Fidelity National Financial vs W. R. Berkley
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KIRAβs take AI analyst
I put Fidelity National Financial and W. R. Berkley side by side, using each oneβs latest annual report. Here is what stands out:
- W. R. Berkley is the larger business, with $14.7B of revenue in fiscal 2025 against $14.4B for Fidelity National Financial.
- W. R. Berkley grew revenue faster (7.8%, against 5.6%).
- Investors pay more for each dollar of W. R. Berkleyβs earnings: a P/E of 15.2x against 13.9x for Fidelity National Financial.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Fidelity National Financial
FNF
0/5
W. R. Berkley
WRB
5/5
Revenue growth5-year growthNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | FNF FY25 | WRB FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.7B | $28.9B |
| Revenue | $14.4B | $14.7B |
| Free cash flow | β | β |
| Net income | $602M | $1.8B |
| Growth | ||
| Revenue growth | 5.6% | 7.8% |
| 5-year growth | 6.0% | 12.7% |
| Share count change | β0.4% | β0.8% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 4.2% | 12.1% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 7.9% | 19.7% |
| Balance sheet | ||
| Net debt | β$156M | β |
| Net debt / EBITDA | β0.1x | β |
| Dividends and buybacks | $797M | $971M |
| Valuation & quality | ||
| P/E | 13.9x | 15.2x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
FNF $7.3B
WRB $7.7B
FY17
FNF $7.7B
WRB $7.7B
FY18
FNF $7.6B
WRB $7.7B
FY19
FNF $8.5B
WRB $7.9B
FY20
FNF $10.8B
WRB $8.1B
FY21
FNF $15.7B
WRB $9.5B
FY22
FNF $11.6B
WRB $11.2B
FY23
FNF $11.8B
WRB $12.1B
FY24
FNF $13.7B
WRB $13.6B
FY25
FNF $14.4B
WRB $14.7B
FNF
WRB
Operating margin
FY16
FNF β
WRB β
FY17
FNF β
WRB β
FY18
FNF β
WRB β
FY19
FNF β
WRB β
FY20
FNF β
WRB β
FY21
FNF β
WRB β
FY22
FNF β
WRB β
FY23
FNF β
WRB β
FY24
FNF β
WRB β
FY25
FNF β
WRB β
FNF
WRB
Free cash flow
FY16
FNF β
WRB $798M
FY17
FNF β
WRB $595M
FY18
FNF β
WRB $570M
FY19
FNF β
WRB $1.1B
FY20
FNF β
WRB β
FY21
FNF β
WRB β
FY22
FNF β
WRB β
FY23
FNF β
WRB β
FY24
FNF β
WRB β
FY25
FNF β
WRB β
FNF
WRB
Return on capital
FY16
FNF 9.3%
WRB β
FY17
FNF 13.1%
WRB β
FY18
FNF 17.7%
WRB β
FY19
FNF 28.6%
WRB β
FY20
FNF 26.4%
WRB β
FY21
FNF 35.6%
WRB β
FY22
FNF 20.9%
WRB β
FY23
FNF β
WRB β
FY24
FNF β
WRB β
FY25
FNF β
WRB β
FNF
WRB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.