Latest Ratios: P/E Ratio 9.2x · EV/EBITDA 1.3x · 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 | $3.1B | $3.7B | $3.0B | $3.5B | $3.8B | $4.4B | $3.5B | $4.4B | $3.6B | $7.0B | — |
| Enterprise Value | $839M | $1.5B | $1.1B | $2.8B | $2.8B | $3.1B | $2.8B | $5.9B | $3.4B | $8.8B | — |
| P/E Ratio → | 9.23 | 11.19 | 10.35 | — | 1.00 | 2.82 | — | — | 4.14 | — | — |
| P/S Ratio | 0.49 | 0.60 | 0.68 | 0.88 | 0.57 | 1.22 | 0.42 | 0.70 | 0.41 | 1.03 | — |
| P/B Ratio | 0.45 | 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 | 1.34 | 2.35 | 1.86 | — | 0.58 | 1.41 | — | — | 3.38 | — | — |
| EV / EBIT | 1.77 | 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% | 1.9% | 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 | — | — | — | — | — | — | — | — | — |
| Quick Ratio | 1.16 | 1.16 | — | — | — | — | — | — | — | — | — |
| Cash Ratio | 0.92 | 0.92 | — | — | — | — | — | — | — | — | — |
| 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 | 3.3% | 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 | 10.8% | 8.9% | 9.7% | — | 100.1% | 35.5% | — | — | 24.1% | — | — |
| FCF Yield | — | — | — | — | — | 17.1% | 25.7% | 41.4% | 85.5% | 27.1% | — |
| Buyback Yield | 3.3% | 2.8% | 8.4% | 7.2% | 12.9% | 11.4% | 13.7% | 10.0% | 2.9% | 9.5% | — |
| Total Shareholder Yield | 6.7% | 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 9.2x. 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 1.3x. 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 9.2x. 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 3.34%.
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
Earnings volatility from derivative accounting
Metrics are mathematically derived from official filings.
Deep Discount Reflects Accounting Noise
Brighthouse Financial trades at a P/B of 0.44, a significant discount to peers like Prudential (1.18) and MetLife (2.22), suggesting the market is pricing in substantial uncertainty regarding the quality of its book value and the sustainability of its earnings.
The persistent P/B discount below 0.5x indicates the market is not fully crediting the company's equity base, likely due to the extreme volatility in reported earnings driven by LDTI and derivative accounting. This valuation implies a deep skepticism about the run-off liabilities and the true economic value of the hedging program, rather than a simple reflection of current ROE.
Combined Ratio Swings Obscure Core Profitability
The combined ratio has swung from 9.3% to 170.5% over the past ten quarters, with the latest Q2 2026 reading of 24.4% suggesting strong underwriting results, though this metric is less meaningful for a life insurer than for P&C carriers.
For a life insurer like Brighthouse, the combined ratio is not a primary profitability metric and its extreme volatility reflects non-cash accounting adjustments rather than operational underwriting performance. The swings are driven by changes in policyholder benefits and DAC amortization, which are heavily influenced by actuarial assumption updates and market movements, making the ratio an unreliable indicator of core business health.
ROE Volatility Driven by Non-Cash Adjustments
Return on equity has swung from -12.3% in Q1 2026 to 16.0% in Q2 2026, a pattern that suggests reported profitability is dominated by actuarial assumption updates and LDTI-related liability remeasurements rather than consistent underwriting profit or investment yield.
The erratic ROE trajectory, with alternating positive and negative quarters, indicates that the primary driver of earnings is not the spread between investment income and policyholder credits, but rather non-cash accounting volatility. This makes it difficult to assess the underlying profitability of the business model, as the reported figures are heavily influenced by management's choice of long-term actuarial assumptions.
Underwriting Leverage Data Unavailable
The provided ratio data does not include a premium-to-surplus ratio, which is the key metric for assessing underwriting leverage in the insurance sector, preventing a direct evaluation of the company's capital adequacy relative to its risk volume.
Without the premium-to-surplus ratio, it is not possible to assess whether Brighthouse is operating with appropriate underwriting leverage relative to its capital base and rating agency guidelines. This metric is critical for evaluating the company's ability to absorb underwriting losses and its overall financial flexibility, and its absence limits the analysis of the balance sheet's risk profile.
P/E Multiple Misleads on Earnings Quality
The P/E TTM of 9.16 appears attractive but is misleading because it is based on net income that includes significant non-cash derivative gains and actuarial assumption updates, which do not represent sustainable, distributable earnings.
The single ratio most commonly misapplied to Brighthouse is the P/E multiple. The reported earnings are highly volatile and include large, non-cash items like changes in the fair value of derivatives and liability remeasurements under LDTI, which can swing from quarter to quarter. Investors should instead focus on adjusted operating earnings or the price-to-book ratio, which, while also subject to accounting noise, provides a more stable anchor for valuation in the life insurance sector.