Fidelity National Financial Inc (FNF) is overvalued and MGIC Investment Corp (MTG) is undervalued.
Against our estimates of intrinsic value, MTG trades at the wider discount: a margin of safety of +35%, against -23% for FNF.
Values as of the 22 Sept 2026 close.
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
Book value at 1.89x, the multiple a 13.9% return on equity justifies, blended with earnings, values the shares at $45.37; the price of $29.29 is 35% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | FNF | MTG |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $42.55 | $29.29 |
| Intrinsic value | $34.53 | $45.37 |
| Margin of safety | -23% | +35% |
| Leak Score | 27/100 (3/12) | 100/100 (3/12) |
| Market cap | $11.4B | $6.0B |
| Revenue growth, 5 years | 6.0% | 0.2% |
| Operating margin | 12.9% | 77.0% |
| Net margin | 5.0% | 59.2% |
| Return on equity | 10.1% | 13.9% |
| Debt to equity | 0.64 | 0.13 |
| P/E | 14.8x | 9.2x |
| Forward P/E | 7.4x | 8.6x |
| P/B | 1.5x | 1.2x |
| Dividend yield | 4.8% | 2.4% |