Cannae Holdings, Inc. CNNE
The following describes the business of Cannae Holdings, Inc. and its subsidiaries. Except where otherwise noted, all references to "we," "us," "our," "Cannae," "Cannae Holdings" or the "Company," are to Cannae Holdings, Inc. and its subsidiaries, taken together.
We primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies, which we are committed to supporting for the long term. From time to time, we also seek to take meaningful equity ownership stakes where we have the ability to control or significantly influence quality companies, and we bring the strength of our operational expertise to each of our subsidiaries. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business, and we have no preset time constraints dictating when we sell or dispose of our businesses. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $423.6M | $452.5M | $570.0M | $662.1M | $742.2M | $585.7M | $1.07B | $1.15B | $1.16B | $1.18B |
| Cost of revenue | $358.0M | $371.2M | $474.9M | $571.4M | — | — | — | $991.3M | $991.0M | $984.1M |
| Gross profit | $65.6M | $81.3M | $95.1M | $90.7M | — | — | — | $156.2M | $165.6M | $194.3M |
| Total operating expenses | $543.2M | $556.2M | $688.9M | $806.7M | $875.7M | $774.2M | $1.19B | $1.29B | $1.23B | $1.18B |
| Operating income | -$119.6M | -$103.7M | -$118.9M | -$144.6M | -$133.5M | -$188.5M | -$117.6M | -$145.8M | -$77.5M | -$2.2M |
| Interest expense | $11.9M | $11.6M | $17.9M | $12.3M | $9.8M | $9.0M | $17.8M | $4.7M | $7.0M | $5.2M |
| Pre-tax income | -$190.5M | -$251.6M | -$200.4M | -$335.6M | -$433.0M | $2.18B | $237.9M | $22.6M | -$74.3M | $5.2M |
| Income tax | $13.0M | $3.3M | $71.5M | $89.9M | $74.0M | $481.2M | $24.2M | $15.0M | $14.2M | $10.4M |
| Net income | -$513.2M | -$304.6M | -$313.4M | -$428.1M | -$287.0M | $1.79B | $77.3M | $27.6M | $108.8M | -$12.4M |
| EPS, basic | -9.08 | -4.73 | -4.27 | -5.25 | -3.19 | 20.84 | 1.07 | 0.39 | 1.54 | -0.18 |
| EPS, diluted | -9.08 | -4.73 | -4.27 | -5.25 | -3.19 | 20.79 | 1.07 | 0.39 | 1.54 | -0.18 |
| Shares, diluted (wtd. avg.) | $56.5M | $64.4M | $73.4M | $81.6M | $90.1M | $85.9M | $72.4M | $71.3M | $70.6M | $70.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $182.0M | $131.5M | $106.2M | $247.7M | $85.8M | $724.7M | $533.7M | $315.7M | $245.6M | $141.7M |
| Short-term investments | — | — | — | — | $0 | $35.2M | $0 | — | — | — |
| Receivables | — | — | — | — | — | — | $16.0M | $30.4M | $35.8M | $24.7M |
| Inventory | — | — | — | — | — | — | $16.3M | $22.3M | $29.7M | $23.9M |
| Total current assets | $268.3M | $196.9M | $177.3M | $310.6M | $121.6M | $844.2M | $630.9M | $451.7M | $350.2M | $272.6M |
| Property, plant and equipment | $49.0M | $61.8M | $58.7M | $87.5M | $100.6M | $145.8M | $162.6M | $175.5M | $218.8M | $235.0M |
| Goodwill | $53.4M | $53.4M | $53.4M | $53.4M | $53.4M | $53.4M | $66.1M | $76.5M | $103.2M | $103.1M |
| Other intangibles | $13.2M | $15.1M | $16.8M | $23.5M | $26.9M | $51.8M | $63.1M | $92.4M | $214.5M | $111.8M |
| Total assets | $1.32B | $2.23B | $2.69B | $3.13B | $3.89B | $4.61B | $2.09B | $1.46B | $1.49B | $1.47B |
| Accounts payable | $16.8M | $16.6M | $27.0M | $25.8M | $22.7M | $25.7M | $19.6M | $23.0M | $20.3M | $24.7M |
| Short-term debt | $6.3M | $61.0M | $2.5M | $2.3M | $2.3M | $11.3M | $7.0M | $5.9M | $122.2M | $11.4M |
| Total current liabilities | $129.7M | $146.5M | $107.5M | $122.7M | $179.5M | $202.0M | $198.7M | $160.0M | $249.8M | $159.5M |
| Long-term debt | $64.5M | $120.0M | $102.5M | $95.1M | $14.1M | $52.2M | $120.1M | $42.2M | $12.7M | $93.3M |
| Total liabilities | $329.8M | $413.6M | $377.5M | $410.6M | $548.5M | $828.2M | $562.4M | $259.8M | $334.1M | $463.5M |
| Retained earnings | $23.3M | $567.1M | $901.3M | $1.21B | $1.64B | $1.93B | $143.6M | $45.8M | $200.0K | $0 |
| Total equity | $1.02B | $1.84B | $2.31B | $2.71B | $3.34B | $3.79B | $1.53B | $1.20B | $1.15B | $1.01B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.1M | -$90.1M | -$87.8M | -$205.1M | -$176.1M | -$113.9M | -$84.2M | -$22.9M | -$90.7M | $60.3M |
| Depreciation and amortisation | $11.9M | $13.3M | $19.0M | $22.8M | $26.4M | $30.7M | $54.5M | $61.3M | $58.1M | $62.9M |
| Stock-based compensation | $18.7M | $19.0M | $3.5M | $1.5M | $2.4M | $4.2M | $4.6M | $21.8M | $500.0K | $1.2M |
| Capital expenditure | $10.4M | $7.0M | $10.0M | $14.3M | $13.7M | $22.3M | $28.3M | $15.9M | $40.1M | $49.6M |
| Investing cash flow | $518.1M | $298.3M | $53.1M | $521.2M | -$272.4M | -$74.2M | -$24.2M | $186.7M | $91.7M | -$168.2M |
| Financing cash flow | -$449.5M | -$182.9M | -$106.8M | -$154.2M | -$190.4M | $379.1M | $319.1M | -$86.4M | $98.2M | -$20.8M |
| Dividends paid | $30.5M | $22.4M | $0 | $0 | — | — | — | — | — | — |
| Buybacks | $319.7M | $231.4M | $113.2M | $229.5M | $160.2M | $14.4M | $4.9M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001704720-26-000094.
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