Athene Holding Ltd. 7.250% Fixe (ATHS) 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

-47.5%

$11.84

vs $22.58 price

Levered DCF

$961.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.17

Distress zone

Rating

Overall 3 / 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	1.9×	1.43×	0.98×	-1.5×	1.44×	3.57×	2.44×	4.78×
P/B	0.24×	0.3×	0.33×	0.61×	0.28×	0.29×	0.39×	0.61×
P/S	0.2×	0.24×	0.16×	0.57×	0.21×	0.37×	0.33×	0.76×
EV / EBITDA	-0.42×	-0.36×	-0.94×	0.02×	-0.23×	-0.1×	1.09×	2.65×
Gross margin	82.7%	100.0%	16.3%	-74.3%	100.0%	14.8%	14.4%	18.3%
Operating margin	19.9%	27.2%	16.3%	-74.3%	16.1%	15.0%	14.2%	17.7%
Net margin	10.6%	16.7%	16.5%	-38.2%	14.7%	10.5%	13.4%	15.9%
Current ratio	0×	0×	0×	0×	0×	0×	178.69×	0×
Debt / equity	0.38×	0.39×	0.3×	0.51×	0.15×	0.11×	0.11×	0.12×
Interest coverage	0×	0×	0×	0×	71.95×	0×	0×	0×
Dividend yield	3.2%	13.7%	23.4%	33.3%	2.5%	5.4%	3.1%	0.0%
Payout ratio	5.9%	19.6%	23.0%	-50.0%	3.7%	19.4%	7.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	21.2%	33.7%	-40.7%	19.2%	8.3%	16.2%	12.7%
Return on invested capital	2.0%	2.7%	1.5%	-2.1%	0.0%	1.0%	1.3%	0.8%
Return on assets	0.6%	1.0%	1.6%	-1.2%	1.6%	0.8%	1.5%	0.8%
Free cash flow yield	1.2%	37.8%	108.8%	143.2%	182.0%	75.5%	50.2%	57.1%
Earnings yield	54.1%	69.7%	101.8%	-66.6%	68.2%	28.0%	41.1%	20.9%
Enterprise value	-$2.1B	-$2B	-$4.3B	-$111.5M	-$1B	-$224.7M	$2.5B	$3.1B
Net debt / EBITDA	-1.4×	-1.24×	-1.94×	0.79×	-1.52×	-2.6×	-1.2×	-1.64×
Cash conversion cycle (days)	195	145	54	209	64	120	109	304