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.
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 | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| 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 | +100.00% | +100.00% | +100.00% | +100.00% | +30.85% | +74.98% | +75.12% | +75.67% |
| Operating margin | +96.75% | +93.41% | +94.89% | +16.43% | +5.64% | +38.57% | +39.99% | +38.06% |
| EBITDA margin | 0.00% | 0.00% | 0.00% | +25.75% | +20.10% | +39.09% | +38.78% | +38.19% |
| EBIT margin | 0.00% | 0.00% | 0.00% | +15.84% | +8.50% | +8.35% | +8.27% | +8.29% |
| Pre-tax margin | +39.09% | +33.28% | -0.77% | +13.54% | +5.64% | +6.09% | +6.11% | +6.12% |
| Net margin | +31.23% | +26.65% | -1.28% | +10.83% | +4.62% | +4.63% | +4.59% | +4.86% |
| Cost structure | ||||||||
| Cost of revenue / sales | 0.00% | 0.00% | 0.00% | 0.00% | +69.15% | +22.99% | +23.45% | +22.72% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | +83.57% | 0.00% | +27.11% | +28.44% | +27.49% |
| Effective tax rate | +20.62% | +19.92% | — | +17.48% | +16.10% | +16.89% | +16.70% | +16.64% |
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% | +15.26% | +5.39% | +6.05% | +6.17% | +6.36% |
| Return on assets (ROA) | +2.75% | +1.27% | -0.09% | +0.73% | +0.27% | +0.29% | +0.31% | +0.32% |
| Return on capital (ROC) | +70.14% | +63.02% | +88.43% | +15.11% | +4.51% | +33.39% | +35.41% | +33.02% |
| Return on invested capital (ROIC) | +22.64% | +17.98% | +66.33% | +9.96% | +3.70% | +4.01% | +4.06% | +4.22% |
| Asset turnover | +8.80% | +4.76% | +7.23% | +6.75% | +5.82% | +6.36% | +6.69% | +6.62% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +31.23% | +26.65% | -1.28% | +10.83% | +4.62% | +4.63% | +4.59% | +4.86% |
| Asset turnover (× revenue / assets) | +8.80% | +4.76% | +7.23% | +6.75% | +5.82% | +6.36% | +6.69% | +6.62% |
| Equity multiplier (× assets / equity) | +1006.02% | +2083.58% | +2021.27% | +2086.36% | +2001.83% | +2055.22% | +2010.68% | +1977.70% |
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 | 0.09 | 0.05 | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.07 |
| Fixed-asset turnover | 189.05 | 0.06 | 0.09 | — | 20.11 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | — | — | — | — | — | — | — | — |
| Payables turnover | 0.00 | 0.00 | 0.00 | — | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | — | — | — | — | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — |
| Cash conversion cycle | — | — | — | — | 0.00 | — | — | — |
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 | 1.63 | 5.49 | -106.45 | 9.64 | 17.66 | 23.13 | 23.94 | 22.40 |
| FCF / Net income | 1.60 | 5.44 | -105.98 | 9.61 | 17.61 | 23.01 | 22.90 | 22.37 |
| FCF margin | +50.08% | +144.86% | +135.49% | +104.02% | +81.42% | +106.54% | +105.04% | +108.71% |
| OCF margin | +50.91% | +146.20% | +136.08% | +104.44% | +81.68% | +107.08% | +109.81% | +108.88% |
| CapEx / Revenue | +0.83% | +1.34% | +0.60% | +0.42% | +0.26% | +0.43% | +0.42% | +0.43% |
| CapEx / D&A | 0.07 | 1.33 | 0.90 | 0.04 | 0.02 | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | +0.50% | +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 | 4.75 | 1.88 | 5.51 | 6.37 | 7.67 |
| EPS · basic | 8.24 | 5.52 | -0.47 | 4.98 | 1.89 | 5.66 | 6.50 | 7.73 |
| Book value / share | 42.71 | 20.91 | 25.02 | 31.11 | 37.25 | 35.11 | 35.72 | 55.70 |
| Tangible BV / share | 25.99 | 5.70 | -23.01 | -28.05 | -26.80 | 35.11 | 35.72 | 55.70 |
| Sales / share | 37.81 | 20.72 | 36.59 | 43.85 | 43.42 | 45.90 | 48.05 | 72.95 |
| Operating CF / share | 19.25 | 30.30 | 49.79 | 45.79 | 35.46 | 49.15 | 52.76 | 79.42 |
| Free cash flow / share | 18.93 | 30.02 | 49.57 | 45.61 | 35.35 | 48.90 | 50.47 | 79.30 |
| Dividends / share | 0.00 | 0.00 | 0.81 | 0.92 | 0.00 | 0.68 | 0.68 | 1.04 |
| Payout ratio | 0.00% | 0.00% | -174.14% | +19.45% | 0.00% | +31.90% | +30.76% | +29.19% |
| Retention ratio | +100.00% | +100.00% | +274.14% | +80.55% | +100.00% | +68.10% | +69.24% | +70.81% |
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 | — | -39.97% | +90.39% | +26.60% | -0.23% | +4.80% | +5.51% | +53.16% | +13.62% |
| Gross profit · YoY | — | -39.97% | +90.39% | +26.60% | -69.22% | +154.71% | +5.71% | +54.28% | +9.19% |
| Profit | |||||||||
| Operating income · YoY | — | -42.05% | +93.40% | -78.07% | -65.78% | +617.24% | +9.40% | +45.75% | -0.56% |
| EBITDA · YoY | — | — | — | — | -22.11% | +103.80% | +4.68% | +50.82% | — |
| Net income · YoY | — | -48.79% | -109.13% | +1172.41% | -57.40% | +4.94% | +4.51% | +62.31% | -12.90% |
| Operating | |||||||||
| EBIT · YoY | — | — | — | — | -46.48% | +2.95% | +4.52% | +53.55% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -33.01% | -108.51% | +1110.64% | -60.42% | +193.11% | +15.67% | +20.33% | -1.02% |
| EPS · basic · YoY | — | -33.01% | -108.51% | +1159.57% | -62.05% | +199.36% | +14.83% | +18.99% | -0.91% |
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 | $2.17B | $2.24B | $2.34B | $2.45B | $3.77B |
| Net debt | -$542M | $167M | $202M | -$93M | $751M | $323.89M | $319.11M | $540.76M |
| Net debt / EBITDA | — | — | — | -0.06 | 0.65 | 0.14 | 0.13 | 0.15 |
| Debt / equity | 0.22 | 0.47 | 0.57 | 0.53 | 0.45 | 0.51 | 0.52 | 0.51 |
| Debt / assets | +2.20% | +2.25% | +2.81% | +2.55% | +2.27% | +2.48% | +2.58% | +2.57% |
| Equity / assets | +9.94% | +4.80% | +4.95% | +4.79% | +5.00% | +4.87% | +4.97% | +5.06% |
| Coverage | ||||||||
| EBITDA / interest expense | 0.00 | 0.00 | 0.00 | 11.20 | 7.02 | 15.90 | 16.39 | 15.86 |
| Operating income / interest | 132.45 | 76.76 | 44.38 | 7.15 | 1.97 | 15.69 | 16.90 | 15.80 |
| Interest expense | $29M | $29M | $97M | $132M | $164M | $147.67M | $149.92M | $233.78M |
| Liquidity | ||||||||
| Current ratio | 0.06 | 0.08 | 0.09 | 9716.20 | — | — | — | — |
| Quick ratio | 0.06 | 0.07 | 0.08 | 9716.20 | — | — | — | — |
| Cash ratio | 0.05 | 0.03 | 0.04 | 452.80 | — | — | — | — |
| Working capital | -$31.57B | -$34.76B | -$39.45B | $48.58B | $1.49B | — | — | — |
| Working capital / revenue | -795.29% | -1458.83% | -869.50% | +845.68% | +25.93% | — | — | — |
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).