Latest Ratios: P/E Ratio -437.1x · EV/EBITDA N/A · ROE 0.3%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.3B | $7.5B | $6.5B | $4.3B | $3.1B | $3.7B | — | — | — |
| Enterprise Value | $6.2B | $6.4B | $7.1B | $5.6B | $3.2B | $5.1B | — | — | — |
| P/E Ratio → | -437.13 | — | 7.42 | 4.76 | 0.50 | 1.17 | — | — | — |
| P/S Ratio | 1.09 | 1.12 | 2.10 | 1.35 | 0.32 | 0.67 | — | — | — |
| P/B Ratio | 0.71 | 0.72 | 0.65 | 0.41 | 0.33 | 0.33 | — | — | — |
| P/FCF | 1.27 | 1.30 | 1.12 | 0.81 | 0.59 | 0.65 | — | — | — |
| P/OCF | 1.27 | 1.30 | 1.12 | 0.81 | 0.59 | 0.65 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.96 | 2.29 | 1.77 | 0.32 | 0.93 | — | — | — |
| EV / EBITDA | — | — | 6.31 | 5.26 | 0.40 | 1.18 | — | — | — |
| EV / EBIT | — | — | 6.31 | 5.26 | 0.40 | 1.17 | — | — | — |
| EV / FCF | — | 1.11 | 1.22 | 1.06 | 0.61 | 0.90 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.5% | 85.5% | 77.3% | 77.9% | 91.6% | 90.7% | -25.8% | 8.4% | 25.9% |
| Operating Margin | -1.7% | -1.7% | 33.1% | 30.3% | 79.6% | 79.0% | -53.7% | -23.2% | 17.5% |
| Net Profit Margin | 0.4% | 0.4% | 30.6% | 29.5% | 63.6% | 62.1% | -35.2% | -14.2% | 14.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.3% | 0.3% | 9.3% | 9.5% | 60.5% | 32.5% | -19.0% | -6.5% | 25.3% |
| ROA | 0.0% | 0.0% | 0.3% | 0.3% | 1.8% | 0.9% | -0.5% | -0.2% | 0.8% |
| ROIC | -0.9% | -0.9% | 6.9% | 6.8% | 52.8% | 31.4% | -22.9% | -9.9% | 42.5% |
| ROCE | -0.0% | -0.0% | 0.3% | 0.3% | 2.2% | 1.2% | -0.9% | -0.3% | 0.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 0.44 | 0.39 | 0.47 | 0.37 | 0.03 | 0.37 | 0.04 |
| Debt / EBITDA | — | — | 3.90 | 3.77 | 0.56 | 0.93 | — | — | 0.14 |
| Net Debt / Equity | — | -0.11 | 0.06 | 0.13 | 0.01 | 0.13 | -0.17 | 0.10 | -0.46 |
| Net Debt / EBITDA | — | — | 0.54 | 1.25 | 0.01 | 0.33 | — | — | -1.51 |
| Debt / FCF | — | -0.19 | 0.11 | 0.25 | 0.01 | 0.25 | -0.46 | 0.17 | -0.62 |
| Interest Coverage | -0.14 | -0.14 | 11.12 | 5.77 | 69.31 | 118.43 | -27.31 | -7.19 | 28.76 |
Net cash position: cash ($5.7B) exceeds total debt ($4.6B)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.52 | 4.52 | 3.94 | — | — | — | 1.80 | — | 32.77 |
| Quick Ratio | 4.52 | 4.52 | 3.94 | — | — | — | 1.80 | — | 32.77 |
| Cash Ratio | 3.28 | 3.28 | 2.63 | — | — | — | 1.14 | — | 32.77 |
| Asset Turnover | — | 0.02 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 | 0.01 | 0.05 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.0% | 3.3% | 4.7% | 6.0% | 1.3% | — | — | — |
| Payout Ratio | 825.9% | 825.9% | 22.3% | 21.5% | 3.0% | 1.5% | — | — | 22.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 13.5% | 21.0% | 200.5% | 85.8% | — | — | — |
| FCF Yield | 78.7% | 76.8% | 89.4% | 124.1% | 168.7% | 153.2% | — | — | — |
| Buyback Yield | 9.1% | 8.9% | 6.8% | 7.2% | 10.4% | 5.7% | — | — | — |
| Total Shareholder Yield | 12.2% | 11.9% | 10.1% | 11.8% | 16.4% | 7.0% | — | — | — |
| Shares Outstanding | — | $70M | $74M | $84M | $89M | $89M | $94M | $94M | $94M |
Variable Annuity Hedging Volatility
As reported in recent market data, Jackson Financial trades at a P/B ratio of 0.73, which suggests that investors remain skeptical of the firm's long-term capital adequacy despite its consistent dividend yield of 3.0% and aggressive share repurchase programs initiated since the 2021 spin-off.
The persistent discount to book value appears to be a market reaction to the capital intensity of the legacy variable annuity block rather than a reflection of current operating performance. This valuation gap warrants further investigation into whether the market is correctly pricing the risk-mitigation benefits of the newer RILA product suite versus the potential for future capital erosion.
Based on quarterly filings, the combined ratio has exhibited extreme instability, swinging from 3.2% in 2023Q4 to 127.7% in 2024Q3, which indicates that GAAP-based underwriting metrics are heavily distorted by the mark-to-market accounting of derivative instruments used to hedge complex annuity guarantees.
The wide variance in the loss ratio suggests that traditional underwriting analysis is insufficient for assessing the firm's core profitability. Investors should monitor the underlying fee-based margin trends rather than the headline combined ratio, as the latter is frequently overwhelmed by non-cash accounting noise related to hedging effectiveness.
According to historical balance sheet figures, total liabilities have consistently hovered near $330 billion, representing a high leverage profile that leaves the company's statutory capital position sensitive to equity market downturns and the resulting impact on the valuation of its complex hedging instruments.
The firm's reliance on a massive liability base to support its annuity products necessitates a high degree of capital efficiency. Any sustained decline in equity markets may force management to prioritize capital retention over shareholder distributions, potentially impacting the sustainability of the current dividend yield.
As indicated by the divergence between GAAP net income and operating cash flow, the company's reliance on sophisticated derivative hedging programs creates significant accounting noise that may obscure the true economic risk profile of its variable annuity business, as noted in recent regulatory filings.
The most commonly misapplied metric for Jackson Financial is the GAAP-based P/E ratio, which is rendered largely meaningless by the volatility of derivative mark-to-market adjustments. Analysts should instead focus on Total Adjusted Capital (TAC) and statutory solvency ratios to gain a more accurate understanding of the firm's actual ability to absorb market shocks.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying JXN stock.
Jackson Financial Inc.'s current P/E ratio is -437.1x. The historical average is 3.5x.
Jackson Financial Inc.'s return on equity (ROE) is 0.3%. The historical average is 14.0%.
Based on historical data, Jackson Financial Inc. is trading at a P/E of -437.1x. Compare with industry peers and growth rates for a complete picture.
Jackson Financial Inc.'s current dividend yield is 3.02% with a payout ratio of 825.9%.
Jackson Financial Inc. has 85.5% gross margin and -1.7% operating margin.