First American Financial Corporation (FAF) Balance Sheet
FAF balance sheet, 2025
December 31, 2025 · U.S. dollars$16.23B assets = $10.73B liabilities + $5.50B equity
Both columns are drawn to the same scale: what FAF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FAF financial health
Debt / equity0.35
Low leverage · $0.35 of debt for each $1 of equity
Cash / debt72.8%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles11.8%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
FAF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.85B2016 | $16.23B2025 | +3.6%/yr | |
| Total liabilities | $8.83B2016 | $10.73B2025 | +2.2%/yr | |
| Shareholders’ equity | $3.01B2016 | $5.50B2025 | +6.9%/yr | |
| Cash & short-term investments | $1.03B2016 | $1.39B2025 | +3.4%/yr | |
| Total debt | $896.7M2016 | $1.91B2025 | +8.7%/yr | |
| Net cash (debt) | $130.7M2016 | −$518.6M2025 | −$649.3M | |
| Working capital | $1.01B2016 | −$4.77B2024 | −$5.8B | |
| Book value per share | $27.122016 | $53.032025 | +7.7%/yr | |
| Debt / equity | 0.302016 | 0.352025 | +0.05 | |
| Shares outstanding | 111.2M2016 | 103.7M2025 | −0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FAF assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FAF liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FAF debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FAF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.39B | $1.80B | $3.66B | $1.22B | $1.23B | $1.28B | $1.53B | $1.50B | $1.43B | $1.03B |
| Cash & equivalents | $1.39B | $1.80B | $3.66B | $1.22B | $1.23B | $1.28B | $1.53B | $1.50B | $1.43B | $1.03B |
| Short-term investments | — | −$85.4M | $636.5M | $8.99B | $58.0M | $395.9M | $283.5M | $122.0M | $159.1M | $183.3M |
| Receivables | $432.6M | $436.1M | $585.1M | $812.0M | $1.02B | $1.13B | $622.8M | $413.0M | $349.8M | $367.8M |
| Inventory | $0 | $0 | −$4.25B | $8.56B | −$2.42B | −$2.61B | −$2.36B | −$2.10B | −$1.98B | −$1.62B |
| Other current assets | $0 | $0 | $4.25B | $0 | $2.42B | $2.61B | $2.36B | $2.10B | $1.90B | $1.54B |
| Total current assets | $1.39B | $2.24B | $4.25B | $10.21B | $2.25B | $2.41B | $2.15B | $1.92B | $1.70B | $1.31B |
| Property, plant & equipment (net) | $1.11B | $959.8M | $978.9M | $885.0M | $755.0M | $711.1M | $733.4M | $457.8M | $439.6M | $434.1M |
| Goodwill & intangible assets | $1.92B | $2.60B | $2.61B | $1.99B | $1.81B | $1.57B | $1.24B | $1.25B | $1.21B | $1.10B |
| Long-term investments | $9.32B | $7.96B | $7.89B | $8.99B | $10.60B | $7.21B | $6.59B | $6.23B | $5.38B | $5.14B |
| Other non-current assets | $2.50B | $1.15B | $1.07B | $0 | $1.06B | $898.8M | $5.23B | $4.52B | $4.33B | $3.87B |
| Total assets | $16.23B | $14.91B | $16.80B | $19.64B | $16.47B | $12.81B | $15.94B | $14.38B | $13.06B | $11.85B |
| Liabilities | ||||||||||
| Accounts payable | $47.7M | $66.7M | $63.3M | $51.0M | $87.0M | $56.0M | $58.6M | $47.1M | $68.5M | $59.3M |
| Short-term debt | $81.3M | $643.8M | $853.3M | $366.0M | $538.0M | $516.2M | $438.4M | $236.3M | $160.0M | $160.0M |
| Deferred revenue | $214.0M | $210.4M | $196.8M | $197.0M | $224.0M | $272.0M | $252.3M | $243.3M | $240.8M | $228.9M |
| Total current liabilities | — | $7.01B | $9.32B | $258.0M | $625.0M | $572.2M | $497.0M | $283.4M | $313.9M | $298.6M |
| Long-term debt | $2.45B | $2.19B | $1.95B | $2.01B | $2.19B | $1.53B | $1.01B | $808.3M | $732.8M | $736.7M |
| Lease obligations | $218.2M | $229.9M | $246.6M | $269.0M | $274.0M | $295.8M | $322.8M | — | — | — |
| Other long-term liabilities | $8.25B | $779.5M | $675.7M | $0 | $305.0M | $47.0M | $402.8M | $224.1M | $300.1M | $311.1M |
| Total liabilities | $10.73B | $9.98B | $11.94B | $14.96B | $10.68B | $7.89B | $11.52B | $10.63B | $9.57B | $8.83B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1,020 | $1,030 | $1,030 | $1,030 | $1,100 | $1,000 | $1,000 | $1,000 | $2.24B | $2.19B |
| Retained earnings (deficit) | $4.01B | $3.62B | $3.71B | $3.72B | $3.68B | $2.66B | $2.16B | $1.64B | $1.31B | $1.05B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$256.7M | −$496.4M | −$655.8M | −$868.0M | −$92.0M | $39.5M | −$41.5M | −$160.6M | −$67.5M | −$230.4M |
| Minority interest | $24.8M | $18.5M | $14.7M | $23.0M | $16.0M | $11.7M | $4.5M | $3.5M | $3.1M | $6.2M |
| Total shareholders' equity | $5.50B | $4.91B | $4.85B | $4.69B | $5.78B | $4.92B | $4.43B | $3.75B | $3.48B | $3.01B |
| Key figures | ||||||||||
| Total debt | $1.91B | $2.42B | $2.19B | $2.38B | $2.72B | $2.04B | $1.45B | $1.04B | $892.8M | $896.7M |
| Net cash (debt) | −$518.6M | −$616.8M | $1.47B | −$1.15B | −$1.50B | −$767.6M | $85.3M | $458.7M | $535.8M | $130.7M |
| Working capital | — | −$4.77B | −$5.07B | $9.95B | $1.62B | $1.84B | $1.66B | $1.63B | $1.38B | $1.01B |
| Tangible book value | $3.58B | $2.31B | $2.23B | $2.70B | $3.98B | $3.35B | $3.18B | $2.49B | $2.27B | $1.92B |
| Book value per share | $53.03 | $47.06 | $46.35 | $43.69 | $51.91 | $43.55 | $38.93 | $33.06 | $30.98 | $27.12 |
| Shares outstanding | 103.7M | 104.3M | 104.6M | 107.3M | 111.4M | 113.0M | 113.7M | 113.3M | 112.4M | 111.2M |
| Current ratio | — | 0.32 | 0.46 | 39.58 | 3.59 | 4.21 | 4.33 | 6.76 | 5.41 | 4.37 |
| Quick ratio | — | 0.32 | 0.46 | 7.89 | 3.59 | 4.21 | 4.33 | 6.76 | 5.67 | 4.67 |
| Debt / equity | 0.35 | 0.49 | 0.45 | 0.51 | 0.47 | 0.42 | 0.33 | 0.28 | 0.26 | 0.30 |
| Equity / assets | 33.9% | 32.9% | 28.9% | 23.9% | 35.1% | 38.4% | 27.8% | 26.1% | 26.7% | 25.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.62B | $2.44B | $1.47B | $2.99B | $2.03B | $2.11B | $1.80B | $3.01B | $2.05B | $1.51B | $3.66B | $1.58B |
| Cash & equivalents | $2.62B | $2.44B | $1.47B | $2.99B | $2.03B | $2.11B | $1.80B | $3.01B | $2.05B | $1.51B | $3.66B | $1.58B |
| Short-term investments | $10.73B | — | — | — | — | — | −$85.4M | $55.4M | $110.8M | $94.3M | $636.5M | $55.3M |
| Receivables | $447.9M | $398.0M | $497.6M | $467.0M | $412.6M | $403.6M | $436.1M | $445.3M | $403.7M | $436.8M | $585.1M | $389.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$4.90B | −$2.45B | −$1.87B | −$4.25B | −$2.76B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.90B | $2.45B | $1.87B | $3.61B | $2.76B |
| Total current assets | $3.07B | $2.83B | $1.96B | $3.46B | $2.44B | $2.51B | $2.24B | $3.45B | $2.45B | $1.94B | $3.61B | $1.97B |
| Property, plant & equipment (net) | $1.55B | $1.55B | $888.0M | $902.3M | $1.61B | $951.0M | $959.8M | $1.01B | $1.66B | $1.64B | $978.9M | $1.22B |
| Goodwill & intangible assets | $1.90B | $1.91B | $2.61B | $2.61B | $1.93B | $2.61B | $2.60B | $2.61B | $1.95B | $1.95B | $2.61B | $1.96B |
| Long-term investments | $10.63B | $8.98B | $9.32B | $8.99B | $8.02B | $8.12B | $7.96B | $7.74B | $7.79B | $7.79B | $7.89B | $7.94B |
| Other non-current assets | $1.79B | $2.66B | $1.46B | $1.65B | $2.27B | $1.30B | $1.15B | $1.75B | $1.31B | $1.37B | $1.71B | $1.59B |
| Total assets | $18.94B | $17.94B | $16.23B | $17.61B | $16.27B | $15.50B | $14.91B | $16.57B | $15.16B | $14.70B | $16.80B | $14.68B |
| Liabilities | ||||||||||||
| Accounts payable | $902.1M | $792.6M | $47.7M | $946.8M | $883.6M | $723.5M | $66.7M | $897.2M | $907.0M | $745.0M | $63.3M | $810.9M |
| Short-term debt | $1.04B | $1.08B | $906.5M | $1.08B | $883.8M | $735.8M | $643.8M | $878.2M | $641.5M | $688.8M | $853.3M | $530.4M |
| Deferred revenue | $208.3M | $199.3M | — | $221.7M | — | $196.2M | — | $210.0M | $190.5M | $183.0M | −$916.6M | $207.7M |
| Total current liabilities | $55.4M | — | $7.77B | $9.34B | $299.6M | $7.49B | $7.01B | $8.14B | $17.1M | $1.97B | $1.28B | $215.9M |
| Long-term debt | $1.55B | $0 | $2.45B | $2.62B | $2.43B | $2.28B | $2.19B | $2.73B | $1.40B | $1.40B | $1.09B | $1.92B |
| Lease obligations | $206.2M | $206.7M | $218.2M | $221.4M | $222.7M | $229.5M | $229.9M | $242.2M | $237.0M | $235.4M | $246.6M | $254.8M |
| Other long-term liabilities | $11.78B | $12.42B | $481.3M | $322.3M | $8.69B | $681.2M | $779.5M | $594.0M | $8.93B | $8.50B | $10.85B | $0 |
| Total liabilities | $13.32B | $12.42B | $10.70B | $12.28B | $11.12B | $10.46B | $9.98B | $11.46B | $10.32B | $9.89B | $11.94B | $14.68B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $1,020 | $1,020 | $1,020 | $1,030 | $1,030 | $1,030 | — | — | — | $1,030 |
| Retained earnings (deficit) | $4.24B | $4.08B | $4.01B | $3.86B | $3.72B | $3.63B | $3.62B | $3.60B | $3.76B | $3.70B | $3.71B | $3.74B |
| Accumulated other comprehensive income | −$348.0M | −$322.5M | −$256.7M | −$286.2M | −$345.6M | −$399.8M | −$496.4M | −$290.5M | −$729.7M | −$720.5M | −$655.8M | −$1.01B |
| Minority interest | $23.0M | $22.6M | $24.8M | $24.1M | $23.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $5.60B | $5.49B | $5.50B | $5.30B | $5.13B | $5.02B | $4.91B | $5.09B | $4.81B | $4.79B | $4.85B | $4.53B |
| Key figures | ||||||||||||
| Total debt | $1.75B | $1.75B | $2.67B | $2.85B | $1.77B | $2.51B | $2.42B | $2.97B | $1.64B | $2.32B | $2.19B | $2.45B |
| Net cash (debt) | $871.6M | $684.3M | −$1.20B | $146.2M | $261.7M | −$403.8M | −$616.8M | $40.7M | $411.9M | −$813.8M | $1.47B | −$873.9M |
| Working capital | $3.02B | — | −$5.81B | −$5.88B | $2.14B | −$4.98B | −$4.77B | −$4.68B | $2.44B | −$22.5M | $2.32B | $1.75B |
| Tangible book value | $3.69B | $3.58B | $2.89B | $2.69B | $3.20B | $2.41B | $2.31B | $2.48B | $2.87B | $2.83B | $2.23B | $2.56B |
| Book value per share | $54.30 | $53.14 | $53.29 | $51.07 | $49.29 | $48.17 | $47.11 | $49.15 | $46.15 | $45.85 | $46.44 | $43.45 |
| Shares outstanding | 103.1M | 103.3M | 103.2M | 103.8M | 104.0M | 104.2M | 104.2M | 103.6M | 104.3M | 104.4M | 104.4M | 104.2M |
| Current ratio | 55.46 | — | 0.25 | 0.37 | 8.16 | 0.34 | 0.32 | 0.42 | 143.41 | 0.99 | 2.81 | 9.12 |
| Quick ratio | 55.46 | — | 0.25 | 0.37 | 8.16 | 0.34 | 0.32 | 0.42 | 143.41 | 0.99 | 3.31 | 9.12 |
| Debt / equity | 0.31 | 0.32 | 0.49 | 0.54 | 0.35 | 0.50 | 0.49 | 0.58 | 0.34 | 0.48 | 0.45 | 0.54 |
| Equity / assets | 29.6% | 30.6% | 33.9% | 30.1% | 31.5% | 32.4% | 32.9% | 30.7% | 31.8% | 32.6% | 28.9% | 30.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
FAF financial position
At the end of fiscal 2025 (December 31, 2025), First American Financial had total assets of $16.2 billion (up 8.9% from a year earlier), total liabilities of $10.7 billion and shareholders' equity of $5.5 billion. It held $1.4 billion in cash and short-term investments against $1.9 billion of debt, net debt of $518.6 million. In the latest quarter (ended June 30, 2026) total assets were $18.9 billion and equity $5.6 billion.
Related: FAF income statement, FAF cash flow statement, FAF key metrics. See the FAF stock overview for the latest quote and news.
FAF balance sheet FAQ
What are First American Financial's total assets?
First American Financial reported total assets of $16.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $14.9 billion a year earlier.
How much debt does First American Financial have?
First American Financial had $1.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.35.
How much cash does First American Financial have?
First American Financial held $1.4 billion in cash and short-term investments at the end of fiscal 2025; with $1.9 billion of debt that is net debt of $518.6 million.
What is First American Financial's book value?
First American Financial's shareholders' equity (book value) was $5.5 billion at the end of fiscal 2025, or $53.03 per share.
How much goodwill does First American Financial have?
First American Financial carried $1.9 billion of goodwill and intangible assets, 11.8% of total assets, at the end of fiscal 2025.