Globe Life Inc. (GL) 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

+104.0%

$326.18

vs $159.92 price

Levered DCF

$440.64

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

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	9.78×	9.3×	11.92×	13.2×	12.84×	13.76×	15.1×	11.98×
P/B	1.89×	1.76×	2.58×	2.99×	1.11×	1.15×	1.57×	1.55×
P/S	1.89×	1.62×	2.12×	2.26×	1.87×	2.13×	2.54×	1.95×
EV / EBITDA	8.66×	8.21×	10.48×	11.56×	8.47×	12.1×	12.86×	10.43×
Gross margin	33.4%	32.4%	30.1%	29.5%	32.9%	27.1%	29.1%	28.8%
Operating margin	24.4%	23.0%	21.9%	21.1%	24.9%	18.9%	20.6%	20.0%
Net margin	19.4%	18.5%	17.8%	17.1%	20.1%	15.4%	16.8%	16.3%
Current ratio	9.66×	9.48×	10.83×	10.66×	8.15×	0×	0×	0×
Debt / equity	0.44×	0.52×	0.47×	0.53×	0.23×	0.22×	0.23×	0.31×
Interest coverage	10.36×	10.44×	11.67×	12.19×	15.27×	10.34×	11.05×	9.59×
Dividend yield	0.8%	0.9%	0.7%	0.7%	0.8%	0.8%	0.6%	0.9%
Payout ratio	7.4%	8.0%	8.7%	9.0%	7.8%	10.7%	9.8%	10.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.4%	20.2%	21.6%	22.6%	11.9%	8.3%	10.4%	13.0%
Return on invested capital	4.0%	3.9%	3.6%	3.6%	3.7%	287.1%	254.7%	227.9%
Return on assets	3.8%	3.7%	3.5%	3.4%	3.5%	2.5%	2.9%	3.0%
Free cash flow yield	11.1%	14.2%	12.4%	11.8%	14.6%	14.2%	11.5%	14.7%
Earnings yield	10.3%	11.4%	8.4%	7.6%	10.8%	7.3%	6.6%	8.4%
Enterprise value	$13.8B	$11.9B	$13.6B	$13.8B	$11.5B	$11.9B	$13.1B	$9.9B
Net debt / EBITDA	1.56×	1.77×	1.55×	1.66×	1.42×	1.86×	1.55×	1.62×
Cash conversion cycle (days)	14	11	11	9	9	-6	-6	35