Cincinnati Financial vs Fidelity National Financial
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The short version
- Fidelity National Financial is the larger business, with $14.4B of revenue in fiscal 2025 against $12.6B for Cincinnati Financial.
- Cincinnati Financial grew revenue faster (11.4%, against 5.6%).
- Investors pay more for each dollar of Fidelity National Financial’s earnings: a P/E of 14.0x against 8.3x for Cincinnati Financial.
| Latest fiscal year | CINF · FY25 | FNF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.4B | $10.8B |
| Revenue | $12.6B | $14.4B |
| Free cash flow | $3.1B | — |
| Net income | $2.4B | $602M |
| Growth | ||
| Revenue growth | 11.4% | 5.6% |
| 5-year growth | 10.9% | 6.0% |
| Share count change | −0.1% | −0.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 19.0% | 4.2% |
| FCF margin | 24.5% | — |
| Return on capital | 17.1% | — |
| Return on equity | 16.0% | 7.9% |
| Balance sheet | ||
| Net debt | −$789M | −$156M |
| Net debt / EBITDA | −0.3x | −0.1x |
| Dividends and buybacks | $730M | $797M |
| Valuation & quality | ||
| P/E | 8.3x | 14.0x |
| Piotroski F-score | — | — |
Revenue
FY16
CINF $5.4B
FNF $7.3B
FY17
CINF $5.7B
FNF $7.7B
FY18
CINF $5.4B
FNF $7.6B
FY19
CINF $7.9B
FNF $8.5B
FY20
CINF $7.5B
FNF $10.8B
FY21
CINF $9.6B
FNF $15.7B
FY22
CINF $6.6B
FNF $11.6B
FY23
CINF $10.0B
FNF $11.8B
FY24
CINF $11.3B
FNF $13.7B
FY25
CINF $12.6B
FNF $14.4B
CINF
FNF
Operating margin
FY16
CINF —
FNF —
FY17
CINF —
FNF —
FY18
CINF —
FNF —
FY19
CINF —
FNF —
FY20
CINF —
FNF —
FY21
CINF —
FNF —
FY22
CINF —
FNF —
FY23
CINF —
FNF —
FY24
CINF —
FNF —
FY25
CINF —
FNF —
CINF
FNF
Free cash flow
FY16
CINF $1.1B
FNF —
FY17
CINF $1.0B
FNF —
FY18
CINF $1.2B
FNF —
FY19
CINF $1.2B
FNF —
FY20
CINF $1.5B
FNF —
FY21
CINF $2.0B
FNF —
FY22
CINF $2.0B
FNF —
FY23
CINF $2.0B
FNF —
FY24
CINF $2.6B
FNF —
FY25
CINF $3.1B
FNF —
CINF
FNF
Return on capital
FY16
CINF 9.2%
FNF 9.3%
FY17
CINF 10.1%
FNF 13.1%
FY18
CINF 3.8%
FNF 17.7%
FY19
CINF 23.0%
FNF 28.6%
FY20
CINF 12.3%
FNF 26.4%
FY21
CINF 26.1%
FNF 35.6%
FY22
CINF −4.5%
FNF 20.9%
FY23
CINF 17.1%
FNF —
FY24
CINF 18.4%
FNF —
FY25
CINF 17.1%
FNF —
CINF
FNF
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.