficerDirectSell507202668.635,823399,6472,033,795Form
    3McCarthy, Margaret M DirectSell428202670.596,630468,0081,695,840Form
    4Kennedy, Parker S DirectBuy218202667.8544,8413,042,50617,068,053Form
    5Kennedy, Parker S DirectBuy218202667.1715,0001,007,59513,885,398Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Adams, Steven AVP & Chief Accounting OfficerDirectSell728202674.993,253243,924767,480Form
    2Cornehl, Lisa WSVP, Chief Legal OfficerDirectSell507202668.635,823399,6472,033,795Form
    3McCarthy, Margaret M DirectSell428202670.596,630468,0081,695,840Form
    4Kennedy, Parker S DirectBuy218202667.8544,8413,042,50617,068,053Form
    5Kennedy, Parker S DirectBuy218202667.1715,0001,007,59513,885,398Form
    6Doti, James L DirectSell829202565.177,692501,2984,502,757Form
    7McCarthy, Margaret M DirectSell814202565.633,500229,7051,843,878Form

    Investor Activity (13F)

    Updated Sep 13, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Avantyr Capital Partners, LP$25.0 Mil1.2%22Hold13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Solel Partners LP$18.9 Mil3.1%22Exited13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Avantyr Capital Partners, LP$25.0 Mil1.2%22Hold13F

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    Core Cache Last Updated: 9/12/2026