F&G Annuities & Life, Inc. (FG) 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

+1085.7%

$255.27

vs $21.53 price

Levered DCF

$1,302.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.13

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	16.32×	8.32×	-97.87×	3.63×	2.03×	-54.03×	8.68×	-226.05×
P/B	0.84×	1.31×	1.84×	0.96×	0.39×	0.62×	1.29×	3.94×
P/S	0.71×	0.96×	1.34×	1.03×	0.52×	1.76×	1.97×	5.09×
EV / EBITDA	4.16×	3.45×	12.46×	2.15×	0.66×	18.87×	5.42×	83.45×
Gross margin	30.8%	30.1%	16.8%	49.7%	42.9%	100.0%	36.7%	100.0%
Operating margin	5.6%	14.4%	-0.8%	35.4%	45.8%	93.1%	23.2%	8.2%
Net margin	4.6%	11.8%	-1.4%	28.4%	36.6%	-12.4%	22.7%	-2.3%
Current ratio	0×	4.12×	0×	0×	161.5×	0×	7.51×	7.05×
Debt / equity	0.47×	0.55×	0.57×	0.47×	0.22×	0.15×	0.2×	0.59×
Interest coverage	1.97×	5.89×	-0.36×	27.34×	53.52×	0×	13.16×	0×
Dividend yield	3.4%	2.3%	1.8%	0.0%	0.0%	0.0%	0.3%	0.0%
Payout ratio	51.7%	18.9%	-174.1%	0.0%	0.0%	0.0%	2.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	16.2%	-1.9%	26.4%	27.6%	-4.4%	14.9%	-1.7%
Return on invested capital	0.3%	1.3%	0.0%	0.0%	1.7%	0.0%	1.0%	0.1%
Return on assets	0.3%	0.8%	-0.1%	1.2%	2.5%	-0.4%	1.1%	-0.1%
Free cash flow yield	115.5%	115.3%	101.8%	136.4%	104.5%	1.4%	17.8%	24.6%
Earnings yield	6.6%	12.3%	-1.0%	27.6%	70.5%	-7.1%	11.5%	-0.4%
Enterprise value	$4.8B	$5.1B	$5.9B	$2.5B	$1.2B	$2.2B	$3.1B	$3.6B
Net debt / EBITDA	0.65×	-0.06×	0.43×	0.15×	-0.29×	-2.42×	-0.73×	-0.7×
Cash conversion cycle (days)	1,100	880	729	813	353	812	0	0