Aegon Ltd. (AEG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+91.4%

$15.80

vs $8.26 price

Levered DCF

-$2.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.2

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.94×	15.37×	-43.2×	-15.69×	9.05×	-35.91×	6.73×	15.02×
P/B	1.36×	1.24×	1.3×	0.89×	0.34×	0.27×	0.34×	0.47×
P/S	0.38×	0.59×	0.76×	-0.44×	0.19×	0.16×	0.14×	0.73×
EV / EBITDA	10.85×	20.41×	-52.19×	12.75×	5.54×	55.36×	2.76×	6.57×
Gross margin	21.1%	100.0%	18.2%	-66.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	3.7%	3.4%	95.3%	-3.9%	94.0%	92.9%	2.2%	8.6%
Net margin	3.6%	3.5%	-1.4%	2.6%	4.3%	0.1%	2.0%	4.9%
Current ratio	0×	4.14×	0.83×	33.7×	36.97×	41.01×	33.23×	34.2×
Debt / equity	0.74×	0.54×	0.65×	0.62×	0.47×	0.45×	0.49×	0.61×
Interest coverage	3.1×	109.5×	1,767.71×	119.14×	177.64×	93.27×	2.58×	2.48×
Dividend yield	5.6%	4.6%	5.0%	1.8%	1.4%	0.9%	3.7%	3.1%
Payout ratio	58.6%	75.7%	-276.0%	-29.3%	6.1%	140.0%	24.9%	46.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	7.5%	-2.4%	-5.3%	7.6%	0.2%	5.1%	3.1%
Return on invested capital	0.3%	0.2%	2.2%	0.5%	14.6%	9.0%	0.4%	0.5%
Return on assets	0.3%	0.2%	-0.1%	-0.1%	0.4%	0.0%	0.3%	0.2%
Free cash flow yield	8.3%	6.2%	8.1%	28.9%	-21.4%	-44.7%	86.1%	3.7%
Earnings yield	9.5%	6.0%	-1.8%	-6.0%	22.2%	0.7%	14.9%	6.7%
Enterprise value	$12.7B	$13B	$10.6B	$12.8B	$14.3B	$9.4B	$8.1B	$15.5B
Net debt / EBITDA	2.07×	2.4×	-4.13×	3.26×	2.07×	16.01×	-0.08×	2.09×
Cash conversion cycle (days)	239	72	57	1,477	-175	61	40	151