Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 11.2x · ROE 11.9%. (1998–2025 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 | $62.5B | $52.5B | $58.2B | $50.4B | $58.5B | $54.3B | $42.9B | $48.1B | $41.6B | $52.8B | $52.6B |
| Enterprise Value | $60.7B | $50.6B | $56.9B | $48.6B | $56.3B | $51.7B | $41.2B | $48.4B | $42.1B | $59.4B | $59.8B |
| P/E Ratio → | 20.25 | 16.45 | 13.78 | 36.54 | 11.49 | 8.17 | 8.27 | 8.41 | 8.36 | 13.52 | 71.67 |
| P/S Ratio | 0.81 | 0.68 | 0.83 | 0.74 | 0.86 | 0.86 | 0.63 | 0.69 | 0.61 | 0.85 | 0.87 |
| P/B Ratio | 2.23 | 1.82 | 2.10 | 1.67 | 1.94 | 0.80 | 0.57 | 0.73 | 0.79 | 0.90 | 0.78 |
| P/FCF | 3.45 | 2.90 | 3.85 | 3.54 | 5.15 | 4.24 | 3.73 | 3.46 | 4.37 | 4.15 | 3.59 |
| P/OCF | 3.45 | 2.90 | 3.85 | 3.54 | 5.15 | 4.24 | 3.73 | 3.46 | 4.37 | 4.15 | 3.59 |
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 | — | 0.66 | 0.81 | 0.72 | 0.83 | 0.82 | 0.61 | 0.70 | 0.62 | 0.95 | 0.99 |
| EV / EBITDA | 11.21 | 9.35 | 8.98 | 16.88 | 8.00 | 5.61 | 5.46 | 6.52 | 6.06 | 13.71 | 12.12 |
| EV / EBIT | 13.02 | 8.85 | 8.54 | 15.16 | 7.71 | 5.48 | 5.26 | 6.24 | 5.66 | 12.73 | 11.00 |
| EV / FCF | — | 2.80 | 3.76 | 3.41 | 4.95 | 4.03 | 3.58 | 3.47 | 4.41 | 4.67 | 4.08 |
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 | 36.4% | 36.4% | 27.2% | 25.5% | 27.9% | 26.6% | 22.8% | 23.3% | 23.4% | 21.6% | 23.1% |
| Operating Margin | 6.0% | 6.0% | 8.0% | 3.2% | 9.4% | 13.4% | 10.2% | 9.8% | 9.3% | 5.7% | 7.1% |
| Net Profit Margin | 4.4% | 4.4% | 6.3% | 2.3% | 7.8% | 10.8% | 8.0% | 8.5% | 7.5% | 6.4% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.9% | 11.9% | 15.3% | 5.2% | 10.8% | 9.6% | 7.7% | 9.9% | 9.2% | 6.3% | 1.2% |
| ROA | 0.5% | 0.5% | 0.6% | 0.2% | 0.7% | 0.9% | 0.7% | 0.8% | 0.7% | 0.5% | 0.1% |
| ROIC | 13.1% | 13.1% | 15.4% | 5.8% | 10.3% | 9.2% | 7.4% | 8.5% | 8.0% | 3.8% | 4.2% |
| ROCE | 1.0% | 1.0% | 1.3% | 0.5% | 1.4% | 1.7% | 0.9% | 1.0% | 0.9% | 0.4% | 0.5% |
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 | 0.70 | 0.70 | 0.68 | 0.62 | 0.60 | 0.26 | 0.24 | 0.25 | 0.31 | 0.33 | 0.29 |
| Debt / EBITDA | 3.73 | 3.73 | 2.95 | 6.54 | 2.56 | 1.89 | 2.41 | 2.27 | 2.34 | 4.46 | 4.02 |
| Net Debt / Equity | — | -0.06 | -0.05 | -0.06 | -0.07 | -0.04 | -0.02 | 0.00 | 0.01 | 0.11 | 0.11 |
| Net Debt / EBITDA | -0.34 | -0.34 | -0.21 | -0.63 | -0.31 | -0.28 | -0.22 | 0.03 | 0.06 | 1.53 | 1.46 |
| Debt / FCF | — | -0.10 | -0.09 | -0.13 | -0.19 | -0.20 | -0.14 | 0.02 | 0.04 | 0.52 | 0.49 |
| Interest Coverage | 5.39 | 5.39 | 6.42 | 3.07 | 7.78 | 10.26 | 8.59 | 8.12 | 6.62 | 4.13 | 4.70 |
Net cash position: cash ($22.0B) exceeds total debt ($20.2B)
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 | 0.65 | 0.65 | 0.55 | 1.36 | 1.34 | 1.47 | — | — | — | — | — |
| Quick Ratio | 0.65 | 0.65 | 0.55 | 1.36 | 1.34 | 1.47 | — | — | — | — | — |
| Cash Ratio | 0.45 | 0.45 | 0.42 | 1.23 | 1.25 | 1.40 | — | — | — | — | — |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.10 | 0.08 | 0.09 | 0.09 | 0.10 | 0.09 | 0.07 |
| 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 | 2.3% | 2.9% | 2.6% | 3.1% | 2.7% | 3.0% | 3.9% | 3.4% | 4.0% | 3.3% | 3.3% |
| Payout Ratio | 44.7% | 44.7% | 34.5% | 99.2% | 30.2% | 24.0% | 30.6% | 27.9% | 32.8% | 42.8% | 204.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 6.1% | 7.3% | 2.7% | 8.7% | 12.2% | 12.1% | 11.9% | 12.0% | 7.4% | 1.4% |
| FCF Yield | 28.9% | 34.5% | 26.0% | 28.3% | 19.4% | 23.6% | 26.8% | 28.9% | 22.9% | 24.1% | 27.9% |
| Buyback Yield | 6.2% | 7.4% | 5.5% | 6.2% | 5.7% | 8.8% | 5.0% | 4.7% | 9.6% | 5.5% | 0.7% |
| Total Shareholder Yield | 8.5% | 10.3% | 8.1% | 9.3% | 8.4% | 11.9% | 8.9% | 8.2% | 13.6% | 8.8% | 4.0% |
| Shares Outstanding | — | $665M | $711M | $762M | $809M | $869M | $913M | $944M | $1.0B | $1.0B | $1.1B |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MET stock.
MetLife, Inc.'s current P/E ratio is 20.3x. The historical average is 16.2x. This places it at the 80th percentile of its historical range.
MetLife, Inc.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
MetLife, Inc.'s return on equity (ROE) is 11.9%. The historical average is 8.5%.
Based on historical data, MetLife, Inc. is trading at a P/E of 20.3x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MetLife, Inc.'s current dividend yield is 2.33% with a payout ratio of 44.7%.
MetLife, Inc. has 36.4% gross margin and 6.0% operating margin.
MetLife, Inc.'s Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Reported EPS miss and CRE exposure
Metrics are mathematically derived from official filings.
Combined Ratio Holds Below 100%
MetLife's combined ratio averaged 93.1% over the past ten quarters, with Q2 2026 at 94.5%, indicating consistent underwriting profitability, as reported in financial statements.
The combined ratio has remained in a tight band between 89.1% and 95.3% over the last ten quarters, with Q2 2026 at 94.5%. This stability suggests disciplined underwriting across the group benefits and life lines, though the loss ratio spiked to 85.2% in Q2 2026, up from 73.6% in the prior year quarter, which may reflect inflationary pressure on claims. The expense ratio of 9.3% in Q2 2026 is notably lower than the 20%+ levels seen in other quarters, likely due to timing of expense recognition, but the overall trend indicates that underwriting margins remain positive and sustainable.
ROE Decomposition Shows Underwriting Strength
MetLife's ROE averaged 3.4% over the last ten quarters, with Q2 2026 at 2.6%, driven by underwriting profits and investment income, according to recent SEC filings.
The quarterly ROE has been volatile, ranging from 2.6% to 4.6%, with Q2 2026 at 2.6%. This appears to be driven by a combination of underwriting profits (combined ratio below 100%) and investment income on the large general account, though the investment yield is not separately disclosed. The reported adjusted ROE of 17% year-to-date, as per company intelligence, suggests that adjusted earnings are significantly higher than GAAP net income, highlighting the impact of non-operating items such as market risk benefits and derivative gains. Investors should monitor the gap between adjusted and reported ROE, as it may indicate earnings quality concerns.
Underwriting Leverage Remains Moderate
MetLife's premium-to-surplus ratio is not directly disclosed, but the D/E ratio of 0.73 and equity-to-assets of 3.6% in Q2 2026 indicate moderate leverage, as per financial statements.
The debt-to-equity ratio has risen from 0.60 in Q4 2024 to 0.73 in Q2 2026, while equity as a percentage of assets has declined from 4.4% to 3.6% over the same period. This suggests that the company is taking on more leverage to fund growth, which may be within rating agency guidelines but warrants monitoring. The interest coverage ratio of 4.54x in Q2 2026 is lower than the 8.76x seen in Q4 2024, indicating a modest increase in interest burden relative to earnings. Overall, the capital buffer appears adequate but thinning, and investors should watch for any further deterioration.
Valuation Premium Reflects Diversification
MetLife trades at a P/B of 2.23 and forward P/E of 9.81, compared to PRU's 1.20 P/B and 11.97 P/E, suggesting a premium for its diversified earnings, based on peer data.
MetLife's P/B of 2.23 is higher than Prudential's 1.20 and Unum's 1.40, but lower than Principal's 2.06, indicating that investors are willing to pay a premium for MetLife's scale and diversification across geographies and product lines. The forward P/E of 9.81 is lower than the trailing P/E of 20.17, implying that the market expects significant earnings growth, likely driven by the 'New Frontier' strategy and improved underwriting. However, the reported EPS miss in Q2 2026 may temper this optimism, and the premium could be justified by the strength of the U.S. Group Benefits franchise and the potential for MIM to be re-rated.
P/E Misleads Due to Investment Volatility
The P/E ratio is commonly misapplied to insurers like MetLife because investment gains and losses distort earnings, as seen in the gap between adjusted and reported EPS, per recent earnings releases.
The most commonly misapplied ratio for MetLife is the P/E ratio, which can be misleading due to the volatility of investment returns and non-operating items such as market risk benefits and derivatives. For example, the trailing P/E of 20.17 is significantly higher than the forward P/E of 9.81, reflecting the market's expectation of normalized earnings, but the reported EPS miss in Q2 2026 highlights the noise in GAAP earnings. Instead, investors should focus on P/B and ROE, which are more stable for insurers, and adjust for the MetLife Holdings segment to isolate core operating performance. The adjusted ROE of 17% year-to-date suggests that the core business is performing well, but the reported figures may understate this due to legacy volatility.