Cannae (CNNE) Financials

$13.22 -0.12 (-0.90%)

As of 12:27 PM Eastern

Annual Income Statements for Cannae

This table shows Cannae's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-23	-12	109	28	77	1,786	-287	-428	-313	-305
Consolidated Net Income / (Loss)	-7.30	-12	93	-11	47	1,760	-286	-430	-324	-310
Net Income / (Loss) Continuing Operations	-10	-14	-57	-8.50	99	1,760	-286	-430	-324	-310
Total Pre-Tax Income	-3.80	5.20	-74	23	238	2,182	-433	-336	-207	-264
Total Operating Income	-12	-2.20	-78	-146	-118	-189	-134	-145	-119	-104
Total Gross Profit	134	126	166	156	157	61	45	31	43	2.90
Total Revenue	1,415	1,178	1,157	1,148	1,070	586	742	662	570	453
Operating Revenue	1,412	1,178	1,157	1,148	1,070	586	742	662	570	453
Total Cost of Revenue	1,281	1,052	991	991	913	524	698	631	527	450
Operating Cost of Revenue	1,281	1,052	991	991	913	524	698	631	527	450
Total Operating Expenses	146	128	243	302	275	250	178	176	162	107
Selling, General & Admin Expense	96	84	101	92	133	117	152	153	143	93
Depreciation Expense	50	45	46	46	41	31	27	23	19	13
Total Other Income / (Expense), net	8.30	7.40	3.20	168	356	2,370	-300	-191	-88	-160
Interest Expense	5.50	5.20	7.00	4.70	18	9.00	9.80	12	18	12
Interest & Investment Income	2.00	3.30	5.30	6.30	16	17	21	2.50	14	4.60
Other Income / (Expense), net	12	9.30	4.90	167	358	2,362	-311	-181	-84	-153
Income Tax Expense	-20	-10	-14	15	24	481	-74	-90	-77	-0.40
Other Gains / (Losses), net	-26	-30	3.40	-16	-115	59	73	-184	-194	-47
Net Income / (Loss) Attributable to Noncontrolling Interest	16	0.50	-16	-38	-31	-26	0.60	-1.50	-11	-5.50
Basic Earnings per Share	($0.32)	($0.18)	$1.54	$0.39	$1.07	$20.84	($3.19)	($5.25)	($4.27)	($4.73)
Weighted Average Basic Shares Outstanding	70.60M	70.60M	70.60M	71.20M	72.20M	85.70M	90.10M	81.60M	73.40M	64.40M
Diluted Earnings per Share	($0.32)	($0.18)	$1.54	$0.39	$1.07	$20.79	($3.19)	($5.25)	($4.27)	($4.73)
Weighted Average Diluted Shares Outstanding	70.60M	70.60M	70.60M	71.30M	72.40M	85.90M	90.10M	81.60M	73.40M	64.40M
Weighted Average Basic & Diluted Shares Outstanding	-	68.90M	70.60M	70.80M	79.52M	91.65M	86.49M	76.26M	72.48M	62.79M

This table shows Cannae's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.10	-87	-157	-65	-90	-155	-14	-46	-113	-239	-68
Consolidated Net Income / (Loss)	-6.90	-90	-171	-56	-92	-155	-18	-46	-115	-241	-71
Net Income / (Loss) Continuing Operations	-6.90	-90	-171	-56	-75	-149	-16	-46	-39	-230	-60
Total Pre-Tax Income	28	-63	-185	13	-36	-170	2.90	-48	-17	-136	-6.50
Total Operating Income	-23	-20	-52	-25	-41	-23	-18	-22	-21	-61	-13
Total Gross Profit	7.10	13	12	11	-6.70	6.70	2.80	0.10	-2.00	-17	6.20
Total Revenue	154	153	144	119	111	118	114	110	103	110	107
Operating Revenue	154	153	144	119	111	118	114	110	103	110	107
Total Cost of Revenue	147	140	132	108	117	111	111	110	105	127	101
Operating Cost of Revenue	147	140	132	108	117	111	111	110	105	127	101
Total Operating Expenses	30	33	63	36	34	30	21	22	19	44	19
Selling, General & Admin Expense	25	28	58	33	31	26	18	19	16	41	17
Depreciation Expense	5.10	4.60	5.90	3.40	3.30	3.40	3.30	3.30	3.10	3.00	2.90
Total Other Income / (Expense), net	51	-44	-133	38	4.40	-147	21	-26	4.80	-75	6.70
Interest Expense	4.40	4.00	5.80	3.70	2.60	2.00	2.90	4.10	3.80	3.30	3.30
Interest & Investment Income	2.80	2.70	3.40	4.70	2.10	0.70	0.80	1.00	1.40	4.80	1.90
Other Income / (Expense), net	52	-42	-131	37	4.90	-146	23	-23	7.20	-76	8.10
Income Tax Expense	2.60	-22	-41	-17	57	-36	-6.40	-14	20	-1.80	-3.80
Other Gains / (Losses), net	-32	-49	-26	-87	18	-15	-25	-12	-1.90	-96	-58
Net Income / (Loss) Discontinued Operations	-	-	-	-	-17	-6.10	-1.50	-	-76	-11	-11
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.80	-3.20	-13	8.60	-1.90	0.00	-3.90	0.30	-2.00	-1.70	-2.40
Basic Earnings per Share	($0.05)	($1.16)	($2.18)	($0.88)	($1.27)	($2.49)	($0.22)	($0.75)	($1.81)	($3.93)	($1.25)
Weighted Average Basic Shares Outstanding	76.10M	75.40M	72.10M	73.40M	70.80M	62.20M	62.40M	64.40M	62.30M	60.80M	54.70M
Diluted Earnings per Share	($0.05)	($1.16)	($2.18)	($0.88)	($1.27)	($2.49)	($0.22)	($0.75)	($1.81)	($3.93)	($1.25)
Weighted Average Diluted Shares Outstanding	76.10M	75.40M	72.10M	73.40M	70.90M	62.20M	62.40M	64.40M	62.30M	60.80M	54.70M
Weighted Average Basic & Diluted Shares Outstanding	76.49M	73.37M	70.71M	72.48M	62.77M	62.73M	62.74M	62.79M	62.82M	56.01M	49.29M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.12	-	-	$0.12	$0.15

This table details how cash moves in and out of Cannae's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	72	-129	99	77	211	191	-639	162	-142	25
Net Cash From Operating Activities	11	60	-91	-23	-84	-114	-176	-205	-88	-90
Net Cash From Continuing Operating Activities	11	60	-91	-23	-84	-114	-176	-205	-88	-90
Net Income / (Loss) Continuing Operations	-7.30	-12	93	-11	47	1,760	-286	-430	-324	-310
Consolidated Net Income / (Loss)	-7.30	-12	93	-11	47	1,760	-286	-430	-324	-310
Depreciation Expense	66	63	58	61	55	31	26	23	19	13
Amortization Expense	-	-	-	0.00	39	25	23	22	19	15
Non-Cash Adjustments To Reconcile Net Income	45	37	-286	-79	-135	-2,270	263	416	329	224
Changes in Operating Assets and Liabilities, net	-92	-27	45	5.10	-89	341	-201	-236	-131	-32
Net Cash From Investing Activities	273	-168	92	187	-24	-74	-272	521	53	298
Net Cash From Continuing Investing Activities	273	-168	92	187	-24	-74	-272	521	53	298
Purchase of Property, Plant & Equipment	-55	-50	-40	-16	-28	-22	-14	-14	-10	-7.00
Acquisitions	-34	-150	-224	0.00	-602	8.60	-	0.00	0.00	0.00
Purchase of Investments	-34	-46	-5.60	-42	0.00	-325	-1,005	-178	-331	-266
Sale of Property, Plant & Equipment	82	0.00	0.00	4.90	21	4.40	10	9.20	7.30	6.80
Sale and/or Maturity of Investments	316	78	34	26	37	787	774	350	387	375
Other Investing Activities, net	-0.60	-0.70	1.40	56	70	-527	-102	354	0.00	190
Net Cash From Financing Activities	-213	-21	98	-86	319	379	-190	-154	-107	-183
Net Cash From Continuing Financing Activities	-213	-21	98	-86	319	379	-190	-154	-107	-183
Repayment of Debt	-31	-45	-36	-124	-291	-109	-236	-225	-58	-29
Repurchase of Common Equity	-	-	0.00	0.00	-4.90	-14	-160	-230	-113	-231
Payment of Dividends	-28	-0.70	-0.40	-0.10	-0.90	-0.80	-0.20	-8.10	-0.70	-23
Issuance of Debt	132	77	84	34	367	45	207	309	66	104
Other Financing Activities, net	-286	-52	50	-0.20	12	-0.80	-0.20	0.00	-0.20	-3.60

This table details how cash moves in and out of Cannae's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	-63	-72	-55	48	132	-193	115	-29	-5.30	-60	167
Net Cash From Operating Activities	-20	-15	-20	-33	-36	-10	-32	-12	9.10	-22	-22
Net Cash From Continuing Operating Activities	-20	-15	-20	-33	-36	-10	-32	-12	9.10	-22	-22
Net Income / (Loss) Continuing Operations	-6.90	-90	-171	-56	-92	-155	-18	-46	-115	-241	-71
Consolidated Net Income / (Loss)	-6.90	-90	-171	-56	-92	-155	-18	-46	-115	-241	-71
Depreciation Expense	5.10	4.60	5.90	3.40	3.30	3.40	3.30	3.30	3.10	3.00	2.90
Amortization Expense	4.90	4.80	4.60	5.00	3.40	3.30	3.40	4.40	3.40	3.40	3.50
Non-Cash Adjustments To Reconcile Net Income	-18	96	187	65	-1.30	173	6.90	43	77	195	62
Changes in Operating Assets and Liabilities, net	-4.40	-29	-47	-50	50	-35	-28	-17	41	18	-19
Net Cash From Investing Activities	-44	-6.60	17	87	195	58	55	-8.80	-7.00	85	416
Net Cash From Continuing Investing Activities	-44	-6.60	17	87	195	58	55	-8.80	-7.00	85	416
Purchase of Property, Plant & Equipment	-2.50	-2.20	-2.30	-3.00	-1.30	-1.60	-1.70	-2.40	-1.90	-2.00	-2.50
Acquisitions	-40	-56	-66	162	-34	-	-1.70	36	-30	-	-93
Purchase of Investments	-84	-64	-11	-173	-88	-15	-7.60	-156	-2.00	-5.00	-31
Divestitures	78	-	-	-	101	31	-	-	14	90	-90
Sale and/or Maturity of Investments	4.00	115	174	94	216	41	169	25	12	2.00	632
Net Cash From Financing Activities	1.20	-51	-52	-5.30	-26	-240	92	-8.40	-7.40	-122	-228
Net Cash From Continuing Financing Activities	1.20	-51	-52	-5.30	-26	-240	92	-8.40	-7.40	-122	-228
Repayment of Debt	-1.00	-1.00	-56	-0.90	-26	-1.60	-0.40	-0.80	-0.50	-	-141
Repurchase of Common Equity	-3.10	-52	-51	-7.10	-	-231	0.20	-0.20	-	-	-120
Payment of Dividends	-	-	-0.10	-0.60	0.00	-	-7.50	-7.70	-7.60	-7.80	-8.00
Issuance of Debt	5.40	2.40	55	3.40	0.30	0.10	103	0.50	2.30	-1.70	42

This table presents Cannae's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,473	1,487	1,460	2,092	4,613	3,890	3,126	2,687	2,229
Total Current Assets	273	350	452	631	844	122	311	177	197
Cash & Equivalents	142	246	316	534	725	86	248	106	132
Short-Term Investments	52	18	31	0.00	35	0.00	35	16	6.20
Current Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	1.90	26	36
Other Current Assets	-	-	-	97	84	36	26	30	24
Plant, Property, & Equipment, net	235	219	176	163	146	101	88	59	62
Total Noncurrent Assets	966	918	832	1,299	3,623	3,667	2,727	2,451	1,970
Long-Term Investments	476	490	463	922	1,517	2,370	2,087	1,864	944
Noncurrent Note & Lease Receivables	-	-	-	193	202	172	156	144	136
Goodwill	103	203	77	66	53	53	53	53	53
Intangible Assets	112	215	92	63	52	27	24	17	15
Noncurrent Deferred & Refundable Income Taxes	33	11	24	55	-	0.00	23	82	74
Other Noncurrent Operating Assets	-	-	-	0.00	1,799	1,045	385	291	56
Other Noncurrent Nonoperating Assets	242	-	176	-	-	-	-	-	692
Total Liabilities & Shareholders' Equity	1,473	1,487	1,460	2,092	4,613	3,890	3,126	2,687	2,229
Total Liabilities	464	334	260	562	828	549	411	378	414
Total Current Liabilities	160	250	160	199	202	180	123	108	147
Short-Term Debt	11	122	5.90	7.00	11	2.30	2.30	2.50	61
Accounts Payable	92	101	96	86	93	106	79	74	55
Current Deferred Revenue	25	26	26	26	24	23	19	17	16
Other Current Liabilities	-	-	-	42	26	24	23	14	15
Total Noncurrent Liabilities	304	84	100	364	626	369	288	270	267
Long-Term Debt	93	13	42	120	52	14	95	103	120
Other Noncurrent Operating Liabilities	61	63	57	244	249	211	193	168	147
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,010	1,153	1,200	1,530	3,785	3,341	2,715	2,309	1,815
Total Preferred & Common Equity	894	1,059	1,125	1,489	3,780	3,335	2,719	2,325	1,837
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	894	1,059	1,125	1,489	3,780	3,335	2,719	2,325	1,837
Common Stock	0.00	1,130	1,146	1,397	1,876	1,888	1,936	1,977	2,013
Retained Earnings	0.00	0.20	46	144	1,930	1,643	1,215	901	567
Treasury Stock	-	0.00	-0.20	-5.90	-21	-189	-414	-534	-725
Accumulated Other Comprehensive Income / (Loss)	-68	-71	-67	-46	-4.90	-7.20	-18	-20	-19
Noncontrolling Interest	116	94	75	41	5.60	5.80	-3.90	-15	-21

This table presents Cannae's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	3,188	3,181	3,133	2,996	2,768	2,610	2,224	2,286	2,096	1,786	1,514
Total Current Assets	129	399	313	190	126	336	101	215	774	624	265
Cash & Equivalents	101	371	185	113	58	238	46	161	126	67	234
Short-Term Investments	-	-	105	54	19	46	8.90	8.90	0.00	0.00	0.00
Current Deferred & Refundable Income Taxes	-	-	0.00	0.00	4.50	25	25	26	11	11	13
Other Current Assets	28	27	23	24	45	26	21	20	20	18	19
Plant, Property, & Equipment, net	92	89	85	79	63	57	64	63	54	53	52
Total Noncurrent Assets	2,968	2,694	2,735	2,727	2,579	2,217	2,059	2,008	1,269	1,109	1,197
Long-Term Investments	2,358	2,046	2,109	2,119	2,025	1,824	1,661	1,643	964	816	913
Noncurrent Note & Lease Receivables	-	159	153	150	123	141	140	138	135	132	129
Goodwill	53	53	53	53	53	53	53	53	53	53	53
Intangible Assets	25	24	23	22	22	16	16	15	15	14	14
Noncurrent Deferred & Refundable Income Taxes	86	76	31	48	85	29	63	69	55	55	50
Other Noncurrent Operating Assets	446	335	366	335	271	153	126	90	48	39	38
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Liabilities & Shareholders' Equity	3,188	3,181	3,133	2,996	2,768	2,610	2,224	2,286	2,096	1,786	1,514
Total Liabilities	482	456	414	414	403	345	341	423	400	429	332
Total Current Liabilities	187	166	124	128	118	101	99	84	185	225	131
Short-Term Debt	11	13	1.50	5.00	3.10	1.90	0.50	1.90	102	107	6.90
Accounts Payable	77	77	77	87	88	70	70	56	54	89	97
Current Deferred Revenue	16	14	15	14	12	15	14	12	14	13	12
Other Current Liabilities	24	23	22	21	16	14	14	14	15	15	15
Total Noncurrent Liabilities	295	289	290	286	284	244	241	339	215	205	201
Long-Term Debt	96	96	100	98	100	77	78	179	69	62	62
Other Noncurrent Operating Liabilities	43	194	190	187	185	166	164	160	147	143	139
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,706	2,726	2,719	2,582	2,366	2,265	1,884	1,863	1,697	1,357	1,183
Total Preferred & Common Equity	2,703	2,728	2,725	2,592	2,389	2,282	1,901	1,884	1,720	1,381	1,210
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,703	2,728	2,725	2,592	2,389	2,282	1,901	1,884	1,720	1,381	1,210
Common Stock	1,914	1,924	1,946	1,957	1,966	1,985	1,998	2,005	2,021	2,035	2,038
Retained Earnings	1,132	1,187	1,211	1,123	966	805	642	621	447	200	124
Treasury Stock	-327	-363	-414	-475	-527	-491	-722	-725	-726	-839	-960
Accumulated Other Comprehensive Income / (Loss)	-15	-21	-17	-14	-16	-17	-18	-17	-21	-16	8.80
Noncontrolling Interest	2.70	-2.00	-6.80	-10	-23	-17	-17	-21	-23	-25	-27

This table displays calculated financial ratios and metrics derived from Cannae's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-16.70%	-1.85%	-0.79%	-6.75%	-45.26%	26.72%	-10.79%	-13.91%	-20.61%
EBITDA Growth	0.00%	7.36%	-120.71%	667.59%	305.10%	568.72%	-117.73%	28.86%	41.50%	-39.27%
EBIT Growth	0.00%	2,466.67%	-1,122.54%	128.93%	1,043.33%	805.33%	-120.44%	26.67%	37.75%	-26.68%
NOPAT Growth	0.00%	22.08%	-721.97%	9.62%	-115.45%	-39.09%	36.40%	-8.31%	17.77%	12.78%
Net Income Growth	0.00%	-63.01%	877.31%	-111.46%	541.51%	3,660.26%	-116.27%	-50.00%	24.56%	4.32%
EPS Growth	0.00%	43.75%	955.56%	-74.68%	174.36%	1,842.99%	-115.34%	-64.58%	18.67%	-10.77%
Operating Cash Flow Growth	0.00%	443.24%	-250.41%	74.75%	-267.69%	-35.27%	-54.61%	-16.47%	57.19%	-2.62%
Free Cash Flow Firm Growth	0.00%	0.00%	39.19%	208.90%	-127.15%	-2,181.17%	138.01%	-37.99%	-119.22%	293.09%
Invested Capital Growth	0.00%	0.00%	46.99%	-55.04%	-16.28%	681.70%	-42.64%	-50.89%	-3.27%	-47.93%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-3.79%	1.83%	-15.58%	1.57%	-3.81%	-6.00%	-2.04%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	291.90%	54.14%	27.72%	-213.20%	41.98%	-79.39%	-33.82%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	154.12%	49.88%	29.39%	-249.80%	38.56%	-52.25%	-28.64%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	39.93%	-37.37%	3.40%	13.38%	9.85%	-3.48%	2.54%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	75.23%	-28.88%	42.10%	-181.13%	24.71%	-35.78%	3.24%
EPS Q/Q Growth	0.00%	0.00%	0.00%	230.00%	-23.57%	31.42%	-195.51%	19.97%	-29.39%	2.67%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-36.80%	18.51%	-537.88%	51.74%	-172.60%	7.32%	-20.60%	19.12%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-161.21%	-26.84%	3,571.50%	-53.81%	-131.18%	120.38%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-57.75%	-47.48%	10.13%	-30.84%	6.14%	16.86%	-3.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.48%	10.69%	14.32%	13.61%	14.69%	10.48%	6.02%	4.71%	7.54%	0.64%
EBITDA Margin	4.61%	5.94%	-1.25%	7.17%	31.16%	380.66%	-53.26%	-42.47%	-28.86%	-50.63%
Operating Margin	-0.86%	-0.19%	-6.70%	-12.71%	-10.99%	-32.18%	-17.99%	-21.84%	-20.86%	-22.92%
EBIT Margin	-0.02%	0.60%	-6.28%	1.83%	22.44%	371.13%	-59.86%	-49.21%	-35.58%	-56.77%
Profit (Net Income) Margin	-0.52%	-1.01%	8.00%	-0.92%	4.37%	300.46%	-38.59%	-64.88%	-56.86%	-68.53%
Tax Burden Percent	192.11%	-228.85%	-124.50%	-46.90%	19.67%	80.65%	66.14%	128.01%	156.49%	117.51%
Interest Burden Percent	1,266.67%	73.24%	102.34%	107.62%	99.08%	100.38%	97.46%	103.01%	102.12%	102.72%
Effective Tax Rate	0.00%	-200.00%	0.00%	66.37%	10.17%	22.05%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-3.63%	-12.09%	-12.66%	-47.88%	-16.57%	-7.56%	-15.06%	-19.11%	-22.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-1.99%	-35.28%	-17.53%	-61.20%	-124.24%	0.74%	-1.12%	-7.51%	-8.61%
Return on Net Nonoperating Assets (RNNOA)	0.00%	1.27%	20.64%	11.76%	51.30%	82.79%	-0.48%	0.87%	6.21%	7.25%
Return on Equity (ROE)	0.00%	-2.36%	8.55%	-0.90%	3.43%	66.22%	-8.04%	-14.19%	-12.90%	-15.04%
Cash Return on Invested Capital (CROIC)	0.00%	-203.63%	-50.13%	63.28%	-30.16%	-171.21%	46.64%	53.21%	-15.78%	40.75%
Operating Return on Assets (OROA)	0.00%	0.48%	-4.90%	1.43%	13.52%	64.83%	-10.45%	-9.29%	-6.98%	-10.45%
Return on Assets (ROA)	0.00%	-0.81%	6.25%	-0.72%	2.64%	52.49%	-6.74%	-12.25%	-11.15%	-12.62%
Return on Common Equity (ROCE)	0.00%	-2.09%	7.72%	-0.84%	3.28%	65.64%	-8.03%	-14.18%	-12.95%	-15.17%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.33%	8.73%	-0.94%	3.14%	46.56%	-8.59%	-15.80%	-13.94%	-16.89%
Net Operating Profit after Tax (NOPAT)	-8.47	-6.60	-54	-49	-106	-147	-93	-101	-83	-73
NOPAT Margin	-0.60%	-0.56%	-4.69%	-4.27%	-9.87%	-25.09%	-12.59%	-15.29%	-14.60%	-16.04%
Net Nonoperating Expense Percent (NNEP)	0.00%	-1.64%	23.20%	4.87%	13.32%	107.67%	-8.29%	-13.94%	-11.60%	-13.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-3.60%	-3.45%	-3.64%
Cost of Revenue to Revenue	90.52%	89.31%	85.68%	86.39%	85.31%	89.52%	93.98%	95.29%	92.46%	99.36%
SG&A Expenses to Revenue	6.81%	7.09%	8.76%	8.00%	12.47%	19.91%	20.43%	23.11%	25.07%	20.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.33%	10.88%	21.02%	26.32%	25.68%	42.67%	24.01%	26.55%	28.40%	23.56%
Earnings before Interest and Taxes (EBIT)	-0.30	7.10	-73	21	240	2,174	-444	-326	-203	-257
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	65	70	-15	82	333	2,230	-395	-281	-165	-229
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.13	1.09	1.79	1.07	0.93	0.58	0.58	0.68
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.86	1.28	1.96	1.10	0.95	0.60	0.60	0.70
Price to Revenue (P/Rev)	0.00	0.00	1.03	1.06	2.49	6.88	4.18	2.39	2.38	2.75
Price to Earnings (P/E)	0.00	0.00	10.97	44.27	34.43	2.26	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.81%
Earnings Yield	0.00%	0.00%	9.12%	2.26%	2.90%	44.32%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.25	2.23	6.83	1.16	0.74	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.58	0.47	1.28	3.11	0.90	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	6.50	4.12	0.82	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	25.47	5.72	0.84	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	2.18	0.00	0.00	1.16	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.10	0.12	0.04	0.08	0.02	0.00	0.04	0.05	0.10
Long-Term Debt to Equity	0.00	0.09	0.01	0.04	0.08	0.01	0.00	0.04	0.04	0.07
Financial Leverage	0.00	-0.64	-0.58	-0.67	-0.84	-0.67	-0.65	-0.78	-0.83	-0.84
Leverage Ratio	0.00	1.46	1.37	1.25	1.30	1.26	1.19	1.16	1.16	1.19
Compound Leverage Factor	0.00	1.07	1.40	1.35	1.29	1.27	1.16	1.19	1.18	1.22
Debt to Total Capital	0.00%	9.39%	10.47%	3.85%	7.67%	1.65%	0.49%	3.46%	4.35%	9.07%
Short-Term Debt to Total Capital	0.00%	1.02%	9.49%	0.47%	0.42%	0.29%	0.07%	0.08%	0.10%	3.06%
Long-Term Debt to Total Capital	0.00%	8.37%	0.99%	3.38%	7.25%	1.36%	0.42%	3.38%	4.25%	6.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	10.44%	7.27%	6.02%	2.49%	0.15%	0.17%	-0.14%	-0.63%	-1.06%
Common Equity to Total Capital	0.00%	80.17%	82.25%	90.13%	89.84%	98.20%	99.34%	96.68%	96.28%	92.00%
Debt to EBITDA	0.00	1.50	-9.30	0.58	0.38	0.03	-0.04	-0.35	-0.64	-0.79
Net Debt to EBITDA	0.00	-8.07	42.68	-9.26	-3.99	-0.99	6.17	8.08	11.43	6.95
Long-Term Debt to EBITDA	0.00	1.33	-0.88	0.51	0.36	0.02	-0.04	-0.34	-0.62	-0.52
Debt to NOPAT	0.00	-15.86	-2.49	-0.98	-1.20	-0.43	-0.18	-0.96	-1.26	-2.49
Net Debt to NOPAT	0.00	85.55	11.41	15.55	12.58	15.06	26.10	22.45	22.60	21.94
Long-Term Debt to NOPAT	0.00	-14.14	-0.23	-0.86	-1.14	-0.36	-0.15	-0.94	-1.23	-1.65
Altman Z-Score	0.00	0.00	2.84	3.94	4.07	5.35	3.78	2.79	2.62	2.01
Noncontrolling Interest Sharing Ratio	0.00%	11.52%	9.71%	7.17%	4.26%	0.88%	0.16%	0.03%	-0.38%	-0.89%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.71	1.40	2.82	3.18	4.18	0.68	2.53	1.65	1.34
Quick Ratio	0.00	1.37	1.20	2.36	2.69	3.76	0.48	2.30	1.13	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-370	-225	245	-67	-1,518	577	358	-69	133
Operating Cash Flow to CapEx	0.00%	121.57%	-226.18%	-208.18%	-1,220.29%	-636.31%	-5,336.36%	-4,021.57%	-3,251.85%	-45,050.00%
Free Cash Flow to Firm to Interest Expense	0.00	-71.17	-32.15	52.14	-3.74	-168.65	58.86	29.08	-3.84	11.44
Operating Cash Flow to Interest Expense	2.02	11.60	-12.96	-4.87	-4.73	-12.66	-17.97	-16.67	-4.91	-7.77
Operating Cash Flow Less CapEx to Interest Expense	6.89	2.06	-18.69	-7.21	-5.12	-14.64	-18.31	-17.09	-5.06	-7.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.80	0.78	0.78	0.60	0.17	0.17	0.19	0.20	0.18
Accounts Receivable Turnover	0.00	47.71	38.23	34.67	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	44.03	36.98	38.13	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	5.01	5.10	5.82	6.33	3.80	6.02	7.04	7.80	7.51
Accounts Payable Turnover	0.00	11.50	10.31	10.10	10.03	5.84	7.02	6.84	6.88	6.97
Days Sales Outstanding (DSO)	0.00	7.65	9.55	10.53	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	8.29	9.87	9.57	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	31.73	35.40	36.14	36.39	62.52	52.02	53.40	53.05	52.36
Cash Conversion Cycle (CCC)	0.00	-15.79	-15.98	-16.04	-36.39	-62.52	-52.02	-53.40	-53.05	-52.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	364	534	240	201	1,572	902	443	428	223
Invested Capital Turnover	0.00	6.48	2.58	2.96	4.85	0.66	0.60	0.98	1.31	1.39
Increase / (Decrease) in Invested Capital	0.00	364	171	-294	-39	1,371	-670	-459	-15	-205
Enterprise Value (EV)	0.00	0.00	669	535	1,374	1,822	670	-695	-542	-367
Market Capitalization	0.00	0.00	1,194	1,222	2,661	4,030	3,104	1,581	1,354	1,246
Book Value per Share	$0.00	$12.66	$15.01	$15.65	$20.66	$41.24	$37.51	$34.85	$32.87	$29.27
Tangible Book Value per Share	$0.00	$9.61	$9.10	$13.30	$18.87	$40.09	$36.61	$33.86	$31.88	$28.18
Total Capital	0.00	1,115	1,288	1,248	1,657	3,849	3,358	2,812	2,414	1,996
Total Debt	0.00	105	135	48	127	64	16	97	105	181
Total Long-Term Debt	0.00	93	13	42	120	52	14	95	103	120
Net Debt	0.00	-565	-619	-762	-1,329	-2,213	-2,439	-2,272	-1,881	-1,592
Capital Expenditures (CapEx)	-27	50	40	11	6.90	18	3.30	5.10	2.70	0.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-69	-41	-50	-95	-106	-141	-92	-50	-26
Debt-free Net Working Capital (DFNWC)	0.00	125	223	298	439	654	-56	190	72	111
Net Working Capital (NWC)	0.00	113	100	292	432	642	-58	188	70	50
Net Nonoperating Expense (NNE)	-1.17	5.30	-147	-38	-152	-1,907	193	328	241	238
Net Nonoperating Obligations (NNO)	0.00	-646	-619	-960	-1,329	-2,213	-2,439	-2,272	-1,881	-1,592
Total Depreciation and Amortization (D&A)	66	63	58	61	93	56	49	45	38	28
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-5.86%	-3.52%	-4.31%	-8.83%	-18.17%	-19.05%	-13.96%	-8.68%	-5.81%
Debt-free Net Working Capital to Revenue	0.00%	10.57%	19.25%	25.93%	41.05%	111.58%	-7.49%	28.73%	12.68%	24.62%
Net Working Capital to Revenue	0.00%	9.60%	8.68%	25.42%	40.39%	109.65%	-7.80%	28.38%	12.25%	11.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.32)	($0.18)	$1.54	$0.39	$1.07	$20.84	($3.19)	($5.25)	($4.27)	($4.73)
Adjusted Weighted Average Basic Shares Outstanding	70.60M	70.60M	70.60M	71.20M	72.20M	85.70M	90.10M	81.60M	73.40M	64.40M
Adjusted Diluted Earnings per Share	($0.32)	($0.18)	$1.54	$0.39	$1.07	$20.79	($3.19)	($5.25)	($4.27)	($4.73)
Adjusted Weighted Average Diluted Shares Outstanding	70.60M	70.60M	70.60M	71.30M	72.40M	85.90M	90.10M	81.60M	73.40M	64.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	68.90M	70.86M	72.22M	79.52M	91.65M	86.49M	76.26M	72.48M	62.79M
Normalized Net Operating Profit after Tax (NOPAT)	-8.47	-1.54	-54	-83	-96	-141	-93	-101	-83	-73
Normalized NOPAT Margin	-0.60%	-0.13%	-4.69%	-7.27%	-9.00%	-24.05%	-12.59%	-15.29%	-14.60%	-16.04%
Pre Tax Income Margin	-0.27%	0.44%	-6.42%	1.97%	22.23%	372.53%	-58.34%	-50.69%	-36.33%	-58.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.05	1.37	-10.37	4.47	13.49	241.52	-45.34	-26.49	-11.33	-22.15
NOPAT to Interest Expense	-1.54	-1.27	-7.75	-10.43	-5.93	-16.33	-9.54	-8.23	-4.65	-6.26
EBIT Less CapEx to Interest Expense	4.82	-8.17	-16.10	2.13	13.10	239.53	-45.67	-26.90	-11.48	-22.16
NOPAT Less CapEx to Interest Expense	3.33	-10.81	-13.48	-12.77	-6.32	-18.31	-9.87	-8.64	-4.80	-6.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-376.71%	-5.88%	0.43%	-0.94%	1.92%	0.05%	-0.07%	-1.89%	-0.22%	-7.32%
Augmented Payout Ratio	-376.71%	-5.88%	0.43%	-0.94%	12.39%	0.86%	-56.01%	-55.31%	-35.14%	-81.94%

This table displays calculated financial ratios and metrics derived from Cannae's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.83%	-12.44%	-12.71%	-23.38%	-28.26%	-22.77%	-20.68%	-7.88%	-6.78%	-6.61%	-6.15%
EBITDA Growth	111.95%	74.96%	-204.74%	-77.86%	-173.60%	-208.02%	106.97%	-279.71%	73.45%	19.42%	-88.89%
EBIT Growth	108.63%	71.99%	-218.87%	-84.98%	-221.43%	-172.01%	102.90%	-465.04%	60.22%	18.83%	-202.00%
NOPAT Growth	61.12%	27.41%	-92.35%	-274.41%	-38.12%	-17.35%	-46.35%	72.90%	47.29%	-164.78%	84.08%
Net Income Growth	97.23%	65.84%	-409.06%	-292.47%	-1,230.43%	-71.46%	89.74%	18.51%	-25.27%	-55.16%	-304.57%
EPS Growth	98.26%	63.17%	-415.94%	-1,077.78%	-2,440.00%	-114.66%	89.91%	14.77%	-42.52%	-57.83%	-468.18%
Operating Cash Flow Growth	48.83%	84.23%	63.01%	-81.97%	-82.74%	31.54%	-60.30%	63.96%	125.28%	-111.76%	32.29%
Free Cash Flow Firm Growth	-34.11%	-83.10%	-98.34%	-109.54%	-21.79%	42.05%	467.37%	548.63%	-61.42%	-35.41%	53.49%
Invested Capital Growth	-34.46%	-21.68%	-12.15%	-3.27%	-44.05%	-38.48%	-36.75%	-47.93%	-32.08%	-53.49%	-54.75%
Revenue Q/Q Growth	-0.90%	-0.97%	-6.02%	-16.92%	-7.21%	6.59%	-3.47%	-3.51%	-6.10%	6.78%	-2.99%
EBITDA Q/Q Growth	-57.86%	-232.99%	-228.63%	112.02%	-240.10%	-279.76%	107.43%	-410.00%	79.30%	-1,597.40%	100.99%
EBIT Q/Q Growth	-64.10%	-310.20%	-195.63%	106.73%	-390.24%	-241.67%	103.15%	-947.17%	68.37%	-865.49%	96.28%
NOPAT Q/Q Growth	-35.57%	33.32%	-164.80%	-56.42%	49.99%	43.35%	-230.24%	71.04%	2.73%	-184.58%	78.33%
Net Income Q/Q Growth	-123.63%	-1,210.14%	-88.72%	67.06%	-63.35%	-68.85%	88.71%	-161.71%	-151.09%	-109.13%	70.56%
EPS Q/Q Growth	-155.56%	-2,220.00%	-87.93%	59.63%	-44.32%	-96.06%	91.16%	-240.91%	-141.33%	-117.13%	68.19%
Operating Cash Flow Q/Q Growth	-7.65%	24.37%	-33.56%	-67.34%	-8.11%	71.67%	-212.75%	62.38%	175.83%	-337.36%	0.00%
Free Cash Flow Firm Q/Q Growth	-54.65%	-51.76%	-85.20%	-394.56%	471.81%	-12.38%	-40.88%	132.92%	-68.03%	46.69%	32.10%
Invested Capital Q/Q Growth	-4.74%	-5.12%	-8.42%	16.86%	-44.90%	4.32%	-5.85%	-3.80%	-28.12%	-28.57%	-8.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	4.60%	8.64%	8.01%	9.39%	-6.05%	5.68%	2.46%	0.09%	-1.94%	-15.25%	5.80%
EBITDA Margin	25.53%	-34.29%	-119.92%	17.35%	-26.20%	-136.78%	10.54%	-33.85%	-7.46%	-118.60%	1.22%
Operating Margin	-14.71%	-12.83%	-36.14%	-20.70%	-36.68%	-19.49%	-15.89%	-20.02%	-20.74%	-55.26%	-12.35%
EBIT Margin	19.05%	-40.45%	-127.23%	10.31%	-32.25%	-142.46%	4.65%	-40.86%	-13.76%	-124.41%	-4.77%
Profit (Net Income) Margin	-4.47%	-59.16%	-118.80%	-47.11%	-82.93%	-131.36%	-15.36%	-41.67%	-111.43%	-218.24%	-66.23%
Tax Burden Percent	-24.82%	143.26%	92.17%	-422.56%	253.59%	91.50%	-546.88%	95.42%	692.77%	177.36%	1,089.23%
Interest Burden Percent	94.56%	102.10%	101.31%	108.13%	101.40%	100.77%	60.38%	106.90%	116.90%	98.91%	127.45%
Effective Tax Rate	9.35%	0.00%	0.00%	-130.08%	0.00%	0.00%	-193.75%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-16.25%	-12.36%	-39.15%	-62.34%	-41.09%	-20.75%	-72.08%	-19.47%	-32.60%	-93.78%	-22.09%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.83%	-8.86%	-32.92%	-62.37%	-38.16%	-13.48%	-74.04%	-17.72%	-26.99%	-80.03%	-17.54%
Return on Net Nonoperating Assets (RNNOA)	13.72%	7.33%	27.85%	51.56%	33.12%	11.53%	63.56%	14.92%	24.29%	71.12%	15.60%
Return on Equity (ROE)	-2.53%	-5.03%	-11.30%	-10.78%	-7.97%	-9.23%	-8.51%	-4.55%	-8.31%	-22.65%	-6.48%
Cash Return on Invested Capital (CROIC)	12.07%	7.64%	-7.59%	-15.78%	27.38%	17.28%	20.13%	40.75%	8.35%	25.52%	26.52%
Operating Return on Assets (OROA)	3.73%	-8.21%	-25.94%	2.02%	-5.91%	-26.83%	0.85%	-7.52%	-2.60%	-27.13%	-1.08%
Return on Assets (ROA)	-0.88%	-12.00%	-24.22%	-9.24%	-15.20%	-24.74%	-2.81%	-7.67%	-21.07%	-47.59%	-14.99%
Return on Common Equity (ROCE)	-2.53%	-5.04%	-11.36%	-10.82%	-8.01%	-9.28%	-8.60%	-4.59%	-8.39%	-22.95%	-6.59%
Return on Equity Simple (ROE_SIMPLE)	-6.87%	-0.50%	-9.99%	0.00%	-17.92%	-24.92%	-17.01%	0.00%	-19.38%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-21	-14	-36	-57	-28	-16	-53	-15	-15	-43	-9.24
NOPAT Margin	-13.34%	-8.98%	-25.30%	-47.64%	-25.67%	-13.64%	-46.68%	-14.01%	-14.52%	-38.68%	-8.64%
Net Nonoperating Expense Percent (NNEP)	0.58%	-3.50%	-6.23%	0.03%	-2.93%	-7.27%	1.97%	-1.75%	-5.61%	-13.74%	-4.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-2.35%	-1.21%	-	-	-0.77%	-0.80%	-2.80%	-0.74%
Cost of Revenue to Revenue	95.40%	91.36%	91.99%	90.61%	106.05%	94.32%	97.54%	99.91%	101.94%	115.25%	94.20%
SG&A Expenses to Revenue	16.01%	18.46%	40.04%	27.24%	27.64%	22.29%	15.45%	17.11%	15.79%	37.30%	15.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.31%	21.47%	44.15%	30.09%	30.62%	25.17%	18.35%	20.11%	18.80%	40.02%	18.15%
Earnings before Interest and Taxes (EBIT)	29	-62	-183	12	-36	-168	5.30	-45	-14	-137	-5.10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	39	-52	-172	21	-29	-161	12	-37	-7.70	-131	1.30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.56	0.59	0.57	0.58	0.69	0.60	0.63	0.68	0.67	0.95	0.85
Price to Tangible Book Value (P/TBV)	0.58	0.61	0.58	0.60	0.71	0.62	0.66	0.70	0.70	1.00	0.90
Price to Revenue (P/Rev)	2.36	2.45	2.23	2.38	2.98	2.32	2.59	2.75	2.59	3.00	2.38
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.66%	1.26%	1.81%	2.62%	2.30%	2.79%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.30	4.99	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.47	1.31	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.61	12.40	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.04	0.04	0.05	0.04	0.04	0.10	0.10	0.10	0.12	0.06
Long-Term Debt to Equity	0.04	0.04	0.04	0.04	0.03	0.04	0.10	0.07	0.04	0.05	0.05
Financial Leverage	-0.82	-0.83	-0.85	-0.83	-0.87	-0.86	-0.86	-0.84	-0.90	-0.89	-0.89
Leverage Ratio	1.15	1.17	1.17	1.16	1.15	1.17	1.20	1.19	1.19	1.24	1.25
Compound Leverage Factor	1.09	1.19	1.18	1.25	1.17	1.18	0.72	1.27	1.39	1.22	1.59
Debt to Total Capital	3.61%	3.85%	4.16%	4.35%	3.38%	3.99%	8.87%	9.07%	9.14%	11.04%	5.48%
Short-Term Debt to Total Capital	0.05%	0.19%	0.13%	0.10%	0.08%	0.03%	0.09%	3.06%	5.46%	7.00%	0.55%
Long-Term Debt to Total Capital	3.56%	3.66%	4.03%	4.25%	3.30%	3.96%	8.77%	6.01%	3.67%	4.05%	4.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.24%	-0.37%	-0.94%	-0.63%	-0.73%	-0.88%	-1.04%	-1.06%	-1.24%	-1.62%	-2.17%
Common Equity to Total Capital	96.63%	96.53%	96.79%	96.28%	97.35%	96.89%	92.17%	92.00%	92.11%	90.58%	96.69%
Debt to EBITDA	1.16	0.42	-1.12	-0.64	-0.34	-0.22	-1.06	-0.79	-0.82	-0.96	-0.37
Net Debt to EBITDA	-26.10	-8.91	21.80	11.43	8.71	4.61	9.53	6.95	4.42	4.05	5.77
Long-Term Debt to EBITDA	1.14	0.40	-1.09	-0.62	-0.33	-0.22	-1.05	-0.52	-0.33	-0.35	-0.33
Debt to NOPAT	-0.65	-1.36	-1.28	-1.26	-0.83	-0.80	-2.43	-2.49	-2.88	-1.97	-0.83
Net Debt to NOPAT	14.58	28.72	24.86	22.60	21.19	16.68	21.90	21.94	15.54	8.34	13.10
Long-Term Debt to NOPAT	-0.64	-1.29	-1.24	-1.23	-0.81	-0.79	-2.41	-1.65	-1.16	-0.72	-0.75
Altman Z-Score	3.07	2.92	2.50	2.88	3.43	2.38	2.35	2.33	2.55	2.25	2.35
Noncontrolling Interest Sharing Ratio	-0.05%	-0.14%	-0.50%	-0.38%	-0.48%	-0.61%	-1.05%	-0.89%	-1.02%	-1.29%	-1.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.53	1.49	1.07	1.65	3.32	1.01	2.55	1.34	4.19	2.78	2.03
Quick Ratio	2.34	1.30	0.65	1.13	2.81	0.55	2.01	0.94	0.68	0.30	1.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	201	97	14	-42	157	138	82	190	61	89	118
Operating Cash Flow to CapEx	-788.00%	-677.27%	-865.22%	0.00%	-12,000.00%	0.00%	0.00%	-521.74%	4,550.00%	-1,080.00%	-864.00%
Free Cash Flow to Firm to Interest Expense	45.73	24.27	2.48	-11.44	60.53	68.95	28.11	46.32	15.98	26.99	35.65
Operating Cash Flow to Interest Expense	-4.48	-3.73	-3.43	-9.00	-13.85	-5.10	-11.00	-2.93	2.39	-6.55	-6.55
Operating Cash Flow Less CapEx to Interest Expense	-5.05	-4.28	-3.83	-7.84	-13.96	-4.70	-10.45	-3.49	2.34	-7.15	-7.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.20	0.20	0.20	0.18	0.19	0.18	0.18	0.19	0.22	0.23
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.06	7.37	7.97	7.80	7.41	6.88	7.31	7.51	8.03	7.45	7.47
Accounts Payable Turnover	7.66	7.17	6.87	6.88	6.75	5.96	6.23	6.97	7.08	5.67	5.80
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	47.62	50.90	53.11	53.05	54.07	61.22	58.59	52.36	51.57	64.36	62.91
Cash Conversion Cycle (CCC)	-47.62	-50.90	-53.11	-53.05	-54.07	-61.22	-58.59	-52.36	-51.57	-64.36	-62.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	422	400	367	428	236	246	232	223	160	115	105
Invested Capital Turnover	1.22	1.38	1.55	1.31	1.60	1.52	1.54	1.39	2.25	2.42	2.56
Increase / (Decrease) in Invested Capital	-222	-111	-51	-15	-186	-154	-135	-205	-76	-132	-127
Enterprise Value (EV)	-775	-656	-672	-542	-476	-516	-456	-367	209	571	-79
Market Capitalization	1,528	1,535	1,350	1,354	1,570	1,139	1,196	1,246	1,151	1,310	1,026
Book Value per Share	$35.74	$33.89	$32.56	$32.87	$31.49	$30.28	$30.03	$29.27	$27.39	$21.99	$21.60
Tangible Book Value per Share	$34.74	$32.90	$31.54	$31.88	$30.53	$29.18	$28.93	$28.18	$26.31	$20.92	$20.40
Total Capital	2,821	2,685	2,468	2,414	2,344	1,962	2,044	1,996	1,867	1,525	1,251
Total Debt	102	103	103	105	79	78	181	181	171	168	69
Total Long-Term Debt	100	98	100	103	77	78	179	120	69	62	62
Net Debt	-2,297	-2,182	-1,999	-1,881	-2,029	-1,637	-1,631	-1,592	-919	-714	-1,078
Capital Expenditures (CapEx)	2.50	2.20	2.30	-4.30	0.30	-0.80	-1.60	2.30	0.20	2.00	2.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-99	-99	-66	-50	-48	-53	-37	-26	565	439	-92
Debt-free Net Working Capital (DFNWC)	191	67	11	72	236	1.90	133	111	691	506	141
Net Working Capital (NWC)	189	62	7.90	70	234	1.40	131	50	589	399	135
Net Nonoperating Expense (NNE)	-14	77	134	-0.63	63	139	-36	30	100	198	62
Net Nonoperating Obligations (NNO)	-2,297	-2,182	-1,999	-1,881	-2,029	-1,637	-1,631	-1,592	-1,536	-1,242	-1,078
Total Depreciation and Amortization (D&A)	10	9.40	11	8.40	6.70	6.70	6.70	7.70	6.50	6.40	6.40
Debt-free, Cash-free Net Working Capital to Revenue	-15.24%	-15.80%	-10.82%	-8.68%	-9.08%	-10.72%	-8.03%	-5.81%	126.90%	100.41%	-21.48%
Debt-free Net Working Capital to Revenue	29.41%	10.71%	1.81%	12.68%	44.89%	0.39%	28.69%	24.62%	155.26%	115.67%	32.87%
Net Working Capital to Revenue	29.18%	9.92%	1.30%	12.25%	44.53%	0.28%	28.27%	11.14%	132.34%	91.26%	31.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.05)	($1.16)	($2.18)	($0.88)	($1.27)	($2.49)	($0.22)	($0.75)	($1.81)	($3.93)	($1.25)
Adjusted Weighted Average Basic Shares Outstanding	76.10M	75.40M	72.10M	73.40M	70.80M	62.20M	62.40M	64.40M	62.30M	60.80M	54.70M
Adjusted Diluted Earnings per Share	($0.05)	($1.16)	($2.18)	($0.88)	($1.27)	($2.49)	($0.22)	($0.75)	($1.81)	($3.93)	($1.25)
Adjusted Weighted Average Diluted Shares Outstanding	76.10M	75.40M	72.10M	73.40M	70.90M	62.20M	62.40M	64.40M	62.30M	60.80M	54.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	76.49M	73.37M	70.71M	72.48M	62.77M	62.73M	62.74M	62.79M	62.82M	56.01M	49.29M
Normalized Net Operating Profit after Tax (NOPAT)	-21	-14	-36	-17	-28	-16	-13	-15	-15	-43	-9.24
Normalized NOPAT Margin	-13.34%	-8.98%	-25.30%	-14.49%	-25.67%	-13.64%	-11.12%	-14.01%	-14.52%	-38.68%	-8.64%
Pre Tax Income Margin	18.02%	-41.30%	-128.90%	11.15%	-32.70%	-143.56%	2.81%	-43.68%	-16.09%	-123.05%	-6.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.68	-15.45	-31.50	3.32	-13.73	-84.05	1.83	-10.95	-3.74	-41.55	-1.55
NOPAT to Interest Expense	-4.68	-3.43	-6.26	-15.36	-10.93	-8.05	-18.33	-3.76	-3.94	-12.92	-2.80
EBIT Less CapEx to Interest Expense	6.11	-16.00	-31.90	4.49	-13.85	-83.65	2.38	-11.51	-3.79	-42.15	-2.30
NOPAT Less CapEx to Interest Expense	-5.24	-3.98	-6.66	-14.20	-11.05	-7.65	-17.78	-4.32	-3.99	-13.52	-3.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-1.51%	-0.22%	0.00%	-1.73%	-4.87%	-7.32%	-9.09%	-7.31%	-6.59%
Augmented Payout Ratio	-91.66%	-1,075.97%	-66.82%	-35.14%	0.00%	-62.86%	-79.22%	-81.94%	-9.09%	-34.26%	-55.90%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Cannae (NYSE: CNNE) using the quarterly statements from 2022 through 2025. The four-year view shows a mix of sizable one-time liquidity moves, ongoing profitability challenges, and cash-flow volatility driven by investing and financing activity.

Big one-off liquidity from asset divestitures and investments (Q3 2025): Sale and/or Maturity of Investments = $631,800,000 and Divestitures = $89,500,000, boosting cash inflows.
Solid cash on hand at the period end (Q3 2025): Cash & Equivalents = $233,800,000, indicating usable liquidity to fund near-term needs.
Positive operating cash flow observed in at least one recent quarter (Q1 2025): Net Cash From Continuing Operating Activities = $9,100,000, showing occasional cash conversion from operations.
Debt management activity supports balance sheet quality (Q3 2025): Repayment of Debt = $141,400,000, helping reduce leverage over time.
Substantial long-term investments balance supports potential value (Q3 2025): Long-Term Investments = $912,600,000, suggesting exposure to longer-horizon assets that could unlock upside.
Equity cushion vs. liabilities remains sizeable (Q3 2025): Total Assets ≈ $1.514B; Total Liabilities ≈ $331.6M; Total Equity & Noncontrolling Interests ≈ $1.1827B, implying a robust balance sheet under current reporting.

Non-cash adjustments are large in several quarters: for example, Non-Cash Adjustments To Reconcile Net Income were substantial (e.g., $61.9M in Q3 2025; $77.0M in Q1 2025; $69.0M in Q3 2024), which can distort earnings vs. cash flow.
Treasury stock creates an equity drag in multiple periods: large negative balances in treasury stock reduce reported equity, affecting book value comparisons over time.

Bottom-line profitability remains negative across most quarters: Consolidated Net Income / (Loss) and per-share figures show ongoing losses (e.g., Q3 2025 Consolidated Net Income = -$70.8M; Q2 2025 = -$229.5M; Q1 2025 = -$113.0M; Q4 2024 = -$45.8M).
Operating cash flow frequently negative, signaling cash burn from core operations: several quarters show negative Net Cash From Continuing Operating Activities (e.g., Q3 2025 = -$21.6M; Q2 2025 = -$21.6M; Q3 2024 = -$31.9M).
Heavy investing activity drives cash outflows and earnings noise: Net Cash From Continuing Investing Activities is often negative (e.g., Q3 2025 = -$416.3M of investing cash outflow; Q3 2024 also shows sizable investing outflows), reflecting acquisitions and asset purchases rather than free cash flow generation.
Financing activity frequently nets outflows due to debt repayments and buybacks: Net Cash From Financing Activities has been negative in several quarters (e.g., Q3 2025 = -$227.6M; Q2 2025 = -$122.4M), indicating cash used for deleveraging and shareholder return activity.

05/14/26 12:27 PM ETAI Generated. May Contain Errors.

Cannae Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cannae's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Cannae's net income appears to be on a downward trend, with a most recent value of -$310.10 million in 2024, rising from -$7.30 million in 2015. The previous period was -$324.10 million in 2023. Find out what analysts predict for Cannae in the coming months.

Cannae's total operating income in 2024 was -$103.70 million, based on the following breakdown:

Total Gross Profit: $2.90 million
Total Operating Expenses: $106.60 million

Over the last 9 years, Cannae's total revenue changed from $1.41 billion in 2015 to $452.50 million in 2024, a change of -68.0%.

Cannae's total liabilities were at $413.60 million at the end of 2024, a 9.6% increase from 2023, and a 10.8% decrease since 2016.

In the past 8 years, Cannae's cash and equivalents has ranged from $85.80 million in 2021 to $724.70 million in 2020, and is currently $131.50 million as of their latest financial filing in 2024.

Over the last 9 years, Cannae's book value per share changed from 0.00 in 2015 to 29.27 in 2024, a change of 2,927.2%.

Related Companies

Financial statements for NYSE:CNNE last updated on 11/13/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cannae (CNNE) Financials

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When does Cannae's financial year end?

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How has Cannae's revenue changed over the last 9 years?

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