CNNE Consumer Cyclical

Cannae Holdings, Inc.

$17.65+0.57%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Consumer Cyclical
Industry: Restaurants
Country: United States
Market cap: 765.6M USD
Enterprise value: 687.8M USD
Full-time employees: 6,602

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.25 vs a peer median of 0.63)bigger price swings (beta 1.25 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,448 of 1,502 consumer cyclical companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $717M over the 3 fiscal years to 2025 with -$223M of free cash flow.
Cannae returned $717M in buybacks and dividends over three fiscal years while its free cash flow totalled -$223M. The money came from its cash pile or from borrowing.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Cannae's fiscal-year revenue declined in each of the three years to 2025.
Share count shrinking. Shares outstanding down 43% from December 2022 to August 2026.
Cannae had 43% fewer shares at August 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $38M profit in the quarter to June 2026.
Cannae reported a net loss over the last twelve months, but its most recent quarter was profitable ($38M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

16/ 100

Oct 5 16 → Nov 4 16

Valuation

Is the price right?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-21.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-13.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-5.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield125.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.33Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-13.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -2.76Sector median: 0.0425 · MAD: 0.0636

Revenue growth-6.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.57Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-28.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.25Sector median: 0.0638 · MAD: 0.0461

Return on assets-13.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-9.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.82Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin15.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-17.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.25

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.06Sector median: 0.6345 · MAD: 0.2980

Current ratio1.24×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.42Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.07×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.10Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cannae

Is Cannae getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 16/100 since Oct 28, 2026.
How is Cannae valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -21.9% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -21.9% vs peers 4.4% (weaker than 100% of peers).
Is Cannae growing?: More slowly than most of its peers. Growth scores 16/100 against 1,612 consumer cyclical peers. 3-year revenue growth -13.3% vs a peer median of 4.3% (weaker than 95% of peers).3-year revenue growth -13.3% vs peers 4.3% (weaker than 95% of peers).
How profitable is Cannae?: Less profitable than most of its peers. Profitability scores 3/100 against 1,612 consumer cyclical peers. Operating margin -28.4% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -28.4% vs peers 6.4% (weaker than 100% of peers).
How risky is Cannae?: Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.07× vs a peer median of 0.46× (stronger than 85% of peers).Debt / equity 0.07× vs peers 0.46× (stronger than 85% of peers). Beta 1.25 vs a peer median of 0.63 (weaker than 84% of peers).Beta 1.25 vs peers 0.63 (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Cannae is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	416.6M USD	408.6M USD	−1.9%
Net income (12 months)	−444.1M USD	−167.8M USD	−62.2%
Operating margin	-28.9%	-28.4%	+0.4 pts
Free cash flow (12 months)	−58.7M USD	−43.4M USD	−26.1%
Debt	70.3M USD	69.9M USD	−0.6%
Cash	135.7M USD	70.4M USD	−48.1%
Shares outstanding	43.9M	43.4M	−1.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Restaurants · 19 companies

Valuations in Restaurants are within their usual range since 2016.

40% of months since 2016 were valued lower than now.
12% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +17% (medians): earnings grew faster than prices.
Median price-to-sales is −28% vs the whole market, against a usual −11%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	13.7%	16.7%	18.0%	15.5%	▼ 2.5 pts
Operating margin	-18.0%	-21.8%	-20.9%	-22.9%	-28.2%	▼ 5.3 pts
Net margin	-38.7%	-64.7%	-55.0%	-67.3%	-121.2%	▼ 54 pts
Return on assets (ROA)	-7.4%	-13.7%	-11.7%	-13.7%	-38.9%	▼ 25 pts
Return on equity (ROE)	-8.6%	-15.7%	-13.5%	-16.6%	-50.1%	▼ 34 pts
Free cash flow margin	-25.6%	-33.1%	-17.2%	-21.5%	-6.7%	▲ 15 pts
Current ratio	0.68×	2.53×	1.65×	1.34×	2.07×	▲ 54%
Debt to equity	0.00×	0.04×	0.05×	0.10×	0.07×	▼ 30%
Interest coverage	-13.62×	-11.76×	-6.64×	-8.94×	-10.05×	▼ 12%

CNNE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.25 vs a peer median of 0.63)bigger price swings (beta 1.25 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,448 of 1,502 consumer cyclical companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $717M over the 3 fiscal years to 2025 with -$223M of free cash flow.

Cannae returned $717M in buybacks and dividends over three fiscal years while its free cash flow totalled -$223M. The money came from its cash pile or from borrowing.

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

Cannae's fiscal-year revenue declined in each of the three years to 2025.

Share count shrinking. Shares outstanding down 43% from December 2022 to August 2026.

Cannae had 43% fewer shares at August 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $38M profit in the quarter to June 2026.

Cannae reported a net loss over the last twelve months, but its most recent quarter was profitable ($38M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about Cannae

Is Cannae getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 16/100 since Oct 28, 2026.

How is Cannae valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -21.9% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -21.9% vs peers 4.4% (weaker than 100% of peers).

Is Cannae growing?

More slowly than most of its peers. Growth scores 16/100 against 1,612 consumer cyclical peers. 3-year revenue growth -13.3% vs a peer median of 4.3% (weaker than 95% of peers).3-year revenue growth -13.3% vs peers 4.3% (weaker than 95% of peers).

How profitable is Cannae?

Less profitable than most of its peers. Profitability scores 3/100 against 1,612 consumer cyclical peers. Operating margin -28.4% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -28.4% vs peers 6.4% (weaker than 100% of peers).

How risky is Cannae?

Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.07× vs a peer median of 0.46× (stronger than 85% of peers).Debt / equity 0.07× vs peers 0.46× (stronger than 85% of peers). Beta 1.25 vs a peer median of 0.63 (weaker than 84% of peers).Beta 1.25 vs peers 0.63 (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

416.6M USD

408.6M USD

−1.9%

Net income (12 months)

−444.1M USD

−167.8M USD

−62.2%

Operating margin

-28.9%

-28.4%

+0.4 pts

Free cash flow (12 months)

−58.7M USD

−43.4M USD

−26.1%

Debt

70.3M USD

69.9M USD

−0.6%

Cash

135.7M USD

70.4M USD

−48.1%

Shares outstanding

43.9M

43.4M

−1.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

13.7%

16.7%

18.0%

15.5%

▼ 2.5 pts

Operating margin

-18.0%

-21.8%

-20.9%

-22.9%

-28.2%

▼ 5.3 pts

Net margin

-38.7%

-64.7%

-55.0%

-67.3%

-121.2%

▼ 54 pts

Return on assets (ROA)

-7.4%

-13.7%

-11.7%

-13.7%

-38.9%

▼ 25 pts

Return on equity (ROE)

-8.6%

-15.7%

-13.5%

-16.6%

-50.1%

▼ 34 pts

Free cash flow margin

-25.6%

-33.1%

-17.2%

-21.5%

-6.7%

▲ 15 pts

Current ratio

0.68×

2.53×

1.65×

1.34×

2.07×

▲ 54%

Debt to equity

0.00×

0.04×

0.05×

0.10×

0.07×

▼ 30%

Interest coverage

-13.62×

-11.76×

-6.64×

-8.94×

-10.05×

▼ 12%