MetLife, Inc. (MET) 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

+79.7%

$181.71

vs $101.11 price

Levered DCF

$522.39

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.11

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	16.45×	13.69×	36.34×	11.4×	8.12×	8.21×	8.36×	8.29×
P/B	1.85×	2.06×	1.68×	1.89×	0.76×	0.56×	0.71×	0.75×
P/S	0.68×	0.81×	0.74×	0.83×	0.81×	0.62×	0.67×	0.58×
EV / EBITDA	7.82×	7.47×	12.38×	6.79×	4.83×	4.76×	5.6×	4.94×
Gross margin	36.4%	27.2%	25.5%	27.9%	26.6%	22.8%	23.3%	23.4%
Operating margin	6.0%	8.0%	3.2%	9.4%	13.4%	10.2%	9.8%	9.3%
Net margin	4.4%	6.3%	2.3%	7.8%	10.8%	8.0%	8.5%	7.5%
Current ratio	0.65×	0.55×	1.36×	1.34×	1.47×	0×	0×	0×
Debt / equity	0.71×	0.68×	0.63×	0.6×	0.26×	0.24×	0.25×	0.31×
Interest coverage	4.39×	5.42×	2.07×	6.78×	9.26×	7.59×	7.12×	5.62×
Dividend yield	3.2%	3.1%	3.5%	3.2%	3.6%	4.4%	3.9%	4.6%
Payout ratio	50.4%	39.0%	111.8%	33.7%	26.9%	34.4%	30.9%	35.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	16.1%	5.3%	17.7%	10.2%	7.3%	8.9%	9.7%
Return on invested capital	0.7%	1.1%	0.4%	1.3%	1.4%	1378.6%	2514.5%	1913.4%
Return on assets	0.5%	0.7%	0.2%	0.8%	0.9%	0.7%	0.8%	0.7%
Free cash flow yield	34.5%	26.8%	28.3%	20.2%	24.9%	27.5%	29.8%	24.2%
Earnings yield	6.4%	7.8%	3.1%	9.4%	13.3%	12.9%	12.6%	13.0%
Enterprise value	$50.6B	$55.1B	$48.6B	$54.2B	$49B	$40.3B	$46.9B	$39.8B
Net debt / EBITDA	-0.29×	-0.18×	-0.46×	-0.28×	-0.26×	-0.19×	0.03×	0.05×
Cash conversion cycle (days)	257	179	182	119	118	96	107	106