FNFFidelity National Financial, Inc.

Title Insurance

Revenue: $2.1B; 9.1% YoY
Operating margin: —
EBITDA: —
Market cap: $10.9B
Employees: 1,100; $2M revenue each
Net debt / EBITDA: —; $796M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
968% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
14% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.8B	$2.2B	$1.9B	$1.9B	$2.1B	9.1%
Net income	$2.8B	$1.3B	$517M	$1.3B	$602M	53%
Operating cash flow	$4.1B	$4.4B	$6.5B	$6.8B	$5.8B	14%
Stock-based comp	$42M	$49M	$60M	$82M	$88M	7.3%
Buybacks	$463M	$553M	$6M	$0	$251M
Dividends	$446M	$489M	$500M	$532M	$546M	2.6%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 19, 2017	DEFM14A	Cannae Holdings, Inc.	$43.50	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 5
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	185	147
FY2024	—	—	158	136
FY2023	—	—	139	131
FY2022	—	—	98	101
FY2021	—	—	124	151