Latest Ratios: P/E Ratio 13.1x · EV/EBITDA 5.2x · ROE 5.9%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $3.4B | $3.4B | $3.2B | — | — |
| Enterprise Value | $5.2B | $4.1B | $3.3B | $3.4B | — | — |
| P/E Ratio → | 13.11 | 13.54 | 5.52 | — | — | — |
| P/S Ratio | 0.77 | 0.59 | 0.60 | 0.71 | — | — |
| P/B Ratio | 0.66 | 0.68 | 0.84 | 1.03 | — | — |
| P/FCF | — | — | 0.57 | 0.52 | — | — |
| P/OCF | — | — | 0.57 | 0.52 | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.72 | 0.58 | 0.75 | — | — |
| EV / EBITDA | 5.21 | 4.16 | 2.21 | 0.79 | — | — |
| EV / EBIT | 15.95 | 8.44 | 3.67 | — | — | — |
| EV / FCF | — | — | 0.56 | 0.55 | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 30.8% | 30.8% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 5.6% | 5.6% | 16.4% | 94.9% | 93.4% | 96.8% |
| Net Profit Margin | 4.6% | 4.6% | 10.8% | -1.3% | 26.6% | 31.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 17.3% | -2.1% | 18.4% | 27.6% |
| ROA | 0.3% | 0.3% | 0.8% | -0.1% | 1.3% | 2.7% |
| ROIC | 5.0% | 5.0% | 19.4% | 109.9% | 51.3% | 73.1% |
| ROCE | 0.4% | 0.4% | 1.8% | 27.2% | 18.7% | 33.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 0.53 | 0.57 | 0.47 | 0.22 |
| Debt / EBITDA | 2.26 | 2.26 | 1.43 | 0.41 | 0.51 | 0.26 |
| Net Debt / Equity | — | 0.15 | -0.02 | 0.07 | 0.07 | -0.12 |
| Net Debt / EBITDA | 0.76 | 0.76 | -0.06 | 0.05 | 0.08 | -0.14 |
| Debt / FCF | — | — | -0.02 | 0.03 | 0.05 | -0.27 |
| Interest Coverage | 2.97 | 2.97 | 6.89 | 44.38 | 76.76 | 132.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | — | — | 9716.20 | 0.09 | 0.08 | 0.06 |
| Quick Ratio | — | — | 9716.20 | 0.09 | 0.08 | 0.06 |
| Cash Ratio | — | — | 9716.20 | 0.08 | 0.07 | 0.06 |
| Asset Turnover | — | 0.06 | 0.07 | 0.07 | 0.05 | 0.09 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 3.5% | 3.2% | — | — |
| Payout Ratio | — | — | 19.5% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.4% | 18.1% | — | — | — |
| FCF Yield | — | — | 174.1% | 192.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.6% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 3.9% | 3.7% | — | — |
| Shares Outstanding | — | $132M | $131M | $124M | $115M | $105M |
Alternative asset credit exposure
As reported in recent financial data, F&G trades at a P/B of 0.66, which suggests that the market may be applying a conglomerate discount due to the firm's dependency on FNF and the inherent complexity of its Blackstone-managed alternative asset portfolio compared to traditional life insurance peers.
The current P/B multiple appears to undervalue the firm's unique distribution advantage through FNF, yet it may also reflect investor caution regarding the liquidity of the underlying credit assets. Investors should monitor whether this valuation gap narrows as the company demonstrates consistent earnings power through varying interest rate cycles.
Based on quarterly filings, the combined ratio has exhibited significant volatility, swinging from 22.6% in 2024Q3 to 90.9% in 2025Q4, which indicates that period-specific accounting adjustments may be obscuring the underlying stability of the firm's core annuity spread business and long-term underwriting performance.
The wide variance in the combined ratio suggests that traditional underwriting metrics may be less predictive for F&G than for standard P&C insurers. Analysts should focus on the net investment spread as a more reliable indicator of profitability, as the combined ratio is heavily influenced by the lumpy nature of institutional PRT transactions.
According to recent financial statements, F&G's ROE has fluctuated between -10.9% and 8.3% over the last ten quarters, highlighting a reliance on investment income from Blackstone-managed assets to offset the inherent volatility of annuity product accounting and the costs associated with rapid business scaling.
The ROE trajectory suggests that the firm's profitability is highly sensitive to the performance of its alternative credit portfolio. Investors should investigate whether the current ROE levels are sustainable or if they remain overly dependent on favorable credit spreads that could compress in a more challenging macroeconomic environment.
As indicated by the provided data, the combined ratio is the most commonly misapplied metric for F&G, as it fails to account for the unique spread-based economics of annuity products and the significant impact of mark-to-market accounting on embedded derivatives within the firm's liability structure.
Relying on the combined ratio as a primary KPI for F&G obscures the true economic health of the business, as it treats annuity interest crediting as an underwriting expense rather than a cost of funds. A more appropriate focus would be the net interest margin, which better captures the spread between investment yields and policyholder obligations.
Includes 30+ ratios · 5 years · Updated daily
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Quick answers to the most common questions about buying FGN stock.
F&G Annuities & Life, Inc.'s current P/E ratio is 13.1x. The historical average is 9.5x. This places it at the 50th percentile of its historical range.
F&G Annuities & Life, Inc.'s current EV/EBITDA is 5.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.4x.
F&G Annuities & Life, Inc.'s return on equity (ROE) is 5.9%. The historical average is 13.4%.
Based on historical data, F&G Annuities & Life, Inc. is trading at a P/E of 13.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
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.