Security National Financial (SNFCA)
Market Price (9/16/2026): $8.805 | Market Cap: $229.3 MilSector: Financials | Industry: Life & Health Insurance
Security National Financial (SNFCA)
Market Price (9/16/2026): $8.805Market Cap: $229.3 MilSector: FinancialsIndustry: Life & Health 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 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 35% 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 -31% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include End-of-Life Services, and Financial Security & Estate Planning. | Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -41% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6%, Rev Chg QQuarterly Revenue Change % is -6.3% Key risksSNFCA key risks include significant earnings and reporting volatility stemming from [1] its specific investments in real estate and construction and [2] the implementation of the CECL accounting standard. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 35% |
| 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 -31% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include End-of-Life Services, and Financial Security & Estate Planning. |
| Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -41% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.6%, Rev Chg QQuarterly Revenue Change % is -6.3% |
| Key risksSNFCA key risks include significant earnings and reporting volatility stemming from [1] its specific investments in real estate and construction and [2] the implementation of the CECL accounting standard. |
Qualitative Assessment
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Security National Financial (SNFCA) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Consolidated revenue decline outpaced net earnings growth, raising investor concerns despite management's focus on efficiency. Security National Financial Corporation (SNFCA) reported a 6.3% year-over-year decrease in consolidated revenue to $83.93 million for fiscal Q2 2026, and a 5.0% decline for the first half of fiscal 2026. While after-tax earnings increased by 7.3% to approximately $9.0 million in fiscal Q2 2026 and 8.1% for the first half, management acknowledged the top-line reduction as a deliberate choice to prioritize margin and cost efficiency. This persistent decline in revenue may have overshadowed the improved profitability for investors seeking growth.
2. Weakness in the Life Insurance segment significantly impacted overall performance. The Life Insurance segment experienced a notable decline, with its pre-tax earnings falling by 19.5% in fiscal Q2 2026 and 13% for the first half of fiscal 2026. This was primarily attributed to lower net investment income, including a $2.8 million reduction in homebuilder profit share, and a strategic shift away from single-premium products. The segment's revenue also decreased by 7.2% in fiscal Q2 2026 and 5.5% for the first half of fiscal 2026.
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Security National Financial (SNFCA) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Consolidated revenue decline outpaced net earnings growth, raising investor concerns despite management's focus on efficiency. Security National Financial Corporation (SNFCA) reported a 6.3% year-over-year decrease in consolidated revenue to $83.93 million for fiscal Q2 2026, and a 5.0% decline for the first half of fiscal 2026. While after-tax earnings increased by 7.3% to approximately $9.0 million in fiscal Q2 2026 and 8.1% for the first half, management acknowledged the top-line reduction as a deliberate choice to prioritize margin and cost efficiency. This persistent decline in revenue may have overshadowed the improved profitability for investors seeking growth.
2. Weakness in the Life Insurance segment significantly impacted overall performance. The Life Insurance segment experienced a notable decline, with its pre-tax earnings falling by 19.5% in fiscal Q2 2026 and 13% for the first half of fiscal 2026. This was primarily attributed to lower net investment income, including a $2.8 million reduction in homebuilder profit share, and a strategic shift away from single-premium products. The segment's revenue also decreased by 7.2% in fiscal Q2 2026 and 5.5% for the first half of fiscal 2026.
3. The Mortgage segment's fragile recovery and ongoing volume declines created uncertainty. Although the Mortgage segment returned to a modest pre-tax profitability of $71,000 in fiscal Q2 2026, marking its first profitable quarter since fiscal Q3 2025, its origination volume still fell by 11% year-over-year. Additionally, potential risks were highlighted regarding maturing mortgage warehouse lines in August 2026 that could affect future funding. Despite improved operational efficiency leading to a $3.0 million profit improvement for the first half of fiscal 2026, the continued top-line struggles and funding concerns weighed on investor confidence.
4. Analyst downgrades and technical indicators signaled a deteriorating market sentiment. During the period, analyst ratings were adjusted, with Wall Street Zen downgrading Security National Financial from a "buy" to a "hold" rating in May 2026, and Weiss Ratings similarly lowering it to "hold (c+)" in August 2026. Concurrently, the stock's share price crossed below its 200-day moving average in August 2026, indicating technical weakness and contributing to negative investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -4.6% change in SNFCA stock from 5/31/2026 to 9/15/2026 was primarily driven by a -6.3% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.24 | 8.81 | -4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 337 | -1.6% |
| Net Income Margin (%) | 10.7% | 11.1% | 3.4% |
| P/E Multiple | 6.6 | 6.2 | -6.3% |
| Shares Outstanding (Mil) | 26 | 26 | 0.1% |
| Cumulative Contribution | -4.6% |
Market Drivers
5/31/2026 to 9/15/2026| Return | Correlation | |
|---|---|---|
| SNFCA | -4.6% | |
| Market (SPY) | 0.1% | 2.0% |
| Sector (XLF) | 10.2% | 33.6% |
Fundamental Drivers
The 2.1% change in SNFCA stock from 2/28/2026 to 9/15/2026 was primarily driven by a 50.5% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.63 | 8.81 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 337 | -1.5% |
| Net Income Margin (%) | 7.4% | 11.1% | 50.5% |
| P/E Multiple | 8.9 | 6.2 | -30.9% |
| Shares Outstanding (Mil) | 26 | 26 | -0.4% |
| Cumulative Contribution | 2.1% |
Market Drivers
2/28/2026 to 9/15/2026| Return | Correlation | |
|---|---|---|
| SNFCA | 2.1% | |
| Market (SPY) | 10.7% | 13.6% |
| Sector (XLF) | 11.1% | 37.5% |
Fundamental Drivers
The 2.8% change in SNFCA stock from 8/31/2025 to 9/15/2026 was primarily driven by a 29.4% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.57 | 8.81 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 341 | 337 | -1.2% |
| Net Income Margin (%) | 8.6% | 11.1% | 29.4% |
| P/E Multiple | 7.6 | 6.2 | -19.5% |
| Shares Outstanding (Mil) | 26 | 26 | -0.1% |
| Cumulative Contribution | 2.8% |
Market Drivers
8/31/2025 to 9/15/2026| Return | Correlation | |
|---|---|---|
| SNFCA | 2.8% | |
| Market (SPY) | 18.4% | 20.9% |
| Sector (XLF) | 6.6% | 38.3% |
Fundamental Drivers
The 24.4% change in SNFCA stock from 8/31/2023 to 9/15/2026 was primarily driven by a 48.7% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.08 | 8.81 | 24.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 356 | 337 | -5.3% |
| Net Income Margin (%) | 7.4% | 11.1% | 48.7% |
| P/E Multiple | 7.2 | 6.2 | -14.0% |
| Shares Outstanding (Mil) | 27 | 26 | 2.7% |
| Cumulative Contribution | 24.4% |
Market Drivers
8/31/2023 to 9/15/2026| Return | Correlation | |
|---|---|---|
| SNFCA | 24.4% | |
| Market (SPY) | 74.1% | 33.9% |
| Sector (XLF) | 72.8% | 39.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SNFCA Return | 16% | -17% | 29% | 40% | -21% | 2% | 40% |
| Peers Return | 44% | -19% | 3% | 15% | 16% | -2% | 56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| SNFCA Win Rate | 83% | 42% | 50% | 58% | 42% | 56% | |
| Peers Win Rate | 65% | 33% | 50% | 55% | 55% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| SNFCA Max Drawdown | -26% | -38% | -22% | -28% | -39% | -14% | |
| Peers Max Drawdown | -18% | -40% | -32% | -29% | -22% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCI, CSV, MATW, LNC, GL.
[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 9/15/2026 (YTD)
How Low Can It Go
| Event | SNFCA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.7% | -9.5% |
| % Gain to Breakeven | 24.5% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.4% | -6.7% |
| % Gain to Breakeven | 19.7% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.1% | -24.5% |
| % Gain to Breakeven | 39.1% | 32.4% |
| Time to Breakeven | 231 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.4% | -33.7% |
| % Gain to Breakeven | 41.7% | 50.9% |
| Time to Breakeven | 13 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.3% | -19.2% |
| % Gain to Breakeven | 11.4% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.0% | -12.2% |
| % Gain to Breakeven | 38.9% | 13.9% |
| Time to Breakeven | 321 days | 62 days |
In The Past
Security National Financial's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | SNFCA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.1% | -24.5% |
| % Gain to Breakeven | 39.1% | 32.4% |
| Time to Breakeven | 231 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.4% | -33.7% |
| % Gain to Breakeven | 41.7% | 50.9% |
| Time to Breakeven | 13 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.0% | -12.2% |
| % Gain to Breakeven | 38.9% | 13.9% |
| Time to Breakeven | 321 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -48.1% | -0.2% |
| % Gain to Breakeven | 92.5% | 0.2% |
| Time to Breakeven | 404 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.3% | -17.9% |
| % Gain to Breakeven | 33.9% | 21.8% |
| Time to Breakeven | 2 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -36.6% | -15.4% |
| % Gain to Breakeven | 57.8% | 18.2% |
| Time to Breakeven | 727 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.5% | -53.4% |
| % Gain to Breakeven | 189.7% | 114.4% |
| Time to Breakeven | 202 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.2% | -8.6% |
| % Gain to Breakeven | 32.0% | 9.5% |
| Time to Breakeven | 1834 days | 47 days |
In The Past
Security National Financial's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% 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 Security National Financial (SNFCA)
Security National Financial Corporation (SNFCA) Business Summary
Security National Financial Corporation (SNFCA) is a diversified financial services company operating through three distinct segments: life insurance, cemetery and mortuary services, and mortgage lending. The Life Insurance segment is engaged in selling and servicing a variety of life insurance products, including specialized funeral plans and interest-sensitive life insurance, as well as traditional life, accident, and health policies. This segment also offers annuity products such as single and flexible premium deferred annuities, targeting individuals and families seeking financial protection, retirement planning, and accident coverage.
The company's Cemetery and Mortuary segment provides comprehensive death care services, operating multiple mortuaries and cemeteries mainly in Utah, California, and New Mexico. It offers a wide array of products, including plots, caskets, urns, and mausoleum crypts, alongside essential professional services like funeral direction, grave preparation, and the use of chapels and viewing rooms, serving families during their time of need. Completing its portfolio, the Mortgages segment originates and underwrites both residential and commercial loans for new construction, existing homes, and various real estate projects. This division primarily serves real estate brokers, builders, and directly consumers in key markets such as Florida, Nevada, Texas, and Utah.
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Think of it as Service Corporation International (SCI), but with added life insurance and mortgage divisions.
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- Life Insurance Policies: Sells and services various life insurance products, including funeral plans, interest-sensitive life insurance, and traditional life, accident, and health insurance.
- Annuity Products: Provides single and flexible premium deferred annuities and immediate annuities.
- Cemetery and Mortuary Services: Operates mortuaries and cemeteries, offering death care products like plots, caskets, and urns, alongside professional funeral and interment services.
- Residential Mortgage Lending: Originates and underwrites residential loans for new construction and existing homes.
- Commercial Mortgage Lending: Originates and underwrites commercial loans for real estate projects.
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Security National Financial (SNFCA) primarily sells its services and products to individuals. Based on its diverse business segments, the company serves the following categories of customers:
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Individuals Seeking Financial Protection and Planning: This category includes policyholders for various life insurance products (such as funeral plans, interest-sensitive life insurance, traditional life, accident, and health insurance) and individuals purchasing annuity products for retirement planning and income.
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Individuals and Families Requiring Death Care Services: This segment serves individuals engaging in pre-need planning for funeral and cemetery services, as well as families requiring immediate mortuary and cemetery services at the time of a loss. Products and services include plots, interment vaults, mausoleum crypts, markers, caskets, urns, and professional services from funeral directors.
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Individuals Seeking Home Financing: This category comprises individuals applying for residential mortgage loans for new construction or existing homes, directly or through real estate brokers and builders.
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Scott M. Quist, President and Chief Executive Officer
Scott M. Quist has served as Chairman of the Board and Chief Executive Officer of Security National Financial Corporation since September 14, 2012. He has also held the position of President since 2002 and has been a director of the company since 1986. Earlier in his career, Mr. Quist was a tax specialist with Peat, Marwick, Mitchell, & Co. in Dallas, Texas, from 1980 to 1982. He served as Treasurer and a director of The National Association of Life Companies from 1986 to 1991, and is a past president and current director of the National Alliance of Life Companies. Mr. Quist holds a B.S. in Accounting and a law degree from Brigham Young University.
Garrett S. Sill, Chief Financial Officer and Treasurer
Garrett S. Sill was appointed Chief Financial Officer and Treasurer of Security National Financial Corporation on July 12, 2013. Prior to this, he served as the company's Acting Chief Financial Officer and Acting Treasurer from January to July 2013. Before these roles, Mr. Sill was Vice President and Assistant Treasurer of Security National Life Insurance Company, a wholly-owned subsidiary, starting in 2011. From 2002 to 2011, he was the Chief Financial Officer and Treasurer of SecurityNational Mortgage Company, another wholly-owned subsidiary, where he also served as Vice President and Controller from 1997 to 2002. Mr. Sill is a certified public accountant, licensed since 2002. He earned a B.A. in Accounting from Weber State University and an M.B.A. from the University of Utah.
Jeffrey R. Stephens, Secretary and Senior General Counsel
Jeffrey R. Stephens has served as Secretary and Senior General Counsel for Security National Financial Corporation. He was appointed General Counsel and Corporate Secretary in December 2008, having previously served as General Counsel from November 2006. Before joining the company, Mr. Stephens was in private practice in Washington and Utah from 1981 to 2006. He holds a B.S. degree in Geography from the University of Utah and a law degree from Brigham Young University.
S. Andrew Quist, Vice President and General Counsel
S. Andrew Quist has been a Vice President of the company since 2010 and has served as Associate General Counsel since 2007, focusing on regulatory matters and acquisitions. He is also the Vice President and Chief Operating Officer of C&J Financial, LLC, a wholly-owned subsidiary that funds funeral and burial policies, a role he has held since 2010. Mr. Quist was elected a director of the National Alliance of Life Companies (NALC) in 2013 and is currently the President of the Utah Life Convention. He holds a B.S. in Accounting from Brigham Young University and a law degree from the University of Southern California.
Jason G. Overbaugh, Vice President, National Marketing Director of Life Insurance
Jason G. Overbaugh has served as a Vice President and Assistant Secretary of Security National Financial Corporation since 2002. He has been the National Marketing Director of Life Insurance since 2008. Additionally, he has been Vice President and National Marketing Director of Security National Life Insurance Company, a subsidiary, since 2006. From 2003 to 2006, Mr. Overbaugh was a Vice President of Security National Life Insurance Company, managing investments in construction lending and commercial real estate. He served as Vice President of Memorial Estates, Inc., overseeing operations and sales from 2000 to 2003. Mr. Overbaugh is a director of the LOMA Life Insurance Council and a member of the NFDA Trade Association. He received a B.S. degree in Finance from the University of Utah.
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Key Risks to Security National Financial (SNFCA)
- Volatile Investment Market Conditions: Security National Financial's profitability is significantly exposed to fluctuations in public equity markets and real estate activities, which directly impact its investment income. For instance, the company reported a 7% decrease in investment income during Q1 2025, primarily attributable to broader market downturns. Adverse market movements can significantly affect the company's overall financial stability, as a substantial portion of its portfolio is exposed to these conditions. This risk has contributed to a notable decline in after-tax earnings in recent quarters.
- Mortgage Industry Risks and Interest Rate Sensitivity: The company's mortgage segment faces ongoing profitability challenges due to the volatile nature of interest rates and overall market conditions, which can impede consistent profit generation. While the segment may see periods of profitability, it has also reported losses in challenging market conditions. Interest rate fluctuations directly impact demand for new loans and the segment's overall financial performance.
- Regulatory and Accounting Changes: Security National Financial operates in highly regulated industries (life insurance, mortgages, and death care), making it susceptible to legal and regulatory risks. Changes in the legal or regulatory environment can create additional expenses, impact the pricing of products, and affect mortgage sales (e.g., through changes in tax laws related to mortgage interest deductions). The adoption of new accounting standards, such as CECL (Current Expected Credit Loss) and new standards in the Life Insurance segment, has led to increased bad debt expenses and is expected to result in significant adjustments to key financial metrics, creating uncertainty for investors regarding future earnings.
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- Insurtech disruption: The emergence of digital-first insurance companies leveraging advanced technology, AI, and big data to offer streamlined, personalized, and potentially more cost-effective life insurance and annuity products, which could challenge traditional sales and service models.
- Shifting end-of-life preferences: A clear societal trend towards cremation, green burials, and simpler, less expensive memorial services is reducing the demand for traditional burial plots, mausoleum crypts, caskets, and full-service mortuary packages, directly impacting the cemetery and mortuary segment.
- Fintech transformation in mortgage lending: The rapid advancement and adoption of online mortgage platforms, automated underwriting, and digital closing processes are creating a competitive landscape where speed, convenience, and potentially lower costs offered by fintech lenders could significantly threaten traditional mortgage originators.
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Security National Financial Corporation operates in three main segments: life insurance, cemetery and mortuary services, and mortgage lending. The addressable markets for these products and services are primarily within the United States, with specific states noted for certain operations.
Life Insurance, Annuity Products, and Accident & Health Insurance
In the United States, the life insurance and annuities market was valued at approximately USD 819 billion in 2024 and is projected to grow to USD 1,100.2 billion by 2032. Another estimate places the U.S. life insurance and annuities market at USD 1.1 trillion in both 2025 and 2026. Separately, individual annuity sales in the U.S. reached an estimated USD 461.3 billion in 2025. The broader U.S. health and medical insurance market is estimated at USD 1.65 trillion in 2026 and is projected to reach USD 2.15 trillion by 2031. More specifically for accident insurance, the U.S. Accident Insurance Market is valued at approximately USD 85 billion.
Cemetery and Mortuary Services
The global death care services market was valued at USD 140.2 billion in 2024 and is expected to reach USD 217.7 billion by 2034. Within this, the U.S. death care services market is estimated at USD 44.9 billion in 2024 and was valued at USD 27.2 billion in 2022, with projections to reach USD 40.7 billion by 2032.
For California, where Security National Financial operates a cemetery, the market size of the funeral homes industry is estimated at USD 1.6 billion in 2026. Specific market sizes for death care services in Utah and New Mexico were not readily available in the search results.
Mortgage Business (Residential and Commercial)
The U.S. home mortgage market, representing new originations, was valued at approximately USD 180.91 billion in 2023 and is projected to grow to about USD 501.67 billion by 2032. The total outstanding mortgage market in the U.S. is around USD 14.5 trillion.
For commercial mortgages in the U.S., total origination volume is forecasted to increase to USD 805.5 billion in 2026, up from an expected USD 633.7 billion in 2025. The total level of commercial mortgage debt in the U.S. was approximately USD 4.70 trillion as of Q1 2024.
Regionally, Security National Financial primarily operates its mortgage segment in Florida, Nevada, Texas, and Utah:
- Florida: The median home price in Florida was USD 408,400 in October 2025. In 2021, existing home sales in Florida totaled approximately USD 241 billion from over 528,000 sales. The average Florida mortgage was USD 346,762.
- Nevada: In January 2026, the median home price in Nevada was USD 451,700. The Las Vegas mortgage market is projected for significant growth over the next five years.
- Texas: The median home price in Texas was around USD 335,000 in 2025. The average monthly mortgage payment in Texas was approximately USD 2,174 as of October 2025. In 2025, 335,390 homes were sold statewide.
- Utah: In February 2026, home prices in Utah were up 2.5% compared to the previous year, with a median price of USD 559,600. The median home sale price in Utah was USD 587,100 in September 2025.
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Security National Financial Corporation (SNFCA) anticipates several key drivers to fuel its revenue growth over the next two to three years across its diversified business segments:
- Growth in Retail Mortgage Originations and Strategic Recruitment: The company expects continued outperformance in retail mortgage originations, attributing this to successful recruitment strategies implemented in recent years. This focus on expanding its origination capabilities is designed to increase market share and drive future revenue. Additionally, the mortgage segment aims to offer long-term financing to homebuyers and plans to reinvest profit-split proceeds into similar attractive transactions, strengthening its asset base.
- Increased Premium Rates and Enhanced Sales Force Effectiveness in Life Insurance: Security National Financial has already implemented premium rate increases within its life insurance segment, with the full positive impact on margins and profitability expected to materialize over several years. Management is also actively evaluating competitive positions, improving value propositions for its sales force, and modernizing commission systems to better reward high-performing sales professionals, all aimed at driving new life premium sales growth.
- Expansion and Improved Sales in Cemetery and Mortuary Segment, particularly Preneed Land Sales: The company is focused on enhancing preneed cemetery land sales and operational efficiency within its death care segment. This includes the reorganization of executive sales staff to improve sales performance and strategic investments in expanding memorial-space capacity, such as the groundbreaking for new mausoleums, which is expected to support future revenues from predevelopment sales.
- Strategic Investments in Residential Land Holdings and Builder Relationships: Security National Financial is making additional investments in residential land holdings and fostering builder relationships within its mortgage operations. This strategy is viewed as a medium to longer-term approach to generate higher future yields and capitalize on robust demand in the housing market, as evidenced by increased residential construction loan commitments and drawdowns.
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Share Repurchases
- Security National Financial Corporation has an authorized Stock Repurchase Plan, initially adopted in September 2018, allowing for the buyback of up to 300,000 shares of Class A Common Stock for 401(k) matching contributions.
- An additional authorization on December 4, 2020, allowed for the repurchase of another 700,000 shares of Class A Common Stock.
- As of December 7, 2020, 234,323 shares from the original 300,000 authorized had been repurchased.
Share Issuance
- The company authorized a 5% stock dividend on June 27, 2025, for issuance on July 18, 2025, continuing its 37th consecutive year of declaring a stock dividend.
- Under the 2022 Equity Incentive Plan, Restricted Stock Units (RSUs) were granted, including 2,509 shares on December 6, 2024, at $13.08 per share and 2,461 shares on December 5, 2025, at $8.53 per share.
- The number of Class A equivalent shares outstanding increased from 23,451,432 as of December 31, 2024, to 24,697,314 as of September 30, 2025.
Outbound Investments
- Security National Financial Corporation actively pursues growth through acquisitions, particularly in its life insurance, cemetery, and mortuary segments.
- In 2021, the company acquired Rivera Funerals, Cremations and Memorial Gardens, and Holbrook Mortuary, expanding its death care operations.
- The company completed a merger with FOXO Life Insurance Company in 2023.
- In May 2025, the company announced the successful conclusion of a residential development loan for the Arrowhead Ranch project, originated in June 2021, which yielded approximately $4,000,000 in "profit-split" income in addition to interest and origination fees. The proceeds are intended for reinvestment in similar transactions.
Capital Expenditures
- The company's Capital Expenditure was reported as USD -707.4 thousand in 2025, indicating a significant year-over-year decrease of 363.8%.
- The trailing twelve months (TTM) Capital Expenditure average over the last five years, as of September 30, 2025, was $50 million.
- The average Capital Expenditure over the past five years was approximately $28.67 million.
Peer Outperformance in Life & Health Insurance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SNFCA | Security National Financial | -1.6% | 6.2x | 7.4% | 24.5% | 39.5% | — |
| AFL | Aflac | 0.1% | 12.2x | 10.7% | 63.7% | 141.3% | +102pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 23.7% | 74.8% | 130.8% | SPNT 165% · RGA 143% · RNR 137% |
| Investment Banking & Brokerage | 13 | 2.4% | 102.2% | 120.6% | IBKR 493% · SNEX 248% · GS 178% |
| Diversified Banks | 12 | 35.3% | 123.9% | 115.2% | JPM 153% · CM 146% · RY 139% |
| Life & Health Insurance ← | 20 | 10.6% | 57.0% | 104.4% | JXN 610% · UNM 332% · FG 206% |
| Multi-Sector Holdings | 4 | 5.2% | 49.5% | 83.1% | JONE 362% · BRK-B 86% · VOYA 80% |
| Property & Casualty Insurance | 42 | 12.4% | 71.3% | 68.5% | ASIC 2865900% · HRTG 551% · UVE 322% |
| Regional Banks | 265 | 27.9% | 87.2% | 68.0% | ESQ 367% · GCBC 348% · VBNK 326% |
| Multi-line Insurance | 9 | 10.3% | 72.9% | 62.0% | GNW 177% · L 107% · SLF 93% |
| Consumer Finance | 30 | 4.0% | 86.3% | 29.6% | ENVA 436% · EZPW 327% · AGM 167% |
| Financial Exchanges & Data | 15 | -7.4% | 14.6% | 28.5% | VIRT 184% · CBOE 133% · CME 80% |
| Diversified Financial Services | 4 | -4.7% | 12.4% | 23.8% | FRHC 166% · EQH 108% · TMS -60% |
| Insurance Brokers | 16 | -13.3% | -3.9% | 22.0% | LIFE 293% · ARX 89% · AJG 74% |
| Commercial & Residential Mortgage Finance | 13 | -50.1% | 25.9% | 12.6% | FNMA 430% · FMCC 389% · ACT 203% |
| Asset Management & Custody Banks | 84 | -12.7% | 12.0% | 11.5% | WT 312% · SII 274% · VCTR 258% |
| Specialized Finance | 3 | 19.5% | 36.9% | 0.2% | EFC 26% · CACC 0% · HASI -17% |
| Mortgage REITs | 33 | -14.4% | 4.0% | -16.0% | NREF 49% · RITM 44% · DX 34% |
| Transaction & Payment Processing Services | 15 | -1.0% | -7.9% | -43.0% | V 74% · MA 71% · CPAY 56% |
| Diversified Capital Markets | 21 | -38.3% | 6.2% | -63.5% | OPY 204% · LPLA 142% · GOLD 55% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.86 |
| Mkt Cap | 4.5 |
| Rev LTM | 2,739 |
| Op Inc LTM | 98 |
| FCF LTM | 29 |
| FCF 3Y Avg | 33 |
| CFO LTM | 71 |
| CFO 3Y Avg | 61 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.6% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 2.2% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | 1.1% |
| Op Inc Chg 3Y Avg | 5.6% |
| Op Mgn LTM | 22.4% |
| Op Mgn 3Y Avg | 22.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 18.6% |
| CFO/Rev 3Y Avg | 16.6% |
| FCF/Rev LTM | 4.3% |
| FCF/Rev 3Y Avg | 7.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Insurance | 208 | 199 | 193 | 176 | 171 |
| Mortgage | 110 | 111 | 102 | 192 | 281 |
| Funeral Home and Cemetery | 34 | 33 | 32 | 29 | 28 |
| Elimination of intersegment revenues | -8 | -8 | -9 | -7 | -8 |
| Total | 345 | 335 | 318 | 390 | 471 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| MORTGAGE | 10 | 3 | 7 | 17 | -2 |
| LIFE INSURANCE | 8 | 8 | 3 | 5 | 3 |
| Cemetery/ Mortuary | 1 | 1 | 0 | 0 | 0 |
| Total | 20 | 12 | 10 | 21 | 1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Insurance | 29 | 27 | 22 | 10 | 12 |
| Funeral Home and Cemetery | 7 | 7 | 6 | 5 | 6 |
| Mortgage | -4 | -5 | -13 | 11 | 22 |
| Elimination of intersegment revenues | 0 | 0 | |||
| Total | 32 | 29 | 14 | 26 | 40 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Insurance | 1,410 | 1,345 | 1,329 | 1,250 | 1,239 |
| Funeral Home and Cemetery | 106 | 96 | 98 | 85 | 76 |
| Mortgage | 72 | 90 | 97 | 220 | 329 |
| Elimination of intersegment assets | -26 | -36 | |||
| Elimination of intersegment revenues | -93 | -93 | -96 | ||
| Total | 1,562 | 1,494 | 1,431 | 1,461 | 1,548 |
Price Behavior
| Market Price | $8.81 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -11.7% | |
| 50 Days | 200 Days | |
| DMA Price | $9.22 | $8.92 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -4.5% | -1.2% |
| 3M | 1YR | |
| Volatility | 28.1% | 30.8% |
| Downside Capture | 102.72 | 60.09 |
| Upside Capture | 82.52 | 58.16 |
| Correlation (SPY) | 15.7% | 21.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.30 | 0.85 | 0.00 | 0.29 | 0.52 | 0.79 |
| Up Beta | 0.27 | -0.42 | -0.55 | 0.04 | 0.65 | 0.67 |
| Down Beta | 0.60 | -0.22 | -0.95 | -0.43 | 0.24 | 0.92 |
| Up Capture | 105% | 122% | 39% | 50% | 42% | 46% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 17 | 28 | 61 | 121 | 364 |
| Down Capture | 359% | 210% | 77% | 75% | 72% | 95% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 23 | 33 | 61 | 120 | 356 |
[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 SNFCA | |
|---|---|---|---|---|
| SNFCA | 6.6% | 30.8% | 0.22 | - |
| Sector ETF (XLF) | 7.0% | 14.5% | 0.24 | 38.6% |
| Equity (SPY) | 16.3% | 12.8% | 0.90 | 21.4% |
| Gold (GLD) | 17.6% | 29.3% | 0.55 | 1.5% |
| Commodities (DBC) | 48.6% | 20.6% | 1.82 | -11.2% |
| Real Estate (VNQ) | 5.3% | 13.5% | 0.13 | 37.7% |
| Bitcoin (BTCUSD) | -33.1% | 43.8% | -0.79 | 12.5% |
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 SNFCA | |
|---|---|---|---|---|
| SNFCA | 4.6% | 34.9% | 0.19 | - |
| Sector ETF (XLF) | 10.3% | 18.4% | 0.42 | 28.2% |
| Equity (SPY) | 12.4% | 17.2% | 0.55 | 25.6% |
| Gold (GLD) | 18.7% | 18.8% | 0.80 | 4.1% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 7.1% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 25.5% |
| Bitcoin (BTCUSD) | 10.7% | 52.5% | 0.38 | 10.4% |
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 SNFCA | |
|---|---|---|---|---|
| SNFCA | 9.8% | 35.7% | 0.36 | - |
| Sector ETF (XLF) | 13.1% | 22.1% | 0.54 | 22.0% |
| Equity (SPY) | 15.1% | 18.0% | 0.71 | 19.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 2.8% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 5.7% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 19.8% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 4.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/17/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Insider Activity
Updated 9/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fuller, Gilbert A | Direct | Sell | 4072026 | 9.45 | 10,000 | 94,500 | 302,145 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fuller, Gilbert A | Direct | Sell | 4072026 | 9.45 | 10,000 | 94,500 | 302,145 | Form |
Investor Activity (13F)
Updated Sep 16, 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 |
| Life & Health Insurance Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
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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