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Fidelity National Financial Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Fidelity National Financial has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Fidelity National Financial's Piotroski F-Score or its related term are showing as below:

FNF' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Fidelity National Financial was 9. The lowest was 2. And the median was 6.


Fidelity National Financial Piotroski F-Score Historical Data

The historical data trend for Fidelity National Financial's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Fidelity National Financial Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 7.00 7.00 6.00

Fidelity National Financial Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 6.00 5.00 5.00

Competitive Comparison

For the Insurance - Specialty subindustry, Fidelity National Financial's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Fidelity National Financial Piotroski F-Score Distribution

For the Insurance industry and Financial Services sector, Fidelity National Financial's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Fidelity National Financial's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 732 + 533 + 397 + 382 = $2,044 Mil.
Cash Flow from Operations was 1084 + 1490 + 667 + 828 = $4,069 Mil.
Revenue was 3724 + 4620 + 3052 + 2573 = $13,969 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(54520 + 58506 + 60690 + 60857 + 61230) / 5 = $59160.6 Mil.
Total Assets at the begining of this year (Jun21) was $54,520 Mil.
Long-Term Debt & Capital Lease Obligation was $3,523 Mil.
Total Assets was $61,230 Mil.
Total Liabilities was $54,484 Mil.
Net Income was 378 + 801 + 605 + 552 = $2,336 Mil.

Revenue was 2951 + 3719 + 3020 + 3690 = $13,380 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(48001 + 49885 + 50455 + 51489 + 54520) / 5 = $50870 Mil.
Total Assets at the begining of last year (Jun20) was $48,001 Mil.
Long-Term Debt & Capital Lease Obligation was $3,064 Mil.
Total Assets was $54,520 Mil.
Total Liabilities was $45,632 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Fidelity National Financial's current Net Income (TTM) was 2,044. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Fidelity National Financial's current Cash Flow from Operations (TTM) was 4,069. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=2044/54520
=0.03749083

ROA (Last Year)=Net Income/Total Assets (Jun20)
=2336/48001
=0.04866565

Fidelity National Financial's return on assets of this year was 0.03749083. Fidelity National Financial's return on assets of last year was 0.04866565. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Fidelity National Financial's current Net Income (TTM) was 2,044. Fidelity National Financial's current Cash Flow from Operations (TTM) was 4,069. ==> 4,069 > 2,044 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=3523/59160.6
=0.05954977

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=3064/50870
=0.06023196

Fidelity National Financial's gearing of this year was 0.05954977. Fidelity National Financial's gearing of last year was 0.06023196. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Jun22)=Total Assets/Total Liabilities
=61230/54484
=1.12381617

Current Ratio (Last Year: Jun21)=Total Assets/Total Liabilities
=54520/45632
=1.1947756

Fidelity National Financial's current ratio of this year was 1.12381617. Fidelity National Financial's current ratio of last year was 1.1947756. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Fidelity National Financial's number of shares in issue this year was 279. Fidelity National Financial's number of shares in issue last year was 288. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=2044/13969
=0.146324

Net Margin (Last Year: TTM)=Net Income/Revenue
=2336/13380
=0.17458894

Fidelity National Financial's net margin of this year was 0.146324. Fidelity National Financial's net margin of last year was 0.17458894. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=13969/54520
=0.2562179

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=13380/48001
=0.27874419

Fidelity National Financial's asset turnover of this year was 0.2562179. Fidelity National Financial's asset turnover of last year was 0.27874419. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Fidelity National Financial has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Fidelity National Financial  (NYSE:FNF) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Fidelity National Financial Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Fidelity National Financial's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Fidelity National Financial Business Description

Fidelity National Financial logo
Traded in Other Exchanges
Address
601 Riverside Avenue, Jacksonville, FL, USA, 32204
Fidelity National Financial Inc provides title insurance, escrow, and other title-related services. It operates in three segments: Title, F&G, Corporate and Other. The title segment that derives majority revenue consists of the operations of title insurance underwriters and related businesses, which provide title insurance and escrow and other title-related services including trust activities, trustee sales guarantees, and home warranty products. Substantially all of the company's revenue is generated in the United States.
Executives
Dhanidina Halim director 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Morgan Sandra Douglass director 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Jewkes Roger S officer: Chief Operating Officer 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Shea Peter O Jr director 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Massey Richard N director 900 S. SHACKLEFORD ROAD SUITE 401 LITTLE ROCK AR 72211
Foley William P Ii director FIDELITY NATIONAL FINANCIAL, INC. 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Gravelle Michael L officer: Executive Vice President 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Quirk Raymond R director, officer: Chief Executive Officer 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Sadowski Peter T officer: EVP, Chief Legal Officer FIDELITY NATIONAL FINANCIAL, INC. 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204
Lane Daniel D director 14 CORPORATE PLZ SUITE 150 NEWPORT BEACH CA 92660
Murren Heather Hay director 28903 NORTH AVENUE PAINE VALENCIA CA 91355
Kerr Janet director 50 CASTILIAN DR GOLETA CA 93117
Sandler Ricky C 10 percent owner 65 EAST 55TH STREET 25TH FLOOR NEW YORK NY 10022
Eminence Gp, Llc 10 percent owner C/O EMINENCE CAPITAL, LP 65 EAST 55TH STREET, 25TH FLOOR NEW YORK NY 10022
Eminence Capital, Lp 10 percent owner 399 PARK AVENUE, 25TH FLOOR NEW YORK NY 10022

Fidelity National Financial Headlines

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