A Business at a Glance
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GLOBE LIFE INC.
GL
$14.3B
Mkt Cap
$173.48
+1.40%
GLOBE LIFE INC. (GL) has a current P/E ratio of 12.3, compared to its historical median P/E of 12.2. The stock is currently considered Fair based on its historical valuation range.
GLOBE LIFE INC. (GL) has a 5-year average return on invested capital (ROIC) of 16.2%. This indicates strong capital allocation and a potential competitive advantage.
GLOBE LIFE INC. (GL) has a market capitalization of $16.0B. It is classified as a large-cap stock.
Yes, GLOBE LIFE INC. (GL) pays a dividend with a trailing twelve-month yield of 0.55%. The company also returns capital through share buybacks, with a buyback yield of 5.36%.
Based on historical P/E analysis, GLOBE LIFE INC. (GL) appears fair. The current P/E of 12.3 is 1% above its historical median of 12.2. The estimated fair value CAGR (P/E method) is 10.6%.
GLOBE LIFE INC. (GL) operates in the Life Insurance industry, within the Financials sector.
GLOBE LIFE INC. (GL) reported annual revenue of $6.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Globe Life Inc. is an insurance holding company operating through five primary subsidiaries that distribute individual life and supplemental health insurance to lower-middle and middle-income Americans and working families across the United States, Canada, and New Zealand. The company earns revenue primarily through premium income on nonparticipating ordinary life insurance products—including traditional whole life, term life, and other life insurance—as well as supplemental health insurance products such as Medicare Supplement and limited-benefit plans covering accident, cancer, critical illness, and other conditions. Distribution occurs through five distinct channels: direct-to-consumer (direct mail, electronic media, and insert media); American Income Life (approximately 11,920 average producing agents); Liberty National (approximately 3,846 average producing agents); Family Heritage (approximately 1,527 average producing agents); and United American (approximately 4,396 independent producing agents), with agents in the latter three divisions operating as exclusive independent contractors. The company's competitive advantage derives from its ability to operate at lower policy acquisition and administrative expense levels than peer companies, enabling competitive pricing while maintaining higher underwriting margins. Globe Life's investment portfolio is predominantly high-quality, investment-grade fixed maturities (approximately 86% of invested assets at fair value), supplemented by commercial mortgage loans, limited partnerships, and equity securities, all managed to meet policyholder obligations while generating returns for shareholders. The company maintains conservative underwriting standards using application information, telephone interviews, inspection reports, pharmacy data, motor vehicle records, medical questions and records, and medical examinations to determine policy issuance and rating.
【Steady premium and margin expansion】 Management expects total premium revenue to grow approximately 7% in 2026, with life premium revenue growing between 3% and 3.5% and health premium revenue growing between 14% and 17%, driven by strong Medicare Supplement sales activity and approved rate increases. Life underwriting margins are anticipated to be between 42% and 45% for the full year 2026 (normalized, excluding third-quarter assumption updates), while health underwriting margins are expected to be between 23% and 27%, with United American's health margin anticipated at 8% to 9% for the full year but averaging approximately 10% in the last three quarters as premium rate increases are realized. The company expects administrative expenses to remain at approximately 7.3% of premium, with long-term benefits anticipated from expanded artificial intelligence applications across distribution, underwriting, and claims activities. Net investment income and required interest are both expected to grow around 4% in 2026, with excess investment income growth between 4% and 4.5%, and the company anticipates the average earned yield on long-term investments will be between 5.45% and 5.5% for the full year. Capital allocation priorities remain focused on share repurchases and dividend payments, with the company anticipating share repurchases in the range of $560 million to $610 million for 2026 and dividend distributions of approximately $90 million, reflecting a recently announced 22% increase in the annual dividend rate per share.
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, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.1B | 6.0B | 5.8B | 5.4B | 5.2B | 5.1B |
| Net Income | 1.2B | 1.2B | 1.1B | 971M | 894M | 1.0B |
| EPS | $12.41 | $14.07 | $11.94 | $10.07 | $9.04 | $9.99 |
| Free Cash Flow | 1.2B | 1.3B | 1.3B | 1.4B | 1.4B | 1.4B |
| ROIC | 0.0% | 14.6% | 15.6% | 16.6% | 19.6% | 14.7% |
| Gross Margin | - | 24.0% | 23.0% | 23.1% | 22.6% | 23.8% |
| Debt/Equity | 0.46 | 0.44 | 0.52 | 0.47 | 0.57 | 1.09 |
| Dividends/Share | $0.95 | $1.08 | $0.96 | $0.90 | $0.83 | $0.79 |
| Operating Income | 0 | 1.4B | 1.3B | 1.3B | 1.2B | 1.2B |
| Operating Margin | 0.0% | 24.0% | 23.0% | 23.2% | 22.7% | 24.0% |
| ROE | 19.3% | 20.6% | 21.9% | 23.0% | 30.0% | 19.1% |
| Shares Outstanding | 92M | 83M | 90M | 96M | 99M | 103M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.6B | 3.8B | 3.9B | 4.2B | 4.3B | 4.5B | 4.7B | 5.1B | 5.2B | 5.4B | 5.8B | 6.0B | 6.1B |
| Gross Margin | 21.0% | 20.6% | 19.9% | 19.4% | 20.1% | 20.1% | 19.0% | 23.8% | 22.6% | 23.1% | 23.0% | 24.0% | 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 | N/A |
| SG&A | 177M | 186M | 197M | 211M | 228M | 249M | 255M | 282M | 308M | 302M | 66M | 72M | 76M |
| EBIT | 772M | 776M | 787M | 821M | 871M | 920M | 905M | 1.2B | 1.2B | 1.3B | 1.3B | 1.4B | 0 |
| Op. Margin | 21.3% | 20.6% | 20.0% | 19.8% | 20.2% | 20.3% | 19.1% | 24.0% | 22.7% | 23.2% | 23.0% | 24.0% | 0.0% |
| Net Income | 543M | 527M | 550M | 1.5B | 701M | 761M | 732M | 1.0B | 894M | 971M | 1.1B | 1.2B | 1.2B |
| Net Margin | 15.0% | 14.0% | 14.0% | 35.0% | 16.3% | 16.8% | 15.4% | 20.2% | 17.1% | 17.8% | 18.5% | 19.4% | 19.4% |
| Non-Recurring | 24M | -8.8M | -11M | 24M | -1.8M | 21M | -4.4M | 59M | -77M | -66M | -24M | -28M | -28M |
| Returns on Capital | |||||||||||||
| ROIC | 10.4% | 10.1% | 10.5% | 22.3% | 9.9% | 9.9% | 7.7% | 14.7% | 19.6% | 16.6% | 15.6% | 14.6% | 0.0% |
| ROE | 12.8% | 12.0% | 12.8% | 26.9% | 12.0% | 12.0% | 9.1% | 19.1% | 30.0% | 23.0% | 21.9% | 20.6% | 19.3% |
| ROA | 2.8% | 2.6% | 2.7% | 6.5% | 3.0% | 3.1% | 2.7% | 3.5% | 3.2% | 3.6% | 3.7% | 3.9% | 3.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 865M | 1.1B | 1.4B | 1.4B | 1.3B | 1.4B | 1.5B | 1.4B | 1.4B | 1.5B | 1.4B | 1.4B | 1.4B |
| Free Cash Flow | 845M | 1.1B | 1.4B | 1.4B | 1.2B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B | 1.2B |
| Owner Earnings | 825M | 1.1B | 1.4B | 1.4B | 1.2B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B | 1.3B |
| CapEx | 19M | 37M | 25M | 20M | 45M | 42M | 42M | 38M | 28M | 50M | 71M | 142M | 156M |
| Maint. CapEx | 7.4M | 8.0M | 10M | 11M | 13M | 16M | 17M | 20M | 21M | 21M | 27M | 30M | 30M |
| Growth CapEx | 12M | 29M | 15M | 9.3M | 32M | 26M | 25M | 18M | 6.9M | 29M | 44M | 112M | 126M |
| D&A | 7.4M | 8.0M | 10M | 11M | 13M | 16M | 17M | 20M | 21M | 21M | 27M | 30M | 30M |
| CapEx/OCF | 2.2% | 3.3% | 1.8% | 1.4% | 3.5% | 3.1% | 2.8% | 2.7% | 2.0% | 3.3% | 5.1% | 10.2% | 11.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 65M | 67M | 67M | 69M | 71M | 74M | 78M | 80M | 81M | 84M | 85M | 86M | 87M |
| Dividend Yield | 1.0% | 1.0% | 1.0% | 0.8% | 0.8% | 0.8% | 0.9% | 0.8% | 0.8% | 0.8% | 0.9% | 0.8% | 0.5% |
| Share Buybacks | 449M | 419M | 405M | 413M | 422M | 460M | 444M | 541M | 455M | 511M | 1.0B | 881M | 857M |
| Buyback Yield | 6.7% | 6.3% | 4.8% | 4.1% | 5.3% | 4.1% | 4.6% | 5.8% | 3.9% | 4.4% | 10.3% | 7.5% | 5.4% |
| Stock-Based Comp | 32M | 29M | 26M | 37M | 40M | 45M | 36M | 30M | 36M | 31M | 40M | 53M | 55M |
| Debt Repayment | 9.3M | 2.0M | 22M | 61M | 23M | 0 | 5.8M | 7.7M | 46M | 33M | 14M | 103M | 103M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.1B | 1.1B | 1.3B | 1.2B | 1.5B | 1.5B | 1.7B | 2.0B | 2.0B | 1.9B | 2.5B | 2.2B | 2.3B |
| Cash & Equiv. | 66M | 61M | 76M | 119M | 121M | 76M | 95M | 92M | 93M | 103M | 165M | 145M | 439M |
| Long-Term Debt | 992M | 744M | 1.1B | 1.1B | 1.4B | 1.3B | 1.7B | 1.5B | 1.6B | 1.6B | 2.3B | 2.3B | 2.3B |
| Debt/Equity | 0.26 | 0.30 | 0.31 | 0.24 | 0.31 | 0.23 | 0.22 | 1.09 | 0.57 | 0.47 | 0.52 | 0.44 | 0.46 |
| Interest Coverage | 10.1 | 10.1 | 9.4 | 9.7 | 9.7 | 10.9 | 10.4 | 14.7 | 13.1 | 12.4 | 10.4 | 10.2 | 10.2 |
| Equity | 4.7B | 4.1B | 4.6B | 6.2B | 5.4B | 7.3B | 8.8B | 2.0B | 3.9B | 4.5B | 5.3B | 6.0B | 6.1B |
| Total Assets | 20.3B | 19.9B | 21.4B | 23.5B | 23.1B | 26.0B | 29.0B | 29.8B | 26.0B | 28.1B | 29.1B | 30.8B | 31.0B |
| Total Liabilities | 15.6B | 15.8B | 16.9B | 17.2B | 17.7B | 18.7B | 20.3B | 21.1B | 22.0B | 23.6B | 23.8B | 24.8B | 24.9B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 3.4B | 3.6B | 3.9B | 4.8B | 5.2B | 5.6B | 5.9B | 6.2B | 6.9B | 7.5B | 8.0B | 8.5B | 8.8B |
| 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 | 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 | 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 | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.09 | 4.16 | 4.49 | 12.22 | 6.09 | 6.83 | 6.82 | 9.99 | 9.04 | 10.07 | 11.94 | 14.07 | 12.41 |
| Owner EPS | 6.22 | 8.55 | 11.13 | 11.60 | 10.63 | 11.70 | 13.27 | 13.44 | 13.80 | 14.84 | 14.89 | 15.91 | 14.10 |
| Book Value | 35.39 | 32.01 | 37.30 | 52.35 | 47.01 | 65.48 | 81.75 | 19.41 | 39.92 | 46.54 | 59.16 | 72.39 | 65.98 |
| Cash Flow/Share | 6.51 | 8.84 | 11.42 | 12.01 | 11.09 | 12.24 | 13.76 | 13.93 | 14.37 | 15.38 | 15.64 | 16.92 | 13.09 |
| Dividends/Share | 0.51 | 0.54 | 0.56 | 0.60 | 0.64 | 0.69 | 0.75 | 0.79 | 0.83 | 0.90 | 0.96 | 1.08 | 0.95 |
| Shares Out. | 132.7M | 126.7M | 122.4M | 119.0M | 115.2M | 111.4M | 107.3M | 103.2M | 98.9M | 96.4M | 89.7M | 82.5M | 92.2M |
| Valuation | |||||||||||||
| P/E Ratio | 12.3 | 12.6 | 15.2 | 7.0 | 11.4 | 14.7 | 13.1 | 12.6 | 12.9 | 11.9 | 9.1 | 10.1 | 14.0 |
| P/FCF | 7.9 | 6.2 | 6.1 | 7.2 | 6.5 | 8.5 | 6.7 | 6.7 | 8.3 | 8.0 | 7.3 | 9.3 | 13.0 |
| EV/EBIT | 8.9 | 9.1 | 11.1 | 12.5 | 9.9 | 12.5 | 11.5 | 11.4 | 11.4 | 10.4 | 8.4 | 8.8 | N/A |
| Price/Book | 1.4 | 1.6 | 1.8 | 1.6 | 1.5 | 1.5 | 1.1 | 1.1 | 2.9 | 2.6 | 1.8 | 2.0 | 2.6 |
| Price/Sales | 1.8 | 1.8 | 1.7 | 2.1 | 2.1 | 2.1 | 1.8 | 1.9 | 1.9 | 2.0 | 1.6 | 1.8 | 2.6 |
| FCF Yield | 12.7% | 16.3% | 16.4% | 13.9% | 15.4% | 11.8% | 15.0% | 14.9% | 12.1% | 12.5% | 13.7% | 10.7% | 7.7% |
| Market Cap | 6.7B | 6.7B | 8.4B | 10.1B | 8.0B | 11.2B | 9.6B | 9.4B | 11.5B | 11.5B | 9.7B | 11.7B | 16.0B |
| Avg. Price | 47.97 | 52.19 | 56.05 | 73.40 | 80.22 | 84.83 | 80.81 | 92.31 | 100.15 | 111.03 | 100.65 | 127.91 | 173.48 |
| Year-End Price | 50.24 | 52.58 | 68.45 | 85.11 | 69.46 | 100.36 | 89.28 | 90.86 | 116.59 | 119.35 | 108.38 | 141.93 | 173.48 |
GLOBE LIFE INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
GLOBE LIFE INC. trades at 12.3x trailing earnings, compared to its 15-year median P/E of 12.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.9x vs a median of 7.2x. The company's 5-year average ROIC is 16.2% with a gross margin of 23.3%. Total shareholder yield (dividends + buybacks) is 5.9%. At current prices, the estimated annualized return to fair value is +5.4%.
GLOBE LIFE INC. (GL) has a net profit margin of 19.4%. This is a healthy margin.
GLOBE LIFE INC. (GL) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GLOBE LIFE INC. (GL) has a debt-to-equity ratio of 0.44. This indicates a conservatively financed balance sheet.
GLOBE LIFE INC. (GL) reported earnings per share (EPS) of $14.07 in its most recent fiscal year.
GLOBE LIFE INC. (GL) has a return on equity (ROE) of 20.6%. This indicates the company generates strong returns for shareholders.
GLOBE LIFE INC. (GL) has a 5-year average gross margin of 23.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for GLOBE LIFE INC. (GL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GLOBE LIFE INC. (GL) has a book value per share of $72.39, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects total premium revenue to grow approximately 7% in 2026, with life premium revenue growing between 3% and 3.5% and health premium revenue growing between 14% and 17%, driven by strong Medicare Supplement sales activity and approved rate increases. Life underwriting margins are anticipated to be between 42% and 45% for the full year 2026 (normalized, excluding third-quarter assumption updates), while health underwriting margins are expected to be between 23% and 27%, with United American's health margin anticipated at 8% to 9% for the full year but averaging approximately 10% in the last three quarters as premium rate increases are realized. The company expects administrative expenses to remain at approximately 7.3% of premium, with long-term benefits anticipated from expanded artificial intelligence applications across distribution, underwriting, and claims activities. Net investment income and required interest are both expected to grow around 4% in 2026, with excess investment income growth between 4% and 4.5%, and the company anticipates the average earned yield on long-term investments will be between 5.45% and 5.5% for the full year. Capital allocation priorities remain focused on share repurchases and dividend payments, with the company anticipating share repurchases in the range of $560 million to $610 million for 2026 and dividend distributions of approximately $90 million, reflecting a recently announced 22% increase in the annual dividend rate per share.