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

+1996.4%

$469.59

vs $22.40 price

Levered DCF

$1,545.44

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	13.47×	5.26×	-54.91×	4.58×	3.07×	-81.52×	13.09×	-341.03×
P/B	0.69×	0.83×	1.03×	1.21×	0.59×	0.93×	1.95×	5.94×
P/S	0.58×	0.57×	0.71×	1.22×	0.67×	2.65×	2.97×	7.68×
EV / EBITDA	3.55×	2.15×	113.41×	128.04×	4.36×	29.7×	8.54×	126.25×
Gross margin	30.8%	100.0%	100.0%	100.0%	100.0%	100.0%	36.7%	100.0%
Operating margin	5.6%	16.4%	94.9%	93.4%	96.8%	93.1%	23.2%	8.2%
Net margin	4.6%	10.8%	-1.3%	26.6%	31.2%	-12.4%	22.7%	-2.3%
Current ratio	0×	9,716.2×	0.09×	0.08×	0.06×	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×	7.15×	44.38×	76.76×	132.45×	0×	13.16×	0×
Dividend yield	7.8%	3.7%	3.2%	0.0%	0.0%	0.0%	0.2%	0.0%
Payout ratio	98.3%	19.5%	-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%	15.7%	-1.9%	26.4%	27.6%	-4.4%	14.9%	-1.7%
Return on invested capital	0.3%	1.3%	21.4%	13.9%	26.6%	0.0%	1.0%	0.1%
Return on assets	0.3%	0.7%	-0.1%	1.3%	2.7%	-0.4%	1.1%	-0.1%
Free cash flow yield	0.0%	182.4%	192.1%	118.8%	74.9%	0.9%	11.8%	16.3%
Earnings yield	7.9%	19.0%	-1.8%	21.9%	46.7%	-4.7%	7.6%	-0.3%
Enterprise value	$4.1B	$3.2B	$3.4B	$3.1B	$2.1B	$3.5B	$5B	$5.4B
Net debt / EBITDA	0.65×	-0.06×	6.73×	6.96×	-1.12×	-2.42×	-0.73×	-0.7×
Cash conversion cycle (days)	0	0	0	0	0	812	0	0