First American Financial

FAF · NYSE · Financials · Financials, fiscal 2016 to 2025

FAF · Last close · October 26, 2026

$64.02

First American Financial's revenue rose 21.6% to $7.5 billion in fiscal 2025. Net income was $622 million, up 374.3%. Its return on equity was 11.9%, up from 2.7% a year earlier. It paid out $345 million in dividends and buybacks. The diluted share count fell 0.6%.

FIRST AMERICAN FINANCIAL CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001193125-26-055516 Updated October 23, 2026

Revenue

$7.5B

21.6%

Net income

$622M

374.3%

Return on equity

11.9%

9.3 pts

Return on tangible equity

19.0%

14.5 pts

Efficiency ratio

—

Market cap

$6.6B

Oct 26 close

P/E

9.0x

On $7.10 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.7% a year and net income 6.8% a year, as buybacks cut the share count by 7%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value First American Financial yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from First American Financial's earnings per share of $7.10 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12×, the middle of First American Financial's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: KeyCorp, Regions Financial, Ally Financial, Northern Trust.

Earnings growth in the years ahead (% a year) Starts at First American Financial's revenue growth over the last 3 years, -0.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $64.02
Value at this multiple, against the last close: —
First American Financial's P/E at the last close: 9.0×

Company	Last close	Earnings per share	P/E today
Northern TrustNTRS	$169.55	$8.74	19.4×
KeyCorpKEY	$21.21	$1.72	12.3×
Regions FinancialRF	$28.61	$2.45	11.7×
Ally FinancialALLY	$38.81	$4.25	9.1×
First American FinancialFAF	$64.02	$7.10	9.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	—	—	—	—	—
Deposits	5,069	5,520	7,308	5,048	5,293
Loans to deposits	—	—	—	—	—
Provision for credit losses	—	—	—	—	—
Provision to average loans	—	—	—	—	—
Total assets	16,451	14,955	16,803	14,909	16,229
Shareholders' equity	5,767	4,658	4,848	4,908	5,500

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $4.0 million of First American Financial shares on the open market, and 3 insiders sold $1.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 24, 2026	Steven A AdamsVP & Chief Accounting Officer	Sold	3,253	$74.99	$243,912	Form 4
May 5, 2026	Lisa W CornehlSVP, Chief Legal Officer	Sold	5,823	$68.63	$399,665	Form 4
Apr 24, 2026	Margaret M McCarthyDirector	Sold	6,630	$70.59	$468,012	Form 4
Feb 17, 2026	Parker S KennedyDirector	Bought	44,841	$67.85	$3.0 million	Form 4
Feb 13, 2026	Parker S KennedyDirector	Bought	15,000	$67.17	$1.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put First American Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
First American Financial	FY25	21.6%	8.3%	11.9%	19.0%	—
KeyCorp	FY25	62.6%	24.3%	9.5%	12.0%	62.6%	Compare
Regions Financial	FY25	6.2%	28.6%	11.7%	16.4%	57.3%	Compare
Ally Financial	FY25	−3.3%	10.8%	5.8%	6.2%	68.1%	Compare
Northern Trust	FY25	−2.5%	21.5%	13.5%	13.9%	71.2%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,576	5,772	5,748	6,202	7,086	9,221	7,605	6,004	6,128	7,452
Revenue growth	7.7%	3.5%	−0.4%	7.9%	14.2%	30.1%	−17.5%	−21.1%	2.1%	21.6%
Net interest income	—	—	—	—	—	—	—	—	—	—
Noninterest income	—	—	—	—	—	—	—	—	—	—
Noninterest expense	—	—	—	—	—	—	—	—	—	—
Provision for credit losses	—	—	—	—	—	—	—	—	—	—
Net income	343	423	474	707	696	1,241	263	217	131	622
Diluted EPS (US$)	3.09	3.76	4.19	6.22	6.16	11.14	2.45	2.07	1.26	6.00
Diluted shares (millions)	111	112	113	114	113	111	107	105	104	104
Payouts
Dividends paid	132	159	178	188	199	213	218	217	221	223
Share buybacks	0	0	19	2	139	99	441	73	68	122
Balance sheet at fiscal year end
Loans, net	—	—	—	—	—	—	—	—	—	—
Deposits	2,780	3,071	3,786	3,337	3,277	5,069	5,520	7,308	5,048	5,293
Total assets	8,832	9,573	10,631	11,519	12,796	16,451	14,955	16,803	14,909	16,229
Shareholders' equity	3,008	3,480	3,742	4,420	4,910	5,767	4,658	4,848	4,908	5,500
Ratios
Return on equity	11.9%	13.0%	13.1%	17.3%	14.9%	23.2%	5.0%	4.6%	2.7%	11.9%
Return on tangible common equity	18.8%	20.2%	20.0%	25.0%	21.4%	34.0%	7.9%	7.8%	4.5%	19.0%
Return on assets	4.0%	4.6%	4.7%	6.4%	5.7%	8.5%	1.7%	1.4%	0.8%	4.0%
Efficiency ratio	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: First American Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with First American Financial.