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Forensic Analysis · Restaurants · as of Nov 10, 2026

Cannae Holdings, Inc. (CNNE)

A forensic read on Cannae Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Safe
Financial health
3.4
Distress distance
Clean
Earnings quality
2
Forensic signals
-35.9%
ROE
-6.4%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cannae Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.4, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-6.2%
FY2025
Return on invested capital. Return on invested capital is -6.2% in the latest fiscal year and slipping across FY2023–FY2025 from -3.8%. After-tax operating profit was ($94M) in FY2023 and ($94M) in FY2025, with operating income at -23.8% of revenue in FY2023, -22.9% in FY2024 and -28.2% in FY2025. The capital base behind it came down -39% across FY2023–FY2025, from $2.5B to $1.5B, so this return is struck on a smaller base than it started on.
FCF ($28M)
FY2025
Shareholder returns. Returned $350M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($28M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

Key fundamentals

Latest Revenue$423.6M
Revenue Growth YoY-6.4%
Revenue CAGR (2yr)-7.9%
Net Margin-121.2%
Free Cash Flow-$28.5M
Return on Equity-35.9%
Debt / Equity0.07x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.