FAF vs FNF: First American and Fidelity National Financial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Fidelity National Financial is the larger company, worth $10.5B, about 1.7 times First American.
- First American grew revenue faster over the last year (+15.0% vs +11.4%).
- First American keeps more of each dollar of revenue as operating profit (12.3% vs 11.3%).
- On earnings, First American is the cheaper stock (9.5x vs 13.9x).
- First American's price assumes faster free cash flow growth: about -7% a year, against -31% for Fidelity National Financial (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FAF | FNF |
|---|---|---|
| Market cap | $6.3B | $10.5B |
| Share price | $61.20 | $38.80 |
| Revenue (last fiscal year) | $7.5B | $14.4B |
| Free cash flow (last fiscal year) | $762M | $5.7B |
| Revenue growth, last year | +15.0% | +11.4% |
| Revenue growth per year, last 5 fiscal years | -5.2% | -2.0% |
| Operating margin | 12.3% | 11.3% |
| Net margin | 9.3% | 5.0% |
| Return on equity | 13.3% | 10.4% |
| P/E (trailing) | 9.50x | 13.9x |
| Price / free cash flow | 8.25x | 1.65x |
| EV / EBITDA | 5.74x | 5.30x |
| FCF growth the price implies | -6.8% | -31.3% |
| Dividend yield | 3.5% | 5.2% |
| Debt / equity | 2.37x | 14.2x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
First American
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.2B | $1.1B | 17.8% |
| 2022 | $7.6B | $518M | 4.3% |
| 2023 | $6.0B | $91M | 4.6% |
| 2024 | $6.1B | $679M | 2.7% |
| 2025 | $7.5B | $762M | 11.1% |
Fidelity National Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.7B | $4.0B | 22.7% |
| 2022 | $11.6B | $4.2B | 15.0% |
| 2023 | $11.8B | $6.3B | 5.9% |
| 2024 | $13.7B | $6.7B | 12.7% |
| 2025 | $14.4B | $5.7B | 9.7% |
Where the revenue comes from
First American · by segments, 2025
Title Insurance and Services$7.0B94%
Home warranty$443M6%
Corporate And Eliminations$32M0%
Fidelity National Financial · by segments, 2025
Title$8.5B58%
F&G$5.7B39%
Corporate and Other$341M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FAF in InvestinglyQuestions
Which is bigger, First American or Fidelity National Financial?
Fidelity National Financial (FNF), at $10.5B against $6.3B.
Is FAF or FNF cheaper?
By trailing P/E, First American (9.50x) is cheaper than Fidelity National Financial (13.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, FAF or FNF?
First American: revenue grew +15.0% over the last year, against +11.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.