Fidelity National Financial (FNF)
Market Price (10/22/2026): $40.615 | Market Cap: $10.8 BilSector: Financials | Industry: Property & Casualty Insurance
Fidelity National Financial (FNF)
Market Price (10/22/2026): $40.615Market Cap: $10.8 BilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 50% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -245% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.6 Bil, FCF LTM is 5.4 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Digital Payments, Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -57% | Key risksFNF key risks include [1] significant operational disruptions from major cybersecurity incidents, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 50% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -245% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.6 Bil, FCF LTM is 5.4 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -57% |
| Key risksFNF key risks include [1] significant operational disruptions from major cybersecurity incidents, Show more. |
Qualitative Assessment
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Fidelity National Financial (FNF) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds from a "Higher-for-Longer" Interest Rate Environment. The Federal Reserve continued to hold its target range at 3.50%-3.75% as of June 17, 2026, with its June dot plot projecting no rate cuts for the remainder of 2026 and even the possibility of a quarter-point hike. This sustained high-interest rate environment kept the average 30-year fixed mortgage rate around 6.4% in fiscal Q3 2026, significantly impacting housing affordability and transaction volumes.
2. Deteriorating Residential Real Estate Market Conditions. A direct consequence of elevated interest rates, the U.S. residential real estate market experienced a slowdown during fiscal Q3 2026. New home sales were down 4.5% year-over-year in fiscal Q2 2026, and the broader market shifted to a buyer's negotiating environment with slower appreciation and higher inventory. This weakness in the residential sector negatively impacts Fidelity National Financial's core title insurance business.
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Fidelity National Financial (FNF) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds from a "Higher-for-Longer" Interest Rate Environment. The Federal Reserve continued to hold its target range at 3.50%-3.75% as of June 17, 2026, with its June dot plot projecting no rate cuts for the remainder of 2026 and even the possibility of a quarter-point hike. This sustained high-interest rate environment kept the average 30-year fixed mortgage rate around 6.4% in fiscal Q3 2026, significantly impacting housing affordability and transaction volumes.
2. Deteriorating Residential Real Estate Market Conditions. A direct consequence of elevated interest rates, the U.S. residential real estate market experienced a slowdown during fiscal Q3 2026. New home sales were down 4.5% year-over-year in fiscal Q2 2026, and the broader market shifted to a buyer's negotiating environment with slower appreciation and higher inventory. This weakness in the residential sector negatively impacts Fidelity National Financial's core title insurance business.
3. Negative Revisions to Future Earnings Estimates. Despite beating adjusted EPS and revenue estimates in its fiscal Q2 2026 earnings report on August 5, 2026, analyst sentiment for Fidelity National Financial's upcoming fiscal Q3 2026 earnings declined. In the 90 days leading up to October 1, 2026, there were four downward revisions to fiscal Q3 2026 EPS estimates compared to only one upward revision. Management's outlook also signaled modest title margin compression for the second half of fiscal 2026.
4. Removal from FTSE All-World Index. Fidelity National Financial was removed from the FTSE All-World Index on September 19, 2026. Such an index removal often leads to selling pressure from passive investment funds that track the index, as they are required to adjust their portfolios, impacting the stock's demand.
5. Significant Insider Selling Activity. Total insider selling activity in fiscal year 2026 exceeded $7 million. This substantial volume of sales by company insiders can be perceived negatively by investors, suggesting a lack of confidence in the company's near-term prospects.
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Stock Movement Drivers
Fundamental Drivers
The -12.8% change in FNF stock from 6/30/2026 to 10/21/2026 was primarily driven by a -14.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.60 | 40.62 | -12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,592 | 14,985 | 2.7% |
| Net Income Margin (%) | 5.2% | 5.2% | -1.3% |
| P/E Multiple | 16.4 | 14.0 | -14.6% |
| Shares Outstanding (Mil) | 269 | 267 | 0.7% |
| Cumulative Contribution | -12.8% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| FNF | -12.8% | |
| Market (SPY) | 3.5% | 12.1% |
| Sector (XLF) | 4.5% | 46.1% |
Fundamental Drivers
The -10.4% change in FNF stock from 3/31/2026 to 10/21/2026 was primarily driven by a -31.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.33 | 40.62 | -10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,141 | 14,985 | 6.0% |
| Net Income Margin (%) | 4.3% | 5.2% | 21.0% |
| P/E Multiple | 20.4 | 14.0 | -31.2% |
| Shares Outstanding (Mil) | 271 | 267 | 1.5% |
| Cumulative Contribution | -10.4% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| FNF | -10.4% | |
| Market (SPY) | 19.2% | 10.2% |
| Sector (XLF) | 13.9% | 44.4% |
Fundamental Drivers
The -27.3% change in FNF stock from 9/30/2025 to 10/21/2026 was primarily driven by a -36.4% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.86 | 40.62 | -27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,297 | 14,985 | 12.7% |
| Net Income Margin (%) | 8.1% | 5.2% | -36.4% |
| P/E Multiple | 14.1 | 14.0 | -0.4% |
| Shares Outstanding (Mil) | 272 | 267 | 1.9% |
| Cumulative Contribution | -27.3% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| FNF | -27.3% | |
| Market (SPY) | 17.0% | 14.7% |
| Sector (XLF) | 5.3% | 43.0% |
Fundamental Drivers
The 14.3% change in FNF stock from 9/30/2023 to 10/21/2026 was primarily driven by a 33.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.53 | 40.62 | 14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,264 | 14,985 | 33.0% |
| Net Income Margin (%) | 4.6% | 5.2% | 12.2% |
| P/E Multiple | 18.6 | 14.0 | -24.3% |
| Shares Outstanding (Mil) | 270 | 267 | 1.1% |
| Cumulative Contribution | 14.3% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| FNF | 14.3% | |
| Market (SPY) | 87.1% | 32.9% |
| Sector (XLF) | 76.4% | 51.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FNF Return | 38% | -22% | 42% | 14% | 4% | -23% | 40% |
| Peers Return | 50% | -16% | 28% | 27% | 11% | 3% | 135% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FNF Win Rate | 75% | 42% | 67% | 58% | 67% | 40% | |
| Peers Win Rate | 69% | 37% | 57% | 58% | 55% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FNF Max Drawdown | -11% | -36% | -27% | -13% | -22% | -31% | |
| Peers Max Drawdown | -14% | -37% | -25% | -15% | -20% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FAF, ORI, STC, CRBG, EQH. See FNF 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 10/21/2026 (YTD)
How Low Can It Go
| Event | FNF | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.4% | 7.1% |
| Time to Breakeven | 174 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.8% | -24.5% |
| % Gain to Breakeven | 44.6% | 32.4% |
| Time to Breakeven | 537 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.0% | -33.7% |
| % Gain to Breakeven | 103.9% | 50.9% |
| Time to Breakeven | 362 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.9% | -19.2% |
| % Gain to Breakeven | 31.4% | 23.8% |
| Time to Breakeven | 108 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.0% | -3.7% |
| % Gain to Breakeven | 17.7% | 3.9% |
| Time to Breakeven | 68 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.2% | -12.2% |
| % Gain to Breakeven | 31.9% | 13.9% |
| Time to Breakeven | 380 days | 62 days |
In The Past
Fidelity National Financial's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | FNF | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.4% | 7.1% |
| Time to Breakeven | 174 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.8% | -24.5% |
| % Gain to Breakeven | 44.6% | 32.4% |
| Time to Breakeven | 537 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.0% | -33.7% |
| % Gain to Breakeven | 103.9% | 50.9% |
| Time to Breakeven | 362 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.9% | -19.2% |
| % Gain to Breakeven | 31.4% | 23.8% |
| Time to Breakeven | 108 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.2% | -12.2% |
| % Gain to Breakeven | 31.9% | 13.9% |
| Time to Breakeven | 380 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.4% | -53.4% |
| % Gain to Breakeven | 101.6% | 114.4% |
| Time to Breakeven | 18 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.5% | -8.6% |
| % Gain to Breakeven | 39.8% | 9.5% |
| Time to Breakeven | 571 days | 47 days |
In The Past
Fidelity National Financial's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.1% 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 Fidelity National Financial (FNF)
Fidelity National Financial (FNF) is a leading U.S. insurance provider with a significant presence in the real estate and mortgage industries. The company's primary business, operated through its Title segment, involves offering title insurance—a crucial component for most property transactions—along with a suite of related services. These include escrow services, trustee sales guarantees, recordings, reconveyances, and home warranty insurance. FNF also provides technology and transaction services tailored for the real estate and mortgage sectors, serving a broad customer base that includes homebuyers, sellers, lenders, and real estate professionals.
In addition to its core title services, FNF diversifies its offerings through its F&G segment, specializing in annuity and life insurance products. This segment provides various deferred annuities, such as fixed indexed, fixed rate, and immediate annuities, designed to help individuals plan for retirement income. FNF also offers indexed universal life insurance products to meet different financial planning needs. Furthermore, the company engages in real estate brokerage, broadening its reach within the property market.
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Here are 1-3 brief analogies for Fidelity National Financial (FNF):
- The Prudential for property titles and financial annuities.
- Think of them as the 'Experian for home titles' that also insures them.
- The 'air traffic control' for real estate deals, ensuring clear titles and secure escrows.
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- Title Insurance & Related Services: Provides insurance against losses due to defects in property titles, along with escrow, trust activities, and home warranty insurance.
- Mortgage Transaction Services: Offers services to facilitate the production and management of mortgage loans, including title-related and technology services for the real estate and mortgage industries.
- Annuity Products: Sells various deferred annuities (fixed indexed, fixed rate, immediate) to provide a stream of income.
- Life Insurance Products: Offers indexed universal life insurance, combining a death benefit with a cash value component.
- Real Estate Brokerage: Operates a business that facilitates real estate transactions for clients.
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Fidelity National Financial (FNF) primarily serves individuals across several key categories:
- Homebuyers and Sellers: These individuals utilize FNF's core title insurance, escrow, home warranty, and real estate brokerage services when engaging in residential or commercial real estate transactions.
- Retirement Savers: Individuals seeking to secure their financial future through annuity products, including fixed indexed, fixed rate, and immediate annuities, offered by FNF's F&G segment.
- Life Insurance Purchasers: Individuals looking for life insurance coverage, specifically indexed universal life insurance products, to protect their families and manage their estates.
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Mike Nolan, Chief Executive Officer
Mike Nolan has served as the Chief Executive Officer of Fidelity National Financial (FNF) since February 2022, after holding the position of President since 2016. He joined FNF in 1983 and has served in various operating roles throughout his tenure. Mr. Nolan also serves on the board of F&G Annuities & Life, Inc., a wholly-owned subsidiary of FNF, since August 2020. Previously, he was the President of the Ohio Land Title Association.
Tony Park, Chief Financial Officer
Tony Park has been the Executive Vice President and Chief Financial Officer of Fidelity National Financial (FNF) since October 2005. He joined Fidelity National Financial in November 1991. Prior to his appointment as CFO, Mr. Park served as Controller and Assistant Controller of FNF from 1991 to 2000, and as the Chief Accounting Officer of FNF from 2000 to 2005.
Raymond R. Quirk, Executive Vice-Chairman
Raymond R. Quirk has served as the Executive Vice-Chairman of Fidelity National Financial (FNF) since February 2022. Before this role, he was the Chief Executive Officer of FNF from December 2013 to February 2022, and President from April 2008 to December 2013. Mr. Quirk joined FNF in 1985 and has held numerous executive and management positions within the company, including Co-President, Co-Chief Operating Officer, Executive Vice President, and Division Manager. He was responsible for the Direct and Agency operations of several leading title insurance underwriters and ServiceLink. Mr. Quirk also served as a Director of J. Alexander's Holdings, Inc.
Peter T. Sadowski, Executive Vice President and Chief Legal Officer
Peter T. Sadowski has served as Executive Vice President and Chief Legal Officer of FNF since 2008. Prior to that, he was the Executive Vice President and General Counsel of FNF since 1999. Mr. Sadowski also holds the position of Executive Vice President and Chief Legal Officer of Cannae since July 2017.
Michael L. Gravelle, Executive Vice President, General Counsel and Corporate Secretary
Michael L. Gravelle serves as the Executive Vice President, General Counsel, and Corporate Secretary for Fidelity National Financial.
AI Analysis | Feedback
The key risks to Fidelity National Financial (FNF) are primarily linked to the cyclical nature of the real estate market, the volatility of its investment portfolio within the F&G segment, and ongoing regulatory and legal exposures.
- Housing Market Cyclicality and Interest Rate Sensitivity: FNF's core title insurance business is highly dependent on the volume of transactions in the U.S. housing market. Downturns in home sales, coupled with elevated mortgage interest rates, significantly limit refinancing opportunities and overall real estate activity, directly impacting FNF's revenue and profitability.
- Investment Portfolio Volatility (F&G Segment): The company's F&G Annuities & Life subsidiary faces significant risk from fluctuations in its investment portfolio, particularly alternative investments, which can lead to negative mark-to-market changes. Furthermore, interest rate sensitivity affects the F&G segment's annuity and life insurance products, especially those with guaranteed minimum crediting rates, potentially impacting investment portfolio earnings.
- Regulatory and Legal Exposure: FNF is subject to ongoing regulatory scrutiny concerning title insurance commissions and potential antitrust litigation related to settlement services. Adverse rulings, changes in federal and state regulations, or shifts in commission structures could lead to increased operational costs and pressure on revenue and profitability. The company's significant reliance on specific states like California and Texas for title insurance premiums also exposes it to adverse regional regulatory changes.
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The clear emerging threat for Fidelity National Financial (FNF) is the potential disruption to the title insurance industry from **blockchain and distributed ledger technology (DLT)**. This technology has the capability to create immutable, transparent, and verifiable records of property ownership and liens. If widely adopted for land registries and property transactions, DLT could significantly reduce or eliminate the need for traditional title searches, title insurance, and escrow services, which constitute a core business segment for FNF.
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Fidelity National Financial (FNF) operates within several large addressable markets primarily in the United States. The addressable market sizes for its main products and services are as follows:
- Title Insurance: The U.S. title insurance market was approximately $18 billion in 2024 and is estimated to be $17.1 billion in 2025. North America, with the United States as the primary contributor, leads the global title insurance market, which was valued at $2 billion in 2023 and is projected to reach $2.8 billion by 2032. The broader U.S. real estate transaction market, of which title insurance is a critical component, is nearly $2.5 trillion.
- Annuity and Life Insurance Products: The U.S. life insurance and annuities market was valued at $819 billion in 2024 and is projected to reach $1,100.2 billion by 2032. More specifically, total U.S. annuity sales increased to $461.3 billion in 2025, with the U.S. annuity market value expected to reach $388.42 billion by 2029. The U.S. life insurance market size was estimated at $1.93 trillion in 2024 and is predicted to be worth around $4.74 trillion by 2034. The overall United States life and non-life insurance market was valued at $3.239 trillion in 2025 and is estimated to grow to $3.35 trillion in 2026.
- Real Estate Brokerage Business: The market size for Real Estate Sales & Brokerage in the U.S. was $238.5 billion in 2024 and is estimated at $240.0 billion in 2025. Another estimate for the United States real estate brokerage market is $206.45 billion in 2025, projected to rise to $252.51 billion by 2030. The global real estate agency and brokerage market is projected to reach $1,539.26 billion in 2025 and $1,631.42 billion in 2026.
- Mortgage Transaction Services: The United States mortgage/loan brokers market is expected to grow from $7.62 billion in 2025 to $7.96 billion in 2026 and is forecast to reach $9.88 billion by 2031. The mortgage brokerage services market in North America, which holds the largest market share, was $112.58 billion in 2025 and is expected to grow to $124.16 billion in 2026. The global mortgage brokerage services market is projected to reach approximately $15 billion by 2033. Additionally, the Mortgage Process Outsourcing Service Market was valued at $51.49 billion in 2025 and is projected to reach $101.8 billion by 2034.
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Fidelity National Financial (FNF) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
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Recovery in Housing and Mortgage Markets: FNF's core Title segment is positioned for a rebound as housing activity normalizes and mortgage rates moderate, particularly in 2025 and 2026. Increased transaction volumes in both residential and commercial real estate are anticipated to significantly boost revenue for its title, escrow, and related services.
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Growth of the F&G Segment and New Annuity Products: The F&G (annuities and life insurance) segment is a significant focus for growth. FNF expanded F&G's offerings into Registered Index-Linked Annuities (RILAs) in early 2024, a strategic move expected to attract a younger demographic and become a meaningful contributor to revenue. Furthermore, the F&G segment is transitioning towards a more capital-light, fee-based model, which is projected to support long-term earnings growth. The aging U.S. population is also expected to increase demand for retirement savings and income solutions, benefiting this segment.
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Technological Advancements and Digital Transformation: FNF is investing heavily in technology and innovation to enhance customer experience, streamline title and settlement processes, and improve data accuracy. The company aims to leverage emerging technologies, including AI tools, for operational optimization, which has already shown double-digit reductions in centralized labor hours per file and decreased rework on complex tasks. These technological initiatives are expected to drive efficiency gains, reduce costs per order, and potentially create new revenue streams.
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Expansion of Ancillary Revenue Streams and Bundled Services: FNF is actively scaling its ancillary services, such as default services, trustee sales, 1031 exchanges, notary networks, and lien curative work. These offerings are designed to provide counter-cyclical and higher-margin revenue. The company also targets a mid-single-digit uplift in revenue per file by 2026 through higher attach rates and bundled services for its core title and closing solutions.
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Share Repurchases
- Fidelity National Financial (FNF) announced a new three-year stock repurchase program on August 3, 2021, authorizing repurchases of up to 25 million shares of common stock through July 31, 2024.
- In 2021, FNF repurchased 10.2 million shares of its common stock for approximately $461 million.
- During the second quarter of 2025, FNF repurchased 2.9 million shares for $159 million. As of the fourth quarter of 2025, ongoing share repurchases under its current program totaled $251.19 million for 4,427,671 shares.
Inbound Investments
- In the second quarter of 2025, F&G Annuities & Life (F&G), a majority-owned subsidiary of FNF, launched a Blackstone-backed $1 billion reinsurance sidecar.
Capital Expenditures
- Fidelity National Financial's capital expenditures for the latest twelve months totaled $143 million.
- Annual capital expenditures averaged $131.4 million for the fiscal years ending December 2020 to 2024. Capital expenditures peaked at $146 million in December 2024.
- The primary focus of capital expenditures includes investments in technology and AI to enhance operations, improve efficiency, drive productivity, and support long-term growth, covering areas such as title automation technology, security, and recruiting.
Peer Outperformance in Property & Casualty Insurance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FNF | Fidelity National Financial | 10.0% | 14.0x | -22.2% | 24.9% | 8.1% | — |
| TRV | Travelers Companies | 7.0% | 9.9x | 50.4% | 159.8% | 173.9% | +166pp |
| WRB | WR Berkley | 8.7% | 15.0x | 1.9% | 90.4% | 140.3% | +132pp |
| ORI | Old Republic International | 8.6% | 8.5x | 4.3% | 83.6% | 124.0% | +116pp |
| ALL | Allstate | 8.8% | 4.8x | 32.1% | 116.6% | 122.9% | +115pp |
| HIG | Hartford Financial Services | 7.2% | 8.5x | 10.5% | 103.7% | 105.6% | +97pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.3% | 70.9% | 117.9% | SPNT 175% · RGA 150% · RNR 149% |
| Diversified Banks | 12 | 28.8% | 148.1% | 90.6% | CM 141% · RY 126% · JPM 124% |
| Life & Health Insurance | 20 | 13.6% | 61.4% | 84.5% | JXN 473% · UNM 291% · MFC 183% |
| Multi-Sector Holdings | 4 | 9.7% | 58.8% | 71.2% | BRK-B 88% · VOYA 54% · JEF 30% |
| Investment Banking & Brokerage | 13 | -12.1% | 102.8% | 70.1% | IBKR 373% · SNEX 176% · GS 151% |
| Property & Casualty Insurance ← | 42 | 13.6% | 80.6% | 63.8% | TRV 174% · PGR 161% · ACGL 146% |
| Multi-line Insurance | 9 | 7.7% | 67.3% | 58.4% | GNW 98% · L 98% · AIZ 87% |
| Regional Banks | 260 | 29.2% | 97.1% | 53.0% | CBC 228% · FCNCA 161% · NIC 138% |
| Financial Exchanges & Data | 15 | 7.8% | 36.5% | 29.9% | CBOE 168% · VIRT 161% · CME 70% |
| Consumer Finance | 30 | -1.3% | 90.3% | 27.5% | ENVA 413% · EZPW 325% · FCFS 154% |
| Insurance Brokers | 15 | -6.3% | 7.3% | 19.4% | LIFE 416% · ARX 88% · AJG 66% |
| Diversified Financial Services | 4 | -4.1% | 22.5% | 5.3% | FRHC 158% · EQH 83% |
| Asset Management & Custody Banks | 84 | -13.7% | 21.9% | 3.0% | WT 296% · AAMI 257% · VCTR 244% |
| Commercial & Residential Mortgage Finance | 15 | -54.2% | 35.1% | -5.8% | FNMA 340% · FMCC 305% · ACT 149% |
| Specialized Finance | 3 | 7.9% | 35.9% | -12.1% | CACC -12% · HASI -22% |
| Mortgage REITs | 34 | -21.7% | -2.9% | -35.1% | RITM 25% · DX 17% · AGNC 6% |
| Transaction & Payment Processing Services | 17 | 0.6% | 8.3% | -36.6% | V 84% · MA 80% · CPAY 47% |
| Diversified Capital Markets | 20 | -53.8% | 13.4% | -63.7% | LPLA 89% · TW 45% · RIOT -52% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.58 |
| Mkt Cap | 10.2 |
| Rev LTM | 10,166 |
| Op Inc LTM | - |
| FCF LTM | 1,292 |
| FCF 3Y Avg | 1,185 |
| CFO LTM | 1,318 |
| CFO 3Y Avg | 1,232 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.6% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 14.2% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 12.7% |
| CFO/Rev 3Y Avg | 11.3% |
| FCF/Rev LTM | 11.4% |
| FCF/Rev 3Y Avg | 10.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Title | 8,490 | 7,702 | 7,038 | 9,106 | 11,497 |
| F&G Annuities & Life (F&G) | 5,731 | 5,744 | 4,500 | 2,349 | 3,974 |
| Corporate and Other | 341 | 343 | 279 | 110 | 184 |
| Elimination | -117 | -108 | -65 | ||
| Total | 14,445 | 13,681 | 11,752 | 11,565 | 15,655 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Title | 983 | 847 | 719 | 807 | 1,683 |
| F&G Annuities & Life (F&G) | 271 | 642 | -58 | 635 | 1,232 |
| Elimination | -117 | -108 | -65 | ||
| Corporate and Other | -458 | 10 | -78 | -136 | -106 |
| Total | 679 | 1,391 | 518 | 1,306 | 2,809 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| F&G Annuities & Life (F&G) | 98,432 | 84,938 | 70,186 | 54,637 | 49,371 |
| Title | 8,093 | 7,627 | 7,949 | 8,295 | 9,663 |
| Corporate and Other | 2,489 | 2,698 | 2,479 | 2,211 | 2,296 |
| Elimination | 0 | 0 | 0 | ||
| Total | 109,014 | 95,263 | 80,614 | 65,143 | 61,330 |
Price Behavior
| Market Price | $40.62 | |
| Market Cap ($ Bil) | 10.8 | |
| First Trading Date | 10/14/2005 | |
| Distance from 52W High | -27.1% | |
| 50 Days | 200 Days | |
| DMA Price | $43.16 | $47.53 |
| DMA Trend | down | down |
| Distance from DMA | -5.9% | -14.5% |
| 3M | 1YR | |
| Volatility | 30.3% | 27.2% |
| Downside Capture | 175.93 | 69.85 |
| Upside Capture | 41.13 | 27.93 |
| Correlation (S&P 500) | 12.0% | 14.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.26 | 0.84 | 0.47 | 0.28 | 0.34 | 0.56 |
| Up Beta | -0.60 | 0.16 | -1.25 | 0.32 | 0.55 | 0.51 |
| Down Beta | -0.91 | 0.29 | 0.44 | -0.60 | -0.27 | 0.46 |
| Up Capture | 82% | 16% | 54% | 21% | 16% | 28% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 15 | 26 | 57 | 117 | 394 |
| Down Capture | 344% | 274% | 168% | 92% | 84% | 89% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 26 | 37 | 67 | 133 | 355 |
[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 FNF | |
|---|---|---|---|---|
| FNF | -21.7% | 27.2% | -0.92 | - |
| Sector ETF (XLF) | 7.5% | 14.4% | 0.27 | 42.3% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 14.0% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | 1.1% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | -26.8% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 48.6% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | -4.5% |
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 FNF | |
|---|---|---|---|---|
| FNF | 2.4% | 26.5% | 0.08 | - |
| Sector ETF (XLF) | 9.7% | 18.3% | 0.39 | 61.5% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 48.6% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 6.1% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 2.8% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 57.9% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 16.3% |
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 FNF | |
|---|---|---|---|---|
| FNF | 9.1% | 28.4% | 0.35 | - |
| Sector ETF (XLF) | 13.1% | 22.1% | 0.54 | 59.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 53.7% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 7.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 15.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 58.8% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.8% | -6.7% | -7.5% |
| 5/6/2026 | -2.0% | -7.4% | -7.6% |
| 2/19/2026 | -3.8% | -3.7% | -19.3% |
| 11/6/2025 | 4.6% | 7.4% | 4.3% |
| 8/6/2025 | -0.4% | 5.0% | 4.1% |
| 5/7/2025 | -7.1% | -11.6% | -14.9% |
| 2/20/2025 | 3.3% | 9.0% | 11.2% |
| 11/6/2024 | -2.9% | -0.2% | 1.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 15 |
| # Negative | 16 | 13 | 9 |
| Median Positive | 2.9% | 5.0% | 4.7% |
| Median Negative | -2.4% | -3.7% | -7.5% |
| Max Positive | 4.6% | 10.0% | 11.6% |
| Max Negative | -7.1% | -11.6% | -20.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.8% | -6.7% | -7.5% |
| 5/6/2026 | -2.0% | -7.4% | -7.6% |
| 2/19/2026 | -3.8% | -3.7% | -19.3% |
| 11/6/2025 | 4.6% | 7.4% | 4.3% |
| 8/6/2025 | -0.4% | 5.0% | 4.1% |
| 5/7/2025 | -7.1% | -11.6% | -14.9% |
| 2/20/2025 | 3.3% | 9.0% | 11.2% |
| 11/6/2024 | -2.9% | -0.2% | 1.8% |
| 8/5/2024 | -0.9% | 1.4% | 9.6% |
| 5/8/2024 | 0.9% | -0.2% | -5.6% |
| 2/21/2024 | -5.4% | -5.9% | -0.0% |
| 11/7/2023 | 3.4% | 4.3% | 11.6% |
| 8/8/2023 | 2.8% | 3.5% | 8.4% |
| 5/3/2023 | -4.7% | -2.3% | 0.5% |
| 2/22/2023 | -5.7% | -7.6% | -20.2% |
| 11/8/2022 | -2.5% | 1.7% | -2.5% |
| 8/2/2022 | -2.0% | -0.6% | 0.4% |
| 5/10/2022 | 0.2% | 6.6% | 2.9% |
| 2/23/2022 | -0.2% | 4.8% | 10.1% |
| 11/2/2021 | -0.9% | 5.1% | 4.7% |
| 8/3/2021 | 3.0% | 10.0% | 11.0% |
| 5/6/2021 | -0.1% | -0.8% | 1.6% |
| 2/24/2021 | -6.5% | -6.0% | -1.9% |
| 11/4/2020 | -2.3% | -0.5% | 8.7% |
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 15 |
| # Negative | 16 | 13 | 9 |
| Median Positive | 2.9% | 5.0% | 4.7% |
| Median Negative | -2.4% | -3.7% | -7.5% |
| Max Positive | 4.6% | 10.0% | 11.6% |
| Max Negative | -7.1% | -11.6% | -20.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sadowski, Peter T | EVP, Chief Legal Officer | Trust | Sell | 6262026 | 45.70 | 69,196 | 3,162,375 | 260,591 | Form |
| 2 | Dhanidina, Halim | Direct | Sell | 6252026 | 418.25 | 9,543 | 3,991,360 | 1,523,685 | Form | |
| 3 | Sadowski, Peter T | EVP, Chief Legal Officer | IRA | Sell | 4282026 | 47.67 | 473 | Form | ||
| 4 | Lane, Daniel D | Direct | Sell | 11182025 | 57.63 | 6,367 | 366,930 | 15,923,630 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sadowski, Peter T | EVP, Chief Legal Officer | Trust | Sell | 6262026 | 45.70 | 69,196 | 3,162,375 | 260,591 | Form |
| 2 | Dhanidina, Halim | Direct | Sell | 6252026 | 418.25 | 9,543 | 3,991,360 | 1,523,685 | Form | |
| 3 | Sadowski, Peter T | EVP, Chief Legal Officer | IRA | Sell | 4282026 | 47.67 | 473 | Form | ||
| 4 | Lane, Daniel D | Direct | Sell | 11182025 | 57.63 | 6,367 | 366,930 | 15,923,630 | Form |
Investor Activity (13F)
Updated Oct 22, 2026Active 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.
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Property & Casualty Insurance Resources |
| Insurance Journal |
| Business Insurance |
| PropertyCasualty360 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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