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Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Fidelity National Financial, Inc. is the larger business by last-quarter revenue ($544.0M vs $382.7M, roughly 1.4× INNOVATE Corp.). INNOVATE Corp. runs the higher net margin — -1.9% vs -21.5%, a 19.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 10.3%). Over the past eight quarters, Fidelity National Financial, Inc.'s revenue compounded faster (13.7% CAGR vs 10.2%).
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
Innovate Corp. is an American public financial services company founded in 1994.
FNF vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $382.7M |
| Net Profit | $-117.0M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 82.9% | 3.7% |
| Net Margin | -21.5% | -1.9% |
| Revenue YoY | 10.3% | 61.7% |
| Net Profit YoY | -126.0% | 55.4% |
| EPS (diluted) | $-0.44 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $544.0M | $382.7M | ||
| Q3 25 | $553.0M | $347.1M | ||
| Q2 25 | $547.0M | $242.0M | ||
| Q1 25 | $455.0M | $274.2M | ||
| Q4 24 | $493.0M | $236.6M | ||
| Q3 24 | $506.0M | $242.2M | ||
| Q2 24 | $504.0M | $313.1M | ||
| Q1 24 | $421.0M | $315.2M |
| Q4 25 | $-117.0M | $-7.4M | ||
| Q3 25 | $358.0M | $-8.9M | ||
| Q2 25 | $278.0M | $-19.8M | ||
| Q1 25 | $83.0M | $-24.5M | ||
| Q4 24 | $450.0M | $-16.6M | ||
| Q3 24 | $266.0M | $-15.0M | ||
| Q2 24 | $306.0M | $14.4M | ||
| Q1 24 | $248.0M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 82.9% | 3.7% | ||
| Q3 25 | 81.9% | 1.8% | ||
| Q2 25 | 69.8% | 2.0% | ||
| Q1 25 | 24.4% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 61.9% | 2.4% | ||
| Q2 24 | 90.9% | 9.2% | ||
| Q1 24 | 78.6% | 0.9% |
| Q4 25 | -21.5% | -1.9% | ||
| Q3 25 | 64.7% | -2.6% | ||
| Q2 25 | 50.8% | -8.2% | ||
| Q1 25 | 18.2% | -8.9% | ||
| Q4 24 | 91.3% | -7.0% | ||
| Q3 24 | 52.6% | -6.2% | ||
| Q2 24 | 60.7% | 4.6% | ||
| Q1 24 | 58.9% | -5.5% |
| Q4 25 | $-0.44 | $-0.57 | ||
| Q3 25 | $1.33 | $-0.71 | ||
| Q2 25 | $1.02 | $-1.67 | ||
| Q1 25 | $0.30 | $-1.89 | ||
| Q4 24 | $1.65 | $-0.72 | ||
| Q3 24 | $0.97 | $-1.18 | ||
| Q2 24 | $1.12 | $1.03 | ||
| Q1 24 | $0.91 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.6B | $112.1M |
| Total DebtLower is stronger | $4.4B | $80.3M |
| Stockholders' EquityBook value | $7.4B | $-240.1M |
| Total Assets | $109.0B | $950.1M |
| Debt / EquityLower = less leverage | 0.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $112.1M | ||
| Q3 25 | $3.5B | $35.5M | ||
| Q2 25 | $3.3B | $33.4M | ||
| Q1 25 | $4.5B | $33.3M | ||
| Q4 24 | $3.5B | $48.8M | ||
| Q3 24 | $5.0B | $51.0M | ||
| Q2 24 | $4.9B | $80.2M | ||
| Q1 24 | $3.5B | $38.4M |
| Q4 25 | $4.4B | $80.3M | ||
| Q3 25 | $4.4B | $97.3M | ||
| Q2 25 | $4.4B | $160.1M | ||
| Q1 25 | $4.4B | $139.9M | ||
| Q4 24 | $4.3B | $500.6M | ||
| Q3 24 | $4.2B | $502.4M | ||
| Q2 24 | $4.2B | $638.3M | ||
| Q1 24 | $3.9B | $641.5M |
| Q4 25 | $7.4B | $-240.1M | ||
| Q3 25 | $8.4B | $-233.3M | ||
| Q2 25 | $7.9B | $-224.8M | ||
| Q1 25 | $7.9B | $-204.2M | ||
| Q4 24 | $7.8B | $-180.4M | ||
| Q3 24 | $8.1B | $-163.1M | ||
| Q2 24 | $7.3B | $-149.0M | ||
| Q1 24 | $7.1B | $-184.4M |
| Q4 25 | $109.0B | $950.1M | ||
| Q3 25 | $106.6B | $913.2M | ||
| Q2 25 | $102.3B | $890.9M | ||
| Q1 25 | $98.2B | $868.0M | ||
| Q4 24 | $95.4B | $891.1M | ||
| Q3 24 | $94.7B | $897.2M | ||
| Q2 24 | $88.8B | $898.9M | ||
| Q1 24 | $84.5B | $943.5M |
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $101.1M | ||
| Q3 25 | $1.3B | $19.2M | ||
| Q2 25 | $1.9B | $40.4M | ||
| Q1 25 | $1.1B | $-14.1M | ||
| Q4 24 | $1.5B | $41.4M | ||
| Q3 24 | $2.4B | $-28.4M | ||
| Q2 24 | $1.4B | $21.5M | ||
| Q1 24 | $1.6B | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 3.66× | — | ||
| Q2 25 | 6.82× | — | ||
| Q1 25 | 13.43× | — | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 8.89× | — | ||
| Q2 24 | 4.45× | 1.49× | ||
| Q1 24 | 6.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
