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Canadian holding company for global property-casualty insurance, reinsurance and a large investment portfolio.
Canadian holding company for global property-casualty insurance, reinsurance and a large investment portfolio.
Earns from insurance underwriting and from investing the premiums, and in good years the investment portfolio has been as important as the insurance. Chairman and CEO Prem Watsa controls the votes through multiple-voting shares, and the group holds large stakes in other companies, such as Eurobank in Greece and Fairfax India.
In one line: Canada's Berkshire Hathaway.
Moat: narrow (scale, distribution, brand). Decentralized federation of insurers plus a long-tenured value-investing track record.
Headquarters: Toronto, Canada · Founded: 1985 · Employees: 51,000
Size Fairfax Financial (FFH.TO) is a Canada Financials company (Property/Casualty Insurance) with a market value of $42.7B, the 28th largest of 420 Canada companies the cockpit tracks. Shares closed at C$2,673 on 6 Nov 2026.
Performance Over six months the shares gained 20.9%, against +17.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th highest of 18 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +2.7%); the operating margin is 73.7% (peer median 15.3%).
Valuation It trades at 1.40× book value against a peer median of 1.98× (7th cheapest of 18).
Price implies The share price implies a return on equity of about 7.0%; Fairfax Financial delivers 15.8%, so the price asks less than the business earns today.
Credit Fairfax Financial has 11 bonds outstanding ($7.86B), rated A- by the agencies and trading like BBB+ at a weighted spread of 107 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$61.7B | C$63.8B | C$55.8B | C$50.0B | C$41.2B |
| Revenue growth | — | +14% | +12% | +21% | — |
| Net income | C$5.91B | C$6.67B | C$5.31B | C$5.91B | C$4.39B |
| Free cash flow | C$2.47B | C$3.29B | C$4.18B | -C$3.23B | -C$15.1B |
| Capital expenditure | C$644M | C$819M | C$560M | C$694M | C$545M |
| Total debt | C$21.4B | C$18.7B | C$18.8B | C$14.2B | C$13.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Fairfax Financial FFH.TO | $42.7B | +21% | -1% | 16% | 1.40× | 7.0% |
| Berkshire Hathaway BRK-B | $1.22T | +20% | +4% | 12% | 1.64× | 10.8% |
| Markel MKL | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% |
| Intact Financial IFC.TO | $34.7B | +9% | +2% | 14% | 2.48× | 8.7% |
| Zurich Insurance ZURN.SW | $114B | +16% | +19% | 26% | 3.67× | 11.2% |
| Chubb CB | $139B | +15% | +6% | 15% | 1.91× | 9.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FFH.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.5% | +9.7% | highest of 18 |
| 6-month return | +20.9% | +17.6% | 7th highest of 18 |
| Return on equity | 15.8% | 16.5% | 9th lowest of 18 |
| Price / book | 1.40× | 1.98× | 7th cheapest of 18 |
| Trailing P/E | 9.8× | 12.8× | 4th cheapest of 18 |
| ROE the price implies | 7.0% | 11.3% | 5th least demanding of 18 |
| ROE delivered | 15.8% | 16.0% | 9th highest of 17 |
| Bond spread | 107 bp | 100 bp | 5th widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Fairfax Financial FFH.TO | Canada | $42.7B | +21% | -1% | 16% | 1.40× | 7.0% | 15.8% |
| PICC Property & Casualty 2328.HK | Hong Kong | $48.9B | +16% | +9% | 17% | 1.09× | 5.8% | 16.5% |
| Hartford (The) HIG | United States | $35.8B | +1% | +4% | 23% | 1.94× | 11.3% | 22.7% |
| Sampo SAMPO.HE | Finland | $29.1B | +10% | +2% | 16% | 3.60× | 11.3% | 16.5% |
| QBE Insurance QBE.AX | Australia | $27.7B | +19% | +3% | 19% | 2.37× | 11.3% | 19.1% |
| Markel MKL | United States | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% | 9.6% |
| Travelers Companies (The) TRV | United States | $81.0B | +33% | +1% | 28% | 2.79× | 13.9% | 27.5% |
| Loews L | United States | $22.2B | +5% | +3% | 8% | 1.22× | 8.3% | 8.1% |
| Tokio Marine 8766.T | Japan | $105B | +35% | 0% | 12% | 1.98× | 6.7% | 11.8% |
| SamsungF&MIns 000810.KS | South Korea | $17.2B | +31% | +5% | 8% | 0.71× | 4.8% | 8.1% |
| Admiral ADM.L | United Kingdom | $16.1B | +23% | 0% | 46% | 8.04× | 33.5% | 45.6% |
| Everest EG | United States | $15.2B | +18% | -9% | 13% | 1.08× | 6.6% | 12.8% |
| Assurant AIZ | United States | $15.1B | +29% | +9% | 44% | 2.60× | 14.6% | 44.2% |
| Insurance Australia IAG.AX | Australia | $14.4B | +17% | +9% | 14% | 2.87× | 13.1% | 14.0% |
| RenaissanceRe RNR | United States | $14.0B | +16% | -21% | 13% | 1.34× | 7.5% | 13.4% |
| Chubb CB | United States | $139B | +15% | +6% | 15% | 1.91× | 9.4% | 15.5% |
| American Financial AFG | United States | $12.8B | +18% | +3% | 18% | 2.67× | 15.1% | n/a |
| Erie Indemnity ERIE | United States | $12.7B | +26% | +2% | 24% | 4.98× | 19.7% | 23.7% |
Fairfax Financial has 11 bonds outstanding with $7.86B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.53%, a spread of 107 bp over government bonds.