Cannae Holdings IncCannae Holdings Inc
Cannae Holdings Inc

Cannae Holdings Inc

CNNE
Consumer Discretionary·Hotels, Restaurants & Leisure

Cannae Holdings, Inc. engages in the management and operation of a group of companies and investments. It operates through the following segments: Restaurant Group, Alight, Black Knight Football Club (BKFC), JANA, and Corporate and Other. The Restaurant Group segment consists of the operations of O'Charley's, 99 Restaurants, Legendary Baking Holdings I LLC, and VIBSQ Holdco LLC. The Alight segment provides services including total employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll. The BKFC segment owns and operates AFC Bournemouth football club. The JANA segment holds interest in JANA investment manager. The Corporate and Other segment covers the share in the operations of certain controlled portfolio companies and other equity investments. The company was founded on April 21, 2017 and is headquartered in Las Vegas, NV.

Nevada; U.S.A
Market cap
No dataNo data
Revenue
$423.6M−6.4% YoY
Net income
$-513.2M−68.5% YoY
Free cash flow
$-28.5M+70.6% YoY

Market

Listed stock
CNNEPriceNYSE
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Financial performance

Revenue
$423.6M−6.4% YoY
Operating income
$-119.6M−15.3% YoY
Net income
$-513.2M−68.5% YoY
Free cash flow
$-28.5M+70.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $452.5M, 2022 $483.4M, 2023 $499.7M, 2024 $452.5M, 2025 $423.6M. Operating income: 2021 $-133.5M, 2022 $-144.6M, 2023 $-118.9M, 2024 $-103.7M, 2025 $-119.6M. Net income: 2021 $-287M, 2022 $-428.1M, 2023 $-313.4M, 2024 $-304.6M, 2025 $-513.2M. Free cash flow: 2021 $-189.8M, 2022 $-219.4M, 2023 $-97.8M, 2024 $-97.1M, 2025 $-28.5M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-6.4%+306 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-133.5M, 2022-12-31 $-144.6M, 2023-12-31 $-118.9M, 2024-12-31 $-103.7M, 2025-12-31 $-119.6M. Net income: 2021-12-31 $-287M, 2022-12-31 $-428.1M, 2023-12-31 $-313.4M, 2024-12-31 $-304.6M, 2025-12-31 $-513.2M. Free cash flow: 2021-12-31 $-189.8M, 2022-12-31 $-219.4M, 2023-12-31 $-97.8M, 2024-12-31 $-97.1M, 2025-12-31 $-28.5M

Growth heatmap

2022202320242025CAGR
Revenue
+6.8%
+3.4%
-9.4%
-6.4%
-1.6%
Gross profit
+37.3%
+103.4%
+1301.7%
-19.3%
No data
Operating income
-8.3%
+17.8%
+12.8%
-15.3%
No data
Free cash flow
-15.6%
+55.4%
+0.7%
+70.6%
No data

Earnings quality

Operating cash flow
$-18.1M+79.9% YoY
Net income
$-513.2M−68.5% YoY
Free cash flow
$-28.5M+70.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 4%, 2024-12-31 30%, 2023-12-31 28%, 2022-12-31 48%, 2021-12-31 61%. Free cash flow: 2025-12-31 6%, 2024-12-31 32%, 2023-12-31 31%, 2022-12-31 51%, 2021-12-31 66%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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