MetLife
MET NYSE Life & Health Insurance Financials FY2016–FY2025
MetLife's revenue rose 8.6% to $77.1 billion in fiscal 2025. Its operating margin was 8.0%, down from 8.4% a year earlier. It paid out $4.4 billion in dividends and buybacks. The diluted share count fell 5.3%.
About these figures. MetLife's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.
What MetLife does
MetLife is a financial services company that provides insurance, annuities, employee benefits and asset management. It operates in the United States, Asia, Latin America, Europe and the Middle East. It is also a large institutional investor: it invests the money it holds for policies mainly in fixed income securities and mortgage loans, plus real estate and other investments.
MetLife reports six segments: Group Benefits, Retirement and Income Solutions, Asia, Latin America, Europe/Middle East/Africa and MetLife Investment Management, its institutional asset management business. It also reports other results under Corporate & Other. In late 2025 it reorganized: asset management became its own segment and MetLife Holdings stopped being one.
It earns money from premiums and fees on its insurance and annuity products and from returns on the money it invests. Its New Frontier strategy for the next four years aims to grow in group benefits, retirement, asset management and fast-growing international markets. It describes its regulation as extensive.
- Legal name
- MetLife, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001099219-26-000013
0001099219
Revenue and margins
MetLife had $77.1B of revenue in fiscal 2025, up 8.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 24.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
MetLife returned $4.4B to shareholders in fiscal 2025. The diluted share count fell 5.3%.
Value MetLife yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $10.8B and divides by 673.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 18.9x · peers 14.3x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably MetLife can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $27.2B | $25.1B | $26.7B | $25.2B | $25.6B |
| Debt incl. finance leases | $14.3B | $14.8B | $15.7B | $15.6B | $14.8B |
| Net debt / EBITDA | −1.4x | −1.7x | −1.9x | −1.6x | −1.7x |
| Debt / equity | 0.2x | — | — | — | — |
| Interest coverage | 14.2x | 9.1x | 7.7x | 8.1x | 8.5x |
| Total assets | $759.7B | $663.1B | $687.6B | $677.5B | $745.2B |
| Total liabilities | $692.0B | $632.9B | $657.3B | $649.8B | $716.2B |
| Shareholders' equity | $67.5B | $29.9B | $30.0B | $27.4B | $28.4B |
| Net debt (− = net cash) | −$12.9B | −$10.3B | −$11.0B | −$9.7B | −$10.8B |
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.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.7M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 1, 2026 | Marlene DebelEVP & Chief Risk Officer | Sold | 21,312 | $81.59 | $1.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −1.8% | −1.5% | −1.9% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| MetLife MET | $63.9B | 8.6% | 8.0% | — | — | 18.9x | — | |
| Prudential Financial PRU | $40.0B | −13.7% | — | — | — | 10.4x | — | Compare → |
| Aflac AFL | $60.9B | −9.3% | — | — | 13.0% | 13.0x | — | Compare → |
| Principal Financial Group PFG | $23.9B | −3.1% | — | — | — | 15.6x | — | Compare → |
| Unum UNM | $14.4B | 1.5% | — | 4.3% | 7.6% | 21.0x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $60.8B | $62.3B | $67.9B | $69.6B | $67.8B | $68.7B | $68.8B | $66.9B | $71.0B | $77.1B |
| Operating income | — | — | — | — | — | — | $6.0B | $5.7B | $6.0B | $6.1B |
| Interest expense | $874M | $841M | $827M | $656M | $632M | $647M | $655M | $740M | $738M | $724M |
| Pretax income | $4.3B | $3.5B | $6.3B | $6.8B | $6.9B | $8.5B | $6.4B | $2.2B | $5.6B | $4.7B |
| Income tax | $693M | −$1.5B | $1.2B | $886M | $1.5B | $1.6B | $1.1B | $560M | $1.2B | $1.3B |
| Net income | $850M | $4.0B | $5.1B | $5.9B | $5.4B | $6.9B | $5.3B | $1.6B | $4.4B | $3.4B |
| Diluted EPS | $0.67 | $3.62 | $4.91 | $6.06 | $5.68 | $7.65 | $6.30 | $1.81 | $5.94 | $4.71 |
| Diluted shares | 1.11B | 1.08B | 1.01B | 0.94B | 0.91B | 0.87B | 0.81B | 0.76B | 0.71B | 0.67B |
| Cash flow | ||||||||||
| Cash from operations | $14.8B | $12.3B | $11.7B | $13.8B | $11.6B | $12.3B | $13.0B | $13.7B | $14.6B | $17.1B |
| Depreciation and amortization | $263M | $258M | $238M | $249M | $235M | $223M | $210M | $200M | $209M | $200M |
| Stock-based compensation | $147M | $128M | $86.0M | $150M | $127M | $173M | $184M | $171M | $168M | $131M |
| Acquisitions | $0.0M | $211M | $0.0M | $32.0M | $1.7B | $0.0M | $35.0M | $0.0M | $0.0M | $738M |
| Share buybacks | $372M | $2.9B | $4.0B | $2.3B | $1.2B | $4.3B | $3.3B | $3.1B | $3.2B | $2.9B |
| Dividends paid | $1.7B | $1.7B | $1.7B | $1.6B | $1.7B | $1.6B | $1.6B | $1.6B | $1.5B | $1.5B |
| Dividends and buybacks | $2.1B | $4.6B | $5.7B | $3.9B | $2.8B | $6.0B | $4.9B | $4.7B | $4.7B | $4.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $19.2B | $17.6B | $19.8B | $20.4B | $23.7B | $27.2B | $25.1B | $26.7B | $25.2B | $25.6B |
| Total debt | $16.7B | $16.2B | $13.1B | $13.7B | $15.0B | $14.3B | $14.8B | $15.7B | $15.6B | $14.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $81.0M | $56.0M | $32.0M | $6.0M | $6.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $898.8B | $719.9B | $687.5B | $740.5B | $795.1B | $759.7B | $663.1B | $687.6B | $677.5B | $745.2B |
| Total liabilities | $831.1B | $661.0B | $634.6B | $674.1B | $720.3B | $692.0B | $632.9B | $657.3B | $649.8B | $716.2B |
| Shareholders' equity | $67.5B | $58.7B | $52.7B | $66.1B | $74.6B | $67.5B | $29.9B | $30.0B | $27.4B | $28.4B |
| Margins | ||||||||||
| Operating margin | — | — | — | — | — | — | 8.7% | 8.6% | 8.5% | 8.0% |
| EBITDA margin | 8.9% | 7.4% | 10.9% | 11.1% | 11.5% | 13.7% | 9.0% | 8.9% | 8.7% | 8.2% |
| Net margin | 1.4% | 6.4% | 7.5% | 8.5% | 8.0% | 10.0% | 7.7% | 2.4% | 6.2% | 4.4% |
| Returns | ||||||||||
| Return on equity | 1.3% | 6.4% | 9.2% | 9.9% | 7.7% | 9.7% | 10.9% | — | — | — |
| Return on assets | 0.1% | 0.5% | 0.7% | 0.8% | 0.7% | 0.9% | 0.7% | 0.2% | 0.7% | 0.5% |
| Growth | ||||||||||
| Revenue growth | −0.9% | 2.5% | 9.0% | 2.5% | −2.6% | 1.3% | 0.1% | −2.7% | 6.1% | 8.6% |
| Net income growth | −84.2% | 371.8% | 27.8% | 15.2% | −8.3% | 26.8% | −22.9% | −70.1% | 180.5% | −23.7% |
| EPS growth | −85.5% | 440.3% | 35.6% | 23.4% | −6.3% | 34.7% | −17.7% | −71.3% | 228.2% | −20.7% |
| Share count change | −1.8% | −2.7% | −6.0% | −6.9% | −3.3% | −4.8% | −7.0% | −5.8% | −6.7% | −5.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.5x | −0.3x | −0.9x | −0.9x | −1.1x | −1.4x | −1.7x | −1.9x | −1.6x | −1.7x |
| Debt / equity | 0.3x | 0.3x | 0.3x | 0.2x | 0.2x | 0.2x | — | — | — | — |
| Interest coverage | 5.9x | 5.2x | 8.6x | 11.4x | 12.0x | 14.2x | 9.1x | 7.7x | 8.1x | 8.5x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% |
| Quality scores | ||||||||||
| Accruals ratio | −1.6% | −1.0% | −0.9% | −1.1% | −0.8% | −0.7% | −1.1% | −1.8% | −1.5% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001099219). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.