Latest Ratios: P/E Ratio 11.5x · EV/EBITDA 3.7x · ROE 5.9%. (2016–2025 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 | $2.9B | $4.1B | $5.4B | $5.7B | $2.3B | — | — | — | — | — | — |
| Enterprise Value | $3.6B | $4.8B | $5.3B | $5.9B | $2.5B | — | — | — | — | — | — |
| P/E Ratio → | 11.54 | 16.41 | 8.49 | — | 3.63 | — | — | — | — | — | — |
| P/S Ratio | 0.50 | 0.71 | 1.00 | 1.34 | 1.03 | — | — | — | — | — | — |
| P/B Ratio | 0.58 | 0.83 | 1.33 | 1.84 | 0.96 | — | — | — | — | — | — |
| P/FCF | 0.62 | 0.87 | 0.91 | 0.98 | 0.73 | — | — | — | — | — | — |
| P/OCF | 0.61 | 0.87 | 0.90 | 0.98 | 0.73 | — | — | — | — | — | — |
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 | — | 0.84 | 0.99 | 1.38 | 1.10 | — | — | — | — | — | — |
| EV / EBITDA | 3.67 | 4.88 | 3.97 | 15.67 | 2.21 | — | — | — | — | — | — |
| EV / EBIT | 11.22 | 9.90 | 5.87 | 95.26 | 3.00 | — | — | — | — | — | — |
| EV / FCF | — | 1.03 | 0.89 | 1.02 | 0.79 | — | — | — | — | — | — |
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 | 30.8% | 30.8% | 30.1% | 16.8% | 49.7% | 42.9% | 100.0% | 36.7% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 5.6% | 5.6% | 14.4% | -0.8% | 35.4% | 45.8% | 93.1% | 23.2% | 8.2% | 12.7% | -31.6% |
| Net Profit Margin | 4.6% | 4.6% | 11.8% | -1.4% | 28.4% | 36.6% | -12.4% | 22.7% | -2.3% | -56.4% | -31.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 17.8% | -2.1% | 18.4% | 29.0% | -5.2% | 22.4% | -1.1% | -112.1% | -6.7% |
| ROA | 0.3% | 0.3% | 0.8% | -0.1% | 1.2% | 2.8% | -0.5% | 1.2% | -0.1% | -7.3% | -0.0% |
| ROIC | 5.0% | 5.0% | 16.0% | -0.9% | 18.3% | 30.1% | 32.6% | 19.6% | 4.2% | 31.8% | — |
| ROCE | 0.4% | 0.4% | 1.2% | -0.1% | 1.5% | 3.5% | 3.5% | 1.2% | 0.2% | 1.6% | -0.0% |
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 | 0.45 | 0.45 | 0.54 | 0.57 | 0.47 | 0.22 | 0.15 | 0.20 | 0.59 | 0.21 | — |
| Debt / EBITDA | 2.26 | 2.26 | 1.62 | 4.68 | 1.01 | 0.54 | 0.45 | 0.99 | — | — | — |
| Net Debt / Equity | — | 0.15 | -0.02 | 0.07 | 0.07 | -0.12 | -0.07 | -0.15 | -0.03 | -0.40 | -0.20 |
| Net Debt / EBITDA | 0.76 | 0.76 | -0.06 | 0.54 | 0.15 | -0.30 | -0.21 | -0.78 | — | — | — |
| Debt / FCF | — | 0.16 | -0.01 | 0.03 | 0.05 | -0.29 | -8.17 | -0.67 | -0.03 | -0.80 | — |
| Interest Coverage | 2.97 | 2.97 | 6.89 | 0.64 | 28.34 | 54.52 | — | 14.16 | — | — | — |
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 | — | — | 4.12 | — | — | 161.50 | — | 7.51 | 7.05 | 28.26 | 14.52 |
| Quick Ratio | — | — | 4.12 | — | — | 161.50 | — | 7.51 | 7.05 | 28.26 | 14.52 |
| Cash Ratio | — | — | 4.12 | — | — | 144.85 | — | 7.51 | 7.05 | 28.26 | 14.52 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.07 | 0.04 | 0.05 | 0.02 | 0.07 | 0.00 |
| 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 | 4.8% | 3.4% | 2.2% | 1.8% | — | — | — | — | — | — | — |
| Payout Ratio | 51.7% | 51.7% | 18.9% | — | — | — | — | 2.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 6.1% | 11.8% | — | 27.6% | — | — | — | — | — | — |
| FCF Yield | 100.0% | 114.6% | 110.1% | 101.8% | 136.4% | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.2% | 0.3% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 5.1% | 3.6% | 2.5% | 2.1% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $132M | $131M | $124M | $115M | $105M | $150M | $213M | $216M | $214M | $19M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying FG stock.
F&G Annuities & Life, Inc.'s current P/E ratio is 11.5x. The historical average is 9.5x. This places it at the 67th percentile of its historical range.
F&G Annuities & Life, Inc.'s current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
F&G Annuities & Life, Inc.'s return on equity (ROE) is 5.9%. The historical average is -3.4%.
Based on historical data, F&G Annuities & Life, Inc. is trading at a P/E of 11.5x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
F&G Annuities & Life, Inc.'s current dividend yield is 4.79% with a payout ratio of 51.7%.
F&G Annuities & Life, Inc. has 30.8% gross margin and 5.6% operating margin.
F&G Annuities & Life, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Earnings volatility from hedging
Metrics are mathematically derived from official filings.
Underwriting Swing Masks Core Strain
F&G's combined ratio swung from 72.8% in Q1 2026 to 106.6% in Q2, indicating significant underwriting volatility, as reported in quarterly financials.
The Q2 2026 combined ratio of 106.6% reflects a loss ratio of 80.9% and an expense ratio of 25.8%, a sharp deterioration from the prior quarter's 72.8%. This swing suggests potential adverse reserve development or hedging costs, rather than a stable underwriting trend. Investors should monitor whether this is a one-off or a signal of persistent margin pressure.
ROE Decomposition Shows Fragility
ROE fell to -1.6% in Q2 2026 from 5.1% in Q1, driven by underwriting losses, while investment income remains a key offset, per F&G's reported figures.
The negative ROE in Q2 2026 is primarily attributable to the underwriting loss (combined ratio above 100%), which overwhelmed investment income. The average ROE over the last four quarters is approximately 1.7%, indicating that the company's earnings power is highly sensitive to underwriting performance. The reliance on investment spread income, supported by the Blackstone partnership, may provide some stability, but the recent volatility warrants close monitoring.
Expense Ratio Volatility Raises Questions
F&G's expense ratio spiked to 41.7% in Q1 2025 and 32.0% in Q1 2026, but averaged 19.4% over the last four quarters, per company filings.
The expense ratio exhibits significant quarter-to-quarter volatility, with Q1 quarters showing elevated levels, possibly due to seasonal or one-time costs. The average of 19.4% over the last four quarters suggests moderate operating leverage, but the spikes indicate that cost control is not consistent. This volatility may reflect the impact of new business strain or hedging costs, which investors should factor into their assessment of operational efficiency.
Thin Capital Buffer Under Pressure
F&G's equity-to-assets ratio stands at 4.6%, with reported D/E of 0.48, but subsidiary-level leverage may be understated, based on balance sheet data.
The reported debt-to-equity ratio of 0.48 appears exceptionally low for an insurer, suggesting that significant leverage may exist at the subsidiary level or through surplus notes not captured in this metric. The thin equity base relative to liabilities (4.6%) indicates limited capacity to absorb shocks, especially given the rapid AUM growth. Investors should monitor the RBC ratio and any potential capital injections from FNF to support new business.
Valuation Discount Reflects Risk Profile
F&G trades at a P/B of 0.74 versus peers like Globe Life at 2.45, implying a significant discount, as per current market data.
The P/B discount to peers suggests the market is pricing in higher risk or lower quality of earnings. While F&G's ROE has been volatile and recently negative, peers like Globe Life and RLI exhibit more stable and higher returns. The discount may also reflect the subsidiary structure and reliance on FNF, which could limit strategic flexibility. However, the forward P/E of 7.94 indicates expectations of earnings recovery, which may be optimistic given the recent miss.
Combined Ratio Misleads in Isolation
The combined ratio for F&G is often misapplied without adjusting for reserve development and hedging volatility, as seen in Q2 2026's 106.6%.
For a life insurer like F&G, the combined ratio is not the sole profitability metric; it must be adjusted for reserve releases and DAC unlocking. The Q2 2026 combined ratio of 106.6% may overstate underwriting losses if it includes non-recurring items. Analysts should use adjusted operating earnings and focus on the net investment spread to assess core profitability. The recent EPS miss of $0.30 versus consensus highlights the need for a more nuanced approach.