NYSE : FAF
First American Financial Corporation — Financial statements
Financials · Insurance - Specialty · United States
Last price 63.72 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.51B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 6.23B | 5.72B | 5.01B | 4.70B | 6.63B | 7.36B |
| Total Interest & Dividend Income | 660.80M | 613.80M | 553.60M | 564.60M | 329.10M | 207.90M |
| Gain (Loss) on Sale of Investments | 16.40M | 20.90M | -401.60M | -206.40M | -515.80M | 435.60M |
| Non-Insurance Activities Revenue | 1.17B | 1.09B | 960.80M | 938.50M | 1.15B | 1.21B |
| Other Revenue | 7.20M | 7.20M | 7.40M | 5.40M | 11.00M | 6.90M |
| Total Revenue | 8.09B | 7.45B | 6.13B | 6.00B | 7.61B | 9.22B |
| Policy Benefits | 344.00M | 326.60M | 320.00M | 336.30M | 486.30M | 588.70M |
| Policy Acquisition & Underwriting Costs | 2.59B | 2.37B | 2.04B | 1.95B | 2.83B | 2.99B |
| Depreciation & Amortization | 218.80M | 216.20M | 207.40M | 188.50M | 167.50M | 158.40M |
| Selling, General & Administrative | 112.40M | 112.40M | 116.70M | 122.90M | 129.90M | 118.60M |
| Other Operating Expenses | 1.30B | 1.18B | 1.06B | 1.01B | 1.23B | 1.30B |
| Total Operating Expenses | 6.95B | 6.47B | 5.81B | 5.60B | 7.19B | 7.51B |
| Operating Income | 1.14B | 983.20M | 315.00M | 406.90M | 418.70M | 1.71B |
| Interest Expense | -177.90M | -157.00M | -149.60M | -132.50M | -93.00M | -72.40M |
| EBT Excluding Unusual Items | 960.70M | 826.20M | 165.40M | 274.40M | 325.70M | 1.64B |
| Pretax Income | 960.70M | 826.20M | 165.40M | 274.40M | 325.70M | 1.64B |
| Income Tax Expense | 226.80M | 201.00M | 32.80M | 58.90M | 60.40M | 392.20M |
| Earnings From Continuing Ops. | 733.90M | 625.20M | 132.60M | 215.50M | 265.30M | 1.25B |
| Minority Interest in Earnings | -1.40M | -3.40M | -1.50M | 1.30M | -2.30M | -8.00M |
| Net Income | 732.50M | 621.80M | 131.10M | 216.80M | 263.00M | 1.24B |
| Net Income to Common | 732.50M | 621.80M | 131.10M | 216.80M | 263.00M | 1.24B |
| Shares Outstanding (Basic) | 102.78M | 103.30M | 103.90M | 104.30M | 107.00M | 111.00M |
| Shares Outstanding (Diluted) | 103.25M | 103.70M | 104.30M | 104.60M | 107.30M | 111.40M |
| EPS (Basic) | 7.13 | 6.02 | 1.26 | 2.08 | 2.46 | 11.18 |
| EPS (Diluted) | 7.09 | 6.00 | 1.26 | 2.07 | 2.45 | 11.14 |
| Free Cash Flow | 805.80M | 762.50M | 679.20M | 90.90M | 517.80M | 1.06B |
| Free Cash Flow Per Share | 7.80 | 7.35 | 6.51 | 0.87 | 4.83 | 9.51 |
| Dividend Per Share | 2.26 | 2.18 | 2.14 | 2.10 | 2.06 | 1.94 |
| Operating Margin | 14.07% | 13.19% | 5.14% | 6.78% | 5.50% | 18.58% |
| Profit Margin | 9.05% | 8.34% | 2.14% | 3.61% | 3.46% | 13.46% |
| Free Cash Flow Margin | 9.96% | 10.23% | 11.08% | 1.51% | 6.81% | 11.49% |
| EBITDA | 1.36B | 1.20B | 522.40M | 595.40M | 586.20M | 1.87B |
| EBITDA Margin | 16.78% | 16.10% | 8.53% | 9.92% | 7.71% | 20.30% |
| D&A For EBITDA | 218.80M | 216.20M | 207.40M | 188.50M | 167.50M | 158.40M |
| EBIT | 1.14B | 983.20M | 315.00M | 406.90M | 418.70M | 1.71B |
| EBIT Margin | 14.07% | 13.19% | 5.14% | 6.78% | 5.50% | 18.58% |
| Effective Tax Rate | 23.61% | 24.33% | 19.83% | 21.46% | 18.55% | 23.90% |
| Revenue as Reported | 8.09B | 7.45B | 6.13B | 6.00B | 7.61B | 9.22B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 9.61B | 8.30B | 7.17B | 7.05B | 8.08B | 9.27B |
| Investments in Equity & Preferred Securities | 868.10M | 849.10M | 691.30M | 735.60M | 754.20M | 1.18B |
| Other Investments | 106.80M | 78.50M | 85.40M | 55.80M | 63.40M | 58.00M |
| Total Investments | 10.58B | 9.22B | 7.95B | 7.84B | 8.90B | 10.51B |
| Cash & Equivalents | 1.73B | 1.39B | 1.72B | 3.61B | 1.22B | 1.23B |
| Other Receivables | 1.56B | 1.52B | 1.16B | 1.24B | 822.50M | 1.02B |
| Property, Plant & Equipment | 840.10M | 891.90M | 966.00M | 982.10M | 888.30M | 757.00M |
| Goodwill | 1.82B | 1.82B | 1.80B | 1.81B | 1.80B | 1.59B |
| Other Intangible Assets | 771.50M | 786.70M | 799.10M | 806.20M | 833.60M | 805.00M |
| Long-Term Deferred Tax Assets | 9.40M | 9.40M | 43.80M | 50.10M | 54.50M | 14.00M |
| Other Long-Term Assets | 667.50M | 590.80M | 466.60M | 465.70M | 433.50M | 537.00M |
| Total Assets | 17.98B | 16.23B | 14.91B | 16.80B | 14.96B | 16.45B |
| Accounts Payable | 1.02B | 47.70M | 66.70M | 63.30M | 51.00M | 87.00M |
| Accrued Expenses | 762.10M | 703.30M | 655.80M | 689.60M | 870.00M | |
| Unpaid Claims | 1.13B | 1.17B | 1.19B | 1.28B | 1.33B | 1.28B |
| Current Portion of Leases | 77.90M | |||||
| Short-Term Debt | 807.50M | 906.50M | 643.80M | 553.30M | 366.30M | 538.00M |
| Current Income Taxes Payable | 39.30M | 42.70M | 27.00M | 15.90M | 10.00M | 24.00M |
| Long-Term Debt | 1.55B | 1.54B | 1.54B | 1.39B | 1.64B | 1.65B |
| Long-Term Leases | 198.20M | 144.00M | 235.60M | 249.70M | 272.60M | 274.00M |
| Long-Term Deferred Tax Liabilities | 312.70M | 312.70M | 139.10M | 63.60M | 16.30M | 345.00M |
| Other Current Liabilities | 7.29B | 5.49B | 5.22B | 7.47B | 5.70B | 5.37B |
| Total Liabilities | 12.57B | 10.70B | 9.98B | 11.94B | 10.27B | 10.67B |
| Additional Paid-In Capital | 1.74B | 1.74B | 1.79B | 1.79B | 1.81B | 2.18B |
| Retained Earnings | 4.35B | 4.01B | 3.62B | 3.71B | 3.71B | 3.68B |
| Comprehensive Income & Other | -709.20M | -256.70M | -496.40M | -655.80M | -868.90M | -92.00M |
| Total Common Equity | 5.39B | 5.50B | 4.91B | 4.85B | 4.66B | 5.77B |
| Minority Interest | 21.30M | 24.80M | 18.50M | 14.70M | 23.40M | 16.00M |
| Shareholders' Equity | 5.41B | 5.52B | 4.93B | 4.86B | 4.68B | 5.78B |
| Total Liabilities & Equity | 17.98B | 16.23B | 14.91B | 16.80B | 14.96B | 16.45B |
| Filing Date Shares Outstanding | 102.10M | 101.90M | 102.80M | 103.10M | 103.13M | 109.34M |
| Total Common Shares Outstanding | 102.20M | 102.00M | 103.00M | 103.10M | 103.20M | 109.70M |
| Total Debt | 2.55B | 2.67B | 2.42B | 2.19B | 2.28B | 2.46B |
| Net Cash (Debt) | -821.40M | -1.28B | -702.20M | 1.41B | -1.06B | -1.23B |
| Net Cash Per Share | -7.96 | -12.37 | -6.73 | 13.49 | -9.86 | -11.06 |
| Book Value Per Share | 52.71 | 53.92 | 47.66 | 47.02 | 45.13 | 52.57 |
| Tangible Book Value | 2.80B | 2.89B | 2.31B | 2.23B | 2.03B | 3.37B |
| Tangible Book Value Per Share | 27.37 | 28.37 | 22.38 | 21.67 | 19.63 | 30.76 |
| Land | 25.20M | 26.50M | 26.60M | 26.60M | 24.00M | |
| Buildings | 199.30M | 195.80M | 193.40M | 189.10M | 185.00M | |
| Machinery | 174.00M | 175.70M | 184.80M | 230.00M | 215.00M | |
| Leasehold Improvements | 61.00M | 66.50M | 71.30M | 72.30M | 70.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 732.50M | 621.80M | 131.10M | 216.80M | 263.00M | 1.24B |
| Depreciation & Amortization | 218.80M | 216.20M | 207.40M | 188.50M | 167.50M | 158.40M |
| Gain (Loss) on Sale of Investments | -73.10M | -66.10M | 398.60M | 215.00M | 534.60M | -388.90M |
| Stock-Based Compensation | 60.50M | 68.40M | 52.00M | 49.10M | 67.30M | 53.60M |
| Change in Accounts Receivable | -11.60M | -57.40M | 126.20M | -159.10M | 82.70M | -48.20M |
| Change in Accounts Payable | 18.70M | 74.80M | 45.90M | -51.90M | -265.90M | 115.00M |
| Change in Unearned Revenue | 5.00M | 3.30M | 13.70M | -100.00K | -27.90M | -47.10M |
| Change in Income Taxes | 96.30M | 149.60M | 35.20M | -60.80M | -130.00M | 53.00M |
| Change in Insurance Reserves / Liabilities | -384.10M | -358.40M | -397.80M | -381.80M | -434.30M | -482.30M |
| Other Operating Activities | 315.90M | 305.80M | 292.60M | 344.00M | 531.60M | 572.20M |
| Operating Cash Flow | 969.50M | 950.80M | 897.50M | 354.30M | 777.60M | 1.22B |
| Capital Expenditures | -163.70M | -188.30M | -218.30M | -263.40M | -259.80M | -160.50M |
| Sale of Property, Plant & Equipment | 600.00K | 600.00K | 100.00K | 6.80M | 17.80M | |
| Cash Acquisitions | -300.00K | -2.50M | -16.40M | -24.70M | -277.50M | -186.80M |
| Investment in Securities | -2.17B | -972.40M | -178.60M | 1.10B | 14.10M | -3.26B |
| Other Investing Activities | -24.60M | 2.80M | 4.00M | 2.20M | 3.00M | 10.00M |
| Investing Cash Flow | -2.12B | -1.46B | -458.70M | 599.50M | -393.00M | -3.39B |
| Short-Term Debt Issued | 44.06B | 28.41B | 13.38B | 15.53B | 24.60B | |
| Long-Term Debt Issued | 444.00M | 641.90M | ||||
| Total Debt Issued | 54.25B | 44.06B | 28.85B | 13.38B | 15.53B | 25.24B |
| Total Debt Repaid | -54.53B | -43.80B | -28.62B | -13.45B | -15.70B | -24.60B |
| Net Debt Issued (Repaid) | -275.40M | 258.10M | 230.30M | -69.20M | -169.60M | 644.60M |
| Repurchases of Common Stock | -55.50M | -122.30M | -68.50M | -72.70M | -440.70M | -99.20M |
| Common Dividends Paid | -168.30M | -223.00M | -220.70M | -216.60M | -217.50M | -213.00M |
| Other Financing Activities | 465.70M | 248.40M | -2.25B | 1.78B | 451.40M | 1.79B |
| Financing Cash Flow | -33.50M | 161.20M | -2.31B | 1.42B | -376.40M | 2.13B |
| Foreign Exchange Rate Adjustments | -100.00K | 13.10M | -16.60M | 4.90M | -12.70M | -400.00K |
| Net Cash Flow | -1.18B | -330.80M | -1.89B | 2.38B | -4.50M | -47.50M |
| Free Cash Flow | 805.80M | 762.50M | 679.20M | 90.90M | 517.80M | 1.06B |
| Free Cash Flow Margin | 9.96% | 10.23% | 11.08% | 1.51% | 6.81% | 11.49% |
| Free Cash Flow Per Share | 7.80 | 7.35 | 6.51 | 0.87 | 4.83 | 9.51 |
| Levered Free Cash Flow | 1.17B | 557.88M | -2.06B | 1.45B | 518.86M | 3.33B |
| Unlevered Free Cash Flow | 1.28B | 656.00M | -1.97B | 1.53B | 576.99M | 3.38B |
| Cash Interest Paid | 173.70M | 151.90M | 150.60M | 124.20M | 86.50M | 63.50M |
| Cash Income Tax Paid | 130.60M | 51.50M | -1.50M | 120.00M | 188.90M | 339.70M |
| Change in Working Capital | -275.70M | -188.10M | -176.80M | -653.70M | -775.40M | -409.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.72B | 6.26B | 6.43B | 6.65B | 5.42B | 8.59B |
| Enterprise Value | 7.54B | 6.22B | 6.46B | 7.26B | 5.35B | 9.16B |
| PE Ratio | 9.28 | 10.07 | 49.06 | 30.67 | 20.61 | 6.92 |
| PS Ratio | 0.83 | 0.84 | 1.05 | 1.11 | 0.71 | 0.93 |
| PB Ratio | 1.21 | 1.13 | 1.30 | 1.37 | 1.16 | 1.49 |
| P/FCF Ratio | 8.28 | 8.21 | 9.47 | 73.15 | 10.47 | 8.11 |
| P/OCF Ratio | 6.89 | 6.58 | 7.17 | 18.77 | 6.97 | 7.04 |
| EV/Sales Ratio | 0.93 | 0.83 | 1.05 | 1.21 | 0.70 | 0.99 |
| EV/EBITDA Ratio | 5.52 | 5.18 | 12.38 | 12.20 | 9.12 | 4.89 |
| EV/EBIT Ratio | 6.58 | 6.33 | 20.52 | 17.85 | 12.77 | 5.34 |
| EV/FCF Ratio | 9.30 | 8.16 | 9.52 | 79.89 | 10.33 | 8.64 |
| Debt / Equity Ratio | 0.47 | 0.48 | 0.49 | 0.45 | 0.49 | 0.42 |
| Debt / EBITDA Ratio | 1.74 | 2.04 | 3.80 | 3.07 | 3.19 | 1.24 |
| Debt / FCF Ratio | 3.17 | 3.50 | 3.56 | 24.13 | 4.41 | 2.32 |
| Net Debt / Equity Ratio | 0.15 | 0.23 | 0.14 | -0.29 | 0.23 | 0.21 |
| Net Debt / EBITDA Ratio | 0.60 | 1.07 | 1.34 | -2.37 | 1.80 | 0.66 |
| Net Debt / FCF Ratio | 1.02 | 1.68 | 1.03 | -15.53 | 2.04 | 1.16 |
| Quick Ratio | 0.33 | 0.35 | 0.37 | 0.49 | 0.26 | 0.28 |
| Current Ratio | 0.33 | 0.35 | 0.37 | 0.49 | 0.26 | 0.28 |
| Asset Turnover | 0.46 | 0.48 | 0.39 | 0.38 | 0.48 | 0.63 |
| Return on Equity (ROE) | 13.68% | 11.96% | 2.71% | 4.52% | 5.07% | 23.34% |
| Return on Assets (ROA) | 4.00% | 3.95% | 1.24% | 1.60% | 1.67% | 7.32% |
| Return on Invested Capital (ROIC) | 10.61% | 9.57% | 3.51% | 4.56% | 4.49% | 17.40% |
| Earnings Yield | 10.78% | 9.93% | 2.04% | 3.26% | 4.85% | 14.45% |
| FCF Yield | 12.07% | 12.18% | 10.56% | 1.37% | 9.55% | 12.34% |
| Dividend Yield | 3.71% | 3.55% | 3.43% | 3.26% | 3.92% | 2.48% |
| Payout Ratio | 34.40% | 35.86% | 168.34% | 99.91% | 82.70% | 17.16% |
| Buyback Yield / Dilution | 0.65% | 0.57% | 0.29% | 2.52% | 3.68% | 1.42% |
| Total Shareholder Return | 4.40% | 4.13% | 3.71% | 5.77% | 7.60% | 3.89% |