Fidelity National Financial

FNF

Insurance - Specialty · Financial Services

Price

$51.90

-0.06 (-0.12%)

Market Cap

$13.97B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−5.2% over 4y

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

Diluted shares outstanding: 287.0M (2021) → 272.0M (2025)

Fidelity National Financial is the largest title insurance company in the United States. Title insurance protects homebuyers and lenders if problems with a property's ownership history show up after a sale. The company also owns a majority stake in F&G Annuities & Life, which sells annuities and life insurance products to individuals planning for retirement.

FNF earns money primarily through one-time premiums paid at real estate closings, plus fees for escrow and settlement services. It operates mainly in the U.S. and handles roughly one in three title insurance transactions nationwide, giving it significant scale advantages over smaller competitors. The biggest risk the company faces is its heavy dependence on real estate transaction volume — when mortgage rates rise and home sales slow down, as they have in recent years, FNF's revenue falls sharply alongside the broader housing market.

Winston Score History

Politician Trades

4 trades / 12mo

2 Congressional buys and 2 sells on FNF in the last 12 months.

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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

+20.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+200.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

5.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.5B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Fidelity National Financial is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

98.1%

Premium pricing power — 98.1% gross margin

Operating Margin

15.4%

Healthy — 15.4% operating margin

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+15.8%

Fast-growing sales (15.8% YoY)

EPS YoY

-30.5%

Earnings shrinking (-30.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

781%

Turns 781% of profit into real cash

FCF Margin

39.3%

Converts sales into free cash efficiently (39.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

7.33x

Adequate interest coverage (7.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

18.4x

Fair value — P/E 18.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+9.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.4 → 9.3)

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Dividends

Dividend Yield

4.18%

Healthy income — 4.18% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+4.0%

Dividend growing modestly (4.0% YoY)

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