Cannae Holdings (CNNE)
NYSE:CNNE
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Cannae Holdings
(NYSE:CNNE)
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Rating:53Neutral
Price Target:
$13.50
▲(3.21% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial performance (ongoing losses and cash burn) despite moderate leverage. Offsetting factors include constructive earnings-call signals around buybacks, cost reductions, and expected liquidity support, while technicals are neutral and valuation is mixed (high yield but negative earnings).
Positive Factors
Black Knight Football growth
Black Knight Football shows durable operational progress: double-digit revenue growth and a large EBITDA lift indicate the multi-club commercial model is scaling and generating operating cash. Improved adjusted EBITDA ex-trading also points to underlying business improvement beyond one-offs.
Negative Factors
Persistent negative cash flow
Consistent negative operating and free cash flow indicates the consolidated portfolio is consuming cash rather than funding growth or distributions. Over a 2–6 month horizon this constrains capital allocation, increases reliance on asset monetizations or external liquidity, and raises execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Black Knight Football growth
Black Knight Football shows durable operational progress: double-digit revenue growth and a large EBITDA lift indicate the multi-club commercial model is scaling and generating operating cash. Improved adjusted EBITDA ex-trading also points to underlying business improvement beyond one-offs.
Read all positive factors
Cannae Holdings (CNNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$609.02M
Dividend Yield3.45%
Average Volume (3M)689.37K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth-6.38%
EPS Growth-44.60%
CountryUS
Employees7,317
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-7.81
Shares Outstanding43,940,506
10 Day Avg. Volume599,835
30 Day Avg. Volume689,369
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.87
Price to Sales (P/S)2.10
P/FCF Ratio-31.18
Enterprise Value/Market Cap1.30
Enterprise Value/Revenue1.91
Enterprise Value/Gross Profit66.76
Enterprise Value/Ebitda-4.13
Forecast
1Y Price Target
$17.79Price Target Upside36.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.95
Revenue Forecast (FY)$396.23M
Cannae Holdings Business Overview & Revenue Model
Company Description
Cannae Holdings, Inc. is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc. is based in Las...
How the Company Makes Money
Cannae primarily makes money through (1) earnings and cash flows generated by its consolidated operating subsidiaries (to the extent it owns controlling interests and consolidates their results), and (2) investment returns from its non-controlled ...
Cannae Holdings Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented several strong positives: meaningful shareholder returns and buybacks, substantial operational and financial improvement at Black Knight Football (double-digit revenue growth and a large jump in EBITDA), sizable cuts to holding company costs, and an expected tax refund that supports liquidity. Offsetting these are ongoing weaknesses and impairments in the restaurant group (driving a 7% revenue decline), dependency of BKF results on volatile player trading profits, and continued strategic uncertainty around monetizing non-core assets. On balance, the positive operational momentum, capital returns, and cost reductions outweigh the restaurant-related challenges and near-term volatility.Positive Updates
Shareholder Returns and Buybacks
Returned approximately $51 million to shareholders in Q1 via buybacks and dividend (current dividend yield 4.2%). Year-to-date returns represented ~86% of capital allocated (vs ~70% prior year). Repurchased 3.4 million shares (~7.3% of shares outstanding) for $43 million; board expanded repurchase authorization to 14.9 million shares.
Negative Updates
Overall Revenue Decline Driven by Restaurants
Total operating revenues for Q1 were $96 million, down 7% year-over-year, with the entire decline attributable to the restaurant group due to closure of 8 O'Charley's locations and lower traffic at both brands.
Read all updates
Q1-2026 Updates
Positive
Negative
Shareholder Returns and Buybacks
Returned approximately $51 million to shareholders in Q1 via buybacks and dividend (current dividend yield 4.2%). Year-to-date returns represented ~86% of capital allocated (vs ~70% prior year). Repurchased 3.4 million shares (~7.3% of shares outstanding) for $43 million; board expanded repurchase authorization to 14.9 million shares.
Read all positive updates
Company Guidance
The company guided that capital allocation will remain focused on shareholder returns and opportunistic investments, noting Q1 returns of roughly $51 million (about 86% of YTD capital) comprising $43 million of buybacks that repurchased 3.4 million shares (≈7.3% of shares outstanding) and a continuing dividend (current yield 4.2%), with the board expanding the repurchase authorization to 14.9 million shares; management said buyback sizing will be driven by 6–12 month liquidity and potential non‑core asset monetizations (restaurants and others) and that special dividends are not being considered now. Financial and balance‑sheet guideposts include corporate cash of $123 million at quarter end (≈$90 million after subsequent buybacks), an expected ~$45 million cash tax refund plus ~$10 million of tax assets later this year, termination of a margin loan saving ≈$350k annually, only $48 million of 5% interest‑only corporate debt maturing in over four years, and sustained lower holding‑company costs (down ~45% YoY to $8.9 million from $16.1 million with a $3.6 million personnel cost reduction and management expecting that run rate to continue). Operational context and near‑term expectations highlighted: total operating revenues of $96 million (‑7% YoY) and operating expenses of $118 million (vs $125M prior), restaurant actions including closure of 8 O’Charley’s and ~‑$7M lower cost of restaurant revenues partially offset by ~‑$8M of non‑cash impairments, and continued execution in Black Knight Football where 12‑month revenue rose 19% to $274 million, EBITDA grew to $136 million (from $12M in 2024), player trading profits increased to $113M (from $30M) and adjusted EBITDA ex‑trading improved to +$21M (from ‑$5M).Cannae Holdings Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
54
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 416.60M | 423.60M | 452.50M | 570.00M | 662.10M | 742.20M |
| Gross Profit | 11.90M | 53.70M | 2.90M | 43.00M | 31.20M | 44.70M |
| EBITDA | -192.20M | -384.30M | -224.50M | -150.90M | -278.70M | -374.00M |
| Net Income | -432.30M | -513.20M | -304.60M | -313.40M | -428.10M | -287.00M |
Balance Sheet | ||||||
| Total Assets | 1.24B | 1.32B | 2.23B | 2.69B | 3.13B | 3.89B |
| Cash, Cash Equivalents and Short-Term Investments | 135.70M | 182.00M | 137.70M | 121.80M | 282.60M | 85.80M |
| Total Debt | 203.90M | 331.80M | 330.50M | 274.20M | 300.00M | 235.80M |
| Total Liabilities | 317.20M | 329.80M | 413.60M | 377.50M | 410.60M | 548.50M |
| Stockholders Equity | 958.90M | 1.02B | 1.84B | 2.32B | 2.72B | 3.34B |
Cash Flow | ||||||
| Free Cash Flow | -54.10M | -28.50M | -97.10M | -97.80M | -219.40M | -189.80M |
| Operating Cash Flow | -43.80M | -18.10M | -90.10M | -87.80M | -205.10M | -176.10M |
| Investing Cash Flow | 518.80M | 518.10M | 298.30M | 53.10M | 521.20M | -272.40M |
| Financing Cash Flow | -465.30M | -449.50M | -182.90M | -106.80M | -154.20M | -190.40M |
Cannae Holdings Technical Analysis
Positive
13.08
Price Trends
12.61
Positive
13.26
Positive
15.27
Negative
Market Momentum
0.19
Positive
62.15
Neutral
45.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNNE, the sentiment is Positive. The current price of 13.08 is below the 20-day moving average (MA) of 13.53, above the 50-day MA of 12.61, and below the 200-day MA of 15.27, indicating a neutral trend. The MACD of 0.19 indicates Positive momentum. The RSI at 62.15 is Neutral, neither overbought nor oversold. The STOCH value of 45.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNNE.
Cannae Holdings Risk Analysis
Cannae Holdings disclosed 34 risk factors in its most recent earnings report. Cannae Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cannae Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.84B | 12.02 | 32.65% | 3.27% | 7.89% | 74.64% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $1.49B | 7.07 | 150.73% | 8.15% | -1.84% | -17.48% | |
56 Neutral | $882.37M | -17.80 | -2.77% | ― | 8.16% | 68.84% | |
53 Neutral | $609.02M | -4.06 | -37.80% | 3.45% | -6.38% | -44.60% | |
50 Neutral | $1.10B | 36.76 | -6.47% | 4.72% | -2.41% | -64.77% | |
45 Neutral | $723.95M | 131.25 | -0.90% | 3.54% | -4.13% | -111.07% |
* Consumer Cyclical Sector Average
CNNE
Cannae Holdings
13.86
-3.34
-19.40%
ARCO
Arcos Dorados Holdings
8.75
1.63
22.96%
BH
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276.96
29.99
12.14%
CBRL
Cracker Barrel
32.39
-22.88
-41.40%
PZZA
Papa John's International
33.40
-6.88
-17.09%
WEN
Wendy's
7.81
-2.96
-27.45%
Cannae Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cannae Holdings Ends Margin Loan, Streamlines Capital Structure
Positive
Mar 9, 2026
Cannae Holdings, Inc., through its special purpose subsidiary Cannae Funding A, terminated a margin loan facility that had been secured by more than 40 million shares of Alight, Inc. stock and allowed revolving borrowings of up to $50 million. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.