Explain this page
Arphra AIPlain-English read on F&G Annuities & Life, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
CMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin30.8%
Operating margin5.6%
Net margin4.6%
ROE5.4%
ROA0.3%
ROIC4.8%
Liquidity & leverage
Current ratio—
Quick ratio—
Debt / equity0.45×
Net debt / EBITDA0.65×
Interest coverage2×
Efficiency & per-share
Asset turnover0.06×
Inventory days0
Days sales out.1123
FCF / share$35.35
Book value / share$37.25
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $5.18B | $4.04B | — | — | — |
| Enterprise value | — | — | — | $5.1B | $4.79B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 0.94 | 0.84 | — | — | — |
| EV / FCF | — | — | — | 0.85 | 1.03 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +12.34% | +6.56% | — | — | — |
| Free cash flow yield | — | — | — | +115.35% | +115.46% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +42.92% | +49.71% | +16.81% | +30.07% | +30.85% | +25.84% | +25.45% | +25.50% |
| Operating margin | +45.85% | +35.42% | -0.82% | +14.35% | +5.64% | +6.39% | +6.45% | +6.58% |
| EBITDA margin | +54.71% | +51.18% | +11.10% | +27.28% | +20.10% | +19.05% | +19.68% | +20.01% |
| EBIT margin | +46.71% | +36.71% | +1.45% | +16.79% | +8.50% | +8.69% | +8.83% | +8.71% |
| Pre-tax margin | +45.85% | +35.42% | -0.82% | +14.35% | +5.64% | +6.56% | +6.33% | +6.33% |
| Net margin | +36.63% | +28.36% | -1.36% | +11.79% | +4.62% | +5.17% | +4.91% | +4.97% |
| Cost structure | ||||||||
| Cost of revenue / sales | +57.08% | +50.29% | +83.19% | +69.93% | +69.15% | +75.72% | +72.19% | +73.94% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +3.81% | +7.01% | +5.43% | +5.46% | 0.00% | +3.69% | +3.73% | +3.66% |
| Effective tax rate | +20.62% | +19.92% | — | +17.48% | +16.10% | +16.35% | +17.30% | +16.58% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +27.65% | +26.40% | -1.87% | +15.68% | +5.39% | +6.79% | +6.12% | +6.34% |
| Return on assets (ROA) | +2.54% | +1.16% | -0.08% | +0.75% | +0.27% | +0.32% | +0.30% | +0.30% |
| Return on capital (ROC) | +28.34% | +22.45% | -0.72% | +12.43% | +4.51% | +5.46% | +5.33% | +5.50% |
| Return on invested capital (ROIC) | +22.64% | +17.98% | -0.54% | +10.21% | +3.70% | +4.41% | +4.05% | +4.15% |
| Asset turnover | +6.95% | +4.10% | +6.08% | +6.37% | +5.82% | +6.26% | +6.02% | +6.06% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +36.63% | +28.36% | -1.36% | +11.79% | +4.62% | +5.17% | +4.91% | +4.97% |
| Asset turnover (× revenue / assets) | +6.95% | +4.10% | +6.08% | +6.37% | +5.82% | +6.26% | +6.02% | +6.06% |
| Equity multiplier (× assets / equity) | +1086.51% | +2271.43% | +2262.39% | +2086.36% | +2001.83% | +2099.49% | +2074.34% | +2107.59% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.07 | 0.04 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Fixed-asset turnover | 161.19 | 106.62 | — | — | 20.11 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 0.92 | 0.41 | 0.48 | 0.41 | 0.33 | — | — | — |
| Payables turnover | 8.78 | 4.87 | 9.40 | 18.31 | 16.04 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 394.98 | 887.64 | 768.03 | 900.14 | 1122.70 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 41.56 | 74.88 | 38.83 | 19.93 | 22.75 | — | — | — |
| Cash conversion cycle | 353.41 | 812.76 | 729.20 | 880.21 | 1099.96 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.51 | 4.99 | -100.59 | 9.39 | 17.66 | 20.68 | 21.88 | 22.33 |
| FCF / Net income | 1.48 | 4.94 | -100.12 | 9.35 | 17.61 | 20.56 | 22.05 | 21.37 |
| FCF margin | +54.30% | +140.20% | +135.96% | +110.22% | +81.42% | +106.21% | +108.15% | +106.09% |
| OCF margin | +55.27% | +141.63% | +136.60% | +110.66% | +81.68% | +106.86% | +107.33% | +110.87% |
| CapEx / Revenue | +0.97% | +1.43% | +0.63% | +0.44% | +0.26% | +0.44% | +0.45% | +0.43% |
| CapEx / D&A | 0.07 | 0.10 | 0.07 | 0.04 | 0.02 | — | — | — |
| Stock-based comp / Revenue | +0.27% | +0.54% | +0.54% | +0.53% | +0.54% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 8.24 | 5.52 | -0.47 | 4.88 | 1.88 | 3.94 | 5.15 | 5.76 |
| EPS · basic | 8.24 | 5.52 | -0.47 | 4.98 | 1.89 | 3.94 | 5.27 | 5.74 |
| Book value / share | 42.71 | 20.91 | 25.02 | 31.11 | 37.25 | 34.32 | 38.41 | 21.19 |
| Tangible BV / share | 4.71 | -24.11 | -23.01 | -28.05 | -26.80 | 34.32 | 38.41 | 21.19 |
| Sales / share | 32.24 | 19.47 | 34.44 | 41.38 | 43.42 | 45.11 | 47.93 | 27.07 |
| Operating CF / share | 17.82 | 27.57 | 47.05 | 45.79 | 35.46 | 48.20 | 51.44 | 30.01 |
| Free cash flow / share | 17.50 | 27.30 | 46.83 | 45.61 | 35.35 | 47.91 | 51.84 | 28.72 |
| Dividends / share | 0.00 | 0.00 | 0.81 | 0.92 | 1.04 | 1.03 | 1.11 | 0.64 |
| Payout ratio | 0.00% | 0.00% | -174.14% | +18.94% | +51.70% | +44.39% | +47.26% | +47.83% |
| Retention ratio | +100.00% | +100.00% | +274.14% | +81.06% | +48.30% | +55.61% | +52.74% | +52.17% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | -33.86% | +90.75% | +26.93% | +5.72% | +4.80% | +5.51% | -43.10% | +0.91% |
| Gross profit · YoY | — | -23.40% | -35.49% | +127.02% | +8.47% | -12.21% | +3.92% | -43.00% | -6.33% |
| Profit | |||||||||
| Operating income · YoY | — | -48.90% | -104.41% | +2322.86% | -58.48% | +18.80% | +6.60% | -42.00% | -23.53% |
| EBITDA · YoY | — | -38.12% | -58.64% | +212.03% | -22.11% | -0.67% | +9.00% | -42.15% | -12.60% |
| Net income · YoY | — | -48.79% | -109.13% | +1201.72% | -58.53% | +17.08% | +0.19% | -42.40% | -24.15% |
| Operating | |||||||||
| EBIT · YoY | — | -48.01% | -92.46% | +1367.74% | -46.48% | +7.16% | +7.19% | -43.82% | -20.61% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -33.01% | -108.51% | +1138.30% | -61.48% | +109.65% | +30.70% | +11.91% | -4.97% |
| EPS · basic · YoY | — | -33.01% | -108.51% | +1159.57% | -62.05% | +108.46% | +33.80% | +8.98% | -5.02% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $991M | $1.13B | $1.77B | $2.18B | $2.24B | $2.46B | $2.6B | $1.49B |
| Net debt | -$542M | $167M | $202M | -$83M | $751M | $314.95M | $456.6M | $215.9M |
| Net debt / EBITDA | -0.29 | 0.15 | 0.43 | -0.06 | 0.65 | 0.28 | 0.37 | 0.30 |
| Debt / equity | 0.22 | 0.47 | 0.57 | 0.54 | 0.45 | 0.54 | 0.51 | 0.53 |
| Debt / assets | +2.03% | +2.06% | +2.51% | +2.56% | +2.27% | +2.57% | +2.47% | +2.50% |
| Equity / assets | +9.20% | +4.40% | +4.42% | +4.79% | +5.00% | +4.76% | +4.82% | +4.74% |
| Coverage | ||||||||
| EBITDA / interest expense | 63.86 | 39.52 | 4.89 | 11.20 | 7.02 | 7.68 | 7.73 | 7.80 |
| Operating income / interest | 53.52 | 27.34 | -0.36 | 5.89 | 1.97 | 2.58 | 2.54 | 2.57 |
| Interest expense | $29M | $29M | $97M | $132M | $164M | $148.97M | $161.31M | $92.45M |
| Liquidity | ||||||||
| Current ratio | 161.50 | — | — | 4.12 | — | — | — | — |
| Quick ratio | 161.50 | — | — | 5.25 | — | — | — | — |
| Cash ratio | 6.97 | — | — | 0.19 | — | — | — | — |
| Working capital | $35.31B | $0 | $0 | $36.79B | $1.49B | — | — | — |
| Working capital / revenue | +1043.13% | 0.00% | 0.00% | +678.60% | +25.93% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 0.84x | 0.94x |
| Earnings yield | 6.6% | 12.3% |
| FCF yield | 115.5% | 115.3% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 5.5% | 16.2% |
| ROA | 0.3% | 0.8% |
| ROIC | 0.3% | 1.3% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.65 | -0.06 |
| Interest coverage | — | — |
| Current ratio | 0.00x | 4.12x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).