Latest Ratios: P/E Ratio 7.4x · EV/EBITDA 0.4x · ROE 7.3%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $3.7B | $3.0B | $3.5B | $3.8B | $4.4B | $3.5B | $4.4B | $3.6B | $7.0B | — |
| Enterprise Value | $215M | $1.5B | $1.1B | $2.8B | $2.8B | $3.1B | $2.8B | $5.9B | $3.4B | $8.8B | — |
| P/E Ratio → | 7.36 | 11.19 | 10.35 | — | 1.00 | 2.82 | — | — | 4.14 | — | — |
| P/S Ratio | 0.45 | 0.60 | 0.68 | 0.88 | 0.57 | 1.22 | 0.42 | 0.70 | 0.41 | 1.03 | — |
| P/B Ratio | 0.36 | 0.54 | 0.59 | 0.70 | 0.67 | 0.27 | 0.19 | 0.27 | 0.25 | 0.48 | — |
| P/FCF | — | — | — | — | — | 5.87 | 3.89 | 2.41 | 1.17 | 3.70 | — |
| P/OCF | — | — | — | — | — | 5.87 | 3.89 | 2.41 | 1.17 | 2.07 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.24 | 0.24 | 0.71 | 0.42 | 0.85 | 0.34 | 0.93 | 0.39 | 1.28 | — |
| EV / EBITDA | 0.43 | 2.35 | 1.86 | — | 0.58 | 1.41 | — | — | 3.38 | — | — |
| EV / EBIT | 0.45 | 2.35 | 1.86 | — | 0.58 | 1.41 | — | — | 2.96 | — | — |
| EV / FCF | — | — | — | — | — | 4.10 | 3.13 | 3.23 | 1.11 | 4.62 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.9% | 70.9% | 46.1% | 8.5% | 99.2% | 85.6% | 8.4% | 19.2% | 37.7% | 27.3% | -77.8% |
| Operating Margin | 7.6% | 7.6% | 9.7% | -37.3% | 71.4% | 56.0% | -17.2% | -16.6% | 11.4% | -9.0% | -153.8% |
| Net Profit Margin | 7.0% | 7.0% | 8.9% | -28.2% | 58.5% | 45.8% | -12.8% | -11.7% | 10.0% | -5.5% | -96.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 7.7% | -21.0% | 35.6% | 9.6% | -6.2% | -4.8% | 6.0% | -2.6% | -18.5% |
| ROA | 0.2% | 0.2% | 0.2% | -0.5% | 1.6% | 0.6% | -0.4% | -0.3% | 0.4% | -0.2% | -1.3% |
| ROIC | 9.2% | 9.2% | 8.5% | -24.7% | 36.3% | 9.3% | -6.1% | -4.9% | 4.8% | -3.0% | -20.5% |
| ROCE | 0.3% | 0.3% | 0.2% | -0.6% | 2.9% | 0.8% | -0.6% | -0.5% | 0.5% | -0.3% | -2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.63 | 0.63 | 0.56 | 0.19 | 0.19 | 0.27 | 0.27 | 0.25 | 0.32 |
| Debt / EBITDA | 5.04 | 5.04 | 5.50 | — | 0.65 | 1.45 | — | — | 3.94 | — | — |
| Net Debt / Equity | — | -0.33 | -0.38 | -0.14 | -0.17 | -0.08 | -0.04 | 0.09 | -0.01 | 0.12 | -0.04 |
| Net Debt / EBITDA | -3.57 | -3.57 | -3.29 | — | -0.20 | -0.61 | — | — | -0.18 | — | — |
| Debt / FCF | — | — | — | — | — | -1.77 | -0.76 | 0.81 | -0.06 | 0.92 | -0.10 |
| Interest Coverage | 4.12 | 4.12 | 3.78 | -8.63 | 31.93 | 13.33 | -6.71 | -4.51 | 7.26 | -3.02 | -25.89 |
Net cash position: cash ($5.4B) exceeds total debt ($3.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.16 | 1.16 | — | — | 3.10 | — | — | — | — | — | — |
| Quick Ratio | 1.16 | 1.16 | — | — | 3.10 | — | — | — | — | — | — |
| Cash Ratio | 0.92 | 0.92 | — | — | 0.05 | — | — | — | — | — | — |
| Asset Turnover | — | 0.03 | 0.02 | 0.02 | 0.03 | 0.01 | 0.03 | 0.03 | 0.04 | 0.03 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.2% | 2.8% | 3.4% | 2.9% | 2.8% | 2.0% | 1.3% | 0.5% | — | 25.6% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.6% | 8.9% | 9.7% | — | 100.1% | 35.5% | — | — | 24.1% | — | — |
| FCF Yield | — | — | — | — | — | 17.1% | 25.7% | 41.4% | 85.5% | 27.1% | — |
| Buyback Yield | 4.2% | 2.8% | 8.4% | 7.2% | 12.9% | 11.4% | 13.7% | 10.0% | 2.9% | 9.5% | — |
| Total Shareholder Yield | 8.4% | 5.5% | 11.9% | 10.1% | 15.7% | 13.4% | 15.0% | 10.5% | 2.9% | 35.1% | — |
| Shares Outstanding | — | $57M | $62M | $66M | $74M | $84M | $95M | $113M | $118M | $120M | $123M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying BHF stock.
Brighthouse Financial, Inc.'s current P/E ratio is 7.4x. The historical average is 5.9x. This places it at the 60th percentile of its historical range.
Brighthouse Financial, Inc.'s current EV/EBITDA is 0.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.9x.
Brighthouse Financial, Inc.'s return on equity (ROE) is 7.3%. The historical average is 2.2%.
Based on historical data, Brighthouse Financial, Inc. is trading at a P/E of 7.4x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Brighthouse Financial, Inc.'s current dividend yield is 4.19%.
Brighthouse Financial, Inc. has 70.9% gross margin and 7.6% operating margin.
Brighthouse Financial, Inc.'s Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Reserve remeasurement and earnings volatility
Metrics are mathematically derived from official filings.
Deep Discount Reflects Earnings Uncertainty
Based on reported figures, BHF trades at 0.36 times book value and 7.36 times trailing earnings, a discount that suggests investors doubt whether book value and reported earnings reflect durable economics rather than remeasurement noise.
A price-to-book of 0.36 against peers ranging from 0.68 for Lincoln to 2.26 for MetLife implies the market values BHF's equity well below its stated capital base. Because book value here is largely invested assets backing reserves, this discount may indicate skepticism about reserve adequacy and the Run-off liabilities rather than a simple mispricing. Investors should monitor whether ROE of 7.3% can be sustained before the discount narrows.
Combined Ratio Swings Above and Below 100%
As reported in financial statements, BHF's combined ratio ranged from 22.6% to 170.5% across ten quarters, with 2025Q1 at 115.3% and 2026Q1 at 170.5% indicating underwriting losses in those periods, while several quarters ran well below 100%.
The extreme dispersion in combined ratio suggests that reported underwriting results are dominated by reserve remeasurement and benefit timing rather than a stable pricing spread. A negative loss ratio of -10.0% in 2024Q4 points to reserve releases that flatter that quarter, making the trailing trend difficult to read at face value. Investors should treat any single low combined ratio with caution until volatility compresses.
Returns Rely on Volatile Quarterly Earnings
Based on reported figures, BHF's ROE moved between negative 12.3% and 16.0% over recent quarters, with trailing returns near 7.3%, suggesting shareholder returns depend heavily on which quarter is measured.
An ROA of roughly 0.1% to 0.4% indicates that the asset base of about $240 billion generates thin returns relative to its size, which is typical for a spread-based life insurer with heavy derivative and hedging exposure. Investment income contribution cannot be isolated because yield fields are unavailable in the supplied data, limiting the ability to separate underwriting from float returns. The gap between volatile ROE and a 7.3% trailing figure warrants caution in extrapolating recent results.
Moderate Debt Load Against Thin Equity Base
Based on reported figures, BHF's debt-to-equity ratio has held between 0.46 and 0.75, with 0.62 in 2026Q3, suggesting leverage is moderate on paper but sits against an equity base that has swung materially.
A debt-to-equity figure near 0.5 looks manageable in isolation, yet equity fluctuating between roughly $4.1 billion and $6.8 billion against a $240 billion asset base means small changes in equity can move leverage meaningfully. Interest coverage turned negative in 2026Q1 and 2025Q1, which may indicate that earnings volatility leaves little buffer in weaker quarters. Premium-to-surplus data is not supplied, so underwriting leverage against statutory capital cannot be directly confirmed.
Discount Versus Peers Partly Justified
As reported in peer data, BHF's 0.36 price-to-book sits far below MetLife at 2.26 and Principal at 2.02, while Lincoln trades at 0.68, suggesting the market applies a steep discount that peers do not share.
Lincoln Financial, the closest legacy-liability comparable, also trades at a sub-1.0 multiple, implying the discount is partly sector-wide for run-off-heavy life insurers. BHF's trailing ROE of 7.3% trails MetLife's 19.1% and Globe Life's 19.1%, which helps justify a lower multiple. Investors should monitor whether BHF can close the return gap to justify a re-rating toward peers.
Price-to-Earnings Misleads Given Remeasurement Noise
Based on reported figures, BHF's trailing P/E of 7.36 may look cheap, yet quarterly net income swung from negative $766 million to positive $981 million, meaning the multiple is unstable and may understate true earnings risk.
Using P/E as the primary anchor for BHF obscures the fact that reported earnings are heavily influenced by market-linked derivative gains, LDTI remeasurement, and DAC unlocking, none of which reflect operating cash generation. A low P/E could therefore signal fragile earnings rather than undervaluation. Price-to-book, while imperfect, is a more stable anchor for a balance sheet dominated by invested assets, though it still depends on the adequacy of reserves.