Security National Financial (SNFCA) AI Stock Analysis

• Market Cap: $248.46M
• Dividend Yield: N/A
• Average Volume (3M): 41.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.28
• Revenue Growth: 3.25%
• EPS Growth: -37.79%
• Country: US
• Employees: 1,186
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Mortgages
• EPS (TTM): N/A
• Shares Outstanding: 22,398,333
• 10 Day Avg. Volume: 27,264
• 30 Day Avg. Volume: 41,356
• PEG Ratio: <0.01
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 0.00065
• P/FCF Ratio: <0.01
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: 2.40
• Enterprise Value/Gross Profit: 2.53
• Enterprise Value/Ebitda: 7.09
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $10.00 ▲(16.28% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is led by solid underlying financial performance (profitability, improved leverage, and strong recent cash conversion), tempered by data inconsistency/volatility that reduces confidence in trends. Valuation is supportive due to a low P/E, while technical signals are only mildly constructive with mixed momentum.

Positive Factors

Strong cash generation

Consistent positive operating cash flow from 2021–2024 and free cash flow that tracks net income indicate earnings are supported by real cash conversion. That strengthens liquidity, funds reinvestment or deleveraging, and reduces reliance on external financing over the medium term.

Improved leverage profile

Material improvement in leverage from earlier periods to 2022–2024 suggests better balance-sheet stability and financial flexibility. Lower relative debt reduces refinancing and interest risk, enabling the company to better absorb shocks and invest in core segments over the next several quarters.

Diversified operating model

Revenue streams across life insurance, death care, mortgage banking and title services provide structural diversification. Different demand drivers (demographics, housing activity, insurance persistency) can smooth earnings cycles and reduce reliance on any single market over a multi-month horizon.

Negative Factors

Inconsistent revenue trend

Declining and inconsistent revenue in 2023–2024 weakens confidence in topline stability and constrains margin expansion. Persistent top-line softness limits operating leverage, pressures reinvestment capacity, and makes forecasting earnings and cash generation less reliable over the medium term.

Data quality / transparency issues

Missing or anomalous reporting (e.g., zeroed 2025 total assets) impairs trend analysis and increases model risk. Limited visibility into the most recent balance-sheet items raises uncertainty about actual leverage, liquidity and capital adequacy, complicating durable fundamental assessment.

Cyclicality exposure

Business lines (mortgage, title, insurance investment spread) are structurally sensitive to interest rates and housing activity. Adverse rate moves or slower housing transactions can reduce origination gains, title volume and investment spreads, pressuring earnings persistently across quarters.

Security National Financial Business Overview & Revenue Model

Company Description

Security National Financial Corporation engages in the life insurance, cemetery and mortuary, and mortgage businesses. The company's Life Insurance segment is involved in selling and servicing lines of life insurance, annuity products, and accident and health insurance. It offers various life insurance products, including funeral plans and interest-sensitive life insurance, as well as other traditional life, accident, and health insurance products; annuity products comprising single and flexible premium deferred annuities, and immediate annuities; and diver's accident policies. This segment also cedes and assumes various risks with various authorized unaffiliated reinsurers pursuant to reinsurance treaties. Its Cemetery and Mortuary segment operates eleven mortuaries and five cemeteries in Utah; one cemetery in California; and four mortuaries and one cemetery in New Mexico. This segment also offers plots, interment vaults, mausoleum crypts, markers, caskets, urns, and other death care related products; and provides professional services of funeral directors, opening and closing of graves, use of chapels and viewing rooms, and use of automobiles and clothing. The company's Mortgages segment originates and underwrites residential and commercial loans for new construction, existing homes, and real estate projects primarily in Florida, Nevada, Texas, and Utah. It offers residential mortgage lending services to real estate brokers and builders, as well as directly with consumers. Security National Financial Corporation was founded in 1965 and is headquartered in Salt Lake City, Utah.

How the Company Makes Money

SNFCA generates revenue and earnings through multiple operating segments: 1) Life insurance operations - Premiums: The company collects premiums on life insurance policies (including final expense and preneed insurance). - Investment income on the insurance portfolio: Premiums are invested primarily in a portfolio of invested assets; the spread between investment returns and policy/claim costs is a key driver of profitability. - Policy charges/fees (where applicable): Depending on product structure, the insurer may earn policy-related fees (e.g., administrative charges) in addition to premiums. - Underwriting margin: Earnings are influenced by mortality experience, persistency (policy lapse rates), and expense management versus pricing assumptions. 2) Death care (cemetery/mortuary) operations - At-need sales: Revenue is earned when funeral, cremation, cemetery, and related services and merchandise are delivered at the time of death. - Preneed sales: The company sells preneed funeral/cemetery contracts; revenue is recognized in accordance with applicable accounting rules, typically when goods/services are provided, while customer funds may be held in trust or funded via insurance depending on contract structure and regulation. - Ancillary products and services: Additional revenue can come from related cemetery property sales, interment rights, markers/monuments, and service fees. 3) Mortgage banking operations - Gain on sale / origination-related income: The company originates residential mortgages and may sell them into the secondary market, earning gains on sale and/or origination fees. - Servicing income (if retained): If mortgage servicing rights are retained, the company can earn ongoing servicing fees, subject to prepayment/valuation dynamics. - Interest income (where applicable): To the extent loans are held for a period (e.g., warehouse/held-for-sale pipeline), interest and related income may be earned. 4) Title insurance operations - Title insurance premiums and escrow/closing fees: The company earns revenue from issuing title insurance policies and providing escrow/settlement services in connection with real estate transactions. - Underwriting/agency economics: Earnings depend on transaction volumes (purchase/refinance activity), premium rates, claim levels, and operating leverage. Key factors affecting earnings across segments include interest rate levels (affecting insurance investment income and mortgage activity), housing market transaction volumes (mortgage and title), mortality and lapse experience (life insurance), and regulatory requirements for insurance and preneed/trust arrangements.

Security National Financial Financial Statement Overview

Summary

Overall financials are solid with generally positive profitability, improved leverage in 2022–2024, and strong operating cash flow/free cash flow alignment in recent years. The key drawback is volatility and apparent inconsistencies/missing fields in the data (notably 2020 and 2025), reducing confidence in trend reliability and the latest run-rate.

Income Statement

Profitability has generally been positive across the annual periods, with net income remaining solid and net margin improving into 2024 versus 2023. However, revenue has been inconsistent (declining in 2023 and 2024) and several line items show data quality/volatility concerns (e.g., 2025 revenue far out of scale with prior years and zeroed profitability fields; 2020 revenue reported as zero with negative gross profit). Overall, earnings power looks decent, but trend reliability and top-line momentum are key weaknesses.

Balance Sheet

Leverage appears to have improved meaningfully from 2020–2021 (higher debt relative to equity) to 2022–2024 (more moderate levels), which supports balance-sheet stability. Returns on shareholder capital are positive across the period but have fluctuated (stronger in 2021 and softer in 2023–2024). A major limitation is missing/zero total assets in 2025, which reduces transparency for the most recent period.

Cash Flow

Cash generation is a relative strength: operating cash flow is positive in 2021–2024 and free cash flow closely tracks net income in most years, indicating earnings are largely backed by cash. Coverage of net income by operating cash flow is strong in 2023–2024, though it was weak in 2021 and negative in 2020 (when operating and free cash flow were both negative). 2025 shows very large cash flow figures with sub-1x operating cash flow coverage, suggesting increased volatility and/or comparability issues.

Breakdown	TTM	Dec 2025	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	89.69M	344.59B	8.19M	9.55M	9.67M	9.39M
Gross Profit	84.99M	0.00	3.94M	4.68M	1.84M	2.26M
EBITDA	30.31M	0.00	47.14M	30.39M	59.88M	79.32M
Net Income	18.62M	32.15B	26.54M	14.50M	25.69M	39.52M
Balance Sheet
Total Assets	1.56B	0.00	1.49B	1.43B	1.46B	1.55B
Cash, Cash Equivalents and Short-Term Investments	128.42M	0.00	212.14M	508.48M	466.78M	390.64M
Total Debt	123.10M	0.00	106.74M	105.56M	161.71M	251.29M
Total Liabilities	1.20B	1.15T	1.15B	1.12B	1.17B	1.25B
Stockholders Equity	365.38M	410.37B	338.78M	312.90M	292.79M	299.77M
Cash Flow
Free Cash Flow	46.49M	43.85B	54.85M	52.77M	128.85M	139.42M
Operating Cash Flow	49.98M	45.54B	57.32M	53.88M	130.45M	144.64M
Investing Cash Flow	-133.45M	-67.21B	-43.13M	14.61M	-37.16M	-63.61M
Financing Cash Flow	9.18M	0.00	-4.01M	-62.04M	-101.22M	-55.08M

Security National Financial Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNFCA, the sentiment is Positive. The current price of 8.6 is below the 20-day moving average (MA) of 9.00, below the 50-day MA of 8.94, and below the 200-day MA of 8.80, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 62.52 is Neutral, neither overbought nor oversold. The STOCH value of 59.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNFCA.

Security National Financial Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SNFCA	68 Neutral	$248.46M	―	5.30%	―	3.25%	-37.79%
ECPG	68 Neutral	$1.45B	4.92	28.19%	―	10.85%	77.59%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VEL	62 Neutral	$695.25M	7.28	17.03%	―	36.73%	27.50%
PFSI	58 Neutral	$4.56B	16.04	12.18%	0.90%	25.42%	190.85%
LDI	46 Neutral	$675.65M	-6.97	-24.39%	―	3.91%	27.78%