First American Financial Corp has filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $8.09 billion, which rose 14.1% on the year before. That growth rate was down 8.4 percentage points on the rate a quarter earlier.
Profitability
The trailing net margin was 9.1%. Net income over the twelve months was $732.5 million, which rose 51.9% on the year before.
Cash flow
Operating cash flow over the twelve months was $969.5 million, up 7.0% on the year before. Capital spending was $163.7 million, or 2.0% of revenue. Free cash flow, operating cash flow less capital spending, was $805.8 million, up 14.4% on the year before. Free cash flow was 10.0% of revenue (the free-cash-flow margin), up 0.0 percentage points from a year earlier.
Share count
The average diluted share count fell 0.7% over the year.
Against its own history
Today’s free-cash-flow margin of 10.0% is higher than 72% of the company’s own past quarterly readings, which have ranged from 1.1% to 15.2%. Today’s twelve-month revenue growth rate of 14.1% is higher than 77% of the company’s own past quarterly readings, which have ranged from −26.8% to 35.0%.
What it means for value
In our model, growth 5 percentage points lower would lower the value by 24.2%, and 5 percentage points higher would raise it by 31.2%. A free-cash-flow margin 1 percentage point lower would lower it by 8.5%.
What to watch
The next filing will show whether the recent trajectory in revenue growth continues or reverses. It will also reveal if the free-cash-flow margin holds its current level or shifts. Additionally, investors will see if the net income expansion aligns with the operating cash flow trends.
