Fairfax Financial Holdings Limited FFH

FinancialsInsuranceCanada

Last close 2,501.52 CAD on Nov 1, 2026, −3.6% year to date

Quant rating

Quant rating A+ Rank 20 of 51 in Financials

Growth B 32 of 51
Valuation B 19 of 51
Quality B 12 of 51
Revisions A 7 of 51
Momentum B 12 of 51

Wall Street consensus Buy (2.44)Average target 2,982.84 CAD +19.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 52.0B
Enterprise value: 70.2B
52-week range: 2,066.16 – 2,700.00
3-year range: 1,155.78 – 2,700.00
Dividend yield: 0.83%
Beta (5 years): 0.46
Shares outstanding: 20.8M
Next earnings: Nov 3, 2026

About the company

Fairfax Financial Holdings Ltd is a holding company. The Company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and associated investment management. Its segments include Property and Casualty Insurance and Reinsurance, Life Insurance and Run-off and Non-insurance companies. The Property and Casualty Insurance and Reinsurance segment includes North American Insurers, Global Insurers and Reinsurers and International Insurers and Reinsurers. The Life Insurance and Run-off segment includes Eurolife and Run-off. The Non-insurance companies segment includes Recipe, Sporting Life Group, Thomas Cook India, Fairfax India, MW Eat, Dexterra Group and others. Recipe franchises and/or operates restaurant brands across Canada and in select locations in the United States. Fairfax India invests in public and private equity and debt instruments in India and Indian businesses or other businesses primarily conducted in or dependent on India.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	52,751	51,771	43,067	39,360	27,436	–
Revenue growth	1.9%	20.2%	9.4%	43.5%	15.2%	17.2%
EPS (basic, normalized)	292.43	227.85	233.23	58.52	155.49	–
EPS growth	28.3%	−2.3%	298.6%	−62.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	11.4%	10.0%	12.2%	10.6%	14.1%	11.7%
ROE	19.0%	16.5%	25.7%	6.9%	22.5%	18.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	20,285
Net debt (mil)	–
Total equity (mil)	37,305
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	52,751	+1.9%	1.3x	1,723.81	+10.6%	1.5x	292.43	+28.3%	8.6x
2026	38,252	−27.5%	1.8x	1,949.52	+13.1%	1.3x	249.74	−14.6%	10.0x
2027	39,594	+3.5%	1.8x	2,232.28	+14.5%	1.1x	272.02	+8.9%	9.2x
2028	40,643	+2.6%	1.7x	2,593.62	+16.2%	1.0x	296.23	+8.9%	8.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	38,252	−13.6%	−12.8%	−12.9%	249.74	−7.3%	−8.6%	−9.2%
2027	39,594	−14.2%	−13.2%	−13.5%	272.02	−0.4%	+2.2%	+0.7%
2028	40,643	−33.8%	−33.8%	−33.8%	296.23	+10.9%	+20.1%	+20.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	6,028	8,918	–	6,257	6,842	6,420	5,901	7,058	7,344
Sales mean (mil)	–	6,515	6,329	6,409	6,454	6,723	6,800	6,557	7,000	7,006
Surprise	–	−7.5%	+40.9%	–	−3.1%	+1.8%	−5.6%	−10.0%	+0.8%	+4.8%
EPS reported	30.82	37.18	42.62	50.42	42.70	61.61	52.04	57.57	31.11	63.38
EPS mean	41.16	31.33	34.27	38.68	30.49	53.02	43.27	54.38	48.57	86.56
Surprise	−25.1%	+18.7%	+24.4%	+30.4%	+40.1%	+16.2%	+20.3%	+5.9%	−35.9%	−26.8%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FFH Fairfax Financial Holdings Limited	52.0B	19.0%	11.4%	1.47x	10.0x	9.2x	1.3x	1.1x
CB Chubb Limited	194.6B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
MFC Manulife Financial Corporation	103.2B	16.5%	13.6%	1.95x	13.9x	12.3x	1.8x	2.0x
TKOMY Tokio Marine Holdings, Inc.	149.1B	–	11.8%	2.00x	17.0x	15.6x	–	–
TRV The Travelers Companies, Inc.	113.6B	20.8%	12.8%	2.80x	10.8x	12.7x	2.5x	2.3x
ALL Allstate Corp	91.9B	37.2%	15.0%	1.96x	7.2x	9.3x	1.9x	1.7x
Mean		21.6%	13.6%	2.01x	11.9x	11.9x	1.9x	1.7x
Median		19.0%	13.2%	1.95x	11.7x	12.3x	1.8x	1.7x

Technical analysis

1M+13.2%
3M+2.2%
1Y+8.5%
3Y+131.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Fairfax Financial Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	52,751	51,771	43,067	39,360	27,436	23,816
Other revenue	6,739	3,890	4,052	3,011	2,692	876
Total revenue	59,490	55,662	47,119	42,371	30,128	24,692
Losses, benefits and adjustments	35,753	35,758	29,065	27,731	17,092	14,868
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	1,589	1,581
Depreciation/amortization	–	–	–	–	808	621
Interest expense (income), operating	1,128	933	675	613	–	–
Other operating expenses	13,771	10,862	9,553	7,253	7,153	7,130
Operating income	8,839	8,108	7,826	6,774	3,486	492
Net interest income (expense)	–	–	–	−129	2,064	−181
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	8,839	8,108	7,826	6,645	5,550	311
Provision for taxes	1,587	1,978	1,077	1,480	917	263
Minority interest	−702	−558	−945	−593	−335	230
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6,550	5,572	5,804	4,572	4,297	278
Extraordinary items	–	–	–	–	–	–
Net income	6,550	5,572	5,804	4,572	4,297	278
Basic weighted average shares (mil)	21.4	22.4	23.2	23.6	26.0	26.4
Diluted weighted average shares (mil)	23.1	24.2	25.0	25.3	27.5	27.7
Basic EPS, normalized	292.43	227.85	233.23	58.52	155.49	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Fairfax Financial Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	1,040	1,201	810	866	642	701
Prepaid expenses	632	771	665	562	260	313
Property, plant & equipment	4,878	5,220	4,312	3,907	2,886	3,506
Goodwill	5,806	5,932	4,135	3,966	3,897	3,980
Intangibles	5,639	5,972	4,310	3,742	3,592	3,950
Insurance receivables	1,381	1,122	1,227	879	6,341	5,640
Long-term investments	94,762	88,312	80,233	68,229	57,058	49,338
Note receivable	486	621	650	681	336	715
Other long-term assets	6,301	2,625	1,377	1,549	2,397	1,976
Deferred policy acquisition costs	–	–	–	–	2,431	1,965
Other assets	23,748	23,487	20,888	17,816	22,715	18,554
Total assets	147,928	139,166	121,834	106,791	109,468	94,271
Liabilities
Accounts payable	–	–	–	–	718	617
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,462	1,438	1,157	932	604	817
Policy liabilities	69,690	69,779	62,753	55,970	65,495	53,683
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	20,358	18,778	14,303	13,168	11,236	13,069
Minority interest	5,983	6,156	6,292	5,288	6,229	4,673
Other liabilities	14,047	8,404	6,932	5,533	4,486	3,772
Total liabilities	111,540	104,556	91,436	80,891	88,767	76,631
Shareholders' equity
Preferred stock	−8.0	–	–	–	–	–
Common stock	7,429	8,142	7,942	8,246	7,811	8,544
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	30,331	27,304	22,351	17,549	12,599	9,029
Treasury stock	−1,517	−1,494	−1,201	−1,208	−1,021	−933
Other equity	153	657	1,306	1,312	1,312	999
Total equity	36,388	34,610	30,398	25,900	20,701	17,639
Total liabilities & shareholders' equity	147,928	139,166	121,834	106,791	109,468	94,271

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Fairfax Financial Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	7,251	6,130	6,748	5,164	4,632	47.6
Depreciation, depletion & amortization	1,076	1,084	1,187	918	1,175	957
Deferred taxes	277	367	230	658	428	73.7
Non-cash items	−5,557	−3,119	−5,008	−755	−4,923	−311
Changes in working capital	274	1,281	−3,209	−11,974	7,077	−589
Cash from operations	3,320	5,743	−52.2	−5,989	8,390	178
Investing activities
Capital expenditures	−805	−588	−681	−568	−447	−348
Other investing cash flows	85.6	−1,315	803	1,089	2,770	288
Cash from investing	−719	−1,903	122	521	2,323	−59.6
Financing activities
Financing cash flow items	−478	−1,197	−598	−2,003	1,730	−253
Cash dividends paid	−505	−592	−391	−400	−400	−407
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,522	−459	−425	649	−2,833	1,216
Cash from financing	−2,505	−2,248	−1,413	−1,754	−1,503	556
Foreign exchange effects	81.9	−167	21.6	−320	−91.0	94.1
Net change in cash	179	1,425	−1,322	−7,541	9,120	769
Free cash flow	2,516	5,155	−733	−6,556	7,943	−170

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.