The business behind the dividend
| Measure | FNF | Median | Formula |
|---|---|---|---|
| Return on equity | 8.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 28.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.1% | 16.4% | 7.5% | 21.2% | 29.7% | 17.1% | 19.7% | 13.6% | 17.3% | 10.8% | 16.4% |
| Net margin | 28.7% | 66.0% | 27.8% | 58.0% | 99.1% | 59.5% | 50.0% | 28.3% | 10.1% | 9.0% | 28.7% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, Fidelity National Financial pays out less than 1 of them. The median for that group is 34.0%, against this company’s 91.4%.
Closest on GAAP earnings
- American Financial Group (AFG) 72.2%
- Progressive (PGR) 72.3%
- CNA Financial (CNA) 81.9%
- Old Republic International (ORI) 98.4%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →