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Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) and Waystar Holding Corp. (WAY). 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 $303.5M, roughly 1.8× Waystar Holding Corp.). Waystar Holding Corp. runs the higher net margin — 6.6% vs -21.5%, a 28.1% gap on every dollar of revenue. On growth, Waystar Holding Corp. posted the faster year-over-year revenue change (24.3% vs 10.3%). Over the past eight quarters, Waystar Holding Corp.'s revenue compounded faster (16.2% CAGR vs 13.7%).
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.
Waystar Holding Corp is a leading provider of integrated healthcare payment and revenue cycle management solutions. It serves healthcare providers, health systems, and payers across the United States, offering tools that streamline billing, claims processing, patient payment collection, and revenue optimization to reduce administrative burdens and improve financial performance for healthcare organizations.
FNF vs WAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $303.5M |
| Net Profit | $-117.0M | $20.0M |
| Gross Margin | — | — |
| Operating Margin | 82.9% | 19.4% |
| Net Margin | -21.5% | 6.6% |
| Revenue YoY | 10.3% | 24.3% |
| Net Profit YoY | -126.0% | 4.8% |
| EPS (diluted) | $-0.44 | $0.10 |
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 | $303.5M | ||
| Q3 25 | $553.0M | $268.7M | ||
| Q2 25 | $547.0M | $270.7M | ||
| Q1 25 | $455.0M | $256.4M | ||
| Q4 24 | $493.0M | $244.1M | ||
| Q3 24 | $506.0M | $240.1M | ||
| Q2 24 | $504.0M | $234.5M | ||
| Q1 24 | $421.0M | $224.8M |
| Q4 25 | $-117.0M | $20.0M | ||
| Q3 25 | $358.0M | $30.6M | ||
| Q2 25 | $278.0M | $32.2M | ||
| Q1 25 | $83.0M | $29.3M | ||
| Q4 24 | $450.0M | $19.1M | ||
| Q3 24 | $266.0M | $5.4M | ||
| Q2 24 | $306.0M | $-27.7M | ||
| Q1 24 | $248.0M | $-15.9M |
| Q4 25 | 82.9% | 19.4% | ||
| Q3 25 | 81.9% | 22.4% | ||
| Q2 25 | 69.8% | 24.0% | ||
| Q1 25 | 24.4% | 25.4% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | 61.9% | 11.3% | ||
| Q2 24 | 90.9% | 3.5% | ||
| Q1 24 | 78.6% | 15.7% |
| Q4 25 | -21.5% | 6.6% | ||
| Q3 25 | 64.7% | 11.4% | ||
| Q2 25 | 50.8% | 11.9% | ||
| Q1 25 | 18.2% | 11.4% | ||
| Q4 24 | 91.3% | 7.8% | ||
| Q3 24 | 52.6% | 2.3% | ||
| Q2 24 | 60.7% | -11.8% | ||
| Q1 24 | 58.9% | -7.1% |
| Q4 25 | $-0.44 | $0.10 | ||
| Q3 25 | $1.33 | $0.17 | ||
| Q2 25 | $1.02 | $0.18 | ||
| Q1 25 | $0.30 | $0.16 | ||
| Q4 24 | $1.65 | $0.18 | ||
| Q3 24 | $0.97 | $0.03 | ||
| Q2 24 | $1.12 | $-0.21 | ||
| Q1 24 | $0.91 | $-0.13 |
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 | $61.4M |
| Total DebtLower is stronger | $4.4B | $1.5B |
| Stockholders' EquityBook value | $7.4B | $3.9B |
| Total Assets | $109.0B | $5.8B |
| Debt / EquityLower = less leverage | 0.59× | 0.38× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $61.4M | ||
| Q3 25 | $3.5B | $421.1M | ||
| Q2 25 | $3.3B | $290.3M | ||
| Q1 25 | $4.5B | $224.0M | ||
| Q4 24 | $3.5B | $182.1M | ||
| Q3 24 | $5.0B | $127.1M | ||
| Q2 24 | $4.9B | $68.4M | ||
| Q1 24 | $3.5B | $57.3M |
| Q4 25 | $4.4B | $1.5B | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | $1.2B | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | — |
| Q4 25 | $7.4B | $3.9B | ||
| Q3 25 | $8.4B | $3.2B | ||
| Q2 25 | $7.9B | $3.2B | ||
| Q1 25 | $7.9B | $3.1B | ||
| Q4 24 | $7.8B | $3.1B | ||
| Q3 24 | $8.1B | $3.1B | ||
| Q2 24 | $7.3B | $2.9B | ||
| Q1 24 | $7.1B | $2.0B |
| Q4 25 | $109.0B | $5.8B | ||
| Q3 25 | $106.6B | $4.7B | ||
| Q2 25 | $102.3B | $4.7B | ||
| Q1 25 | $98.2B | $4.6B | ||
| Q4 24 | $95.4B | $4.6B | ||
| Q3 24 | $94.7B | $4.5B | ||
| Q2 24 | $88.8B | $4.6B | ||
| Q1 24 | $84.5B | — |
| Q4 25 | 0.59× | 0.38× | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | 0.40× | ||
| 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 | $66.6M |
| Free Cash FlowOCF − Capex | — | $57.2M |
| FCF MarginFCF / Revenue | — | 18.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | — | 3.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $283.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $66.6M | ||
| Q3 25 | $1.3B | $82.0M | ||
| Q2 25 | $1.9B | $96.8M | ||
| Q1 25 | $1.1B | $64.2M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $2.4B | $78.8M | ||
| Q2 24 | $1.4B | $15.4M | ||
| Q1 24 | $1.6B | $10.7M |
| Q4 25 | — | $57.2M | ||
| Q3 25 | — | $76.2M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $70.2M | ||
| Q2 24 | — | $8.6M | ||
| Q1 24 | — | $5.2M |
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 29.2% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | — | 2.3% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 3.33× | ||
| Q3 25 | 3.66× | 2.68× | ||
| Q2 25 | 6.82× | 3.01× | ||
| Q1 25 | 13.43× | 2.20× | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 8.89× | 14.56× | ||
| Q2 24 | 4.45× | — | ||
| 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% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
