Method & caveats — Fairfax is structurally different from BRK/MKL:
(1) Reports in USD despite TSX listing. Use FRFHF or convert FFH.TO from CAD.
(2) US 13F is only ~$2.1B — most of Fairfax's $40B+ investment portfolio is non-US-listed (Eurobank in Greece, Fairfax India in India, private associates). Modeled as separate non-US block.
(3) Major private associates include Recipe Unlimited, Quess, Atlas (Poseidon), Fairfax India, Stelco — these are equity-method investments, valued at carrying value × haircut.
(4) Q1 2026 underwriting profit $381.6M (CR 94.1%). Book value $1,250.14/share. ~22.4M diluted shares.
Valuation presets
Live SOTP per share
US-listed equity
$0
+ Non-US / private associates
$0
+ Operating segments
$0
+ Cash + fixed income + float
$0
– Debt
$0
Implied equity value
$0
÷ Shares
SOTP / share
FRFHF mkt ($USD)
$2,300
Premium / (discount)
—
1. US-listed equity portfolio (Q4 2025 13F · $2.08B)
Corporate tax rate: %
Tax recognition: %
| Ticker | Company | Shares (M) | Price ($) | Mkt val ($M) | Cost / sh | Gain ($M) | Tax ($M) | After-tax ($M) |
|---|---|---|---|---|---|---|---|---|
| Totals | — | — | — | — | ||||
2. Non-US listed + private associates (carrying value × haircut)
| Holding | Region / type | Carry value ($M) | Haircut % | SOTP value ($M) |
|---|---|---|---|---|
| Total non-US / private | — | |||
Why this is a separate section
Fairfax has historically been >50% non-US in its equity/associate book. These don't appear in 13F filings (which only require US-listed equity disclosure). Carrying values pulled from quarterly disclosures and most-recent annual letter. Soft numbers — refine from the 2025 Annual Report / Q1 2026 supplement.
3. Operating segments (Q1 2026 × P/E)
| Segment | What it is | Q1'26 ($M) | Annualized ($M) | P/E | Value ($M) |
|---|---|---|---|---|---|
| Total | — | ||||
4. Cash, fixed income & float
| Line | Source | Carry ($B) | Haircut % | SOTP value ($B) |
|---|---|---|---|---|
| Total | — | |||
5. Debt
| Borrower | Type | Face ($M) | SOTP value ($M) |
|---|---|---|---|
| Total | — | — | |
Share count & market
| Diluted shares (M) | M | |
| Current FRFHF price (USD) | $ | |
| Book value per share (Mar'26) | $1,250.14 | |
Not investment advice. Sources: Fairfax Q1 2026 earnings release (Apr 30, 2026), Q4 2025 13F, fairfax.ca.