FNF
Fidelity National Financial, Inc.
FNF's fundamentals are mixed: its operating margin rose 6 points to 17%, but earnings per share fell 5.8%. At 11x earnings, it's trading below its usual 15x. Analysts expect earnings to hold roughly steady.
FNF Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
FNF's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like FNF.
FNF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.9x | $23.18 | -46% |
| Forward | 8.2x | $43.10 | — |
| Current | 11x | $43.10 | — |
| Fair | 14x | $56.61 | +31% |
| Expensive | 21x | $82.71 | +92% |
Historical ranges are pointers, not guarantees.
FNF's PE is in its fair range at 11x. On analysts' estimates for next year's earnings, today's price would be 8.2x, in its cheap range.
FNF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect FNF's earnings, revenue and profitability to hold roughly steady.
FNF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.24 | +34% |
| Q3 2026 | $3.91 | -5.8% |
| Q2 2026 | $2.82 | -26% |
| Q1 2026 | $2.73 | -30% |
| Q4 2025 | $2.12 | -53% |
| Q3 2025 | $4.15 | +57% |
| Q2 2025 | $3.80 | +18% |
| Q1 2025 | $3.90 | +33% |
| Q4 2024 | $4.48 | +143% |
FNF's earnings per share have fallen from their peak: $3.91 over the past year, against $8.70 in late 2021.
FNF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.6B | -11% |
| Q2 2026 | $4.1B | +11% |
| Q1 2026 | $3.2B | +18% |
| Q4 2025 | $4.1B | +12% |
| Q3 2025 | $4B | +12% |
| Q2 2025 | $3.6B | +15% |
| Q1 2025 | $2.7B | -17% |
| Q4 2024 | $3.6B | +5.5% |
FNF's revenue is growing: $3.6B last quarter, down 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +24 points |
| Q2 2026 | 8.3% | -2.2 points |
| Q1 2026 | 15% | +11 points |
| Q4 2025 | 11% | -6.5 points |
| Q3 2025 | 11% | +2.6 points |
| Q2 2025 | 11% | -4 points |
| Q1 2025 | 4.1% | -6 points |
| Q4 2024 | 18% | +23 points |
FNF's operating margin was 35% last quarter, up 24 points from the same quarter a year ago, near the top of its range since 2019.
FNF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +8.4% |
| Q2 2026 | $1.9B | -1.3% |
| Q1 2026 | $875M | -22% |
| Q4 2025 | $1.5B | +0.7% |
| Q3 2025 | $1.3B | -45% |
| Q2 2025 | $1.9B | +39% |
| Q1 2025 | $1.1B | -30% |
| Q4 2024 | $1.5B | -34% |
FNF's free cash flow was $5.7B over the past year, down 2.5% from the year before. Free cash flow isn't a meaningful measure for financial services companies like FNF.
FNF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -4.6% | -13M shares |
| 3 years | -5% | -14M shares |
| 5 years | -13% | -40.4M shares |
| Available history | -10% | -30.2M shares |
FNF has 267M diluted shares, down 4.6% from a year ago, with $174M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6M |
| Q2 2026 | $60M |
| Q1 2026 | $78M |
| Q4 2025 | $30M |
| Q3 2025 | $43M |
| Q2 2025 | $154M |
| Q1 2025 | $24M |
| Q4 2024 | — |
FNF spent $174M buying back its own shares over the past year, down 21% from the year before.
FNF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.8x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | -0.0x | Net Cash |
| Q4 2024 | 0.3x | Very low |
FNF's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like FNF.
FNF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.1 | Neutral |
| Stochastic | 33.1 | Neutral |
FNF's weekly RSI is 43 (neutral) and its Stochastic is 33 (neutral).
FNF PE vs Financial Services Sector
| Metric | FNF | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 15% below |
| PE % | 37 | 63 | 26 pts below |
FNF is trading at 11x earnings, a 15% discount to the Financial Services sector's median of 13x.
FNF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.9 | 5.3% above |
| 20 week MA | $45.4 | 5% below |
| 50 week MA | $48.8 | 12% below |
| 100 week MA | $53.6 | 20% below |
| 200 week MA | $50.3 | 14% below |
FNF has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 14% below its 200-week average.
FNF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $43.3 | $37.0 | -15% |
| 2021 | $37.0 | $48.9 | +32% |
| 2022 | $48.9 | $37.8 | -23% |
| 2023 | $37.8 | $51.0 | +35% |
| 2024 | $51.0 | $56.3 | +10% |
| 2025 | $56.3 | $54.9 | -2.5% |
| 2026 YTD | $54.9 | $43.1 | -21% |
FNF has finished lower in three of the last six years. It's down 21% so far in 2026.