Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 6.8x · ROE 6.9%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.1B | $14.8B | $15.3B | $13.8B | $10.4B | $14.4B | $10.7B | $12.1B | $8.4B | $10.5B | $8.2B |
| Enterprise Value | $15.5B | $17.2B | $16.6B | $15.6B | $12.0B | $14.0B | $11.4B | $12.4B | $8.0B | $10.1B | $9.6B |
| P/E Ratio → | 22.04 | 24.70 | 12.07 | 26.71 | 8.06 | 5.94 | 7.53 | 11.38 | 13.37 | 15.85 | 12.55 |
| P/S Ratio | 0.90 | 1.02 | 1.15 | 1.20 | 0.91 | 0.96 | 1.00 | 1.43 | 1.11 | 1.37 | 1.12 |
| P/B Ratio | 1.48 | 1.65 | 1.80 | 1.85 | 1.59 | 1.52 | 1.28 | 2.11 | 1.82 | 2.35 | 1.18 |
| P/FCF | 2.06 | 2.33 | 2.30 | 2.18 | 2.47 | 3.64 | 7.32 | 11.78 | 9.77 | 17.83 | 9.36 |
| P/OCF | 2.01 | 2.28 | 2.25 | 2.13 | 2.39 | 3.52 | 6.81 | 10.77 | 8.91 | 14.23 | 7.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.19 | 1.24 | 1.35 | 1.05 | 0.93 | 1.06 | 1.46 | 1.05 | 1.32 | 1.32 |
| EV / EBITDA | 6.81 | 7.58 | 6.70 | 12.13 | 5.42 | 3.52 | 5.47 | 7.99 | 8.56 | 8.09 | 6.92 |
| EV / EBIT | 10.83 | 10.30 | 8.52 | 18.00 | 6.52 | 3.82 | 6.07 | 8.73 | 10.06 | 11.11 | 9.41 |
| EV / FCF | — | 2.70 | 2.49 | 2.46 | 2.85 | 3.54 | 7.75 | 12.06 | 9.28 | 17.24 | 10.99 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.2% | 98.2% | 52.9% | 49.1% | 62.3% | 59.6% | 63.6% | 70.5% | 70.0% | 69.6% | 70.3% |
| Operating Margin | 9.9% | 9.9% | 13.0% | 6.0% | 15.1% | 23.6% | 16.7% | 16.2% | 9.9% | 11.3% | 13.2% |
| Net Profit Margin | 4.2% | 4.2% | 9.5% | 4.5% | 11.3% | 18.6% | 13.3% | 12.5% | 8.3% | 10.1% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.9% | 6.9% | 15.9% | 7.4% | 16.1% | 31.3% | 20.2% | 20.5% | 13.8% | 13.6% | 9.6% |
| ROA | 0.6% | 0.6% | 1.4% | 0.7% | 2.1% | 5.0% | 4.7% | 10.8% | 5.6% | 4.4% | 3.1% |
| ROIC | 10.1% | 10.1% | 13.7% | 6.0% | 15.0% | 29.5% | 17.8% | 20.1% | 13.5% | 10.4% | 8.5% |
| ROCE | 1.8% | 1.8% | 2.0% | 1.0% | 2.7% | 7.4% | 5.8% | 14.0% | 6.7% | 5.1% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.55 | 0.57 | 0.56 | 0.37 | 0.37 | 0.22 | 0.18 | 0.17 | 0.40 |
| Debt / EBITDA | 2.09 | 2.09 | 1.90 | 3.33 | 1.65 | 0.88 | 1.48 | 0.83 | 0.90 | 0.61 | 1.98 |
| Net Debt / Equity | — | 0.27 | 0.15 | 0.24 | 0.25 | -0.04 | 0.07 | 0.05 | -0.09 | -0.08 | 0.21 |
| Net Debt / EBITDA | 1.05 | 1.05 | 0.52 | 1.38 | 0.73 | -0.09 | 0.30 | 0.19 | -0.45 | -0.28 | 1.03 |
| Debt / FCF | — | 0.38 | 0.19 | 0.28 | 0.38 | -0.09 | 0.43 | 0.28 | -0.49 | -0.60 | 1.63 |
| Interest Coverage | 6.92 | 6.92 | 9.33 | 4.98 | 16.04 | 32.21 | 20.82 | 30.13 | 18.44 | 19.00 | 15.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.44 | 2.44 | — | — | — | 5.67 | — | 97.82 | 115.57 | 15.39 | 0.30 |
| Quick Ratio | 2.44 | 2.44 | — | — | — | 6.53 | — | 164.61 | 183.89 | 42.01 | 4.49 |
| Cash Ratio | 1.57 | 1.57 | — | — | — | 5.07 | — | 89.95 | 106.71 | 23.51 | 3.72 |
| Asset Turnover | — | 0.13 | 0.14 | 0.14 | 0.18 | 0.25 | 0.21 | 0.79 | 0.85 | 0.56 | 0.34 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 3.7% | 3.5% | 3.6% | 4.7% | 3.1% | 3.6% | 2.8% | 3.9% | 2.7% | 2.9% |
| Payout Ratio | 90.7% | 90.7% | 41.9% | 96.7% | 37.8% | 15.9% | 27.3% | 32.4% | 52.2% | 36.1% | 36.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.0% | 8.3% | 3.7% | 12.4% | 16.8% | 13.3% | 8.8% | 7.5% | 6.3% | 8.0% |
| FCF Yield | 48.6% | 42.9% | 43.5% | 45.9% | 40.5% | 27.5% | 13.7% | 8.5% | 10.2% | 5.6% | 10.7% |
| Buyback Yield | 2.2% | 1.9% | 0.2% | 0.2% | 5.3% | 3.2% | 2.2% | 0.7% | 0.2% | 0.7% | 3.4% |
| Total Shareholder Yield | 6.3% | 5.6% | 3.7% | 3.8% | 10.0% | 6.3% | 5.8% | 3.6% | 4.1% | 3.3% | 6.3% |
| Shares Outstanding | — | $272M | $273M | $271M | $277M | $287M | $286M | $277M | $278M | $278M | $339M |
Cyclical housing market exposure
Based on reported financial data, FNF trades at a P/B of 1.42, which appears to reflect a conglomerate discount as the market struggles to reconcile the high-ROE title business with the capital-intensive, spread-based earnings profile of the F&G life insurance segment.
The current valuation suggests investors are pricing the firm primarily as a cyclical housing play rather than a diversified financial services entity. This may undervalue the stability provided by the F&G segment, which offers a counter-cyclical earnings stream that is not fully captured by traditional title insurance valuation multiples.
As indicated by quarterly filings, FNF's combined ratio has fluctuated significantly, ranging from a peak of 105.0% in 2023Q4 to a more efficient 84.6% in 2026Q1, highlighting the inherent sensitivity of underwriting profitability to housing market transaction volumes and management's reserve provisioning.
The dramatic swing in the combined ratio suggests that underwriting performance is heavily influenced by external macroeconomic factors rather than purely operational efficiency. Investors should monitor whether the recent improvement in the combined ratio is sustainable or merely a result of favorable reserve adjustments following the 2023 downturn.
According to the provided balance sheet figures, FNF maintains a D/E ratio consistently near 0.50, suggesting a disciplined approach to leverage that provides sufficient capital buffer to support both the title insurance operations and the growing annuity liabilities within the F&G segment.
The stability of the leverage ratio indicates that management is not overextending the balance sheet despite the integration of capital-heavy life insurance products. This conservative stance appears to be a deliberate strategy to maintain financial flexibility and creditworthiness in a volatile interest rate environment.
As reported in financial statements, the P/E ratio is frequently misapplied to FNF, as it fails to account for the massive non-cash reserve adjustments and unrealized investment gains that distort net income, making the P/B ratio a more reliable anchor for valuation.
Because title insurance involves long-tail liabilities and the F&G segment is subject to mark-to-market investment volatility, the P/E ratio often provides a misleading picture of core earnings power. Analysts should prioritize P/B and cash-flow-based metrics to better understand the true economic value of the firm's float and underwriting franchise.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying FNF stock.
Fidelity National Financial, Inc.'s current P/E ratio is 22.0x. The historical average is 11.2x. This places it at the 90th percentile of its historical range.
Fidelity National Financial, Inc.'s current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.2x.
Fidelity National Financial, Inc.'s return on equity (ROE) is 6.9%. The historical average is 13.6%.
Based on historical data, Fidelity National Financial, Inc. is trading at a P/E of 22.0x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fidelity National Financial, Inc.'s current dividend yield is 4.12% with a payout ratio of 90.7%.
Fidelity National Financial, Inc. has 98.2% gross margin and 9.9% operating margin.
Fidelity National Financial, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.