FNF vs MTG: Fidelity National Financial and MGIC Investment 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 1.8 times MGIC Investment.
- Fidelity National Financial grew revenue faster over the last year (+11.4% vs -2.9%).
- MGIC Investment keeps more of each dollar of revenue as operating profit (74.0% vs 11.3%).
- On earnings, MGIC Investment is the cheaper stock (8.8x vs 13.9x).
- MGIC Investment's price assumes faster free cash flow growth: about -9% 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 | FNF | MTG |
|---|---|---|
| Market cap | $10.5B | $5.9B |
| Share price | $38.80 | $27.43 |
| Revenue (last fiscal year) | $14.4B | $1.2B |
| Free cash flow (last fiscal year) | $5.7B | $852M |
| Revenue growth, last year | +11.4% | -2.9% |
| Revenue growth per year, last 5 fiscal years | -2.0% | +0.6% |
| Operating margin | 11.3% | 74.0% |
| Net margin | 5.0% | 59.2% |
| Return on equity | 10.4% | 14.1% |
| P/E (trailing) | 13.9x | 8.81x |
| Price / free cash flow | 1.65x | 6.88x |
| EV / EBITDA | 5.30x | 6.80x |
| FCF growth the price implies | -31.3% | -9.3% |
| Dividend yield | 5.2% | 2.1% |
| Debt / equity | 14.2x | 0.30x |
| Fundamental grade | C | B |
| Superinvestors holding it | 6 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
MGIC Investment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | $692M | 67.6% |
| 2022 | $1.2B | $647M | 92.9% |
| 2023 | $1.2B | $711M | 78.1% |
| 2024 | $1.2B | $724M | 80.2% |
| 2025 | $1.2B | $852M | 76.5% |
Where the revenue comes from
Fidelity National Financial · by segments, 2025
MGIC Investment
No segment breakdown reported.
Questions
Which is bigger, Fidelity National Financial or MGIC Investment?
Fidelity National Financial (FNF), at $10.5B against $5.9B.
Is FNF or MTG cheaper?
By trailing P/E, MGIC Investment (8.81x) is cheaper than Fidelity National Financial (13.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, FNF or MTG?
Fidelity National Financial: revenue grew +11.4% over the last year, against -2.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.