Cannae Holdings, Inc. (CNNE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-334.7%

-$40.87

vs $17.42 price

Levered DCF

$6.58

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.22

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-1.73×	-4.2×	-4.57×	-3.93×	-11.02×	2.12×	34.76×	43.9×
P/B	0.87×	0.7×	0.62×	0.62×	0.95×	1×	1.8×	1.08×
P/S	2.1×	2.83×	2.51×	2.54×	4.27×	6.48×	2.51×	1.06×
EV / EBITDA	-2.76×	-6.58×	-10.6×	-6.23×	-8.87×	1.49×	-629.93×	-16.15×
Gross margin	12.7%	0.6%	7.5%	4.7%	6.0%	-5.7%	6.3%	1.7%
Operating margin	-28.2%	-22.9%	-20.9%	-21.8%	-18.0%	-32.2%	-7.8%	-9.2%
Net margin	-121.2%	-67.3%	-55.0%	-64.7%	-38.7%	305.0%	7.2%	2.4%
Current ratio	2.07×	1.34×	1.65×	2.53×	0.68×	4.18×	3.18×	2.82×
Debt / equity	0.32×	0.18×	0.12×	0.11×	0.07×	0.08×	0.25×	0.04×
Interest coverage	-11.5×	-8.94×	-6.64×	-11.76×	-13.62×	-20.94×	-4.69×	-22.38×
Dividend yield	3.4%	1.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-5.9%	-7.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-50.1%	-16.6%	-13.5%	-15.7%	-8.6%	47.3%	5.2%	2.5%
Return on invested capital	-9.9%	-4.8%	-3.7%	-3.9%	-2.8%	-3.3%	-3.5%	10.6%
Return on assets	-38.9%	-13.7%	-11.7%	-13.7%	-7.4%	38.7%	3.7%	1.9%
Free cash flow yield	-3.2%	-7.6%	-6.8%	-13.0%	-6.0%	-3.6%	-4.2%	-3.2%
Earnings yield	-57.7%	-23.8%	-21.9%	-25.4%	-9.1%	47.1%	2.9%	2.3%
Enterprise value	$1B	$1.5B	$1.6B	$1.7B	$3.3B	$3.4B	$2.5B	$951.3M
Net debt / EBITDA	-0.4×	-0.89×	-1.11×	-0.19×	-0.4×	-0.2×	41.35×	4.54×
Cash conversion cycle (days)	-38	15	-2	-14	-12	-4	4	9