Fairfax Financia Financials

FRFFF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Fairfax Financia (FRFFF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FRFFF FY2025 2026-04-22

Balance-sheet returns, not classic sales margins, are driving this company, and cash realization remains much choppier than reported profit over time.

Across FY2022-FY2025, cumulative net income reached $18.4B but cumulative operating cash flow was only $2.0B, so reported profit has been far less cash-convertible than it appears in any single year. Yet equity still increased from $23.0B to $30.9B, which suggests performance is being recorded through balance-sheet value creation faster than through steady cash collection.

In FY2025, return on assets was 4.9% while return on equity was 17.1%, so shareholder returns are being amplified by leverage rather than by a high-margin operating model. Small changes in asset performance can therefore have an outsized effect on what ends up attributable to equity.

Goodwill was $4.2B against equity of $30.9B in FY2025, so reported capital is not dominated by acquisition premiums. That matters because book-value growth is less reliant on intangibles than it would be in a balance sheet built mainly from deal accounting over time.

Financial Health Signals

Financial Profile 24/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Fairfax Financia's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Fairfax Financia carries a low D/E ratio of 0.44, meaning only $0.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Returns

Fairfax Financia's ROE of 17.1% shows moderate profitability relative to equity, earning a score of 48/100. This is up from 15.0% the prior year.

Piotroski F-Score Weak

3/9

Fairfax Financia passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.46x

For every $1 of reported earnings, Fairfax Financia generates $0.46 in operating cash flow ($2.4B OCF vs $5.3B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$5.3B

YoY+23.9%

5Y CAGR+169.2%

Fairfax Financia reported $5.3B in net income in fiscal year 2025. This represents an increase of 23.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$6.2B

YoY+2.1%

5Y CAGR+6.9%

Fairfax Financia held $6.2B in cash against $13.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

17.1%

YoY+2.1pp

5Y CAGR+16.9pp

Fairfax Financia's ROE was 17.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FRFFF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	$28.1B+6.0%	$26.5B+33.7%	$19.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	$46.9M-19.0%	$57.9M-7.8%	$62.8M
Income Tax	$1.2B-15.9%	$1.4B+69.1%	$813.4M-25.5%	$1.1B+50.5%	$726.0M+251.2%	$206.7M
Net Income	$5.3B+23.9%	$4.3B-16.3%	$5.1B+33.7%	$3.8B+4.0%	$3.7B+9703.7%	$37.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRFFF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$107.8B+11.4%	$96.8B+5.2%	$92.0B+16.7%	$78.8B-9.0%	$86.6B+17.0%	$74.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6.2B+2.1%	$6.1B+19.4%	$5.1B-16.3%	$6.1B-47.6%	$11.7B+161.6%	$4.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$4.2B+2.6%	$4.1B+32.1%	$3.1B+6.6%	$2.9B-5.1%	$3.1B-1.3%	$3.1B
Total Liabilities	$76.9B+12.4%	$68.4B+6.4%	$64.3B+15.2%	$55.8B-14.6%	$65.3B+15.6%	$56.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$13.6B+16.1%	$11.8B+20.9%	$9.7B+12.7%	$8.6B+11.2%	$7.8B-12.0%	$8.8B
Total Equity	$30.9B+8.9%	$28.3B+2.3%	$27.7B+20.3%	$23.0B+7.2%	$21.5B+22.5%	$17.5B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$107.8B+11.4%	$96.8B+5.2%	$92.0B+16.7%	$78.8B-9.0%	$86.6B+17.0%	$74.1B+5.0%	$70.5B+9.5%	$64.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6.2B+2.1%	$6.1B+19.4%	$5.1B-16.3%	$6.1B-47.6%	$11.7B+161.6%	$4.5B+15.6%	$3.9B-24.5%	$5.1B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$4.2B+2.6%	$4.1B+32.1%	$3.1B+6.6%	$2.9B-5.1%	$3.1B-1.3%	$3.1B+4.3%	$3.0B+10.9%	$2.7B
Total Liabilities	$76.9B+12.4%	$68.4B+6.4%	$64.3B+15.2%	$55.8B-14.6%	$65.3B+15.6%	$56.5B+7.5%	$52.6B+11.9%	$47.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$13.6B+16.1%	$11.8B+20.9%	$9.7B+12.7%	$8.6B+11.2%	$7.8B-12.0%	$8.8B+21.9%	$7.2B+11.6%	$6.5B
Total Equity	$30.9B+8.9%	$28.3B+2.3%	$27.7B+20.3%	$23.0B+7.2%	$21.5B+22.5%	$17.5B-2.1%	$17.9B+3.1%	$17.4B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRFFF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.4B-39.4%	$4.0B+10236.8%	-$39.4M+99.1%	-$4.4B-166.6%	$6.6B+4650.4%	$139.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$523.8M+60.4%	-$1.3B-1538.2%	$92.0M-76.1%	$384.8M-79.1%	$1.8B+4028.6%	-$46.8M
Financing Cash Flow	-$1.8B-16.7%	-$1.6B-46.5%	-$1.1B+17.6%	-$1.3B-8.9%	-$1.2B-372.2%	$436.9M
Dividends Paid	$368.1M-10.6%	$411.7M+39.6%	$294.9M-0.1%	$295.1M-6.8%	$316.6M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRFFF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	13.6%-0.3pp	13.9%+13.7pp	0.2%
Return on Equity	17.1%+2.1pp	15.0%-3.4pp	18.4%+1.8pp	16.6%-0.5pp	17.1%+16.9pp	0.2%
Return on Assets	4.9%+0.5pp	4.4%-1.1pp	5.5%+0.7pp	4.8%+0.6pp	4.2%+4.2pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.44+0.0	0.41+0.1	0.35-0.0	0.37+0.0	0.36-0.1	0.50
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.44+0.0	0.41+0.1	0.35-0.0	0.37+0.0	0.36-0.1	0.50+0.1	0.40+0.0	0.37
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Fairfax Financia profitable?

Yes, Fairfax Financia (FRFFF) reported a net income of $5.3B in fiscal year 2025.

How much debt does Fairfax Financia have?

As of fiscal year 2025, Fairfax Financia (FRFFF) had $6.2B in cash and equivalents against $13.6B in long-term debt.

What is Fairfax Financia's return on equity (ROE)?

Fairfax Financia (FRFFF) has a return on equity of 17.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fairfax Financia's operating cash flow?

Fairfax Financia (FRFFF) generated $2.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fairfax Financia's total assets?

Fairfax Financia (FRFFF) had $107.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What is Fairfax Financia's debt-to-equity ratio?

Fairfax Financia (FRFFF) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fairfax Financia's return on assets (ROA)?

Fairfax Financia (FRFFF) had a return on assets of 4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fairfax Financia's Piotroski F-Score?

Fairfax Financia (FRFFF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fairfax Financia's earnings high quality?

Fairfax Financia (FRFFF) has an earnings quality ratio of 0.46x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Fairfax Financia?

Fairfax Financia (FRFFF) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.