A Business at a Glance
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METLIFE INC
MET
$63.9B
Mkt Cap
$94.83
+2.47%
METLIFE INC (MET) has a current P/E ratio of 19.8, compared to its historical median P/E of 10.5. The stock is currently considered Fair based on its historical valuation range.
METLIFE INC (MET) has a 5-year average return on invested capital (ROIC) of 7.2%. This is below average and may indicate limited pricing power.
METLIFE INC (MET) has a market capitalization of $61.3B. It is classified as a large-cap stock.
Yes, METLIFE INC (MET) pays a dividend with a trailing twelve-month yield of 2.46%. The company also returns capital through share buybacks, with a buyback yield of 3.64%.
Based on historical P/E analysis, METLIFE INC (MET) appears fair. The current P/E of 19.8 is 89% above its historical median of 10.5. The estimated fair value CAGR (P/E method) is -5.9%.
METLIFE INC (MET) operates in the Life Insurance industry, within the Financials sector.
METLIFE INC (MET) reported annual revenue of $77.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
MetLife is one of the world's leading financial services companies providing insurance, annuities, employee benefits, and asset management across six reportable segments: Group Benefits, Retirement and Income Solutions (RIS), Asia, Latin America, Europe/Middle East/Africa (EMEA), and MetLife Investment Management (MIM). The Group Benefits segment, based in the U.S., offers life insurance, dental, disability, accident & health, vision, and prepaid legal coverage primarily to employers through a dedicated sales force and intermediaries, with quarterly claims experience varying due to seasonal illnesses and utilization fluctuations. RIS provides funding and financing solutions to institutional customers managing employee benefit liabilities through stable value products, annuities, pension risk transfers, and structured settlements, distributed via dedicated sales teams and brokers. The company operates across developed and emerging markets in Asia (with Japan as the largest operation), Latin America, and EMEA, leveraging proprietary and third-party distribution channels including face-to-face career and general agencies, bancassurance, and independent brokers. MetLife's business model combines recurring premium income from insurance and annuity products with investment returns from a large general account portfolio invested primarily in fixed income securities, mortgage loans, real estate, and equity securities, generating unit economics characterized by long-duration liabilities and capital-intensive operations. The company's competitive moat derives from its trusted global brand, diversified and resilient business portfolio, leading market positions in attractive geographies, and scale as one of the largest institutional investors in the U.S., enabling it to serve corporations, institutions, governments, and individuals across multiple customer segments.
【New Frontier execution momentum】 Management expects MetLife to continue executing its New Frontier strategy with disciplined growth across Group Benefits, RIS, Asia, and asset management while maintaining attractive returns and capital discipline. The company anticipates favorable mortality trends to persist in 2026 and expects double-digit adjusted earnings per share growth, with adjusted return on equity in the 15%-17% target range supported by strong underlying business fundamentals and disciplined expense management. RIS is expected to benefit from continued strength in its origination platform, particularly in pension risk transfer and U.K. business, while the company maintains its five-year commitment to reduce the direct expense ratio to 11.3% despite the higher expense profile of the acquired PineBridge asset management business. Management remains confident in the long-term growth trajectory of the pension risk transfer market, with 94% of pension plan sponsors planning to fully de-risk their portfolios within five years, and expects to deploy approximately $4 billion annually to support organic new business growth while returning capital to shareholders in line with 2025 levels.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS growth | double-digit | FY2026 |
| Adjusted ROE | 15%-17% | FY2026 |
| Direct Expense Ratio | 12.1% | FY2026 |
| Variable Investment Income | approximately $1.6 billion pre-tax | FY2026 |
| Free Cash Flow Ratio | 65%-75% | FY2026 |
| Corporate and Other adjusted loss (after-tax) | $500 million-$700 million | FY2026 |
| Effective tax rate | 24%-26% | FY2026 |
| Group Benefits adjusted PFO growth | 4%-7% | FY2026 |
| Group Life mortality ratio | 83%-88% | FY2026 |
| Non-medical health interest-adjusted benefit ratio | 70%-75% | FY2026 |
| RIS adjusted earnings |
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
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Prepaid legal plans | $432M | $471M | $516M | $572M | $637M | 33% |
Vision fee for service arrangements | $546M | $566M | $598M | $536M | $561M | 29% |
Other revenue from service contracts from customers | $289M | $271M | $390M | $412M | $432M | 22% |
ASO contracts | — | $238M | $259M | $273M | $295M | 15% |
Fee-based investment management | $363M | $396M | $408M | $394M | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 77.6B | 77.1B | 71.0B | 66.9B | 68.8B | 68.7B |
| Net Income | 3.4B | 3.2B | 4.2B | 1.4B | 5.1B | 6.7B |
| EPS | $5.24 | $4.71 | $5.94 | $1.81 | $6.30 | $7.65 |
| Free Cash Flow | 14.8B | 16.5B | 13.6B | 12.7B | 11.8B | 11.0B |
| ROIC | 32.4% | 7.4% | 9.6% | 3.1% | 8.1% | 7.8% |
| Gross Margin | - | 6.0% | 7.9% | 3.2% | 9.3% | 12.4% |
| Debt/Equity | 0.54 | 0.52 | 0.57 | 0.52 | 0.50 | 0.21 |
| Dividends/Share | $2.33 | $2.25 | $2.16 | $2.06 | $1.98 | $1.90 |
| Operating Income | 6.4B | 6.1B | 6.0B | 5.7B | 6.0B | 8.5B |
| Operating Margin | 8.2% | 8.0% | 8.4% | 8.6% | 8.7% | 12.4% |
| ROE | 12.6% | 11.4% | 14.7% | 4.6% | 10.5% | 9.4% |
| Shares Outstanding | 646M | 674M | 711M | 762M | 809M | 870M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 73.3B | 61.3B | 60.8B | 62.3B | 67.9B | 69.6B | 67.8B | 68.7B | 68.8B | 66.9B | 71.0B | 77.1B | 77.6B |
| Gross Margin | 45.5% | 41.1% | 38.7% | 5.7% | 9.3% | 9.8% | 10.2% | 12.4% | 9.3% | 3.2% | 7.9% | 6.0% | 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 | 4.9B | 1.4B | 1.0B | 1.1B | 910M | 901M | 761M | 670M | 669M | 828M | 481M | 560M | 566M |
| EBIT | 8.8B | 5.7B | 4.3B | 3.5B | 6.3B | 6.8B | 6.9B | 8.5B | 6.0B | 5.7B | 6.0B | 6.1B | 6.4B |
| Op. Margin | 12.0% | 9.2% | 7.0% | 5.7% | 9.3% | 9.8% | 10.2% | 12.4% | 8.7% | 8.6% | 8.4% | 8.0% | 8.2% |
| Net Income | 6.2B | 5.2B | 747M | 3.9B | 5.0B | 5.7B | 5.2B | 6.7B | 5.1B | 1.4B | 4.2B | 3.2B | 3.4B |
| Net Margin | 8.4% | 8.5% | 1.2% | 6.3% | 7.3% | 8.2% | 7.7% | 9.7% | 7.4% | 2.1% | 6.0% | 4.1% | 4.4% |
| Non-Recurring | -110M | 1.0M | 130M | -113M | -169M | 119M | 261M | 155M | 218M | 1.3B | -3.0M | -10M | -10M |
| Returns on Capital | |||||||||||||
| ROIC | 7.3% | 6.0% | 0.9% | 4.9% | 7.1% | 7.9% | 6.2% | 7.8% | 8.1% | 3.1% | 9.6% | 7.4% | 32.4% |
| ROE | 9.3% | 7.4% | 1.1% | 6.2% | 8.9% | 9.6% | 7.4% | 9.4% | 10.5% | 4.6% | 14.7% | 11.4% | 12.6% |
| ROA | 0.7% | 0.6% | 0.1% | 0.5% | 0.7% | 0.8% | 0.7% | 0.9% | 0.7% | 0.2% | 0.6% | 0.4% | 0.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 16.4B | 14.1B | 14.8B | 12.3B | 11.7B | 13.8B | 11.6B | 12.3B | 13.0B | 13.7B | 14.6B | 17.1B | 15.5B |
| Free Cash Flow | 14.1B | 12.8B | 13.3B | 10.8B | 10.6B | 11.8B | 10.4B | 11.0B | 11.8B | 12.7B | 13.6B | 16.5B | 14.8B |
| Owner Earnings | 15.8B | 13.4B | 14.1B | 11.7B | 11.3B | 13.3B | 11.2B | 12.0B | 12.7B | 13.3B | 14.1B | 16.6B | 14.5B |
| CapEx | 2.3B | 1.3B | 1.5B | 1.4B | 1.1B | 2.0B | 1.3B | 1.4B | 1.2B | 1.1B | 1.0B | 633M | 734M |
| Maint. CapEx | 264M | 271M | 263M | 258M | 238M | 249M | 235M | 223M | 210M | 200M | 209M | 200M | 753M |
| Growth CapEx | 2.0B | 1.0B | 1.3B | 1.2B | 880M | 1.7B | 1.1B | 1.2B | 998M | 857M | 824M | 433M | 0 |
| D&A | 264M | 271M | 263M | 258M | 238M | 249M | 235M | 223M | 210M | 200M | 209M | 200M | 753M |
| CapEx/OCF | 13.9% | 9.2% | 10.3% | 11.8% | 9.5% | 14.2% | 11.1% | 11.1% | 9.3% | 7.7% | 7.1% | 3.7% | 4.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.5B | 1.7B | 1.7B | 1.7B | 1.7B | 1.6B | 1.7B | 1.6B | 1.6B | 1.6B | 1.5B | 1.5B | 1.5B |
| Dividend Yield | 4.1% | 4.6% | 5.4% | 4.4% | 4.7% | 4.7% | 5.4% | 3.6% | 3.3% | 3.6% | 3.0% | 2.9% | 2.5% |
| Share Buybacks | 1.0B | 1.9B | 372M | 2.9B | 4.0B | 2.3B | 1.2B | 4.3B | 3.3B | 3.1B | 3.2B | 2.9B | 2.2B |
| Buyback Yield | 2.3% | 5.0% | 0.9% | 7.1% | 12.4% | 5.9% | 3.2% | 9.0% | 6.3% | 6.6% | 5.7% | 5.4% | 3.6% |
| Stock-Based Comp | 267M | 367M | 400M | 307M | 185M | 233M | 165M | 147M | 98M | 246M | 266M | 279M | 279M |
| Debt Repayment | 2.9B | 1.4B | 1.3B | 1.1B | 1.9B | 906M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.4B | -2.4B | -2.5B | -1.4B | -6.7B | -6.7B | -8.7B | -12.9B | -10.3B | -11.0B | -9.7B | -10.8B | -12.8B |
| Cash & Equiv. | 9.2B | 11.2B | 12.7B | 12.7B | 15.8B | 16.6B | 19.8B | 20.0B | 20.2B | 20.6B | 20.1B | 22.0B | 27.6B |
| Long-Term Debt | 16.3B | 18.0B | 16.4B | 15.7B | 12.8B | 13.5B | 14.6B | 13.9B | 14.6B | 15.5B | 15.1B | 14.5B | 14.4B |
| Debt/Equity | 0.23 | 0.27 | 0.25 | 0.28 | 0.25 | 0.21 | 0.20 | 0.21 | 0.50 | 0.52 | 0.57 | 0.52 | 0.54 |
| Interest Coverage | 10.1 | 6.3 | 4.9 | 4.2 | 7.6 | 10.4 | 11.0 | 1.8 | 1.2 | 1.1 | 1.1 | 1.0 | 1.0 |
| Equity | 72.2B | 68.1B | 67.5B | 58.7B | 52.7B | 66.1B | 74.6B | 67.5B | 29.9B | 30.0B | 27.4B | 28.4B | 27.3B |
| Total Assets | 902.3B | 877.9B | 898.8B | 719.9B | 687.5B | 740.5B | 795.1B | 759.7B | 663.1B | 687.6B | 677.5B | 745.2B | 743.2B |
| Total Liabilities | 829.7B | 809.4B | 831.1B | 661.0B | 634.6B | 674.1B | 720.3B | 692.0B | 632.9B | 657.3B | 649.8B | 716.5B | 715.4B |
| Intangibles | 692M | 583M | 509M | 459M | 384M | 335M | 1.1B | 972M | 876M | 794M | 710M | 636M | 636M |
| Retained Earnings | 32.1B | 35.7B | 34.7B | 26.5B | 28.9B | 33.1B | 36.5B | 41.2B | 40.3B | 40.1B | 42.6B | 44.3B | 45.1B |
| 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 | 5.42 | 4.62 | 0.67 | 3.62 | 4.91 | 6.06 | 5.68 | 7.65 | 6.30 | 1.81 | 5.94 | 4.71 | 5.24 |
| Owner EPS | 13.88 | 11.88 | 12.66 | 10.86 | 11.15 | 14.09 | 12.30 | 13.77 | 15.74 | 17.41 | 19.85 | 24.66 | 22.42 |
| Book Value | 63.26 | 60.33 | 60.57 | 54.37 | 51.98 | 70.06 | 81.58 | 77.58 | 36.92 | 39.37 | 38.58 | 42.15 | 42.30 |
| Cash Flow/Share | 14.35 | 12.45 | 13.25 | 11.38 | 11.57 | 14.60 | 12.74 | 14.20 | 16.12 | 18.00 | 20.52 | 25.37 | 6.48 |
| Dividends/Share | 1.33 | 1.48 | 1.58 | 1.60 | 1.66 | 1.74 | 1.82 | 1.90 | 1.98 | 2.06 | 2.16 | 2.25 | 2.33 |
| Shares Out. | 1.1B | 1.1B | 1.1B | 1.1B | 1.0B | 944.1M | 913.9M | 869.8M | 809.4M | 762.4M | 711.4M | 673.7M | 646.0M |
| Valuation | |||||||||||||
| P/E Ratio | 6.9 | 7.5 | 52.6 | 10.6 | 6.5 | 6.8 | 6.9 | 7.2 | 10.3 | 34.3 | 13.4 | 16.9 | 18.1 |
| P/FCF | 2.7 | 2.7 | 3.0 | 3.8 | 3.0 | 3.3 | 3.5 | 4.4 | 4.4 | 3.7 | 4.2 | 3.3 | 4.1 |
| EV/EBIT | 4.5 | 4.6 | 8.6 | 11.3 | 4.1 | 4.7 | 3.9 | 4.1 | 7.1 | 6.3 | 7.8 | 7.0 | 7.6 |
| Price/Book | 0.6 | 0.6 | 0.6 | 0.7 | 0.6 | 0.6 | 0.5 | 0.6 | 1.8 | 1.6 | 2.1 | 1.9 | 2.2 |
| Price/Sales | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 |
| FCF Yield | 32.8% | 33.2% | 33.8% | 26.2% | 32.9% | 30.4% | 28.8% | 22.9% | 22.5% | 26.8% | 24.0% | 30.6% | 24.1% |
| Market Cap | 43.0B | 38.4B | 39.3B | 41.4B | 32.2B | 39.0B | 36.0B | 47.9B | 52.6B | 47.3B | 56.5B | 53.7B | 61.3B |
| Avg. Price | 32.01 | 31.92 | 28.77 | 36.34 | 35.31 | 37.30 | 33.35 | 52.14 | 59.97 | 57.12 | 71.14 | 77.87 | 94.83 |
| Year-End Price | 33.57 | 30.38 | 35.21 | 38.36 | 31.77 | 41.26 | 39.37 | 55.02 | 64.97 | 62.03 | 79.36 | 79.73 | 94.83 |
METLIFE INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
METLIFE INC trades at 19.8x trailing earnings, compared to its 15-year median P/E of 10.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 3.8x vs a median of 3.6x. The company's 5-year average ROIC is 7.2% with a gross margin of 7.8%. Total shareholder yield (dividends + buybacks) is 6.1%. At current prices, the estimated annualized return to fair value is +11.4%.
METLIFE INC (MET) has a net profit margin of 4.1%. This is a modest margin.
METLIFE INC (MET) generated $16.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
METLIFE INC (MET) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
METLIFE INC (MET) reported earnings per share (EPS) of $4.71 in its most recent fiscal year.
METLIFE INC (MET) has a return on equity (ROE) of 11.4%. This indicates moderate shareholder returns.
METLIFE INC (MET) has a 5-year average gross margin of 7.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for METLIFE INC (MET), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
METLIFE INC (MET) has a book value per share of $42.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects MetLife to continue executing its New Frontier strategy with disciplined growth across Group Benefits, RIS, Asia, and asset management while maintaining attractive returns and capital discipline. The company anticipates favorable mortality trends to persist in 2026 and expects double-digit adjusted earnings per share growth, with adjusted return on equity in the 15%-17% target range supported by strong underlying business fundamentals and disciplined expense management. RIS is expected to benefit from continued strength in its origination platform, particularly in pension risk transfer and U.K. business, while the company maintains its five-year commitment to reduce the direct expense ratio to 11.3% despite the higher expense profile of the acquired PineBridge asset management business. Management remains confident in the long-term growth trajectory of the pension risk transfer market, with 94% of pension plan sponsors planning to fully de-risk their portfolios within five years, and expects to deploy approximately $4 billion annually to support organic new business growth while returning capital to shareholders in line with 2025 levels.
Based on recent SEC filings and earnings calls, METLIFE INC (MET) has provided the following forward guidance: Adjusted EPS growth: double-digit (FY2026); Adjusted ROE: 15%-17% (FY2026); Direct Expense Ratio: 12.1% (FY2026); Variable Investment Income: approximately $1.6 billion pre-tax (FY2026); Free Cash Flow Ratio: 65%-75% (FY2026), plus 7 additional metrics.
| $1.6 billion-$1.8 billion |
| FY2026 |
| RIS total investment spread | 100 basis points-120 basis points | FY2026 |
Adjusted EPS growth (FY2026): “we expect to achieve double-digit adjusted EPS growth”
Adjusted ROE (FY2026): “We expect adjusted ROE to be in the range of 15%-17%”
Direct Expense Ratio (FY2026): “the acquisition of PineBridge will add 50 basis points to our direct expense ratio in 2026, with our 2026 target being 12.1%”
Variable Investment Income (FY2026): “Variable investment income is expected to be approximately $1.6 billion pre-tax”
Free Cash Flow Ratio (FY2026): “We expect to maintain our two-year average free cash flow ratio of 65%-75% of adjusted earnings”
Corporate and Other adjusted loss (after-tax) (FY2026): “Our corporate and other adjusted loss is expected to be between $500 million and $700 million after tax”
Effective tax rate (FY2026): “We are maintaining our expected effective tax rate range of 24%-26%”
Group Benefits adjusted PFO growth (FY2026): “we are maintaining our adjusted PFO growth target of 4%-7% over the near term”