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Fidelity National Financial
(NYSE:FNF)
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Rating:69Neutral
Price Target:
$52.00
â–˛(4.63% Upside)
Action:Reiterated
Date:06/12/26
The score is driven primarily by solid financial performance (especially strong cash generation and manageable leverage) and a constructive earnings outlook centered on Title margin targets and improving segment performance. These positives are partially offset by weaker technical positioning (below key moving averages with negative MACD) and noted near-term risks from mortgage-rate sensitivity, cost pressure, and F&G ROA headwinds.
Positive Factors
Strong cash generation
FNF's robust operating and free cash flow provide durable funding for dividends, buybacks, reserve funding and selective M&A. High FCF conversion means accounting earnings are largely backed by cash, supporting sustained capital returns and balance-sheet flexibility over the medium term.
Negative Factors
Mortgage-rate sensitivity
A core revenue driver is transaction volume; refinance and purchase activity are rate-sensitive, making revenue and fee income volatile. Even with margin improvements, persistent higher mortgage rates can structurally depress title premiums and settlement fees, limiting earnings visibility for several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
FNF's robust operating and free cash flow provide durable funding for dividends, buybacks, reserve funding and selective M&A. High FCF conversion means accounting earnings are largely backed by cash, supporting sustained capital returns and balance-sheet flexibility over the medium term.
Read all positive factors
Fidelity National Financial Key Performance Indicators (KPIs)
Any
Revenue By Segment
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyFidelity National Financial (FNF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.99B
Dividend Yield3.69%
Average Volume (3M)1.58M
Price to Earnings (P/E)18.4
Beta (1Y)0.58
Revenue Growth13.76%
EPS Growth-30.60%
CountryUS
Employees24,535
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)2.82
Shares Outstanding269,157,530
10 Day Avg. Volume1,231,510
30 Day Avg. Volume1,583,532
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)1.99
Price to Sales (P/S)1.02
P/FCF Ratio2.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$60.75Price Target Upside22.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)5.22
Revenue Forecast (FY)$14.84B
Fidelity National Financial Business Overview & Revenue Model
Company Description
Fidelity National Financial, Inc., or FNF, is a leading provider of various insurance solutions and related services across the United States. The company structures its operations into three primary divisions: Title, F&G, and Corporate and Other....
How the Company Makes Money
FNF’s core earnings are driven by its Title segment, which monetizes real estate transactions by selling title insurance and providing closing and settlement services. The company generates revenue from (1) title insurance premiums: paid in connec...
Fidelity National Financial Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives: significant YoY earnings and margin improvement in the Title segment, revenue and order momentum (including notable commercial strength), F&G AUM and sales growth, active capital returns, and accelerating AI adoption expected to lift margins further. Counterbalancing these positives are meaningful near‑term risks: sensitivity of refinance volumes to rising mortgage rates, F&G alternatives underperformance weighing on returns, elevated personnel and operating costs, reduced holding company cash after buybacks/dividends, and some continuing net recognized losses. On balance, the company demonstrated robust execution and healthy fundamentals that outweigh the transitory and market‑driven headwinds discussed on the call.Positive Updates
Strong Title Earnings and Margin Expansion
Adjusted pre-tax Title earnings of $268 million, up 27% year-over-year; adjusted pre-tax Title margin of 13.1% in Q1, up 140 basis points from 11.7% in prior-year quarter (company reiterated 15%–20% annual target and noted full‑year 2025 margin of 15.9%).
Negative Updates
Mortgage-Rate Sensitivity and Refinance Moderation
Refinance volumes were highly sensitive to mortgage rates: refinance orders opened moderated from 2,000 per day in Q1 to 1,600 per day in April as rates moved higher. Management acknowledged continued dependence on rate improvements to meaningfully boost residential volumes.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Title Earnings and Margin Expansion
Adjusted pre-tax Title earnings of $268 million, up 27% year-over-year; adjusted pre-tax Title margin of 13.1% in Q1, up 140 basis points from 11.7% in prior-year quarter (company reiterated 15%–20% annual target and noted full‑year 2025 margin of 15.9%).
Read all positive updates
Company Guidance
Management's guidance emphasized sustaining a 15%–20% annual adjusted pre‑tax Title margin (highlighting the 2025 result of 15.9%) and reiterated confidence in achieving that range even if residential volumes remain at current levels; they expect Title/Corporate interest and investment income of about $90–$95 million per quarter (assuming no Fed cuts and stable cash) plus roughly $28 million per quarter of common and preferred dividend income from F&G to the holding company. Key operational and capital metrics cited alongside that guidance included Title orders averaging ~6,400/day in Q1 (Jan 5,900; Feb 6,500; Mar 6,600) and ~6,200/day in April (up 7% YoY), refinance opens of ~2,000/day in Q1 moderating to ~1,600/day in April, a Title carried reserve of about $31 million, F&G AUM before reinsurance of $74.5 billion (up 11% YoY) with GAAP equity ex‑AOCI of $6.2 billion and BVPS ex‑AOCI of $46.51, F&G adjusted net earnings of $80 million, and a continued capital return posture (about $222 million returned in Q1 via $140 million dividends and $82 million repurchases) with management saying they will remain active on buybacks and opportunistic M&A.Fidelity National Financial Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.80B | 14.51B | 13.36B | 11.52B | 11.46B | 15.07B |
| Gross Profit | 10.98B | 14.24B | 7.07B | 5.66B | 7.14B | 8.97B |
| EBITDA | 2.92B | 2.52B | 2.69B | 1.46B | 2.34B | 4.10B |
| Net Income | 762.00M | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
Balance Sheet | ||||||
| Total Assets | 109.80B | 109.01B | 95.37B | 80.61B | 65.14B | 60.69B |
| Cash, Cash Equivalents and Short-Term Investments | 56.87B | 32.86B | 31.05B | 26.56B | 37.73B | 36.36B |
| Total Debt | 4.77B | 4.77B | 4.71B | 4.28B | 3.66B | 3.51B |
| Total Liabilities | 101.08B | 100.04B | 86.84B | 73.15B | 58.57B | 51.23B |
| Stockholders Equity | 7.25B | 7.42B | 7.75B | 6.91B | 6.12B | 9.41B |
Cash Flow | ||||||
| Free Cash Flow | 5.82B | 6.38B | 6.67B | 6.35B | 4.22B | 3.96B |
| Operating Cash Flow | 5.95B | 6.52B | 6.82B | 6.48B | 4.36B | 4.09B |
| Investing Cash Flow | -9.46B | -9.63B | -7.86B | -9.09B | -10.52B | -7.45B |
| Financing Cash Flow | 1.49B | 2.26B | 1.76B | 3.09B | 4.09B | 5.00B |
Fidelity National Financial Technical Analysis
Positive
49.70
Price Trends
47.95
Positive
48.01
Positive
50.81
Positive
Market Momentum
0.99
Negative
71.96
Negative
83.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNF, the sentiment is Positive. The current price of 49.7 is above the 20-day moving average (MA) of 48.59, above the 50-day MA of 47.95, and below the 200-day MA of 50.81, indicating a bullish trend. The MACD of 0.99 indicates Negative momentum. The RSI at 71.96 is Negative, neither overbought nor oversold. The STOCH value of 83.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FNF.
Fidelity National Financial Risk Analysis
Fidelity National Financial disclosed 10 risk factors in its most recent earnings report. Fidelity National Financial reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fidelity National Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $6.11B | 9.41 | 12.01% | 1.88% | 1.34% | 2.64% | |
76 Outperform | $13.65B | 13.97 | 17.40% | 1.36% | 9.02% | 53.71% | |
76 Outperform | $6.18B | 9.36 | 14.00% | 1.89% | -1.24% | 4.62% | |
73 Outperform | $7.34B | 11.20 | 12.56% | 3.58% | 27.63% | 328.74% | |
69 Neutral | $13.99B | 18.40 | 9.85% | 3.69% | 13.76% | -30.60% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $11.16B | 41.08 | 20.85% | 0.93% | 18.37% | 98.44% |
* Financial Sector Average
FNF
Fidelity National Financial
51.90
0.91
1.79%
AIZ
Assurant
276.84
91.58
49.43%
FAF
First American Financial
73.03
18.62
34.23%
MTG
MGIC Investment
29.47
4.83
19.58%
ESNT
Essent Group
66.71
12.23
22.46%
RYAN
Ryan Specialty Group
41.97
-23.31
-35.71%
Fidelity National Financial Corporate Events
Executive/Board ChangesShareholder Meetings
Fidelity National Shareholders Approve Governance Changes, Elect Directors
Positive
Jun 11, 2026
At its Annual Meeting held after the April 13, 2026 record date, Fidelity National Financial shareholders elected four Class III directors—William P. Foley II, Douglas K. Ammerman, Thomas M. Hagerty, and Peter O. Shea Jr.—to serve unti...
Executive/Board Changes
Fidelity National Financial Extends CEO Nolan’s Employment Agreement
Positive
May 12, 2026
On May 8, 2026, Fidelity National Financial entered into a First Amended and Restated Employment Agreement with Chief Executive Officer Michael J. Nolan, formalizing a three-year term with automatic annual renewals and maintaining his existing com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.