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SECURITY NATIONAL FINANCIAL CORP (SNFCA) stock intrinsic value fair value estimate & owner earnings analysis

Margin of safety$5.20 Updated
Analysis Owner's Earnings Geography Growth Strategy Chart Analysis Competitors Circle of Competence
$7.43 $30.50
bear $7.43 base $16.31 bull $30.50 margin of safety $5.20 market price* $9.19
Security National Financial is a Utah company with three businesses: life insurance sold largely to fund funerals, eleven mortuaries and five cemeteries, and a residential mortgage lender. Earnings per share over the past decade have been very uneven - $0.77 in 2016, a peak of $2.74 in 2020 during the refinancing boom, a low of $0.61 in 2023 when rising rates crushed mortgage volumes, and $1.26 in 2025. Almost all of that swing comes from the mortgage arm, which earned $41.7 million in 2020 and lost $13.4 million in 2023. Meanwhile the insurance and cemetery businesses grew steadily from about $14 million of profit in 2020 to $36 million in 2025, helped by higher yields on a $1.4 billion investment portfolio; in 2025 those two segments carried the company while mortgage was still losing money. The bear case assumes today's stronger insurance core absorbs a repeat of the 2023 mortgage collapse, leaving about $23 million of yearly profit with no real growth, discounted at 11.5%, worth roughly $7.43 a share. The base case uses about $33 million of normalized profit growing 3% a year at a 9.5% discount, near $16.31 - close to the company's $16.13 of book value per share. The bull case assumes a mortgage recovery plus continued insurance growth, about $30.50. Because the mortgage swing is so violent, we anchor on the bear case and apply roughly a 30% margin of safety, giving a margin-of-safety price near $5.20. Note that the company pays a 5% stock dividend yearly instead of cash, restating all past per-share figures, and new insurance accounting adopted in 2024 raised prior reported profits.
Fiscal yearOwner's earningsMethodology
2025 $1.26 ▼
Insurer/net-income basis (Buffett owner earnings = net income available to common; SBC and capex are NOT deducted because SBC is already expensed in net earnings and an insurer has no meaningful maintenance capex line). FY2025 net earnings $32,152,330 divided by weighted-average Class A equivalent diluted shares 25,484,312 = $1.2617, which ties to reported diluted EPS of $1.26 per the FY2025 Form 10-K. Share counts and EPS are retroactively restated for the company's annual 5% stock dividend (7.5% in 2020), so figures are stated on that filing's post-dividend basis. FY2024 reflects the restatement for the new long-duration insurance contract accounting standard.
2024 $1.16 ▼
Insurer/net-income basis (Buffett owner earnings = net income available to common; SBC and capex are NOT deducted because SBC is already expensed in net earnings and an insurer has no meaningful maintenance capex line). FY2024 net earnings $29,119,165 divided by weighted-average Class A equivalent diluted shares 25,186,505 = $1.1561, which ties to reported diluted EPS of $1.16 per the FY2025 Form 10-K. Share counts and EPS are retroactively restated for the company's annual 5% stock dividend (7.5% in 2020), so figures are stated on that filing's post-dividend basis. FY2024 reflects the restatement for the new long-duration insurance contract accounting standard.
2023 $0.61 ▼
Insurer/net-income basis (Buffett owner earnings = net income available to common; SBC and capex are NOT deducted because SBC is already expensed in net earnings and an insurer has no meaningful maintenance capex line). FY2023 net earnings $14,495,058 divided by weighted-average Class A equivalent diluted shares 23,813,324 = $0.6087, which ties to reported diluted EPS of $0.61 per the FY2024 Form 10-K. Share counts and EPS are retroactively restated for the company's annual 5% stock dividend (7.5% in 2020), so figures are stated on that filing's post-dividend basis. FY2024 reflects the restatement for the new long-duration insurance contract accounting standard.
2022 $1.12 ▼
Insurer/net-income basis (Buffett owner earnings = net income available to common; SBC and capex are NOT deducted because SBC is already expensed in net earnings and an insurer has no meaningful maintenance capex line). FY2022 net earnings $25,690,302 divided by weighted-average Class A equivalent diluted shares 23,036,128 = $1.1152, which ties to reported diluted EPS of $1.12 per the FY2023 Form 10-K. Share counts and EPS are retroactively restated for the company's annual 5% stock dividend (7.5% in 2020), so figures are stated on that filing's post-dividend basis. FY2024 reflects the restatement for the new long-duration insurance contract accounting standard.
2021 $1.80 ▼
Insurer/net-income basis (Buffett owner earnings = net income available to common; SBC and capex are NOT deducted because SBC is already expensed in net earnings and an insurer has no meaningful maintenance capex line). FY2021 net earnings $39,518,990 divided by weighted-average Class A equivalent diluted shares 21,959,629 = $1.7996, which ties to reported diluted EPS of $1.80 per the FY2022 Form 10-K. Share counts and EPS are retroactively restated for the company's annual 5% stock dividend (7.5% in 2020), so figures are stated on that filing's post-dividend basis. FY2024 reflects the restatement for the new long-duration insurance contract accounting standard.

Owner's earnings per share by fiscal year, most recent first. Tap a row to see how that figure was calculated, including the source filing.

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Historical growth strategy

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Circle of competence

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