olivLaw · US equity research
Security National Financial Corporation SNFCA
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Security National Financial Corporation is a group with three linked segments, life insurance, cemetery and mortuary services, and mortgage lending. Revenues edged up in 2025, but the insurance segment's investment income fell in the first half of 2026, showing the group's sensitivity to the interest rate cycle.
At the close of 04 Nov 2026, Security National Financial Corporation (SNFCA) stock was 9.44 USD (+2.39% on the day), with market capitalisation 166.1 m USD, P/E 6.5 on diluted EPS of 1.44 USD over the last 12 months, beta 0.77, 52-week range 7.39–9.98 USD. Latest reported quarter (Q2 2026): revenue of 83.9 m USD (−6.3% YoY), net income of 9.0 m USD (+7.3% YoY), diluted EPS 0.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.7
- strong (55–70)
- Bollinger (20, 2)
- 8.96 – 9.35
- above the upper band · %B 1.22 · band width 4.3%
- SMA 50 / 200
- 8.94 / 9.01
- mixed trend
- MACD (12, 26, 9)
- 0.09 / 0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.4% | −1.1% | +4.5 pp | — |
| 3 months | −0.3% | −0.5% | +0.1 pp | — |
| 6 months | +0.8% | +4.4% | −3.6 pp | — |
| Year to date | +10.0% | +12.3% | −2.3 pp | — |
| 1 year | +24.5% | +13.5% | +11.0 pp | −48.5% |
| 3 years | +48.5% | +76.4% | −27.9 pp | −74.4% |
| 5 years | +25.1% | +63.7% | −38.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.3 m | 79.3 m | 82.7 m | 89.5 m | 89.3 m | 83.0 m | 79.7 m | 83.9 m |
| Cost of revenue | 1.1 m | 1.2 m | 1.3 m | 1.2 m | 1.1 m | 1.1 m | 1.2 m | 1.2 m |
| Interest expense | 1.1 m | 1.1 m | 1.1 m | 1.3 m | 1.1 m | 1.0 m | 996.2 k | 1.1 m |
| Pre-tax income | 15.2 m | 3.2 m | 8.3 m | 10.7 m | 10.2 m | 17.3 m | 9.1 m | 11.7 m |
| Income tax | 3.4 m | 608.7 k | 1.8 m | 2.4 m | 2.3 m | 3.9 m | 2.1 m | 2.7 m |
| Net income | 11.8 m | 2.5 m | 6.4 m | 8.4 m | 7.8 m | 13.5 m | 7.0 m | 9.0 m |
| Diluted EPS | 0.47 | 0.10 ≈ | 0.25 | 0.31 | 0.31 | 0.53 ≈ | 0.27 | 0.33 |
| Operating cash flow | 26.8 m ≈ | 22.4 m | 9.6 m | -7.7 m ≈ | 25.6 m ≈ | 18.0 m | 32.9 m | 4.0 m ≈ |
| Capex | 152.5 k ≈ | 1.9 m | 441.5 k | 442.5 k ≈ | 707.4 k ≈ | 99.8 k | 189.7 k | 306.8 k ≈ |
| Share repurchases | 43.1 k ≈ | 1.4 m | 242.3 k | 961.4 k ≈ | 400.9 k ≈ | 5.4 k | 785.5 k | 551.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 59 percentile of its own 39-quarter history (min 1.8, median 6.1, max 12.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 279.6 m | 283.1 m | 481.5 m | 470.7 m | 389.7 m | 318.5 m | 334.5 m | 344.6 m |
| Revenue YoY | +1.0% | +1.2% | +70.1% | −2.2% | −17.2% | −18.3% | +5.0% | +3.0% |
| Net income | 21.7 m | 10.9 m | 55.6 m | 39.5 m | 25.7 m | 14.5 m | 29.1 m | 32.2 m |
| Net income YoY | +53.7% | −49.8% | +410.4% | −28.9% | −35.0% | −43.6% | +100.9% | +10.4% |
| Diluted EPS | 1.19 | 0.58 | 2.74 | 1.80 | 1.12 | 0.61 | 1.16 | 1.26 |
| Diluted EPS YoY | +45.1% | −51.3% | +372.4% | −34.3% | −37.8% | −45.5% | +90.2% | +8.6% |
| net % | 7.8% | 3.8% | 11.5% | 8.4% | 6.6% | 4.6% | 8.7% | 9.3% |
| Free cash flow | unavailable | -77.4 m | -131.3 m | 139.4 m | 128.9 m | 52.8 m | 54.8 m | 43.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 102.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 410.4 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 8.1%
- ROA
- 2.1%
- FCF margin
- 12.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 481.5 m | 470.7 m | 389.7 m | 318.5 m | 334.5 m | 344.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 3.3 m | 3.7 m | 4.7 m | 4.8 m | 4.8 m | 4.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 478.2 m ≈ | 467.0 m ≈ | 384.9 m ≈ | 313.7 m ≈ | 329.7 m ≈ | 339.9 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Depreciation & amortisation | 2.1 m | 1.9 m | 2.5 m | 2.4 m | 2.4 m | 2.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Interest expense | 8.6 m | 7.1 m | 7.8 m | 4.9 m | 4.3 m | 4.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 71.5 m | 51.8 m | 34.4 m | 16.3 m | 37.4 m | 41.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 15.9 m | 12.3 m | 8.7 m | 1.8 m | 8.3 m | 9.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 55.6 m | 39.5 m | 25.7 m | 14.5 m | 29.1 m | 32.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 2.74 | 1.80 | 1.12 | 0.61 | 1.16 | 1.26 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 20.3 m | 22.0 m | 23.0 m | 23.8 m | 25.2 m | 25.5 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 106.2 m | 131.4 m | 120.9 m | 126.9 m | 140.5 m | 102.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 12.5 m | 21.5 m | 20.6 m | 19.2 m | 19.0 m | 18.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 3.5 m | 5.3 m | 5.3 m | 5.3 m | 5.3 m | 5.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.3 m | 3.5 m | 3.3 m | 3.0 m | 4.1 m | 3.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 1.5 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 253.8 m | 280.3 m | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Total liabilities | 1.3 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 264.0 m † | 299.8 m † | 292.8 m † | 312.9 m † | 381.9 m † | 410.4 m † | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -129.6 m | 144.6 m | 130.5 m | 53.9 m | 57.3 m | 45.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 1.6 m | 5.2 m | 1.6 m | 1.1 m | 2.5 m | 1.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | -131.3 m ≈ | 139.4 m ≈ | 128.9 m ≈ | 52.8 m ≈ | 54.8 m ≈ | 43.8 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | 36.1 m | -63.6 m | -37.2 m | 14.6 m | -43.1 m | -67.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | 71.2 m | -55.1 m | -101.2 m | -62.0 m | -4.0 m | -14.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | 3.0 m | 5.8 m | 7.7 m | 2.8 m | 3.1 m | 1.6 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 166.1 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.69 – 28.61 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.69 – 28.61 (Mid 12.59)8 companies used · median multiple 8.7x · quartiles 6.0x – 19.8xABTC, ATCH, AXP, CPSS, DEFT, JFU, PURR, SOFI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.1% | 81 (vs peers) | 12% |
| FCF conversion · Quality | 212.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -4.0% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | 4.0% | 27 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 6.5x | 80 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 47.7% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 1.0% | 15 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partial15/100 · 1/2 factors with a value
- Valuation89/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Security National Financial Corporation (SNFCA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 344.6 m USD in 2025; YoY growth 3.0%; net margin 11.1%; ROE 9.0%.
The estimated value range is 8.69–28.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.59 USD, the price of 9.44 USD leaves a potential of 33.4% (value / price − 1) and a margin of safety of 25.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.1%
- FCF conversion: 212.6%
- P/E (TTM): 6.5x
- FCF yield: 47.7%
What contradicts it
- Revenue CAGR 3Y: -4.0%
- EPS CAGR 3Y: 4.0%
- Shareholder yield (distributions): 1.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −55% / +340% |
| HUTHut 8 Corp. | 5.9 bn | — | -34.5% | -169.8% | +44.8% | +9% / +415% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| AMBRAmber International Holding Limited | 865.0 m | — | -116.1% | -88.7% | −9.0% | −27% / −51% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| ABTCAmerican Bitcoin Corp. | 516.7 m | 7.5 | -10.5% | -26.7% | +158.8% | −90% / −99% |
| ORBSEightco Holdings Inc. | 340.9 m | — | -157.0% | -1,260.9% | −16.8% | −70% / −74% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| DGXXDigi Power X Inc. | 217.0 m | — | -24.7% | -114.8% | −7.6% | −48% / +50% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +25% / +48% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
1- and 3-year price returns: for SNFCA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.49 Total return -21% · Per year -21% | 13.30 Total return 41% · Per year 41% | 20.11 Total return 113% · Per year 113% |
| 3 years | 6.08 Total return -36% · Per year -14% | 12.25 Total return 30% · Per year 9% | 20.51 Total return 117% · Per year 30% |
| 5 years | 4.93 Total return -48% · Per year -12% | 11.29 Total return 20% · Per year 4% | 20.92 Total return 122% · Per year 17% |
- Exit P/E± 3.06
- Net margin± 2.14
- Annual revenue growth± 1.92
- Annual dilution± 0.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Security National Financial Corporation is a group with three linked segments, life insurance, cemetery and mortuary services, and mortgage lending. Revenues edged up in 2025, but the insurance segment's investment income fell in the first half of 2026, showing the group's sensitivity to the interest rate cycle.
SWOT
Strengths
- The group has three segments that support one another, and funeral market recognition helps insurance and service sales.
- The funeral policy niche faces less competition, giving an advantage in selling to customers with modest incomes.
- The company owns real estate assets, including the Center53 development, that can be monetised.
Weaknesses
- The mortgage segment lost money in fiscal 2025, and its results are sensitive to interest rate levels.
- Pre-need sales declined in fiscal 2025, while insurance premiums stayed roughly flat.
- Operations are concentrated in a few states, which raises exposure to local conditions.
Opportunities
- If interest rates fall, refinancing demand could recover and support the mortgage segment.
- Development of its own properties could add revenue if office demand holds.
- A recovery in at-need and pre-need sales in areas with company facilities could strengthen the funeral segment.
Threats
- High mortgage rates may keep reducing loan volume and pressure segment margins.
- State insurance regulation can impose costs and restrictions that delay business plans.
- Lower investment yields could reduce interest income that supports insurance results.
Risks
- Interest rate sensitivityhigh
Mortgage volume and investment yields depend on interest rate levels, which can affect several segments at once.
- State regulationmedium
Insurers are supervised by each state's regulator, and ongoing examinations could bring added costs or obligations.
- Geographic concentrationmedium
Cemeteries and mortuaries operate in limited areas, so local economic problems could hit sales directly.
- Weaker results in 2026medium
In the first half of 2026 the insurance segment's investment income fell and segment profit declined.
- Reliance on reinsurancelow
Part of the life risk is ceded to reinsurers, and if they fail to meet their obligations the impact on the company could be significant.
Investment thesis
What would need to be true (bull case)
- If interest rates fall and refinancing volume returns, the mortgage segment could move from loss to profit, changing the group's profile substantially.
- The funeral policy niche, with lower competition, could keep supporting premium growth and the policy base.
- Real estate assets and own investments could add income over time, independent of the lending cycle.
What would break the thesis
- If mortgage rates stay high, the mortgage segment could keep losing money and operating costs could exceed revenue.
- Lower investment income could reduce support for the insurance segment, which has been the main profit source.
- Geographic concentration and state regulation could limit growth, especially if unexpected costs arise.
What to watch
- Trend in insurance segment investment income, which fell in the first half of 2026Q3 2026
- Origination volume and the share of refinancing, both sensitive to interest ratesQ3 2026
- Whether the mortgage segment moves out of loss2027
- Outcome of state insurance examinations covering 2021 to 2024next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group runs three reportable segments: life insurance, cemeteries and mortuaries, and mortgages. The insurance segment sells funeral plan policies, annuities and accident and health coverage through independent agents in 42 states. According to the 10-K for fiscal 2025, the segments support one another: funeral market awareness helps insurance sales, and insurance subsidiaries invest under state rules.
The cemetery and mortuary segment operates eleven mortuaries and five cemeteries in Utah, one cemetery in California, and one cemetery and four mortuaries in New Mexico. Pre-need planning of funeral and cemetery services is an important part of this segment and links directly to the funeral policies the company issues.
The mortgage segment, through SecurityNational Mortgage Company, originates loans for homes and real estate projects and operates through 85 offices in 25 states. The company retains servicing rights on a small share of loan volume, so revenue depends largely on origination fees and gains from selling loans.
Segments
Life insurance
The insurance segment generated total revenues of 208265000 USD in fiscal 2025, with segment net earnings of 29439000 USD. Investment income rose while premiums stayed roughly flat, showing that investment income matters more than new sales.
Cemetery and mortuary
The segment had revenues of 33657000 USD and net earnings of 6584000 USD in fiscal 2025, nearly flat year on year. Pre-need sales declined while at-need sales grew slightly, and in the first half of 2026 segment revenues rose.
Mortgage
The mortgage segment lost money in fiscal 2025, with a net loss of 3871000 USD, better than the 4949000 USD loss in 2024. Refinancing volume fell because rates stayed high, and the loss narrowed sharply in the first half of 2026, but the segment remained below break-even.
Market context
The group operates in niche life insurance, especially low face value funeral policies, in local funeral services markets and in US home lending. Mortgage demand depends on interest rates and home sales, while the insurance market depends on investment yields, factors that could limit or support results.
Insurance activity is concentrated in a few states where funeral policies are sold to lower and middle income customers. Cemeteries and mortuaries serve local catchment areas, so segment performance depends on economic and demographic conditions in Utah, California and New Mexico.
Trends
- Interest rates and lending demandheadwind
Mortgage rates have followed US Treasury yields, and the lack of rate cuts reduced refinancing originations. If rates stay high, origination volume could stay below earlier levels.
- Investment incomemixed
Net investment income rose in 2025 on mortgage loan interest, supporting the insurance segment. If interest rates fall, this support could weaken.
- Demand for pre-need servicestailwind
Pre-need funeral planning remains a niche with less competition, because many insurers do not offer similar policies. This niche could support sales over the long term.
- Utah real estate markettailwind
The company is developing its own real estate, including the Center53 campus in Salt Lake City, which could add revenue if office and housing demand holds.
Competitive position
The group competes with life and annuity insurers, independent funeral homes and cemeteries, and large mortgage lenders. The filings say funeral policies face less competition because most insurers do not offer them, while mortgage lending is more intensely contested.
In funeral services, competition comes mainly from local funeral homes and cemeteries with direct community ties. The group's advantage is integrating insurance with services, though that integration works best where it has its own facilities.
- Life insurers offering funeral policies
Compete in the low face value policy segment, where the group says competition is lower.
- Independent funeral homes and cemeteries
Compete for pre-need and at-need sales in the group's operating areas.
- National mortgage lenders
Compete for home loan origination and refinancing across several states.
- Independent insurance agents and brokers
Sell other companies' products alongside the group's, so they may favour other providers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report10 Aug 2026
- Current report29 Jun 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report11 May 2026
- Proxy statement28 Apr 2026
- Annual report16 Mar 2026
- Quarterly report13 Nov 2025
- Quarterly report14 Aug 2025
- Current report01 Jul 2025Shareholder vote · Financial statements and exhibits
- Current report30 Jun 2025Other events · Financial statements and exhibits
- Quarterly report15 May 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Security National Financial Corporation · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Security National Financial Corporation · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.