Corebridge Financial, Inc. (CRBG) 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

-50.9%

$17.34

vs $35.32 price

Levered DCF

$20.27

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.14

Distress zone

Rating

C+

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	-44.37×	8.02×	12.59×	1.59×	1.82×	20.73×	43.19×	-172.75×
P/B	1.23×	1.56×	1.18×	1.38×	0.49×	0.36×	0×	0×
P/S	5.63×	6.68×	5.91×	6.9×	0.61×	0.89×	1.01×	0.89×
EV / EBITDA	47.14×	8.31×	13.36×	2.39×	2.61×	14.38×	0×	0×
Gross margin	80.9%	79.3%	75.4%	71.6%	63.6%	-21.9%	-22.8%	100.0%
Operating margin	-18.7%	104.7%	39.8%	558.3%	45.8%	-35.4%	-37.7%	29.3%
Net margin	-12.7%	83.3%	46.8%	434.2%	33.3%	4.3%	0.4%	-0.5%
Current ratio	2.84×	58.7×	688.28×	108.44×	1.11×	1.38×	0×	0×
Debt / equity	0.83×	1.08×	1.01×	1.63×	0.58×	0.3×	0×	0×
Interest coverage	-0.98×	5.06×	1.62×	19.65×	26.03×	-10.88×	-8.98×	0×
Dividend yield	3.1%	3.0%	12.4%	6.8%	11.8%	3.5%	12.1%	19.9%
Payout ratio	-139.6%	24.4%	156.0%	10.7%	21.4%	73.5%	3248.0%	-3321.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.8%	19.5%	9.4%	87.0%	27.2%	1.7%	0.0%	0.0%
Return on invested capital	-0.1%	0.6%	0.2%	2.4%	2.2%	-1.4%	0.0%	0.0%
Return on assets	-0.1%	0.6%	0.3%	2.3%	1.8%	0.2%	0.0%	0.0%
Free cash flow yield	12.4%	12.0%	24.1%	20.2%	18.0%	24.9%	18.3%	24.0%
Earnings yield	-2.2%	12.5%	7.9%	63.0%	55.0%	4.8%	0.4%	-0.6%
Enterprise value	$26.7B	$29.5B	$25.2B	$27.7B	$28.5B	$24B	$0	$0
Net debt / EBITDA	18.45×	3.26×	5.97×	1.27×	1.39×	6.36×	0×	0×
Cash conversion cycle (days)	82	97	92	178	-1,579	-1,137	0	0