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    F&G Annuities & Life (FG)

    Market Price (10/9/2026): $19.525 | Market Cap: $2.5 BilSector: Financials | Industry: Life & Health Insurance

    F&G Annuities & Life (FG)

    Market Price (10/9/2026): $19.525
    Market Cap: $2.5 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 22%, Dividend Yield is 5.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 170%

    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 -1073%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 76%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 76%, CFO LTM is 4.3 Bil, FCF LTM is 4.3 Bil

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%

    Low stock price volatility
    Vol 12M is 40%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Private Equity, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -87%, 3Y Excs Rtn is -103%

    Key risks
    FG key risks include [1] the underperformance of its alternative investments, 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 22%, Dividend Yield is 5.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 170%
    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 -1073%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 76%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 76%, CFO LTM is 4.3 Bil, FCF LTM is 4.3 Bil
    3 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%
    4 Low stock price volatility
    Vol 12M is 40%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Private Equity, Show more.
    6 Weak multi-year price returns
    2Y Excs Rtn is -87%, 3Y Excs Rtn is -103%
    7 Key risks
    FG key risks include [1] the underperformance of its alternative investments, Show more.

    FG in ETFs

    Weight = FG's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.02%
    VYM0.00%
    VB0.01%
    VIOV0.10%
    SLYV0.08%
    AVUV0.07%
    +11 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$5.7 Bil—
    FY 2026 Sales$6.0 Bil—
    FY 2027 Sales$6.3 Bil—
    FY 2026 Sales Growth5.4%—
    FY 2027 Sales Growth5.5%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$419.0 Mil—
    FY 2026 Net Income (Non-GAAP)$384.1 Mil—
    FY 2027 Net Income (Non-GAAP)$611.2 Mil—
    FY 2027 Net Income Growth59.1%18.8%
    FY 2026 EPS (Non-GAAP)$2.91—
    FY 2027 EPS (Non-GAAP)$4.63—
    FY 2027 EPS Growth59.1%—
    VALUATION
    FY 2026 P/S0.41.7
    FY 2027 P/S0.4—
    FY 2026 P/E6.67.8
    FY 2027 P/E4.2—

    [1] FG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    Assets Under Management Before Flow Reinsurance71.4B9302025Link
    Retained Assets Under Management56.6B9302025Link
    Gross Sales4.24B9302025Link
    Net Sales2.8B9302025Link
    Ratio of Operating Expense to AUM Before Flow Reinsurance52 basis points9302025Link

    Price Chart

    Upcoming
    11/05/2026Earnings ReleaseRev: $1.0 Bil (E)
    EPS: $0.66 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/7/2026

    F&G Annuities & Life (FG) stock has lost about 25% since 6/30/2026 because of the following key factors:

    1. F&G Annuities & Life (FG) reported a significant earnings miss for fiscal Q2 2026. The company announced its fiscal Q2 2026 earnings on August 5, 2026, with an Earnings Per Share (EPS) of $0.65, falling short of the consensus analyst estimate of $0.78 by $0.13. Additionally, quarterly revenue of $1.42 billion was below analysts' expectations of $1.49 billion.

    2. The company issued a preliminary estimate for fiscal Q3 2026 alternative investment income that significantly underperformed expectations. On October 5, 2026, F&G Annuities & Life disclosed that its preliminary pre-tax alternative investment income for fiscal Q3 2026 (ended September 30, 2026) is estimated to be between $47 million and $57 million. This figure is approximately $70 million pre-tax and $55 million post-tax below management's long-term expected return of approximately 12%, with the midpoint representing an annualized return of around 5%.

    Show more
    Updated on 10/7/2026

    F&G Annuities & Life (FG) stock has lost about 25% since 6/30/2026 because of the following key factors:

    1. F&G Annuities & Life (FG) reported a significant earnings miss for fiscal Q2 2026. The company announced its fiscal Q2 2026 earnings on August 5, 2026, with an Earnings Per Share (EPS) of $0.65, falling short of the consensus analyst estimate of $0.78 by $0.13. Additionally, quarterly revenue of $1.42 billion was below analysts' expectations of $1.49 billion.

    2. The company issued a preliminary estimate for fiscal Q3 2026 alternative investment income that significantly underperformed expectations. On October 5, 2026, F&G Annuities & Life disclosed that its preliminary pre-tax alternative investment income for fiscal Q3 2026 (ended September 30, 2026) is estimated to be between $47 million and $57 million. This figure is approximately $70 million pre-tax and $55 million post-tax below management's long-term expected return of approximately 12%, with the midpoint representing an annualized return of around 5%.

    3. Broader macroeconomic conditions, including elevated inflation and interest rate volatility, likely impacted the company's investment performance. Throughout fiscal Q3 2026, the U.S. economy experienced elevated inflation and uncertainty surrounding the Federal Reserve's interest rate policy, with potential for further rate hikes if inflation persisted. While higher rates can benefit some aspects of insurers' investment portfolios, such an environment can also introduce volatility in fixed-income portfolios and challenge the performance of alternative investments, contributing to the reported shortfall in F&G's alternative investment income.

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    Stock Movement Drivers

    Fundamental Drivers

    The -25.8% change in FG stock from 6/30/2026 to 10/8/2026 was primarily driven by a -22.1% change in the company's Net Income Margin (%).
    (LTM values as of)630202610082026Change
    Stock Price ($)26.3119.53-25.8%
    Change Contribution By: 
    Total Revenues ($ Mil)5,6625,6960.6%
    Net Income Margin (%)9.4%7.4%-22.1%
    P/E Multiple6.56.1-7.3%
    Shares Outstanding (Mil)1331302.3%
    Cumulative Contribution-25.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/8/2026
    ReturnCorrelation
    FG-25.8% 
    Market (SPY)3.6%22.0%
    Sector (XLF)1.2%54.3%

    Fundamental Drivers

    The -21.4% change in FG stock from 3/31/2026 to 10/8/2026 was primarily driven by a -50.6% change in the company's P/E Multiple.
    (LTM values as of)331202610082026Change
    Stock Price ($)24.8319.53-21.4%
    Change Contribution By: 
    Total Revenues ($ Mil)5,4295,6964.9%
    Net Income Margin (%)4.9%7.4%50.7%
    P/E Multiple12.36.1-50.6%
    Shares Outstanding (Mil)1311300.8%
    Cumulative Contribution-21.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/8/2026
    ReturnCorrelation
    FG-21.4% 
    Market (SPY)19.3%23.4%
    Sector (XLF)10.2%47.6%

    Fundamental Drivers

    The -35.1% change in FG stock from 9/30/2025 to 10/8/2026 was primarily driven by a -48.5% change in the company's P/E Multiple.
    (LTM values as of)930202510082026Change
    Stock Price ($)30.1019.53-35.1%
    Change Contribution By: 
    Total Revenues ($ Mil)4,9895,69614.2%
    Net Income Margin (%)6.8%7.4%7.9%
    P/E Multiple11.86.1-48.5%
    Shares Outstanding (Mil)1331302.3%
    Cumulative Contribution-35.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/8/2026
    ReturnCorrelation
    FG-35.1% 
    Market (SPY)17.1%26.9%
    Sector (XLF)1.9%49.1%

    Fundamental Drivers

    The -24.4% change in FG stock from 9/30/2023 to 10/8/2026 was primarily driven by a -85.5% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202310082026Change
    Stock Price ($)25.8419.53-24.4%
    Change Contribution By: 
    Total Revenues ($ Mil)�5,6960.0%
    Net Income Margin (%)�7.4%0.0%
    P/E Multiple�6.10.0%
    Shares Outstanding (Mil)19130-85.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/8/2026
    ReturnCorrelation
    FG-24.4% 
    Market (SPY)87.3%37.0%
    Sector (XLF)70.7%50.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FG Return0%138%137%-8%-24%-34%164%
    Peers Return37%-15%20%36%23%6%146%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    FG Win Rate0%8%75%42%33%30% 
    Peers Win Rate65%35%58%58%55%54% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    FG Max Drawdown0%-29%-37%-26%-37%-38% 
    Peers Max Drawdown-19%-43%-37%-21%-27%-26% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: CRBG, EQH, LNC, BHF, JXN.
    [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] 2026 data is for the year up to 10/8/2026 (YTD)

    How Low Can It Go

    EventFGS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-36.0%-6.7%
      % Gain to Breakeven56.3%7.1%
      Time to Breakeven55 days31 days
    2020 COVID-19 Crash
      % Loss-30.7%-33.7%
      % Gain to Breakeven44.2%50.9%
      Time to Breakeven974 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-31.6%-19.2%
      % Gain to Breakeven46.1%23.8%
      Time to Breakeven309 days105 days

    Compare to CRBG, EQH, LNC, BHF, JXN

    In The Past

    F&G Annuities & Life's stock fell -7.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.9% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFGS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-36.0%-6.7%
      % Gain to Breakeven56.3%7.1%
      Time to Breakeven55 days31 days
    2020 COVID-19 Crash
      % Loss-30.7%-33.7%
      % Gain to Breakeven44.2%50.9%
      Time to Breakeven974 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-31.6%-19.2%
      % Gain to Breakeven46.1%23.8%
      Time to Breakeven309 days105 days

    Compare to CRBG, EQH, LNC, BHF, JXN

    In The Past

    F&G Annuities & Life's stock fell -7.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.9% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About F&G Annuities & Life (FG)

    F&G Annuities & Life, trading under the symbol FG, operates as an insurance company. The company specializes in providing financial protection and wealth management solutions to its clientele.

    Its primary product offerings include life insurance, designed to offer financial security, and annuity solutions, which provide a guaranteed stream of income, often for retirement planning. In addition to these core life and retirement products, F&G also offers title insurance and settlement services, vital components in real estate transactions to ensure clear property ownership.

    F&G Annuities & Life serves a broad customer base exclusively within the United States, catering to individuals and families seeking various forms of insurance and financial planning services.

    AI Analysis | Feedback

    1. Prudential for life and annuity solutions, plus title insurance.

    2. MetLife with added real estate title insurance services.

    AI Analysis | Feedback

    ```html
    • Life Insurance Solutions: These products provide financial protection to beneficiaries upon the death of the insured.
    • Annuity Solutions: These financial contracts are designed to provide a steady stream of income, often for retirement.
    • Title Insurance: This protects property owners and lenders against financial loss from defects in title to real estate.
    • Settlement Services: These encompass the administrative and legal processes involved in closing real estate transactions.
    ```

    AI Analysis | Feedback

    ```html

    F&G Annuities & Life (symbol: FG) primarily sells its insurance and annuity products and services to individuals rather than to a few major corporate customers.

    The company serves the following categories of customers:

    1. Individuals seeking life insurance protection: These customers purchase life insurance policies to provide financial security for their loved ones.
    2. Individuals planning for retirement: These customers utilize F&G's annuity solutions to secure a guaranteed income stream for their retirement years.
    3. Homebuyers and parties involved in real estate transactions: These customers require title insurance and settlement services, typically when purchasing or refinancing property.
    ```

    AI Analysis | Feedback

    • Blackstone Inc. (BX)
    • Global Atlantic Financial Group Ltd.
    • River Lake Insurance Company

    AI Analysis | Feedback

    Chris Blunt Chief Executive Officer

    Chris Blunt joined F&G in 2019 as Chief Executive Officer. He has over 34 years of experience in insurance, investment management, and marketing. Prior to F&G, he was the CEO of Blackstone Insurance Solutions in 2018. Before his role at Blackstone, he spent 13 years at New York Life, where he served as President of the $500 billion Investment Group and previously as Co-President of the Insurance & Agency Group. He also held senior distribution and marketing positions at Merrill Lynch Investment Managers and Goldman Sachs Asset Management. He was hired by Blackstone to build a third-party asset management unit serving insurance companies, and F&G's assets are managed by Blackstone, indicating a pattern of managing companies backed by private equity firms.

    Conor Murphy President and Chief Financial Officer

    Conor Murphy assumed the role of Chief Financial Officer on April 1, 2025, and additionally became President on August 7, 2025. His extensive insurance industry experience includes previous roles as President and CEO of Resolution Life US, and Executive Vice President and Chief Operating Officer at Brighthouse Financial.

    Wendy J.B. Young Chief Liability Officer

    Wendy J.B. Young transitioned to Chief Liability Officer on April 1, 2025. Prior to this, she served as the Chief Financial Officer from February 2022 to April 2025. She has over 35 years of experience in the insurance industry, with more than 25 years at F&G, working in various actuarial, finance, and reinsurance functions. She was instrumental in F&G's initial debt raise and IPO in 2013, and also previously served as CEO of F&G's Bermuda reinsurance entities.

    Leena Punjabi Executive Vice President and Chief Investment Officer

    Leena Punjabi has served as F&G's Chief Investment Officer since January 2021. She is responsible for overseeing F&G's investment portfolios in partnership with Blackstone Insurance Solutions. Before joining F&G in 2019 as VP, Asset Management, she spent 13 years as a Principal at Mercer, where she provided investment advice to insurance companies and corporate pension plans.

    Michael L. Gravelle Executive Vice President, General Counsel and Corporate Secretary

    Michael L. Gravelle serves as Executive Vice President, General Counsel, and Corporate Secretary for F&G Annuities & Life.

    AI Analysis | Feedback

    The key risks for F&G Annuities & Life (symbol: FG) primarily stem from its exposure to market fluctuations, the competitive nature of the insurance industry, and its reliance on capital availability.

    1. Economic and Market Volatility: F&G Annuities & Life's business is highly susceptible to shifts in interest rates, volatility in equity markets, and disruptions in credit markets. These factors can significantly impact the company's investment portfolio, the valuation of its assets, and its cost of capital.
    2. Competitive Industry Landscape: The insurance sector is intensely competitive, posing a continuous challenge for F&G Annuities & Life to maintain or enhance its market position. The company's success in this environment depends on its ability to offer a competitive product portfolio and leverage a robust distribution network, amidst ongoing innovation from competitors.
    3. Dependence on Capital Availability and Financial Strength Ratings: F&G Annuities & Life's growth strategy relies heavily on the consistent availability of capital. Adverse conditions in external capital markets could affect both the availability and cost of capital, potentially hindering the company's ability to expand and maintain adequate capital for its insurance subsidiaries. Furthermore, a downgrade in its financial strength ratings could increase borrowing costs and limit market participation.

    AI Analysis | Feedback

    Digital disruption from Insurtech companies offering streamlined, digital-first life insurance and annuity solutions threatens traditional business models. Additionally, the potential for blockchain and distributed ledger technology to fundamentally alter the process of property title transfers poses an emerging threat to the traditional title insurance and settlement services industry.

    AI Analysis | Feedback

    F&G Annuities & Life (NYSE: FG) operates in the United States, offering life insurance and annuity solutions, as well as title insurance and settlement services. The addressable markets for its main products and services in the U.S. are as follows:

    • Annuities: The total U.S. annuity sales reached approximately $461.3 billion in 2025, marking a record year.
    • Life Insurance: The U.S. life insurance market size was estimated at $1.93 trillion in 2024 and is projected to reach around $4.74 trillion by 2034, growing at a compound annual growth rate (CAGR) of 9.40% from 2025 to 2034.
    • Title Insurance: The U.S. title insurance industry generated over $16.5 billion in business in 2023. Industry revenue for title insurance in the U.S. is expected to reach $17.1 billion in 2025.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for F&G Annuities & Life (symbol: FG) over the next 2-3 years:

    1. Growth in Core Annuity and Life Insurance Products: F&G is focused on expanding sales of its core products, including indexed annuities and indexed universal life (IUL) products. The company prioritizes capital allocation to these offerings, and indexed annuity sales have shown strength in a competitive market.
    2. Expansion in Institutional Solutions, particularly Pension Risk Transfer (PRT): Pension Risk Transfer (PRT) remains a key strategic focus and a high-return opportunity for F&G. The company has consistently achieved significant PRT sales, indicating continued growth in this institutional segment.
    3. Increase in Fee-Based Earnings: F&G aims to strategically grow its fee-based earnings to approximately 25% of its total earnings by the end of 2028. This growth is expected to be driven by the expansion of flow reinsurance and owned distribution strategies, with the owned distribution portfolio projected to deliver double-digit annual EBITDA growth in the medium term.
    4. Opportunistic Product Sales: The company engages in opportunistic sales of products such as funding agreements, which demonstrated substantial growth in 2025. F&G adjusts its sales volumes for these products based on economic conditions and market opportunities.
    5. Effective Investment Portfolio Management: As an insurance company, a significant portion of F&G's revenue is generated from its investment portfolio. The company reported record assets under management (AUM) and emphasizes its high-quality, diversified investment portfolio, managed in partnership with Blackstone. Growth in AUM and favorable investment yields are crucial for future revenue generation.

    AI Analysis | Feedback

    Share Issuance

    • F&G Annuities & Life's total equity attributable to common shareholders, excluding AOCI, increased by $0.78 per share as of December 31, 2025, compared to December 31, 2024, partly due to a common stock offering.
    • During the first quarter of 2025, the company raised $269 million in common equity.

    Inbound Investments

    • F&G launched a strategic partnership with a new reinsurance vehicle, effective August 1, 2025, with approximately $1 billion in anticipated capital commitments. This partnership provides long-term, on-demand growth capital through a forward flow reinsurance agreement for certain fixed indexed annuity products.

    Peer Outperformance in Life & Health Insurance

    FG has outperformed 84% of its 19 Life & Health Insurance peers over 5Y. Life & Health Insurance ranks 4th of 18 industries in Financials by median 5Y return.
    Share of Life & Health Insurance constituents that FG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    26%
    of 19 industry peers · -32.4% return
    3Y
    11%
    of 19 industry peers · -25.7% return
    5Y
    84%
    of 19 industry peers · 159.5% return
    No Life & Health Insurance peer with a comparable growth profile has beaten FG by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Life & Health Insurance is FG's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 16.6%67.5%115.8% SPNT 166% · RGA 137% · RNR 133%
    Investment Banking & Brokerage 13 -7.3%97.0%93.3% IBKR 396% · SNEX 192% · HOOD 156%
    Diversified Banks 12 28.4%124.1%91.3% CM 133% · RY 121% · JPM 120%
    Life & Health Insurance ← 20 9.9%52.5%85.6% JXN 508% · UNM 280% · MFC 170%
    Multi-Sector Holdings 4 3.7%52.9%72.0% JONE 362% · BRK-B 80% · VOYA 64%
    Property & Casualty Insurance 42 6.9%71.8%59.5% ASIC 2692900% · HRTG 403% · UVE 322%
    Multi-line Insurance 9 6.4%70.4%52.0% GNW 137% · L 91% · AIZ 83%
    Regional Banks 260 25.9%88.4%48.7% GCBC 334% · ESQ 297% · NBN 247%
    Financial Exchanges & Data 15 0.5%18.5%29.5% VIRT 169% · CBOE 149% · CME 69%
    Consumer Finance 30 3.4%86.3%20.6% ENVA 406% · EZPW 278% · FCFS 160%
    Diversified Financial Services 4 -11.9%16.9%15.1% FRHC 160% · EQH 92% · TMS -62%
    Insurance Brokers 16 -22.9%-6.3%10.4% LIFE 307% · ARX 88% · CRD-A 63%
    Asset Management & Custody Banks 82 -10.9%16.8%9.8% WT 339% · SII 262% · VCTR 255%
    Commercial & Residential Mortgage Finance 13 -54.3%14.0%-4.1% FNMA 442% · FMCC 413% · ACT 180%
    Specialized Finance 3 5.8%34.1%-11.7% EFC 16% · CACC -12% · HASI -14%
    Mortgage REITs 33 -16.3%0.9%-29.0% NREF 47% · RITM 29% · DX 17%
    Transaction & Payment Processing Services 17 -5.3%-5.6%-41.1% V 69% · MA 66% · CPAY 53%
    Diversified Capital Markets 20 -49.9%15.6%-61.7% OPY 158% · LPLA 101% · GOLD 45%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    DNAGinkgo Bioworks0.767.0%36.5%
    IOVAIovance Biotherapeutics6.057.9%387.5%
    BALYBallys0.857.5%-15.4%
    PEverpure50.155.1%124.8%
    PTCPTC22.250.3%11.2%
    SECZSecuritize1.950.2%2.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva9.2-83.8%-79.3%
    LQDALiquidia2.5-59.5%-18.8%
    XNDUXanadu Quantum Technologies1.2-54.5%-64.2%
    QUREuniQure1.5-51.0%-5.8%
    EMATEvolution Metals & Technologies1.1-46.9%-92.0%
    GLASGlass House Brands0.4-45.8%-50.2%
    NKTRNektar Therapeutics1.3-44.4%-3.5%
    AVBPArriVent BioPharma0.8-43.9%-16.9%
    XENEXenon Pharmaceuticals3.6-38.7%-19.3%
    SWRDStewards0.5-38.0%-50.2%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    FGCRBGEQHLNCBHFJXNMedian
    NameF&G Annu.Corebrid.EquitableLincoln .Brightho.Jackson . 
    Mkt Price19.5234.4553.4841.0048.98133.1344.99
    Mkt Cap2.515.614.97.92.89.38.6
    Rev LTM5,69619,21810,61519,4586,3516,3408,483
    Op Inc LTM-------
    FCF LTM4,3251,8521,305-1,328-5385,8851,578
    FCF 3Y Avg5,2901,9681,199-1,472-645,7361,584
    CFO LTM4,3351,8521,357-1,328-5385,8851,604
    CFO 3Y Avg5,3091,9681,293-1,472-645,7361,631

    Growth & Margins

    FGCRBGEQHLNCBHFJXNMedian
    NameF&G Annu.Corebrid.EquitableLincoln .Brightho.Jackson . 
    Rev Chg LTM14.2%25.9%-22.1%7.7%3.3%15.5%10.9%
    Rev Chg 3Y Avg18.4%-2.0%5.6%9.5%37.7%205.2%14.0%
    Rev Chg Q2.6%26.3%-29.8%12.5%103.8%133.1%19.4%
    QoQ Delta Rev Chg LTM0.6%4.3%-6.2%2.7%14.8%11.3%3.5%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM76.1%9.6%12.8%-6.8%-8.5%92.8%11.2%
    CFO/Rev 3Y Avg103.3%11.1%10.9%-10.4%0.0%108.9%11.0%
    FCF/Rev LTM75.9%9.6%12.3%-6.8%-8.5%92.8%11.0%
    FCF/Rev 3Y Avg102.9%11.1%10.1%-10.4%0.0%108.9%10.6%

    Valuation

    FGCRBGEQHLNCBHFJXNMedian
    NameF&G Annu.Corebrid.EquitableLincoln .Brightho.Jackson . 
    Mkt Cap2.515.614.97.92.89.38.6
    P/S0.40.81.40.40.41.50.6
    P/Op Inc-------
    P/EBIT3.79.7-38.82.52.5115.33.1
    P/E6.117.3-16.13.43.490.74.7
    P/CFO0.68.411.0-6.0-5.21.61.1
    Total Yield22.3%8.9%-4.1%34.6%29.5%3.6%15.6%
    Dividend Yield5.8%3.1%2.1%4.4%0.0%2.5%2.8%
    FCF Yield 3Y Avg132.5%11.7%8.2%-26.7%-2.2%90.1%10.0%
    D/E0.90.70.50.91.10.60.8
    Net D/E-10.7-3.5-2.8-4.1-30.4-5.7-4.9

    Returns

    FGCRBGEQHLNCBHFJXNMedian
    NameF&G Annu.Corebrid.EquitableLincoln .Brightho.Jackson . 
    1M Rtn-18.4%2.8%2.8%-5.4%-6.2%-1.9%-3.6%
    3M Rtn-31.5%14.5%15.3%5.0%-25.3%20.9%9.8%
    6M Rtn-20.4%41.2%40.9%20.4%-19.3%30.8%25.6%
    12M Rtn-32.4%11.2%9.2%7.7%0.7%36.2%8.4%
    3Y Rtn-25.7%98.6%109.9%105.4%2.9%296.5%102.0%
    1M Excs Rtn-19.1%0.9%1.0%-7.5%-5.9%-4.6%-5.3%
    3M Excs Rtn-36.0%11.1%12.0%0.7%-28.3%12.3%5.9%
    6M Excs Rtn-34.1%27.4%27.1%6.5%-33.1%17.0%11.7%
    12M Excs Rtn-48.9%-5.7%-7.9%-8.7%-14.9%20.9%-8.3%
    3Y Excs Rtn-103.4%23.0%31.3%23.6%-77.4%216.6%23.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/7/20262/26/202611/10/20258/7/20255/8/20252/28/202511/7/20248/7/20245/10/20242/29/202411/8/2023
    Key Financials Quarterly            
    Total Revenue1,3381,0871,6681,6031,3048541,4701,3611,0751,5151,552783
    Net Income-7624912811840-21327-6203115-299306
    EPS-0.621.830.940.860.26-0.202.58-0.081.600.90-2.412.47
    Key Financials TTM            
    Total Revenue TTM5,6965,6625,4295,2314,9894,7605,4215,5034,9254,9744,2713,352
    Net Income TTM41953526546434050363913325252-5865
    Growth Rates Quarterly            
    Total Revenue Growth2.6%27.3%13.5%17.8%21.3%-43.6%-5.3%73.8%-4.4%86.6%145.2%-18.2%
    Net Income Growth-290.0%1285.7%-60.9%2066.7%-80.3%-118.3%209.4%-102.0%56.2%159.0%-69.9%63.6%
    Margins Quarterly            
    Net Income Margin-5.7%22.9%7.7%7.4%3.1%-2.5%22.2%-0.4%18.9%7.6%-19.3%39.1%
    Cash & Debt            
    Total Cash29,49529,06629,59130,20129,75028,53950,99128,34127,29125,35343,43438,781
    Total Debt2,2502,2492,2612,2442,2442,2432,1912,0482,0491,7591,7651,581
    Net Debt / (Cash)-27,245-26,817-27,330-27,957-27,506-26,296-48,800-26,293-25,242-23,594-41,669-37,200
    Cash Flows Quarterly            
    FCF from Operations1,4877431,1689371,6209561,3202,0901,0551,5342,222795
    Cash Flows TTM            
    FCF from Operations TTM4,3354,4684,6814,8335,9865,4215,9996,9015,6065,9315,8344,895
    Returns to Shareholders Quarterly            
    Dividends373839333530333131262625
    Share Repurchases94297-0-036-0-06-02
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment5,4295,4214,2712,3493,385
    Total5,4295,4214,2712,3493,385


    Net Income by Segment
    $ Mil2025202420232022
    Single Segment271642-58635
    Total271642-58635


    Price Behavior

    Price Behavior
    Market Price$19.53 
    Market Cap ($ Bil)2.5 
    First Trading Date07/20/2016 
    Distance from 52W High-41.9% 
       50 Days200 Days
    DMA Price$24.03$26.07
    DMA Trenddowndown
    Distance from DMA-18.7%-25.1%
     3M1YR
    Volatility39.1%40.1%
    Downside Capture230.04140.31
    Upside Capture-6.5170.98
    Correlation (SPY)22.2%26.7%
    FG Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.161.280.840.760.841.02
    Up Beta-1.491.820.480.810.910.85
    Down Beta1.182.711.48-0.390.321.02
    Up Capture106%2%32%68%62%86%
    Bmk +ve Days6162766132424
    Stock +ve Days8152663123377
    Down Capture223%251%150%144%120%106%
    Bmk -ve Days16263760120328
    Stock -ve Days14273863128370

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FG
    FG-33.4%40.0%-0.92-
    Sector ETF (XLF)2.1%14.8%-0.0849.0%
    Equity (SPY)16.7%13.0%0.9127.0%
    Gold (GLD)3.4%29.6%0.11-9.8%
    Commodities (DBC)45.0%20.9%1.67-20.0%
    Real Estate (VNQ)2.8%13.7%-0.0529.0%
    Bitcoin (BTCUSD)-31.7%44.2%-0.736.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FG
    FG8.4%51.1%0.36-
    Sector ETF (XLF)9.4%18.3%0.3841.0%
    Equity (SPY)14.0%17.1%0.6331.6%
    Gold (GLD)18.2%18.9%0.78-2.4%
    Commodities (DBC)10.3%19.6%0.40-5.0%
    Real Estate (VNQ)1.3%18.8%-0.0427.3%
    Bitcoin (BTCUSD)13.7%52.2%0.4311.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FG
    FG2.6%42.5%0.21-
    Sector ETF (XLF)12.9%22.1%0.5334.9%
    Equity (SPY)15.4%17.9%0.7333.0%
    Gold (GLD)11.6%16.4%0.58-1.1%
    Commodities (DBC)8.3%18.1%0.373.7%
    Real Estate (VNQ)4.2%20.7%0.1625.7%
    Bitcoin (BTCUSD)63.6%66.2%1.038.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity4.0 Mil
    Short Interest: % Change Since 831202615.7%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest7.8 days
    Basic Shares Quantity130.0 Mil
    Short % of Basic Shares3.1%

    Earnings Returns History

    Updated 10/5/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/2026-1.6%-10.3%-16.1%
    5/6/2026-8.1%-4.7%-5.6%
    2/19/2026-7.9%-14.8%-13.8%
    11/6/20253.1%10.4%11.8%
    8/6/20252.9%6.9%4.1%
    5/7/2025-14.5%-14.3%-7.5%
    2/20/2025-8.7%-5.6%-20.8%
    11/6/2024-4.6%-3.5%-1.4%
    ...
    SUMMARY STATS   
    # Positive565
    # Negative10910
    Median Positive3.1%6.6%12.5%
    Median Negative-8.0%-7.2%-7.3%
    Max Positive14.3%22.4%39.4%
    Max Negative-17.3%-14.8%-20.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/2026-1.6%-10.3%-16.1%
    5/6/2026-8.1%-4.7%-5.6%
    2/19/2026-7.9%-14.8%-13.8%
    11/6/20253.1%10.4%11.8%
    8/6/20252.9%6.9%4.1%
    5/7/2025-14.5%-14.3%-7.5%
    2/20/2025-8.7%-5.6%-20.8%
    11/6/2024-4.6%-3.5%-1.4%
    8/5/20243.6%1.6%12.5%
    5/8/2024-1.2%1.1%-3.6%
    2/21/2024-9.9%-14.0%-7.1%
    11/7/202314.3%22.4%39.4%
    8/8/2023-3.7%6.4%-6.6%
    5/3/2023-17.3%-7.2%19.3%
    2/22/20232.4%-1.4%-18.7%
    SUMMARY STATS   
    # Positive565
    # Negative10910
    Median Positive3.1%6.6%12.5%
    Median Negative-8.0%-7.2%-7.3%
    Max Positive14.3%22.4%39.4%
    Max Negative-17.3%-14.8%-20.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/10/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/27/202310-K
    09/30/202211/10/202210-12B/A
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/10/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/27/202310-K
    09/30/202211/10/202210-12B/A

    Insider Activity

    Updated 10/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Murphy, ConorCEO and PresidentDirectBuy1002202621.682315,0154,270,765Form
    2Doka, Celina J Wang DirectBuy313202620.984,76099,865672,845Form
    3Blunt, Christopher OChief Executive OfficerDirectBuy313202620.9910,000209,90023,238,624Form
    4Blunt, Christopher OChief Executive OfficerDirectBuy102202629.565,000147,80033,030,217Form
    5Blunt, Christopher OChief Executive OfficerDirectBuy1119202529.885,000149,40034,254,988Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Murphy, ConorCEO and PresidentDirectBuy1002202621.682315,0154,270,765Form
    2Doka, Celina J Wang DirectBuy313202620.984,76099,865672,845Form
    3Blunt, Christopher OChief Executive OfficerDirectBuy313202620.9910,000209,90023,238,624Form
    4Blunt, Christopher OChief Executive OfficerDirectBuy102202629.565,000147,80033,030,217Form
    5Blunt, Christopher OChief Executive OfficerDirectBuy1119202529.885,000149,40034,254,988Form

    Investor Activity (13F)

    Updated Oct 9, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Fidelity National Financial, Inc.$2.4 Bil88.3%21Hold13F
    Brave Warrior Advisors, LLC$135.5 Mil3.4%36Hold13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Windacre Partnership LLC$10.8 Mil0.1%13Exited13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Fidelity National Financial, Inc.$2.4 Bil88.3%21Hold13F
    Brave Warrior Advisors, LLC$135.5 Mil3.4%36Hold13F

    Industry Resources

    External Quote Links


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