MET
MetLife · Financials · Life & Health Insurance
$96.21
52w 67.33 – 100.93
20y monthly, adjusted
Mkt cap
$61.1B
P/E
18.1
P/FCF
3.6
FCF yield
28.0%
ROE
11.9%
Shldr yield
7.2%
div 2.5% + bb 4.7%
What today's price assumes
At $61.1B, the market is pricing in -17.6% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 2.0% per year — expectations look undemanding relative to history.
Simple DCF per-share range: $354 · $354 · $440 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 2.9× across 18 years, MET would trade near $79/share (25th–75th percentile: $57–$93); it trades at 3.6× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+4.9%
Rev 5y
+12.5%
Rev 10y
−27.6%
EPS 5y
−3.7%
EPS 10y
+0.2%
FCF 5y
+8.0%
FCF 10y
+2.0%
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $724.0M | +19.9% | $736.0M | +1.0% | 1.09 | $2.2B |
| Q1'26 | $734.0M | +20.1% | $1.2B | +25.4% | 1.74 | $2.7B |
| Q4'25 * | $600.0M | +7.9% | $809.0M | −36.3% | 1.18 | $7.1B |
| Q3'25 | $621.0M | +12.1% | $896.0M | −33.2% | 1.22 | $3.6B |
| Q2'25 | $604.0M | +8.2% | $729.0M | −22.9% | 1.03 | $2.2B |
| Q1'25 | $611.0M | +5.9% | $945.0M | +9.0% | 1.28 | $4.3B |
| Q4'24 * | $556.0M | −97.1% | $1.3B | +109.4% | 1.75 | $4.6B |
| Q3'24 | $554.0M | 0.0% | $1.3B | +174.4% | 1.81 | $4.2B |
| Q2'24 | $558.0M | +2.2% | $946.0M | +135.3% | 1.28 | $3.5B |
| Q1'24 | $577.0M | +2.7% | $867.0M | +983.8% | 1.10 | $2.3B |
| Q4'23 | $19.0B | +21.9% | $607.0M | −61.5% | 0.77 | $5.2B |
| Q3'23 | $554.0M | +8.4% | $489.0M | −57.9% | 0.56 | $3.5B |
| Q2'23 | $546.0M | +4.0% | $402.0M | −55.8% | 0.48 | $3.0B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +4.9% | +12.5% | −27.6% | −18.5% |
| Operating cash flow | +9.4% | +8.0% | +2.0% | +5.2% |
| Free cash flow | +9.4% | +8.0% | +2.0% | +5.2% |
| EPS (diluted) | −9.2% | −3.7% | +0.2% | +3.4% |
| Equity | −1.7% | −17.6% | −8.4% | −3.5% |
| LT debt | −0.4% | −0.2% | −2.2% | −4.2% |
| Diluted shares | −5.9% | −5.9% | −5.0% | −1.8% |
| Stock price | +18.4% | +12.5% | +13.3% | +11.6% |
$100, 3 years ago
$166vs $176 in SPY
18.4% vs 20.7%/yr
$100, 5 years ago
$180vs $181 in SPY
12.5% vs 12.6%/yr
$100, 10 years ago
$347vs $412 in SPY
13.3% vs 15.2%/yr
$100, 15 years ago
$520vs $813 in SPY
11.6% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$1.10
$15.1B created / $13.7B retained
Last 10 years
$0.78
$20.7B created / $26.5B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
39.9%
OCF ÷ (equity + debt)
OCF / EV yield
31.9%
MC vs 10× OCF
0.36
≤1 = priced under 10× OCF
Debt / FCF
0.8y
SBC / FCF
0.8%
Owner earnings
$17.0B
OCF − capex − SBC
OE yield
27.7%
Share count 5y
−0.6%
per year; negative = buybacks
Capital intensity
—
net PP&E ÷ revenue
Sales efficiency
—
new PP&E per $1 new revenue, 5y
Checklist
22 of 26 checks pass · 85%. Checks with structurally missing inputs are excluded.
Growth & Consistency
5/7
- pass
Revenue growth
12.5% · 5y CAGR ≥ 5%
- fail
EPS growth
-3.7% · 5y CAGR ≥ 5%
- pass
FCF growth
8.0% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
8 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
8.0% vs 12.5% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
5/6
- pass
Net margin
138.7% · ≥ 8%
- pass
Operating margin
251.9% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
11.9% · ≥ 12%
- pass
Cash ROIC
39.9% · ≥ 12%
- pass
FCF margin
701.6% · ≥ 5%
- pass
Earnings back their cash
OCF $17.1B vs NI $3.4B · OCF ≥ net income (latest FY)
Balance Sheet
4/5
- pass
Debt payable from cash flow
0.8y · LT debt ≤ 3× FCF
- pass
Cash cushion
152% · cash ≥ 50% of LT debt
- pass
Leverage
0.51 · LT debt ≤ 1.5× equity
- fail
Equity positive and compounding
$28.4B · equity > 0 and grew over ~5y
- pass
Interest burden
12% · interest ≤ 15% of operating income
Capital Allocation
4/4
- pass
Share count flat or shrinking
-0.6% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
1% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
26% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
4/4
- pass
FCF yield
28.0% · ≥ 3%
- pass
Earnings multiple
18.1 · P/E ≤ 25
- pass
Price asks less than history delivered
-17.6% vs 2.0% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
7.2% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2,436 | — | 6,137 | 3,379 | 4.71 | 17,092 | — | 17,092 | 1,509 | 2,883 | 131 | 22,032 | 14,467 | 28,398 | 673 |
| 2024 | 2,245 | — | 5,996 | 4,426 | 5.94 | 14,598 | — | 14,598 | 1,527 | 3,207 | 168 | 20,068 | 15,086 | 27,445 | 711 |
| 2023 | 2,229 | — | 5,723 | 1,578 | 1.81 | 13,721 | — | 13,721 | 1,566 | 3,103 | 171 | 20,639 | 15,548 | 30,015 | 762 |
| 2022 | 2,110 | — | 5,978 | 5,284 | 6.30 | 13,044 | — | 13,044 | 1,598 | 3,326 | 184 | 20,195 | 14,647 | 29,881 | 809 |
| 2021 | 2,074 | — | — | 6,855 | 7.65 | 12,347 | — | 12,347 | 1,647 | 4,303 | 173 | 20,047 | 13,933 | 67,482 | 869 |
| 2020 | 1,354 | — | — | 5,407 | 5.68 | 11,639 | — | 11,639 | 1,657 | 1,151 | 127 | 19,795 | 14,603 | 74,558 | 913 |
| 2019 | 1,289 | — | — | 5,899 | 6.06 | 13,786 | — | 13,786 | 1,643 | 2,285 | 150 | 16,598 | 13,466 | 66,144 | 944 |
| 2018 | 1,256 | — | — | 5,123 | 4.91 | 11,738 | — | 11,738 | 1,678 | 3,992 | 86 | 15,821 | 12,829 | 52,741 | 1,014 |
| 2017 | 62,308 | — | — | 4,010 | 3.62 | 12,283 | — | 12,283 | 1,717 | 2,927 | 128 | 12,701 | 15,686 | 58,676 | 1,079 |
| 2016 | 60,787 | — | — | 850 | 0.67 | 14,774 | — | 14,774 | 1,736 | 372 | 147 | 12,651 | 16,441 | 67,531 | 1,109 |
| 2015 | 61,343 | — | — | 5,373 | 4.62 | 14,052 | — | 14,052 | 1,653 | 1,930 | 137 | 11,182 | 18,023 | 68,098 | 1,128 |
| 2014 | 73,316 | — | — | 6,309 | 5.42 | 16,376 | — | 16,376 | 1,499 | 1,000 | 192 | 9,205 | 16,286 | 72,208 | 1,143 |
| 2013 | 68,199 | — | — | 3,368 | 2.91 | 16,131 | — | 16,131 | 1,119 | 0 | 175 | 7,585 | 18,653 | 61,553 | 1,116 |
| 2012 | 68,150 | — | — | 1,324 | 1.12 | 17,160 | — | 17,160 | 811 | 0 | 168 | 15,738 | — | 64,453 | 1,077 |
| 2011 | 70,241 | — | — | 6,423 | 5.76 | 10,273 | — | 10,273 | 787 | — | 144 | 10,461 | 23,692 | 57,519 | 1,068 |
| 2010 | 52,247 | — | — | 2,667 | 2.86 | 7,985 | — | 7,985 | 784 | 0 | 84 | 12,957 | 27,586 | 48,625 | 890 |
| 2009 | 40,657 | — | — | -2,246 | -2.89 | 3,803 | — | 3,803 | 610 | 0 | 69 | 10,024 | 13,220 | 33,121 | 818 |
| 2008 | 50,982 | — | — | 3,209 | 4.14 | 10,702 | — | 10,702 | 592 | 1,250 | 123 | 24,131 | 9,667 | 23,734 | 745 |
| 2007 | 47,152 | — | — | 4,317 | 5.48 | 9,902 | — | 9,902 | 541 | 1,705 | — | 9,961 | — | 37,002 | — |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.