Cannae Holdings

CNNE

Restaurants · Consumer Cyclical

Price

$14.95

-0.32 (-2.10%)

Market Cap

$783.4M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−37.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 90.1M (2021) → 56.5M (2025)

Cannae Holdings is a holding company, meaning it owns pieces of other businesses rather than selling products directly to customers. Its largest investments have included restaurant chains like Denny's and 99 Restaurants, as well as stakes in data and financial technology companies. The company is run by a team with ties to Fidelity National Financial, a large title insurance firm.

Cannae makes money mainly by buying, managing, and eventually selling its ownership stakes in other companies, similar to how a private equity fund operates. It is based in Las Vegas and has a market cap of roughly $0.8 billion, making it a small player in the investment holding space. The core risk is that Cannae's value depends entirely on how well its portfolio companies perform, and the current negative operating margin and weak returns on capital suggest those underlying businesses are under pressure.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-6.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+61.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

30.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~20 months

$136M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Cannae Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

10.1%

Thin — 10.1% gross margin

Operating Margin

-23.0%

Losing money on operations — -23.0%

ROCE

-2.1%

Weak — -2.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-6.4%

Shrinking sales (-6.4% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-13.0%

Burning cash (-13.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.09

Conservative — low debt load (0.09)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

4.08%

Healthy income — 4.08% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+25.0%

Dividend growing fast (25.0% YoY)

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