Credit and interest ratesmixed · 5 filings
“The increases were primarily attributable to higher interest expense on depositor funds and higher interest paid in the Company’s warehouse lending business.”10-Q · Jul 23, 2026 ↗
First American Financial Corporation
FAF
Market read
No connected market move is active around First American Financial Corporation.
No new filing conclusion is available. 0 of 0 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Company-4.2% todayVolume comparison unavailable
Market groupNo active group readNo durable group available
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Reported increase in interest expense primarily due to higher interest on depositor funds and higher interest paid in the warehouse lending business.
- Revenue increases driven by subservicing growth, higher demand for non-insured information products, and growth in Canadian refinance activity.
Invalidation: The isolated read changes if FAF's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 0 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Reported increase in interest expense primarily due to higher interest on depositor funds and higher interest paid in the warehouse lending business.
- Revenue increases driven by subservicing growth, higher demand for non-insured information products, and growth in Canadian refinance activity.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations341
Usable filing statements135
Verified relationships4
Evidence supporting the case
- Latest annual revenue changed +21.6% year over year.
- Net margin changed +6.2 percentage points in the latest annual period.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 34% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 95% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 30, 2026
60.806m+0.8%12m-4.8%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$9.2B+30.1%—-1.4%
2022-12-31$7.6B-17.5%—-3.7%
2023-12-31$6.0B-21.1%—-2.5%
2024-12-31$6.1B+2.1%—-0.3%
2025-12-31$7.5B+21.6%—-0.6%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 5 filings
“The increases were primarily due to higher production expenses on higher volumes and an increase in software expense.”10-Q · Jul 23, 2026 ↗
Restructuring and cost reductionsnegative · 5 filings
“The losses for the three and six months ended June 30, 2026 were primarily related to impairment charges on a non-marketable equity investment within the Company’s venture investment portfolio, partially offset by earnings on an equity method investment.”10-Q · Jul 23, 2026 ↗
Input and raw-material costsmixed · 1 filings
“Labor costs are driven by two primary considerations: the need to optimize staffing levels to match the level of corresponding or anticipated new orders and the need to provide quality service.”10-K · Feb 18, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.8× · EV/sales 0.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
61.38-4.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 14:45 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for FAF. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for FAF. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind FAF
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
FNFFidelity National Financial, Inc.competitorFeb 18, 2026 ▾
“Our major nationwide competitors in our principal markets include Fidelity National Financial, Inc., Old Republic International Corporation, Stewart Title Guaranty Company, and their affiliates.”
ORIOld Republic International CorporationcompetitorFeb 18, 2026 ▾
“Our major nationwide competitors in our principal markets include Fidelity National Financial, Inc., Old Republic International Corporation, Stewart Title Guaranty Company, and their affiliates.”
STCStewart Information Services CorporationcompetitorFeb 18, 2026 ▾
“Our major nationwide competitors in our principal markets include Fidelity National Financial, Inc., Old Republic International Corporation, Stewart Title Guaranty Company, and their affiliates.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
FAF is currently a Follower in the organic co-movement group Unknown Theme. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for FAF; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.