# Cannae Holdings, Inc. (CNNE)

> Source: Nexqual · https://nexqual.com/CNNE · data as of 2026-10-23 14:19 UTC · cite as "Nexqual, Cannae Holdings, Inc. (CNNE), nexqual.com/CNNE" · informational, not investment advice.

**Price:** USD 16.25 (-1.10% today) · US market open, as of October 23, 2026 at 14:19 UTC; quotes may be delayed. Prev close 16.25 · day 16.2–16.39 · 52w 10.46–18.85 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $409M, net income -$156M (-38.2% margin), free cash flow -$43.4M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $2K; 1 not under a Rule 10b5-1 plan ($2K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 17.25 (range 17–17.5).
- Total return with dividends: 1Y -8.3% vs S&P 500 +14.4%; 5Y -48.2% vs S&P 500 +77.0%.
- Next earnings: 2026-11-09, EPS estimate USD -0.19, revenue estimate $92.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $742M | $662M | $570M | $453M | $424M | $409M |
| Gross profit | — | $90.7M | $95.1M | $81.3M | $65.6M | — |
| Operating income | -$134M | -$145M | -$119M | -$104M | -$120M | -$116M |
| Net income | -$287M | -$428M | -$313M | -$305M | -$513M | -$156M |
| EPS (diluted) | -$3.19 | -$5.25 | -$4.27 | -$4.73 | -$9.08 | — |
| Free cash flow | -$190M | -$219M | -$97.8M | -$97.1M | -$28.5M | -$43.4M |
| Gross margin | — | 13.7% | 16.7% | 18.0% | 15.5% | — |
| Operating margin | -18.0% | -21.8% | -20.9% | -22.9% | -28.2% | -28.4% |
| Net margin | -38.7% | -64.7% | -55.0% | -67.3% | -121.2% | -38.2% |
| Revenue growth | -75.0% | -10.8% | -13.9% | -20.6% | -6.4% | — |
| Cash + short-term investments | $85.8M | — | — | $132M | $182M | — |
| Total debt | $16.4M | $97.4M | $105M | $181M | $70.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-08 | Sadowski Peter T | EVP, Chief Legal Officer | 157 | $2K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 17.25 (low 17, high 17.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | RBC Capital | Target raised | Outperform | $16 → $17 |
| 2026-08-11 | RBC Capital | Reiterated | Outperform | $16 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -8.3% | -48.2% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -8.3% | -12.3% |
| Volatility (annualized) | 33.1% | 33.7% |
| Max drawdown | -41.9% (Oct 2025→Mar 2026) | -68.4% (Dec 2021→Mar 2026) |

## Peers (Restaurants)
FWRG (First Watch Restaurant Group, I) USD 11.1 -3.99% · BLMN (Bloomin' Brands, Inc.) USD 9.71 -5.50% · SG (Sweetgreen, Inc.) USD 9.9 -3.13% · WEN (Wendy's Company (The)) USD 6.26 -4.75% · BJRI (BJ's Restaurants, Inc.) USD 56.44 -4.01% · BH (Biglari Holdings Inc.) USD 390.16 -1.31%

## More
Full page: https://nexqual.com/CNNE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Restaurant Group | $92.0M | 90.0% | -9.7% |
| Total Reportable Segments | $92.0M | 90.0% | -9.7% |
| Corporate and Other | $10.2M | 10.0% | +22.9% |
| Other operating revenue | $10.2M | 10.0% | +22.9% |
| Total revenue | $102.2M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Restaurant revenue | $92.0M | 90.0% | -9.7% |
| Other operating revenue | $10.2M | 10.0% | +22.9% |
| Real Estate & Resort | $10.2M | 10.0% | +22.9% |
| Total revenue | $102.2M | 100% | — |
The lines above cover 110% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.19 | $-0.46 | -59.0% | $92.3M | 2 |
| Next quarter (ends 2026-12-31) | $-0.41 | $-0.50 | -18.5% | $98.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.45 | $-2.11 | -78.7% | $389.0M | 2 |
| Next fiscal year (ends 2027-12-31) | $-1.49 | $-1.67 | -10.9% | $392.4M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±16.9%; last 8 reports averaged ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 69.0% | ±16.9% |
| 2027-02-19 | 119 | 37.7% | ±18.4% |
| 2027-05-21 | 210 | 48.0% | ±29.8% |