Fidelity National Financial, Inc. (FNF) 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

+285.6%

$160.89

vs $41.72 price

Levered DCF

$371.79

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

1.14

Distress zone

Rating

B-

Overall 3 / 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	24.59×	11.97×	26.71×	7.99×	5.9×	7.49×	11.21×	13.14×
P/B	1.99×	1.96×	1.99×	1.69×	1.52×	1.28×	2.21×	1.78×
P/S	1.02×	1.14×	1.2×	0.9×	0.95×	1×	1.41×	1.09×
EV / EBITDA	6.83×	6.14×	10.65×	5.12×	3.39×	5.21×	7.65×	8.03×
Gross margin	98.2%	52.9%	49.1%	62.3%	59.6%	63.6%	70.5%	70.0%
Operating margin	9.9%	13.0%	6.0%	15.1%	23.6%	16.7%	16.2%	9.9%
Net margin	4.2%	9.5%	4.5%	11.3%	18.6%	13.3%	12.5%	8.3%
Current ratio	2.44×	2.79×	0×	3.42×	5.67×	0×	97.82×	115.57×
Debt / equity	0.64×	0.61×	0.62×	0.6×	0.37×	0.37×	0.24×	0.18×
Interest coverage	5.92×	8.33×	3.98×	15.04×	31.21×	19.82×	29.13×	17.44×
Dividend yield	3.7%	3.5%	3.6%	4.7%	3.1%	3.6%	2.9%	4.0%
Payout ratio	90.7%	41.9%	96.7%	37.8%	15.9%	27.3%	32.4%	52.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	16.4%	7.5%	21.2%	29.7%	17.1%	19.7%	13.6%
Return on invested capital	0.8%	1.7%	0.5%	2.3%	3.5%	0.0%	8.4%	5.6%
Return on assets	0.6%	1.3%	0.6%	2.0%	4.6%	2.8%	9.9%	7.0%
Free cash flow yield	43.1%	43.8%	46.1%	40.8%	27.7%	13.8%	8.6%	10.4%
Earnings yield	4.1%	8.3%	3.8%	12.5%	19.6%	13.4%	8.9%	7.6%
Enterprise value	$17.2B	$16.5B	$15.6B	$12B	$13.9B	$11.3B	$12.2B	$7.8B
Net debt / EBITDA	0.95×	0.48×	1.22×	0.69×	-0.09×	0.29×	0.18×	-0.43×
Cash conversion cycle (days)	111	367	-2,247	174	-272	114	-421	-388