Axis Capital Holdings Ltd (AXS) is undervalued and Fidelity National Financial Inc (FNF) is overvalued.
Against our estimates of intrinsic value, AXS trades at the wider discount: a margin of safety of +52%, against -23% for FNF.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 17.4% return on equity justifies, blended with earnings, values the shares at $200.30; the price of $96.28 is 52% below that value.
Leak Score 100/100 on 3 of 12 signals
Book value at 1.04x, the multiple a 10.1% return on equity justifies, blended with earnings, values the shares at $34.53; the price of $42.55 is 23% above that value.
Leak Score 27/100 on 3 of 12 signals
| Metric | AXS | FNF |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $96.28 | $42.55 |
| Intrinsic value | $200.30 | $34.53 |
| Margin of safety | +52% | -23% |
| Leak Score | 100/100 (3/12) | 27/100 (3/12) |
| Market cap | $7.0B | $11.4B |
| Revenue growth, 5 years | 5.9% | 6.0% |
| Operating margin | 20.4% | 12.9% |
| Net margin | 15.8% | 5.0% |
| Return on equity | 17.4% | 10.1% |
| Debt to equity | 0.23 | 0.64 |
| P/E | 6.8x | 14.8x |
| Forward P/E | 7.2x | 7.4x |
| P/B | 1.2x | 1.5x |
| Dividend yield | 1.9% | 4.8% |