Recent News
On August 6, 2025, F&G announced a strategic partnership with a new reinsurance vehicle backed by Blackstone-managed funds, expected to provide about $1.0 billion of committed capital and a forward-flow quota-share arrangement covering certain fixed indexed annuity products effective August 1, 2025, to support growth with less capital intensity.
Also on August 6, 2025, the company disclosed an executive management transition: John Currier moved to a senior advisory role effective August 7, 2025, while Conor Murphy, the CFO, assumed the additional role of President.
Technical Analysis
ADX at 21.51 signals an emerging trend in strength rather than a strong or overextended move; directional indicators show DI+ rising and DI- falling, which favors buyers despite DI- remaining numerically above DI+—momentum appears to pivot toward the upside as trend strength builds from a low base.
MACD sits at -0.78 while the signal line sits at -0.86; MACD has crossed above its signal line, which represents a bullish momentum shift even though the absolute MACD value remains negative.
MRO registers -35.35 with a dip-and-reversal pattern, implying the current price sits below the model target and presents upward potential; the negative MRO therefore aligns with the near-term case for mean reversion higher toward modeled equilibrium.
RSI at 40.37 trends upward and remains below neutral 50, leaving room for further advance before hitting overbought conditions; rising RSI complements the MACD cross and the DI+/DI- alignment for a constructive near-term tone.
Price behavior relative to averages shows mixed signals: the close at $29.61 sits above the 20-day average ($29.46) but below the 50-day ($32.24) and 200-day ($34.86) averages, keeping medium- and long-term resistance intact. The 12-day EMA trend declines, indicating short-term pressure even as momentum indicators turn positive; Bollinger bands place price comfortably within the normal band range, and the super trend upper at $30.68 marks a nearby technical resistance to monitor.
Volume ran lighter than short- and long-term averages today, with current session volume below the 10-, 50- and 200-day averages, which suggests any directional move lacks heavy conviction until traded volume picks up.
Fundamental Analysis
Second-quarter disclosures showed net earnings attributable to common shareholders of $35 million and adjusted net earnings of $103 million for Q2 2025; the firm reported continuing execution in retail sales and asset growth while returning $35 million to shareholders during the quarter.
Profitability metrics: EBIT stands at $98,000,000 with an EBIT margin of 7.52%; that margin improved sharply quarter-over-quarter (+358.51% QoQ) but contracted substantially year-over-year (-71.35% YoY). The company’s EBIT margin sits below the industry peer mean of 14.71% and below the industry peer median of 16.99%, reflecting lower operating margin relative to typical life & health insurance peers.
Capital structure and liquidity show pronounced strength: cash and short-term investments total $29,750,000,000 while market capitalization sits at $4,496,917,354, producing a negative enterprise value of $-23,009,082,646 on the supplied basis. Free cash flow reached $1,616,000,000, yielding 35.94%, materially above the industry peer mean free cash flow yield of 5.02%, which supports capital-light initiatives and the recently announced reinsurance funding device.
Leverage reads conservatively: debt to assets at 2.44% and debt to equity at 50.56% with interest coverage near 2.39x; these levels allow capacity for opportunistic capital deployment but also imply sensitivity to interest expense movements given the modest coverage. Return metrics (ROA 0.044%, ROE 0.901%) remain low in absolute terms, consistent with large asset bases typical of annuity writers.
Market multiples show a PE of 42.16 and a forward PE of 24.74; forward PE sits below the industry peer mean forward PE of 45.22, while free cash flow yield sits well above the industry peer mean—this divergence supports a valuation view driven by cash generation rather than trailing earnings multiples. WMDST values the stock as under-valued on the data provided, reflecting negative enterprise value and outsized free cash flow yield versus peer averages.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 3.3 B |
| Operating Cash Flow | $ 1.6 B | |
| Capital Expenditures | $ -4.00 M | |
| Change In Working Capital | $ 1.4 B | |
| Dividends Paid | $ -35.00 M | |
| Cash Flow Delta | $ -1.41 B | |
| End Period Cash Flow | $ 1.9 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 1.5 B | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 158.0 M | |
| Depreciation and Amortization | $ 158.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.2 B | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | $ 98.0 M | |
| Operating Income | — | |
| Interest Income | $ 677.0 M | |
| Interest Expense | $ 41.0 M | |
| Net Interest Income | $ -41.00 M | |
| Income Before Tax | $ 57.0 M | |
| Tax Provision | $ 15.0 M | |
| Tax Rate | 26.0 % | |
| Net Income | $ 40.0 M | |
| Net Income From Continuing Operations | $ 42.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.57 | |
| EPS Actual | $ 0.77 | |
| EPS Difference | $ 0.20 | |
| EPS Surprise | 35.088 % | |
| Forward EPS | $ 1.36 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 91.8 B | |
| Intangible Assets | $ 8.1 B | |
| Net Tangible Assets | $ -3.68 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | $ 29.8 B | |
| Cash | $ 1.9 B | |
| Net Receivables | $ 15.8 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 223.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 351.0 M | |
| Total Debt | $ 2.2 B | |
| Total Liabilities | $ 87.3 B | |
| EQUITY | ||
| Total Equity | $ 4.4 B | |
| Retained Earnings | $ 2.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 32.96 | |
| Shares Outstanding | 134.654 M | |
| Revenue Per-Share | $ 9.68 | |
| VALUATION | Market Capitalization | $ 4.5 B |
| Enterprise Value | $ -23.01 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | -17.645 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 20.689 | |
| Asset To Liability | 1.052 | |
| Debt To Capital | 0.336 | |
| Debt To Assets | 0.024 | |
| Debt To Assets QoQ | -4.119 % | |
| Debt To Assets YoY | 437.143 % | |
| Debt To Assets IPRWA | high: 0.178 mean: 0.036 median: 0.027 FG: 0.024 low: 0.012 |
|
| Debt To Equity | 0.506 | |
| Debt To Equity QoQ | -1.648 % | |
| Debt To Equity YoY | 417.533 % | |
| Debt To Equity IPRWA | high: 0.923 FG: 0.506 mean: 0.427 median: 0.328 low: 0.173 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.013 | |
| Price To Book QoQ | -13.044 % | |
| Price To Book YoY | -26.582 % | |
| Price To Book IPRWA | high: 3.744 mean: 1.862 median: 1.485 FG: 1.013 low: 0.133 |
|
| Price To Earnings (P/E) | 42.155 | |
| Price To Earnings QoQ | -19.581 % | |
| Price To Earnings YoY | 11.735 % | |
| Price To Earnings IPRWA | high: 59.437 FG: 42.155 median: 34.71 mean: 34.219 low: -27.988 |
|
| PE/G Ratio | 6.071 | |
| Price To Sales (P/S) | 3.449 | |
| Price To Sales QoQ | -42.073 % | |
| Price To Sales YoY | -26.49 % | |
| Price To Sales IPRWA | high: 13.163 mean: 5.946 median: 3.696 FG: 3.449 low: 0.952 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 24.741 | |
| Forward PE/G | 3.563 | |
| Forward P/S | 3.013 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.387 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | 46.91 % | |
| Asset Turnover Ratio YoY | 3.129 % | |
| Asset Turnover Ratio IPRWA | high: 0.059 mean: 0.024 median: 0.018 FG: 0.015 low: -0.001 |
|
| Receivables Turnover | 0.085 | |
| Receivables Turnover Ratio QoQ | 40.642 % | |
| Receivables Turnover Ratio YoY | -15.98 % | |
| Receivables Turnover Ratio IPRWA | high: 4.774 mean: 2.061 median: 0.312 FG: 0.085 low: -0.023 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 1067.954 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.003 | |
| CapEx To Depreciation | -0.025 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.7 B | |
| Net Invested Capital | $ 6.7 B | |
| Invested Capital | $ 6.7 B | |
| Net Tangible Assets | $ -3.68 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.347 % | |
| Interest Coverage Ratio | 2.39 | |
| Interest Coverage Ratio QoQ | 582.926 % | |
| Interest Coverage Ratio YoY | -76.267 % | |
| Interest Coverage Ratio IPRWA | high: 16.808 mean: 9.078 median: 8.566 FG: 2.39 low: -3.438 |
|
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.143 | |
| Dividend Payout Ratio | 0.875 | |
| Dividend Rate | $ 0.26 | |
| Dividend Yield | 0.008 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.328 % | |
| Revenue Growth | 52.693 % | |
| Revenue Growth QoQ | -225.744 % | |
| Revenue Growth YoY | -281.431 % | |
| Revenue Growth IPRWA | FG: 52.693 % high: 31.97 % mean: 5.382 % median: 3.296 % low: -112.973 % |
|
| Earnings Growth | 6.944 % | |
| Earnings Growth QoQ | -119.443 % | |
| Earnings Growth YoY | -70.141 % | |
| Earnings Growth IPRWA | high: 300.0 % mean: 46.03 % median: 8.815 % FG: 6.944 % low: -203.448 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 7.515 % | |
| EBIT Margin QoQ | 358.511 % | |
| EBIT Margin YoY | -71.353 % | |
| EBIT Margin IPRWA | high: 30.317 % median: 16.987 % mean: 14.714 % FG: 7.515 % low: -15.679 % |
|
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.6 B | |
| Free Cash Flow Yield | 35.936 % | |
| Free Cash Flow Yield QoQ | 92.12 % | |
| Free Cash Flow Yield YoY | 72.603 % | |
| Free Cash Flow Yield IPRWA | FG: 35.936 % high: 18.604 % mean: 5.019 % median: 2.702 % low: -3.613 % |
|
| Free Cash Growth | 69.926 % | |
| Free Cash Growth QoQ | -352.614 % | |
| Free Cash Growth YoY | -323.849 % | |
| Free Cash Growth IPRWA | FG: 69.926 % high: 8.777 % median: -32.258 % mean: -99.84 % low: -514.525 % |
|
| Free Cash To Net Income | 40.4 | |
| Cash Flow Margin | -66.641 % | |
| Cash Flow To Earnings | -21.725 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.044 % | |
| Return On Assets QoQ | -283.333 % | |
| Return On Assets YoY | -83.396 % | |
| Return On Assets IPRWA | high: 0.849 % mean: 0.243 % median: 0.191 % FG: 0.044 % low: -0.167 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.009 | |
| Return On Equity QoQ | -287.318 % | |
| Return On Equity YoY | -83.783 % | |
| Return On Equity IPRWA | high: 0.082 median: 0.034 mean: 0.033 FG: 0.009 low: 0.006 |
|
| DuPont ROE | 0.909 % | |
| Return On Invested Capital (ROIC) | 1.082 % | |
| Return On Invested Capital QoQ | 532.749 % | |
| Return On Invested Capital YoY | -229.117 % | |
| Return On Invested Capital IPRWA | high: 4.396 % median: 2.743 % mean: 2.439 % FG: 1.082 % low: -1.573 % |
|