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Brighthouse Financial (BHF)

Market Price (12/26/2025): $64.78 | Market Cap: $3.7 Bil
Sector: Financials | Industry: Life & Health Insurance

Brighthouse Financial (BHF)

Market Price (12/26/2025): $64.78
Market Cap: $3.7 Bil
Sector: Financials
Industry: Life & Health Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%		 Trading close to highs
Dist 52W High is -1.9%, Dist 3Y High is -1.9%		 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -2315%		 Weak multi-year price returns
2Y Excs Rtn is -25%, 3Y Excs Rtn is -52%		 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -13%
2 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%		 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%		 Key risks
BHF key risks include [1] persistent challenges in generating sufficient capital and statutory earnings, Show more.
3 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, Fintech & Digital Payments, and AI in Financial Services. Themes include Geriatric Care, Show more.		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -2315%
2 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%
3 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, Fintech & Digital Payments, and AI in Financial Services. Themes include Geriatric Care, Show more.
4 Trading close to highs
Dist 52W High is -1.9%, Dist 3Y High is -1.9%
5 Weak multi-year price returns
2Y Excs Rtn is -25%, 3Y Excs Rtn is -52%
6 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
7 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x
8 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -13%
9 Key risks
BHF key risks include [1] persistent challenges in generating sufficient capital and statutory earnings, Show more.

Valuation, Metrics & Events

BHF Stock

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

1. Acquisition by Aquarian Capital.

The most significant factor contributing to a potential 37% stock movement for Brighthouse Financial (BHF) was the announcement on November 6, 2025, that Aquarian Capital would acquire the company. This news typically leads to a substantial increase in the target company's stock price, as the acquisition often includes a premium over the market trading price. The acquisition news was also preceded by the cancellation of Brighthouse Financial's Third Quarter 2025 earnings call and the release of select preliminary financial results on the same day. 2. Activist Investor Engagement.

Prior to the acquisition announcement, Greenlight Capital, an activist investor, sent a letter to Brighthouse Financial's Board on September 22, 2025, encouraging engagement with a reported suitor. This public pressure from an activist investor likely generated speculation and positive sentiment around a potential sale or strategic action, contributing to upward momentum in the stock price. Show more

Stock Movement Drivers

Fundamental Drivers

The 17.9% change in BHF stock from 9/25/2025 to 12/25/2025 was primarily driven by a 51.9% change in the company's Net Income Margin (%).
925202512252025Change
Stock Price ($)54.9464.7517.86%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)6150.005895.00-4.15%
Net Income Margin (%)10.80%16.40%51.93%
P/E Multiple4.753.83-19.35%
Shares Outstanding (Mil)57.4157.220.34%
Cumulative Contribution17.85%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025
ReturnCorrelation
BHF17.9% 
Market (SPY)4.9%-5.1%
Sector (XLF)4.2%11.8%

Fundamental Drivers

The 20.3% change in BHF stock from 6/26/2025 to 12/25/2025 was primarily driven by a 79.0% change in the company's Net Income Margin (%).
626202512252025Change
Stock Price ($)53.8464.7520.26%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)6689.005895.00-11.87%
Net Income Margin (%)9.16%16.40%79.00%
P/E Multiple5.123.83-25.13%
Shares Outstanding (Mil)58.2657.221.79%
Cumulative Contribution20.23%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025
ReturnCorrelation
BHF20.3% 
Market (SPY)13.1%5.4%
Sector (XLF)8.0%19.7%

Fundamental Drivers

The 33.1% change in BHF stock from 12/25/2024 to 12/25/2025 was primarily driven by a 26.7% change in the company's Total Revenues ($ Mil).
1225202412252025Change
Stock Price ($)48.6564.7533.09%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)4654.005895.0026.67%
P/S Multiple0.630.63-0.79%
Shares Outstanding (Mil)60.6057.225.59%
Cumulative Contribution32.68%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025
ReturnCorrelation
BHF33.1% 
Market (SPY)15.8%39.3%
Sector (XLF)14.9%43.8%

Fundamental Drivers

The 26.6% change in BHF stock from 12/26/2022 to 12/25/2025 was primarily driven by a 482.2% change in the company's P/E Multiple.
1226202212252025Change
Stock Price ($)51.1364.7526.64%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)6314.005895.00-6.64%
Net Income Margin (%)88.01%16.40%-81.36%
P/E Multiple0.663.83482.21%
Shares Outstanding (Mil)71.5257.2220.00%
Cumulative Contribution21.57%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025
ReturnCorrelation
BHF19.7% 
Market (SPY)48.3%40.1%
Sector (XLF)52.6%49.9%

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
BHF Return-8%43%-1%3%-9%34%65%
Peers Return���9%32%13%�
S&P 500 Return16%27%-19%24%23%18%115%

Monthly Win Rates [3]
BHF Win Rate58%58%33%58%33%50% 
Peers Win Rate��45%57%62%58% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
BHF Max Drawdown-59%-3%-25%-22%-23%-10% 
Peers Max Drawdown���-27%-2%-13% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MET, PRU, CRBG, LNC, EQH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique KeyEventBHFS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-35.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven54.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven930 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-65.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven193.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven392 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-58.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven140.8%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to MTG, ESNT, WTM, AGO, OSG

In The Past

Brighthouse Financial's stock fell -35.2% during the 2022 Inflation Shock from a high on 2/10/2022. A -35.2% loss requires a 54.3% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About Brighthouse Financial (BHF)

Brighthouse Financial, Inc. provides annuity and life insurance products in the United States. It operates through three segments: Annuities, Life, and Run-off. The Annuities segment offers variable, fixed, index-linked, and income annuities for contract holders' needs for protected wealth accumulation on a tax-deferred basis, wealth transfer, and income security. The Life segment provides term, universal, whole, and variable life policies for policyholders' needs for financial security and protected wealth transfer. The Run-off segment manages structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements, and universal life with secondary guarantees. The company was incorporated in 2016 and is based in Charlotte, North Carolina.

AI Analysis | Feedback

Analogy 1: Prudential Financial for retirement planning and life insurance.

Analogy 2: MetLife's focused spin-off for annuities and individual life insurance.

Analogy 3: A specialized Lincoln Financial Group, emphasizing annuities and life insurance.

AI Analysis | Feedback

  • Annuities: Long-term financial products designed to provide a steady income stream, typically during retirement, through a series of payments to the annuitant.
  • Life Insurance: Products that provide a financial benefit to designated beneficiaries upon the death of the insured person.

AI Analysis | Feedback

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Brighthouse Financial (BHF) primarily sells its products to individuals. Its offerings, such as annuities and life insurance, are designed to meet the financial planning and protection needs of a diverse customer base.

The company serves the following categories of individual customers:

  1. Retirees and Pre-Retirees: Individuals who are either nearing retirement or already retired, seeking secure income streams, capital preservation, and solutions for managing longevity risk through annuities.
  2. Families and Individuals Seeking Financial Protection: Those looking to protect their loved ones financially in the event of their death through various life insurance products. This category also includes individuals aiming to build cash value for future financial needs.
  3. Individuals with Long-Term Savings and Growth Objectives: Customers who want to grow their assets tax-deferred and potentially for retirement, utilizing the investment features of various annuity products, and who may not yet be at the point of needing immediate income.
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  • MetLife, Inc. (MET)
  • Fortitude Re
  • SCOR SE (SCR)
  • BlackRock, Inc. (BLK)
  • The Goldman Sachs Group, Inc. (GS)
  • Amazon.com, Inc. (AMZN)
  • Tata Consultancy Services (TCS)

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Here is the requested information about Brighthouse Financial's management team:

Eric Steigerwalt, President and Chief Executive Officer

Eric Steigerwalt has served as the president and chief executive officer of Brighthouse Financial since its launch in 2016. Prior to this, he spent 18 years at MetLife, Inc., holding multiple leadership roles, including executive vice president of MetLife's U.S. Retail business (2012-2016), interim chief financial officer (2011-2012), chief financial officer for MetLife's U.S. businesses (2009-2011), and treasurer (2007-2009). He began his career at MetLife in 1998, managing aspects of the company's demutualization and IPO, and later became its first head of investor relations. Before joining MetLife, he worked in finance at Equitable Companies and as a derivatives trader at Fossett Corporation.

Edward Spehar, Executive Vice President and Chief Financial Officer

Edward (Ed) Spehar joined Brighthouse Financial as executive vice president and chief financial officer in July 2019. Previously, he was executive vice president and treasurer of MetLife, where he was responsible for the strategic management of financial resources. Spehar's tenure at MetLife began in 2012 as senior vice president and head of investor relations, and he later served as the chief financial officer of MetLife's EMEA (Europe, Middle East, and Africa) segment. Before MetLife, he spent 23 years as an equity research analyst covering the life insurance industry, with 19 years as a sell-side equity research analyst at Bank of America Merrill Lynch, where he was consistently recognized by Institutional Investor magazine's annual All-America Research Team.

Myles J. Lambert, Executive Vice President and Chief Distribution and Marketing Officer

Myles Lambert is the executive vice president and chief distribution and marketing officer for Brighthouse Financial, where he oversees the distribution of annuity and life insurance solutions through third-party partners, manages the wholesaling organization, sales desk, strategic relationship management, and training, and leads all marketing and branding efforts. Prior to his current role, Lambert was senior vice president of MetLife, Inc.'s Northeast Region for the MetLife Premier Client Group (MPCG), and was also responsible for leading the MPCG proprietary wholesaling organization for annuity, life, and disability insurance. Before joining MetLife, he served as executive director and business head for the insurance and annuity business at Morgan Stanley, and held senior leadership roles at Morgan Stanley and Smith Barney.

John L. Rosenthal, Executive Vice President and Chief Investment Officer

John Rosenthal serves as executive vice president and chief investment officer at Brighthouse Financial, responsible for the overall management of the company's investment portfolio. He previously held the position of executive vice president and head of global portfolio management at MetLife Investments. Over his 32-year career at MetLife, Rosenthal held various leadership roles, including managing director of the investments institutional portfolio management business, co-head of fixed income and equity investments, and head of core securities.

Jeff Hughes, Executive Vice President and Chief Technology Officer

Jeff Hughes is the executive vice president and chief technology officer at Brighthouse Financial, overseeing all information technology and cybersecurity, and developing the company's technology strategy. He brings over 25 years of experience in IT management and strategic consulting. Prior to Brighthouse Financial, he was senior vice president of information technology at CNA Financial, where he was responsible for systems development, technology strategy, and vendor management. Hughes also served as a partner in the insurance and technology practices of McKinsey & Company and at Diamond Management and Technology Partners (now PwC Diamond Advisory Services), and as a nuclear physicist in the U.S. Naval Reactors Program.

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The key risks to Brighthouse Financial (BHF) primarily revolve around its exposure to market fluctuations, challenges in maintaining capital and statutory earnings power, and the complexities associated with its legacy variable annuity products and hedging strategies.

  1. Market Risk and Investment Portfolio Volatility: Brighthouse Financial is highly susceptible to interest rate fluctuations, equity market volatility, and credit risks, which can significantly impact its investment income and overall profitability. This is particularly relevant for its variable annuity products and fee-based income, where declines in equity markets can directly reduce revenues.
  2. Capital and Statutory Earnings Power: The company faces ongoing challenges in generating sufficient capital and statutory earnings, and in maintaining its Risk-Based Capital (RBC) ratio at desired levels. There have been instances of persistent statutory and GAAP losses, with reports indicating struggles to meet industry standards for RBC and requiring capital infusions to strengthen its position.
  3. Legacy Variable Annuities and Hedging Strategy Effectiveness: Brighthouse Financial inherited a significant block of unprofitable legacy variable annuities from its spin-off from MetLife, which continues to burden its earnings. The effectiveness of its hedging strategies for these variable annuities and its newer Registered Index-Linked Annuities (RILAs) is crucial, as an ineffective strategy can lead to substantial volatility in profitability measures and negatively affect statutory capital.

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The rise of Insurtech companies and other digital-first financial platforms that offer simplified, often lower-cost, and more flexible life insurance and annuity alternatives. These competitors leverage advanced technology, direct-to-consumer models, and enhanced user experiences to bypass traditional distribution channels (like the financial advisors Brighthouse Financial relies on) and appeal to a broader or underserved customer base, potentially eroding BHF's market share and profitability.

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Brighthouse Financial's main products are annuities and life insurance, primarily serving the U.S. market.

Addressable Market Sizes (U.S. Region)

Annuities

  • The total U.S. annuity market sales reached $434.1 billion in 2024. Projections for total annuity sales in 2025 are expected to surpass $450 billion.
  • The U.S. annuity market value is expected to reach approximately US$388.42 billion by 2029, growing at a CAGR of 5.98% during the forecast period.
  • Fixed Annuities: Fixed-income annuities dominated the market with $248 billion in sales in 2024. Fixed-rate deferred (FRD) annuity sales were around $160 billion in 2024. Year-to-date FRD annuity sales increased 2% year over year to $126.6 billion in 2025.
  • Fixed Indexed Annuities (FIAs): Sales were $126.9 billion in 2024. In 2025, FIA sales are projected to drop 5-10% from the 2024 record but remain above $100 billion.
  • Registered Index-Linked Annuities (RILAs): Sales reached $65.4 billion in 2024. In the third quarter of 2025, RILA sales were $20.6 billion, a 20% increase from the prior year. Year-to-date RILA sales in 2025 totaled $57.3 billion.
  • Variable Annuities: Traditional variable annuity sales reached nearly $60 billion in 2024, with 2025 sales projected to remain level with 2024 results. Year-to-date traditional variable annuity sales were $46.9 billion in 2025, up 6% compared to the same period in 2024.
  • Income Annuities: Projected to be between $16 billion and $18 billion in 2025.

Life Insurance

  • The U.S. life insurance market was valued at $1.46 trillion in 2024 and is expected to grow to $2.42 trillion by 2034. Another estimate places the U.S. life insurance market size at $1.93 trillion in 2024, predicted to reach approximately $4.74 trillion by 2034.
  • U.S. individual life insurance new annualized premium rose 8% year over year to $3.94 billion in the first quarter of 2025. Total new annualized premium for U.S. individual life insurance reached $16.2 billion in 2024.
  • Universal Life Insurance: The U.S. universal life insurance market was valued at $17.3 billion in 2024. The global market for Universal Life Insurance was estimated at US$63.7 billion in 2024 and is projected to reach US$95.3 billion by 2030.
  • Indexed Universal Life (IUL): Accounts for 24% of the U.S. market, with premiums reaching $3.8 billion in 2024. Sales grew 11% in the first quarter of 2025 to $959 million. The Indexed Universal Life Insurance segment is expected to reach US$58.6 billion by 2030.
  • Variable Universal Life (VUL): New premium increased 41% in the first quarter of 2025 to $533 million. VUL premiums represented 14% of the U.S. life insurance market's total in the first quarter of 2025.
  • Term Life Insurance: Held 19% of the U.S. market share in the first quarter of 2025.

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Expected Drivers of Future Revenue Growth for Brighthouse Financial (BHF)

Over the next 2-3 years, Brighthouse Financial's (BHF) revenue growth is expected to be driven by several key factors, significantly influenced by its pending acquisition by Aquarian Capital and continued product strength.

  1. Enhanced Growth Opportunities and Asset Generation Post-Merger: The definitive merger agreement with Aquarian Capital, anticipated to close in 2026, is poised to enhance Brighthouse Financial's growth opportunities and asset-generation capabilities. This strategic move is expected to better position the company in the evolving insurance market.
  2. Continued Strong Sales of Shield Level Annuities: Brighthouse Financial has consistently reported strong sales of its Shield Level Annuities, with these products being a primary contributor to total annuity sales. This trend is expected to continue driving revenue growth in the annuity segment.
  3. Growth in Life Insurance Sales, Particularly Brighthouse SmartCare: The company has noted increases in life insurance sales, specifically driven by its Brighthouse SmartCare product. This product line is expected to contribute to future revenue expansion within the life segment.
  4. Strategic Expansion into the Institutional Market with BlackRock's LifePath Paycheck: Brighthouse Financial's collaboration with BlackRock's LifePath Paycheck (LPP) product, which is expanding into employer retirement plans, represents a strategic initiative to reach new customers through the worksite channel. This expansion into the institutional space is a prospective driver of future revenue.
  5. Favorable Demographics and Capital Efficiency Initiatives: The aging U.S. demographic is expected to continue boosting demand for annuity products, providing a tailwind for Brighthouse Financial's offerings. Furthermore, ongoing strategic initiatives aimed at improving capital efficiency, such as simplifying hedging strategies and reinsurance transactions, can unlock capital. This freed-up capital can then be deployed into growth initiatives, indirectly supporting revenue expansion.

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Share Repurchases

  • Brighthouse Financial authorized a new $750 million stock repurchase program in November 2023. This was in addition to a $1 billion authorization from August 2021, of which $71 million remained as of November 15, 2023.
  • From August 2018 through November 15, 2023, the company repurchased approximately $2.2 billion of its common stock, reducing shares outstanding by over 46%.
  • In the full year 2024, Brighthouse Financial repurchased $250 million of its common stock, reducing shares outstanding by approximately 8% relative to year-end 2023.

Share Issuance

  • Brighthouse Financial has seen a decrease in its shares outstanding, indicating a focus on share repurchases rather than issuances. As of November 5, 2025, the number of outstanding shares was 57.15 million, a decrease from 79.82 million in 2021.

Inbound Investments

  • Aquarian Capital LLC entered into a definitive agreement to acquire Brighthouse Financial for $4.1 billion, with shareholders receiving $70 per share in cash.
  • The acquisition represents a 37% premium to Brighthouse's closing price on Wednesday, November 5, 2025, and is expected to close in 2026.
  • Following the acquisition, Brighthouse Financial is expected to operate as a standalone entity within Aquarian Capital's portfolio, retaining its brand, headquarters, and current CEO.

Capital Expenditures

  • Brighthouse Financial has reported minimal capital expenditures, with a trailing twelve months (ttm) capital expenditure of $0.

Latest Trefis Analyses

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Trade Ideas

Select ideas related to BHF. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
WU_11212025_Dip_Buyer_FCFYield11212025WUWestern UnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		13.8%13.8%-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.3%-0.3%-0.5%
PYPL_11142025_Dip_Buyer_FCFYield11142025PYPLPayPalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-4.4%-4.4%-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper11142025VVisaMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		7.6%7.6%-2.7%
WD_11072025_Dip_Buyer_ValueBuy11072025WDWalker & DunlopDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-11.2%-11.2%-12.1%

Recent Active Movers

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Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Brighthouse Financial

Peers to compare with:

Financials

BHFMETPRUCRBGLNCEQHMedian
NameBrightho.MetLife Prudenti.Corebrid.Lincoln .Equitable 
Mkt Price64.7581.05114.5530.6646.0148.7456.75
Mkt Cap3.753.940.716.58.314.415.5
Rev LTM5,89570,76057,92618,51018,45612,01518,483
Op Inc LTM-------
FCF LTM14414,6275,2741,619-1781,1921,406
FCF 3Y Avg-13013,5455,7812,040-1,2967811,410
CFO LTM14414,6275,2741,619-1781,2681,444
CFO 3Y Avg-13013,5455,7812,040-1,2969091,474

Growth & Margins

BHFMETPRUCRBGLNCEQHMedian
NameBrightho.MetLife Prudenti.Corebrid.Lincoln .Equitable 
Rev Chg LTM26.7%0.2%-21.0%24.5%35.5%9.4%16.9%
Rev Chg 3Y Avg18.4%1.3%1.9%-10.3%3.1%4.1%2.5%
Rev Chg Q-13.0%-7.7%-8.2%155.8%9.4%-52.8%-7.9%
QoQ Delta Rev Chg LTM-4.1%-2.0%-2.7%20.4%2.2%-11.9%-2.3%
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM2.4%20.7%9.1%8.7%-1.0%10.6%8.9%
CFO/Rev 3Y Avg-6.3%19.6%9.4%11.1%-9.5%8.0%8.7%
FCF/Rev LTM2.4%20.7%9.1%8.7%-1.0%9.9%8.9%
FCF/Rev 3Y Avg-6.3%19.6%9.4%11.1%-9.5%6.8%8.1%

Valuation

BHFMETPRUCRBGLNCEQHMedian
NameBrightho.MetLife Prudenti.Corebrid.Lincoln .Equitable 
Mkt Cap3.753.940.716.58.314.415.5
P/S0.60.80.70.90.41.20.7
P/EBIT2.89.0-8.4--167.95.6
P/E3.814.015.616.73.9-21.49.0
P/CFO25.73.77.710.2-46.511.49.0
Total Yield26.1%9.9%11.1%9.1%29.3%-2.5%10.5%
Dividend Yield0.0%2.8%4.7%3.2%3.8%2.2%3.0%
FCF Yield 3Y Avg-4.0%25.3%15.0%14.0%-23.1%5.6%9.8%
D/E0.90.40.50.70.70.40.6
Net D/E-23.2-1.8-1.2-3.2-3.4-2.5-2.9

Returns

BHFMETPRUCRBGLNCEQHMedian
NameBrightho.MetLife Prudenti.Corebrid.Lincoln .Equitable 
1M Rtn-1.3%7.0%5.7%4.4%12.2%4.3%5.1%
3M Rtn17.9%1.7%13.1%-5.3%15.8%-5.6%7.4%
6M Rtn20.3%2.9%10.1%-11.1%36.6%-12.0%6.5%
12M Rtn33.1%1.4%1.0%5.1%52.8%5.1%5.1%
3Y Rtn26.6%23.1%33.6%86.8%83.8%83.7%58.6%
1M Excs Rtn-4.6%4.4%3.5%5.0%10.7%3.7%4.0%
3M Excs Rtn12.9%-3.3%8.1%-10.2%10.8%-10.6%2.4%
6M Excs Rtn7.4%-10.0%-2.8%-24.0%23.7%-24.9%-6.4%
12M Excs Rtn18.0%-14.4%-14.6%-10.4%39.6%-9.9%-10.1%
3Y Excs Rtn-51.7%-56.6%-44.7%13.5%7.8%2.9%-20.9%

Financials

Segment Financials

Assets by Segment
$ Mil20242023202220212020
Annuities160,775151,192178,700172,233156,965
Run-off26,82828,43637,05538,36635,112
Life25,50422,05724,51423,80921,876
Corporate & Other23,23323,16219,57113,46113,306
Total236,340224,847259,840247,869227,259


Price Behavior

Price Behavior
Market Price$64.75 
Market Cap ($ Bil)3.7 
First Trading Date07/17/2017 
Distance from 52W High-1.9% 
   50 Days200 Days
DMA Price$60.02$54.57
DMA Trendupup
Distance from DMA7.9%18.7%
 3M1YR
Volatility79.3%65.1%
Downside Capture-90.5394.79
Upside Capture7.14109.42
Correlation (SPY)-5.1%39.4%
BHF Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta-1.51-0.34-0.250.221.321.37
Up Beta-1.170.18-1.73-0.801.191.29
Down Beta-0.66-0.14-0.57-0.331.761.68
Up Capture155%36%119%68%132%162%
Bmk +ve Days12253873141426
Stock +ve Days7182653121386
Down Capture-401%-133%-56%81%106%107%
Bmk -ve Days7162452107323
Stock -ve Days12233668121355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of BHF With Other Asset Classes (Last 1Y)
 BHFSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return38.9%18.3%19.2%71.9%8.9%6.0%-10.1%
Annualized Volatility64.6%19.0%19.5%19.3%15.3%17.1%35.0%
Sharpe Ratio0.740.750.782.690.360.18-0.12
Correlation With Other Assets 44.0%39.5%-6.4%15.7%30.5%13.8%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of BHF With Other Asset Classes (Last 5Y)
 BHFSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return13.4%16.3%14.9%18.7%11.7%4.8%32.7%
Annualized Volatility44.7%18.9%17.1%15.5%18.7%18.9%48.7%
Sharpe Ratio0.420.720.700.970.510.170.60
Correlation With Other Assets 66.4%52.4%-3.1%15.7%43.0%20.8%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of BHF With Other Asset Classes (Last 10Y)
 BHFSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-0.9%13.0%14.7%14.9%6.9%5.2%69.3%
Annualized Volatility50.0%22.3%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.170.540.700.830.310.220.90
Correlation With Other Assets 75.9%62.9%-3.5%26.9%54.1%17.1%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity6,030,480
Short Interest: % Change Since 113020258.4%
Average Daily Volume789,035
Days-to-Cover Short Interest7.64
Basic Shares Quantity57,215,806
Short % of Basic Shares10.5%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/6/202526.8%27.1%26.1%
8/7/2025-3.4%1.3%-5.8%
5/8/20251.5%3.1%1.7%
2/11/20250.0%7.7%-8.9%
11/7/2024-1.1%0.0%-1.9%
8/7/2024-5.0%-6.8%-4.8%
5/7/2024-10.4%-9.9%-16.1%
2/12/2024-12.8%-10.9%-10.9%
...
SUMMARY STATS   
# Positive91510
# Negative15914
Median Positive6.2%3.1%9.8%
Median Negative-4.7%-7.4%-7.5%
Max Positive26.8%27.1%26.1%
Max Negative-12.8%-12.6%-42.9%

SEC Filings

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Report DateFiling DateFiling
93020251107202510-Q 9/30/2025
6302025808202510-Q 6/30/2025
3312025509202510-Q 3/31/2025
12312024228202510-K 12/31/2024
93020241108202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024508202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231108202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023509202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221108202210-Q 9/30/2022
6302022805202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021224202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Lambert MylesEVP,Chief Mktg.& Dist. Officer6032025Sell58.587,091415,3911,680,426Form
1Huss VondaEVP & Chief HR Officer6022025Sell59.513,000178,5301,097,424Form
2Steigerwalt Eric TPresident and CEO5272025Sell58.8425,0001,471,00018,077,766Form
3Huss VondaEVP & Chief HR Officer3052025Sell59.333,000177,9901,272,095Form
4Lambert MylesEVP,Chief Mktg.& Dist. Officer3052025Sell59.918,180490,0642,156,580Form

Industry Resources

External Quote Links


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