1.Sales and profit
See section →- Aegon Ltd. made $1.1B of net profit in fiscal 2025.
Aegon Ltd.
AEG NYSE Life Insurance Financials FY2016–FY2025
- Today
- —
- Previous close
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- Market cap
- $12.7B
- P/E
- —
- 52-week range
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$6.79 $9.53
Last close · Oct 30, 2026
$8.18
+$0.60 (+7.92%) past year
KIRA’s summary AI analyst
Hi! I read Aegon Ltd.’s latest annual report (fiscal 2025). Here is what stands out:
3 strengths
2.Cash and shareholders
See section →- Free cash flow was $443M in fiscal 2025.
- Aegon Ltd. returned $1.3B to shareholders in fiscal 2025, 291% of free cash flow. The diluted share count fell 4.7%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section →- Aegon Ltd. has $882M more cash than debt.
Aegon Ltd. in 30 seconds
Good So-so Weak
Good
Does it make a profit?
$1.1B
Yes. It made $1.1B of profit last year.
Good
Is debt under control?
Net cash
Yes. It has more cash than debt.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$12.7B
Oct 30 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
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Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
Revenue
FY16
Revenue $37.2B
FY17
Revenue $37.2B
FY18
Revenue $34.1B
FY19
Revenue $31.6B
FY20
Revenue $24.3B
FY21
Revenue $24.9B
FY22
Revenue $22.4B
FY23
Revenue —
FY24
Revenue —
FY25
Revenue —
Margins, % of revenue
FY16
Gross —
Operating —
Net 1.3%
FCF 9.7%
FY17
Gross —
Operating —
Net 7.5%
FCF 1.5%
FY18
Gross —
Operating −40.5%
Net 2.4%
FCF 1.5%
FY19
Gross —
Operating 125.5%
Net 4.4%
FCF 25.5%
FY20
Gross —
Operating 84.3%
Net −0.7%
FCF −13.8%
FY21
Gross —
Operating 117.2%
Net 9.4%
FCF −8.9%
FY22
Gross —
Operating −164.7%
Net −2.7%
FCF 12.2%
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
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Aegon Ltd. made $1.1B of net profit in fiscal 2025.
Net income
FY16
Net income $483M
FY17
Net income $2.8B
FY18
Net income $833M
FY19
Net income $1.4B
FY20
Net income −$166M
FY21
Net income $2.3B
FY22
Net income −$599M
FY23
Net income −$194M
FY24
Net income $744M
FY25
Net income $1.1B
Diluted EPS
FY16
Diluted EPS $0.17
FY17
Diluted EPS $1.29
FY18
Diluted EPS $0.34
FY19
Diluted EPS $0.63
FY20
Diluted EPS −$0.10
FY21
Diluted EPS $1.11
FY22
Diluted EPS −$0.32
FY23
Diluted EPS −$0.13
FY24
Diluted EPS $0.40
FY25
Diluted EPS —
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
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Free cash flow was $443M in fiscal 2025.
Free cash flow
FY16
Free cash flow $3.6B
FY17
Free cash flow $542M
FY18
Free cash flow $514M
FY19
Free cash flow $8.1B
FY20
Free cash flow −$3.3B
FY21
Free cash flow −$2.2B
FY22
Free cash flow $2.7B
FY23
Free cash flow $864M
FY24
Free cash flow $769M
FY25
Free cash flow $443M
Cash from operations vs capital spending
FY16
Cash from operations $3.7B
Capital spending $76.3M
FY17
Cash from operations $623M
Capital spending $81.2M
FY18
Cash from operations $610M
Capital spending $95.6M
FY19
Cash from operations $8.2B
Capital spending $114M
FY20
Cash from operations −$3.3B
Capital spending $91.2M
FY21
Cash from operations −$2.1B
Capital spending $89.9M
FY22
Cash from operations $2.8B
Capital spending $75.7M
FY23
Cash from operations $934M
Capital spending $70.3M
FY24
Cash from operations $824M
Capital spending $55.2M
FY25
Cash from operations $489M
Capital spending $46.2M
Cash from operations
Capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
KIRA summarises the numbers
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Aegon Ltd. returned $1.3B to shareholders in fiscal 2025, 291% of free cash flow.
The diluted share count fell 4.7%.
Dividends and buybacks
FY16
Dividends $338M
Buybacks —
FY17
Dividends $331M
Buybacks —
FY18
Dividends $387M
Buybacks —
FY19
Dividends $346M
Buybacks —
FY20
Dividends $71.8M
Buybacks —
FY21
Dividends $143M
Buybacks —
FY22
Dividends $176M
Buybacks —
FY23
Dividends $534M
Buybacks $1.2B
FY24
Dividends $564M
Buybacks $1.0B
FY25
Dividends $672M
Buybacks $619M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 2.05B
FY17
Diluted shares 2.04B
FY18
Diluted shares 2.04B
FY19
Diluted shares 2.04B
FY20
Diluted shares 2.04B
FY21
Diluted shares 2.04B
FY22
Diluted shares 2.01B
FY23
Diluted shares 1.88B
FY24
Diluted shares 1.63B
FY25
Diluted shares 1.55B
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
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No open-market insider trades in the last 12 months.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Aegon Ltd. can carry it.
KIRA summarises the numbers
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Aegon Ltd. has $882M more cash than debt.
Cash vs debt (incl. leases)
FY16
Cash $12.0B
Debt $13.9B
FY17
Cash $12.9B
Debt $16.4B
FY18
Cash $10.0B
Debt $13.8B
FY19
Cash $13.8B
Debt $10.5B
FY20
Cash $10.3B
Debt $10.5B
FY21
Cash $7.8B
Debt $10.9B
FY22
Cash $9.1B
Debt $4.3B
FY23
Cash $4.5B
Debt $2.6B
FY24
Cash $3.6B
Debt $3.1B
FY25
Cash $3.2B
Debt $2.3B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.8B | $9.1B | $4.5B | $3.6B | $3.2B |
| Debt incl. finance leases | $10.9B | $4.3B | $2.6B | $3.1B | $2.3B |
| Net debt / EBITDA | 0.1x | — | — | — | — |
| Debt / equity | 0.4x | 0.4x | 0.2x | 0.3x | 0.2x |
| Interest coverage | — | −193.0x | — | — | — |
| Total assets | $530.3B | $406.1B | $333.2B | $340.1B | $372.7B |
| Total liabilities | $500.5B | $394.4B | $322.7B | $330.5B | $361.6B |
| Shareholders' equity | $29.6B | $11.5B | $10.4B | $9.5B | $11.1B |
| Net debt (− = net cash) | $3.1B | −$4.7B | −$1.9B | −$474M | −$882M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
FY16
Return on capital —
Return on equity 1.9%
Return on assets 0.1%
FY17
Return on capital —
Return on equity 10.2%
Return on assets 0.6%
FY18
Return on capital −44.2%
Return on equity 3.0%
Return on assets 0.2%
FY19
Return on capital 139.8%
Return on equity 5.2%
Return on assets 0.3%
FY20
Return on capital 53.3%
Return on equity −0.6%
Return on assets −0.0%
FY21
Return on capital 70.4%
Return on equity 7.8%
Return on assets 0.4%
FY22
Return on capital −432.5%
Return on equity −2.9%
Return on assets −0.1%
FY23
Return on capital —
Return on equity −1.8%
Return on assets −0.1%
FY24
Return on capital —
Return on equity 7.5%
Return on assets 0.2%
FY25
Return on capital —
Return on equity 10.7%
Return on assets 0.3%
Return on capital
Return on equity
Return on assets
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| F-score | 4 / 7 | 5 / 7 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | 0.8% | −0.7% | −0.3% | −0.0% | 0.2% |
| Altman Z'' | — | — | — | — | — |
| Net income is positive | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✕ | ✓ | ✓ | ✕ | ✓ |
| Current ratio rose | — | — | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | — | — | — |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
See the figures for 10 years Hide the figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $37.2B | $37.2B | $34.1B | $31.6B | $24.3B | $24.9B | $22.4B | — | — | — |
| Operating income | — | — | −$13.8B | $39.6B | $20.5B | $29.2B | −$36.9B | — | — | — |
| Interest expense | — | — | — | — | — | — | $191M | $197M | $206M | — |
| Pretax income | $675M | $2.9B | $880M | $1.6B | −$415M | −$2.8B | −$26.3M | −$423M | $714M | $1.2B |
| Income tax | $190M | $73.3M | $46.0M | $243M | −$383M | $112M | $74.6M | −$226M | −$17.3M | $73.3M |
| Net income | $483M | $2.8B | $833M | $1.4B | −$166M | $2.3B | −$599M | −$194M | $744M | $1.1B |
| Net income to common | $483M | $2.8B | $833M | $1.4B | −$166M | $2.3B | −$599M | −$194M | $744M | $1.1B |
| Diluted EPS | $0.17 | $1.29 | $0.34 | $0.63 | −$0.10 | $1.11 | −$0.32 | −$0.13 | $0.40 | — |
| Diluted shares | 2.05B | 2.04B | 2.04B | 2.04B | 2.04B | 2.04B | 2.01B | 1.88B | 1.63B | 1.55B |
| Cash flow | ||||||||||
| Cash from operations | $3.7B | $623M | $610M | $8.2B | −$3.3B | −$2.1B | $2.8B | $934M | $824M | $489M |
| Capital expenditure | $76.3M | $81.2M | $95.6M | $114M | $91.2M | $89.9M | $75.7M | $70.3M | $55.2M | $46.2M |
| Free cash flow | $3.6B | $542M | $514M | $8.1B | −$3.3B | −$2.2B | $2.7B | $864M | $769M | $443M |
| Depreciation and amortization | $1.3B | $880M | $1.6B | $1.3B | $823M | $1.4B | $178M | −$176M | — | — |
| Acquisitions | — | — | — | — | — | — | — | $36.8M | $44.4M | $14.7M |
| Share buybacks | — | — | — | — | — | — | — | $1.2B | $1.0B | $619M |
| Dividends paid | $338M | $331M | $387M | $346M | $71.8M | $143M | $176M | $534M | $564M | $672M |
| Dividends and buybacks | $338M | $331M | $387M | $346M | $71.8M | $143M | $176M | $1.7B | $1.6B | $1.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $12.0B | $12.9B | $10.0B | $13.8B | $10.3B | $7.8B | $9.1B | $4.5B | $3.6B | $3.2B |
| Total debt | $13.9B | $16.4B | $13.8B | $10.5B | $10.5B | $10.9B | $4.3B | $2.6B | $3.1B | $2.3B |
| Property and equipment, net | $603M | $636M | $570M | $260M | $247M | $187M | $76.8M | — | — | — |
| Goodwill | $310M | $351M | $440M | $440M | $460M | $443M | $337M | $322M | $358M | $368M |
| Total assets | $448.4B | $474.8B | $449.6B | $494.0B | $544.6B | $530.3B | $406.1B | $333.2B | $340.1B | $372.7B |
| Total liabilities | $422.8B | $445.9B | $423.8B | $466.6B | $514.3B | $500.5B | $394.4B | $322.7B | $330.5B | $361.6B |
| Shareholders' equity | $25.6B | $28.9B | $25.8B | $27.4B | $30.2B | $29.6B | $11.5B | $10.4B | $9.5B | $11.1B |
| Margins | ||||||||||
| Operating margin | — | — | −40.5% | 125.5% | 84.3% | 117.2% | −164.7% | — | — | — |
| EBITDA margin | — | — | −35.9% | 129.7% | 87.6% | 122.7% | −163.9% | — | — | — |
| Net margin | 1.3% | 7.5% | 2.4% | 4.4% | −0.7% | 9.4% | −2.7% | — | — | — |
| FCF margin | 9.7% | 1.5% | 1.5% | 25.5% | −13.8% | −8.9% | 12.2% | — | — | — |
| Returns | ||||||||||
| Return on capital | — | — | −44.2% | 139.8% | 53.3% | 70.4% | −432.5% | — | — | — |
| Return on equity | 1.9% | 10.2% | 3.0% | 5.2% | −0.6% | 7.8% | −2.9% | −1.8% | 7.5% | 10.7% |
| Return on assets | 0.1% | 0.6% | 0.2% | 0.3% | −0.0% | 0.4% | −0.1% | −0.1% | 0.2% | 0.3% |
| Return on tangible equity | 1.9% | 9.8% | 3.3% | 5.1% | −0.6% | 8.0% | −5.4% | −1.9% | 8.1% | 10.3% |
| Growth | ||||||||||
| Revenue growth | — | −0.1% | −8.2% | −7.5% | −23.0% | 2.7% | −10.1% | — | — | — |
| Net income growth | — | 475.9% | −70.1% | 65.9% | −112.0% | — | −125.6% | — | — | 48.0% |
| EPS growth | — | 674.7% | −73.4% | 83.2% | −116.4% | — | −128.4% | — | — | — |
| FCF growth | — | −84.9% | −5.1% | 1,466.5% | −141.5% | — | — | −68.4% | −11.0% | −42.4% |
| Share count change | — | −0.3% | −0.3% | 0.3% | 0.1% | −0.0% | −1.6% | −6.5% | −13.3% | −4.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | −0.1x | 0.0x | 0.1x | — | — | — | — |
| Debt / equity | 0.5x | 0.6x | 0.5x | 0.4x | 0.3x | 0.4x | 0.4x | 0.2x | 0.3x | 0.2x |
| Interest coverage | — | — | — | — | — | — | −193.0x | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 0.2% | 0.2% | 0.3% | 0.4% | 0.4% | 0.4% | 0.3% | — | — | — |
| Payouts / FCF | 9.4% | 61.1% | 75.2% | 4.3% | — | — | 6.4% | 196.0% | 203.4% | 291.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 4.0 | 5.0 | 1.0 | 4.0 | 5.0 | — | — | — |
| Accruals ratio | −0.7% | 0.5% | 0.0% | −1.4% | 0.6% | 0.8% | −0.7% | −0.3% | −0.0% | 0.2% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Latest SEC filings
The original documents every number on this page comes from.
Source: SEC EDGAR XBRL filings (CIK 0000769218). Data updated November 1, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.