Fidelity National Financial, Inc. (FNF) intrinsic value & 10-year financials
Fidelity National Financial, Inc. (FNF) has a Graham intrinsic value of $14.99 per share. At $40.05 on Oct 17, 2026, the stock trades 167% above that value. Over the last 10 fiscal years revenue shrank 15.5% a year to $2.1B, with an average return on invested capital of 15.7%.
- Graham intrinsic value
- $14.99
- Share price (Oct 17, 2026)
- $40.05
- Price vs Graham value
- 167% above
- Market cap
- $10.9B
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- -15.5%
- ROIC (10-yr avg)
- 15.7%
- Free cash flow (FY2025)
- —
FNF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | $602.0M | $2.21 | — | — | 6.8% |
| FY2024 | $1.9B | $1.3B | $4.65 | — | — | 15.3% |
| FY2023 | $1.9B | $517.0M | $1.91 | — | — | 7.1% |
| FY2022 | $2.2B | $1.1B | $4.10 | — | — | 15.4% |
| FY2021 | $2.9B | $2.4B | $8.44 | — | — | 29.5% |
| FY2020 | $2.4B | $1.4B | $4.99 | — | — | 21.7% |
| FY2019 | $2.1B | $1.1B | $3.83 | — | — | 23.5% |
| FY2018 | $2.2B | $628.0M | $2.26 | — | — | 15.1% |
| FY2017 | $7.7B | $771.0M | — | — | — | 13.4% |
| FY2016 | $9.6B | $650.0M | — | — | — | 8.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Fidelity National Financial, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Fidelity National Financial, Inc. has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Fidelity National Financial, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Fidelity National Financial, Inc. is modeled at -0.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.99 per share.