A Business at a Glance
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Brighthouse Financial, Inc.
BHF
$3.7B
Mkt Cap
$63.22
+0.80%
Brighthouse Financial, Inc. (BHF) has a current P/E ratio of 11.1, compared to its historical median P/E of 4.3. The stock is currently considered Expensive based on its historical valuation range.
Brighthouse Financial, Inc. (BHF) has a 5-year average return on invested capital (ROIC) of 5.5%. This is below average and may indicate limited pricing power.
Brighthouse Financial, Inc. (BHF) has a market capitalization of $3.6B. It is classified as a mid-cap stock.
Yes, Brighthouse Financial, Inc. (BHF) pays a dividend with a trailing twelve-month yield of 2.81%. The company also returns capital through share buybacks, with a buyback yield of 1.18%.
Based on historical P/E analysis, Brighthouse Financial, Inc. (BHF) appears expensive. The current P/E of 11.1 is 157% above its historical median of 4.3. The estimated fair value CAGR (P/E method) is 12.0%.
Brighthouse Financial, Inc. (BHF) operates in the Life Insurance industry, within the Financials sector.
Brighthouse Financial is one of the largest providers of annuity and life insurance products in the U.S., serving over 2.0 million annuity contracts and insurance policies in force as of December 31, 2025. The company operates through four reportable segments: Annuities, Life, Run-off, and Corporate & Other, with substantially all premiums and policy fees originating in the U.S. The Annuities segment offers variable, fixed, index-linked, and income annuities designed for wealth accumulation, transfer, and income security, with a strategic shift since 2013 toward fixed products with lower guaranteed crediting rates and variable annuities with simplified living benefits, including the flagship Shield Level Annuities product. The Life segment provides life insurance products including the SmartCare offering, while the Run-off segment manages legacy universal life and variable universal life products. Brighthouse distributes its products through multiple independent distribution channels and marketing arrangements with a diverse network of partners, including institutional channels such as BlackRock's LifePath Paycheck product for workplace retirement solutions. The company employs a disciplined risk selection approach and innovative product design to balance profitability with sales growth, with a financial strategy emphasizing independent distribution, strong capital management targeting a combined risk-based capital ratio of 400%-450% in normal market conditions, and maintaining robust holding company liquidity to support shareholder distributions over time.
【Strategic simplification underway】 Management is executing capital-focused strategic initiatives designed to improve capital efficiency and unlock capital while maintaining the target combined RBC ratio range of 400%-450% in normal market conditions. The company is simplifying its hedging strategy by managing the variable annuity and Shield businesses separately, with the transition expected to be completed by the end of September 2025, which is anticipated to reduce new business strain and improve capital efficiency going forward. Brighthouse expects continued strong sales momentum, particularly in Shield annuities and fixed annuities, with additional inflows anticipated from the BlackRock LifePath Paycheck product in 2025 as defined contribution plans implement the solution. The company remains focused on disciplined expense management and expects to deliver dividends from operating companies over a three-year planning period, with the financial plan currently anticipating the combined RBC ratio to remain relatively stable without additional holding company support. Management is pursuing multiple initiatives including potential flow reinsurance arrangements for Shield new business and exploring other capital-efficient opportunities while maintaining substantial protection for adverse market scenarios.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call, Q3 FY2024 Earnings Call, Q2 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.9B | 6.8B | 4.7B | 4.1B | 6.9B | 5.0B |
| Net Income | -167M | 331M | 286M | -1.2B | 3.8B | 1.6B |
| EPS | $-2.85 | $5.71 | $4.64 | $-18.39 | $51.30 | $18.39 |
| Free Cash Flow | 0 | 259M | -290M | -137M | -1.2B | 641M |
| ROIC | 0.0% | 3.7% | 3.5% | -14.5% | 27.0% | 7.6% |
| Gross Margin | - | 64.8% | 39.2% | 21.9% | 60.6% | 31.1% |
| Debt/Equity | 4.07 | 3.36 | 4.70 | 4.55 | 4.15 | 1.23 |
| Dividends/Share | $1.78 | $1.76 | $1.65 | $1.55 | $1.41 | $1.05 |
| Operating Income | 0 | 474M | 422M | -1.5B | 4.7B | 2.0B |
| Operating Margin | 0.0% | 7.0% | 8.9% | -35.8% | 68.8% | 40.4% |
| ROE | -3.0% | 5.6% | 5.8% | -23.2% | 34.8% | 9.1% |
| Shares Outstanding | 57M | 58M | 62M | 66M | 74M | 85M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 8.9B | 3.0B | 6.8B | 9.0B | 6.6B | 8.5B | 5.0B | 6.9B | 4.1B | 4.7B | 6.8B | 5.9B |
| Gross Margin | 57.0% | -44.6% | 36.5% | 56.5% | 34.3% | 25.5% | 31.1% | 60.6% | 21.9% | 39.2% | 64.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 455M | 400M | 390M | 186M | 333M | 346M | 385M | 187M | 418M | 408M | 449M | 78M |
| EBIT | 1.5B | -4.7B | -615M | 989M | -1.1B | -1.4B | 2.0B | 4.7B | -1.5B | 422M | 474M | 0 |
| Op. Margin | 16.4% | -155.9% | -9.0% | 11.0% | -16.1% | -16.7% | 40.4% | 68.8% | -35.8% | 8.9% | 7.0% | 0.0% |
| Net Income | 1.1B | -2.9B | -378M | 865M | -761M | -1.1B | 1.6B | 3.8B | -1.2B | 286M | 331M | -167M |
| Net Margin | 12.6% | -97.4% | -5.5% | 9.6% | -11.6% | -13.0% | 31.2% | 54.9% | -29.5% | 6.1% | 4.9% | -2.8% |
| Non-Recurring | 0 | 172M | -8.0M | -38M | -8.0M | 11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | N/A | -17.4% | -2.2% | 4.7% | -3.9% | -5.3% | 7.6% | 27.0% | -14.5% | 3.5% | 3.7% | 0.0% |
| ROE | N/A | -18.5% | -2.6% | 6.0% | -5.0% | -6.5% | 9.1% | 34.8% | -23.2% | 5.8% | 5.6% | -3.0% |
| ROA | N/A | -2.6% | -0.2% | 0.4% | -0.4% | -0.5% | 0.6% | 1.5% | -0.5% | 0.1% | 0.1% | -0.1% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 4.6B | 3.7B | 3.4B | 3.1B | 1.8B | 888M | 641M | -1.2B | -137M | -290M | 259M | -108M |
| Free Cash Flow | 4.5B | 3.7B | 3.1B | 3.0B | 1.8B | 888M | 641M | -1.2B | -137M | -290M | 259M | 0 |
| Owner Earnings | 4.6B | 3.7B | 3.4B | 3.0B | 1.8B | 869M | 621M | -1.3B | -166M | -313M | 217M | -150M |
| CapEx | 109M | 75M | 268M | 31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 26M | 17M | 17M | 18M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | 83M | 58M | 251M | 13M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 26M | 17M | 17M | 18M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | 7.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 699M | 556M | 0 | 0 | 21M | 44M | 89M | 104M | 102M | 102M | 102M | 102M |
| Dividend Yield | N/A | N/A | N/A | N/A | 0.5% | 1.5% | 2.3% | 2.8% | 3.2% | 3.5% | 3.2% | 2.8% |
| Share Buybacks | 0 | 0 | 0 | 105M | 442M | 473M | 499M | 488M | 250M | 250M | 102M | 43M |
| Buyback Yield | 0.0% | N/A | N/A | 2.8% | 9.9% | 14.0% | 11.2% | 13.3% | 7.0% | 8.4% | 2.7% | 1.2% |
| Stock-Based Comp | N/A | N/A | N/A | 28M | 21M | 19M | 20M | 22M | 29M | 23M | 42M | 42M |
| Debt Repayment | 235M | 26M | 13M | 9.0M | 602M | 1.6B | 680M | 3.0M | 2.0M | 2.0M | 2.0M | 2.0M |
| Balance Sheet | ||||||||||||
| Net Debt | -1.6B | -3.7B | 1.5B | -182M | -470M | 8.5B | 13.5B | 17.7B | 17.5B | 16.4B | -64.6B | 16.5B |
| Cash & Equiv. | 1.6B | 5.2B | 1.9B | 4.1B | 2.9B | 4.1B | 4.5B | 4.1B | 3.9B | 5.0B | 5.4B | 6.1B |
| Long-Term Debt | 175M | 1.9B | 3.6B | 4.0B | 4.4B | 3.4B | 3.2B | 3.2B | 3.2B | 3.2B | 3.2B | 3.2B |
| Debt/Equity | N/A | 0.19 | 0.25 | 0.27 | 0.27 | 0.88 | 1.23 | 4.15 | 4.55 | 4.70 | 3.36 | 4.07 |
| Interest Coverage | 8.6 | -35.4 | -4.6 | 6.3 | -5.5 | -7.7 | 12.3 | 30.9 | -9.6 | 2.8 | 3.1 | 3.1 |
| Equity | N/A | 14.9B | 14.5B | 14.4B | 16.2B | 18.0B | 16.1B | 5.5B | 4.9B | 5.0B | 6.8B | 5.6B |
| Total Assets | N/A | 221.9B | 224.2B | 206.3B | 227.3B | 247.9B | 262.3B | 224.8B | 236.3B | 238.5B | 241.8B | 236.8B |
| Total Liabilities | N/A | 207.1B | 209.6B | 191.8B | 211.0B | 229.8B | 246.1B | 219.2B | 231.3B | 233.5B | 235.0B | 231.2B |
| Intangibles | N/A | 120M | 105M | 91M | 78M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 0 | 406M | 1.3B | 585M | -534M | -4.3B | -395M | -1.5B | -1.1B | -686M | -1.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | N/A | -29,390.00 | -3.16 | 7.21 | -6.76 | -11.58 | 18.39 | 51.30 | -18.39 | 4.64 | 5.71 | -2.85 |
| Owner EPS | N/A | 37,190.00 | 28.25 | 25.14 | 15.94 | 9.11 | 7.35 | -16.99 | -2.51 | -5.08 | 3.74 | -2.61 |
| Book Value | N/A | 148,620.00 | 121.34 | 120.18 | 143.66 | 188.87 | 191.02 | 75.19 | 74.88 | 80.45 | 116.75 | 96.85 |
| Cash Flow/Share | N/A | 37,360.00 | 28.39 | 25.52 | 16.24 | 9.31 | 7.59 | -16.69 | -2.08 | -4.70 | 4.47 | -2.91 |
| Dividends/Share | N/A | 5,560.00 | 0.00 | 0.00 | 0.19 | 0.46 | 1.05 | 1.41 | 1.55 | 1.65 | 1.76 | 1.78 |
| Shares Out. | N/A | 0.1M | 119.6M | 120.0M | 112.6M | 95.4M | 84.5M | 73.6M | 66.0M | 61.6M | 58.0M | 57.4M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | 4.3 | N/A | N/A | 2.9 | 1.0 | N/A | 10.4 | 11.4 | -22.2 |
| P/FCF | N/A | N/A | 2.3 | 1.2 | 2.4 | 3.8 | 7.0 | N/A | N/A | N/A | 14.5 | N/A |
| EV/EBIT | N/A | N/A | N/A | 11.6 | N/A | N/A | 0.6 | 4.5 | N/A | 41.5 | 38.5 | N/A |
| Price/Book | N/A | N/A | 0.5 | 0.3 | 0.3 | 0.2 | 0.5 | 0.7 | 0.7 | 0.6 | 0.6 | 0.7 |
| Price/Sales | N/A | N/A | 1.0 | 0.6 | 0.7 | 0.4 | 0.8 | 0.5 | 0.8 | 0.6 | 0.5 | 0.6 |
| FCF Yield | N/A | N/A | 44.2% | 81.2% | 41.1% | 26.3% | 14.4% | -33.6% | -3.9% | -9.8% | 6.9% | N/A |
| Market Cap | 0 | N/A | 7.1B | 3.7B | 4.4B | 3.4B | 4.5B | 3.7B | 3.5B | 3.0B | 3.8B | 3.6B |
| Avg. Price | 0.00 | N/A | 59.56 | 46.83 | 38.11 | 31.38 | 45.89 | 49.86 | 48.75 | 47.39 | 54.71 | 63.22 |
| Year-End Price | 0.00 | N/A | 59.16 | 31.11 | 39.49 | 35.39 | 52.84 | 49.69 | 53.73 | 48.22 | 64.85 | 63.22 |
Brighthouse Financial, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Brighthouse Financial, Inc. trades at 11.1x trailing earnings, compared to its 15-year median P/E of 4.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.1x vs a median of 3.1x. The company's 5-year average ROIC is 5.5% with a gross margin of 43.5%. Total shareholder yield (dividends + buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is -30.7%.
Brighthouse Financial, Inc. (BHF) reported annual revenue of $6.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Brighthouse Financial, Inc. (BHF) has a net profit margin of 4.9%. This is a modest margin.
Brighthouse Financial, Inc. (BHF) generated $259 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Brighthouse Financial, Inc. (BHF) has a debt-to-equity ratio of 3.36. This indicates higher leverage, which may increase financial risk.
Brighthouse Financial, Inc. (BHF) reported earnings per share (EPS) of $5.71 in its most recent fiscal year.
Brighthouse Financial, Inc. (BHF) has a return on equity (ROE) of 5.6%. This indicates moderate shareholder returns.
Brighthouse Financial, Inc. (BHF) has a 5-year average gross margin of 43.5%. This indicates decent pricing power.
The Ledger Terminal provides 11 years of financial data for Brighthouse Financial, Inc. (BHF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Brighthouse Financial, Inc. (BHF) has a book value per share of $116.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing capital-focused strategic initiatives designed to improve capital efficiency and unlock capital while maintaining the target combined RBC ratio range of 400%-450% in normal market conditions. The company is simplifying its hedging strategy by managing the variable annuity and Shield businesses separately, with the transition expected to be completed by the end of September 2025, which is anticipated to reduce new business strain and improve capital efficiency going forward. Brighthouse expects continued strong sales momentum, particularly in Shield annuities and fixed annuities, with additional inflows anticipated from the BlackRock LifePath Paycheck product in 2025 as defined contribution plans implement the solution. The company remains focused on disciplined expense management and expects to deliver dividends from operating companies over a three-year planning period, with the financial plan currently anticipating the combined RBC ratio to remain relatively stable without additional holding company support. Management is pursuing multiple initiatives including potential flow reinsurance arrangements for Shield new business and exploring other capital-efficient opportunities while maintaining substantial protection for adverse market scenarios.