MetLife, Inc.

MET · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$52,013	$56,695	$48,949	$56,782	$52,564	$39,492	$42,874	$34,538	$53,204	$59,233	$53,591	$54,559	$53,914	$32,041	$29,401	$39,039	$25,745	$22,268	$40,861	$40,037	$32,707	$27,129	$22,182	$16,965	$20,864	$19,555	$10,281	$10,281	$9,789	$9,789	$9,789
Enterprise value	$46,845	$50,444	$41,331	$49,876	$43,038	$34,201	$39,515	$31,241	$55,134	$60,082	$56,729	$56,819	$56,035	$22,168	$29,570	$53,443	$30,344	$594	$42,198	$44,749	$38,819	$29,272	$25,968	$19,572	$17,427	$19,380	$14,166	$13,853	–	–	–
P/E (TTM) at period end	16.39×	13.42×	35.47×	11.14×	7.90×	7.61×	7.49×	6.93×	13.62×	79.29×	10.28×	8.82×	16.61×	26.66×	4.78×	15.34×	–	7.22×	9.78×	6.36×	6.94×	9.84×	10.01×	10.57×	44.11×	20.52×	16.66×	7.65×	8.14×	11.48×	14.00×
P/S (TTM) at period end	0.67×	0.80×	0.73×	0.83×	0.77×	0.58×	0.62×	0.51×	0.85×	0.97×	0.87×	0.85×	0.79×	0.47×	0.42×	0.75×	0.63×	0.44×	0.87×	0.83×	0.73×	0.70×	0.63×	0.52×	0.68×	0.64×	0.42×	0.39×	6.90×	7.88×	8.32×
P/B at period end	1.83×	2.07×	1.63×	1.90×	0.78×	0.53×	0.65×	0.65×	0.91×	0.88×	0.79×	0.76×	0.88×	0.50×	0.51×	0.83×	0.78×	0.94×	1.16×	1.18×	1.12×	1.19×	1.05×	0.98×	1.30×	1.19×	0.75×	0.69×	–	–	–
EV / EBITDA (TTM)	7.49×	8.24×	7.08×	8.18×	4.98×	4.80×	5.64×	4.81×	14.73×	13.39×	9.67×	6.32×	13.23×	13.44×	2.89×	13.15×	–	0.11×	6.79×	–	8.36×	7.51×	9.20×	10.28×	18.25×	17.48×	11.61×	6.82×	–	–	–
EV / Sales (TTM)	0.61×	0.71×	0.62×	0.73×	0.63×	0.50×	0.57×	0.46×	0.88×	0.99×	0.92×	0.89×	0.82×	0.33×	0.42×	1.02×	0.75×	0.01×	0.89×	0.93×	0.87×	0.76×	0.74×	0.60×	0.57×	0.63×	0.57×	0.52×	–	–	–
Returns
Return on equity	11.2%	15.4%	4.6%	17.1%	9.9%	7.0%	8.6%	9.4%	6.7%	1.1%	7.7%	8.6%	5.3%	1.9%	10.7%	5.4%	(7.6%)	13.0%	11.9%	18.6%	16.2%	12.1%	10.5%	9.2%	2.9%	5.8%	4.5%	9.0%	–	–	–
Return on invested capital	16.7%	18.0%	14.9%	17.8%	14.5%	7.4%	8.9%	9.6%	5.4%	4.8%	5.2%	7.6%	4.4%	1.8%	9.3%	3.9%	(5.3%)	24.8%	10.0%	7.3%	8.0%	9.3%	6.6%	4.2%	2.0%	4.4%	6.0%	10.7%	–	–	–
Dividend yield	2.9%	2.7%	3.2%	2.8%	3.1%	4.2%	3.8%	4.9%	3.2%	2.9%	3.1%	2.7%	2.1%	2.5%	2.7%	2.0%	2.4%	2.7%	1.3%	1.1%	1.2%	1.3%	0.8%	0.9%	0.7%	0.8%	–	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	1902.42×	1863.68×	680.21×	1222.62×	726.92×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.42×	0.60×	0.43×	0.52×	0.39×	0.42×	0.46×	0.39×	0.44×	0.32×	0.25×	0.21×	0.49×	0.24×	–	–	–
Effective tax rate	27.0%	21.0%	25.9%	16.7%	19.3%	21.8%	13.0%	18.7%	(41.6%)	16.2%	28.1%	28.1%	16.3%	8.9%	30.4%	29.8%	45.6%	31.2%	29.1%	26.3%	28.5%	27.8%	24.7%	34.9%	43.0%	35.3%	–	–	28.0%	34.3%	54.7%
Share count
Diluted shares outstanding	673	711	762	809	869	913	944	1,014	1,078	1,108	1,128	1,142	1,116	1,077	1,068	890	818	745	762	771	755	755	747	730	763	640	782	782	745	745	745

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	$79,403	$77,084	$70,986	$66,905	$68,770	$68,696	$67,842	$69,620	$67,941	$62,308	$60,787	$61,343	$63,974	$68,199	$68,150	$70,241	$52,247	$40,645	$50,982	$47,152	$48,254	$44,629	$38,701	$35,091	$32,476	$30,583	$30,649	$24,748	$26,525	$1,418	$1,243	$1,177
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($32,225)	($33,358)	($35,413)	($32,903)	($28,750)	($26,357)	($24,473)	($23,189)	($19,828)	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$18,759	$13,800	$12,841	$11,726	$9,951	$8,734	$8,003	$7,394	$10,821	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($590)	($560)	($481)	($828)	($669)	($670)	($761)	($901)	($910)	($1,129)	($1,007)	($1,417)	($17,091)	($16,602)	($17,755)	($17,730)	($12,764)	($8,574)	($7,229)	($7,128)	($3,430)	($3,217)	($2,915)	($2,707)	($2,499)	($2,459)	–	–	–	($4,765)	($1,728)	($1,786)
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($13,698)	($8,038)	($8,673)	($7,433)	($6,388)	($6,388)	($6,597)	($6,920)	($9,629)	–	–	–	–	–
Total costs and expenses	($72,839)	($70,947)	($64,990)	($61,182)	($62,792)	($60,178)	($60,915)	($62,825)	($61,634)	($58,772)	($56,506)	($55,692)	($55,170)	($64,147)	($66,708)	($60,215)	($48,335)	($44,979)	($45,921)	($41,390)	($44,086)	($40,336)	($35,138)	($32,745)	($31,070)	($30,109)	($29,457)	($23,701)	($24,550)	$706	$163	($433)
Operating income	$6,564	$6,137	$5,996	$5,723	$5,978	$8,518	$6,927	$6,795	$6,307	$3,536	$4,281	$5,651	$8,804	$4,052	$1,442	$10,026	$3,912	($4,334)	$5,061	$5,762	$4,168	$4,293	$3,563	$2,346	$1,406	$474	$1,192	$1,047	$1,975	$2,124	$1,406	$744
Earnings
EBITDA	$6,693	$6,254	$6,120	$5,835	$6,096	$8,641	$7,121	$7,002	$6,498	$3,743	$4,487	$5,866	$8,985	$4,235	$1,650	$10,225	$4,063	($4,183)	$5,211	$6,219	–	$4,645	$3,897	$2,824	$1,904	$955	$1,109	$1,220	$2,031	$2,088	–	–
Interest income	–	–	–	–	–	–	–	–	$794	$785	$965	$886	$811	$309	$667	$803	$480	$432	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,091)	($724)	($738)	($740)	($655)	($647)	($632)	($656)	($827)	($841)	($874)	($890)	($871)	($854)	($871)	($975)	($1,550)	($1,044)	($1,051)	($600)	($900)	($659)	($408)	($478)	($403)	($332)	–	–	–	$453	–	–
Pre-tax income	$4,869	$4,661	$5,622	$2,162	$6,364	$8,518	$6,927	$6,795	$6,307	$3,536	$4,281	$5,651	$6,883	$4,052	$1,442	$9,184	$3,729	($4,615)	$5,061	$5,762	$4,168	$4,293	$3,563	$2,346	$1,406	$474	$1,192	$1,047	$1,975	$1,671	$1,406	$744
Income tax expense	($1,210)	($1,258)	($1,178)	($560)	($1,062)	($1,642)	($1,509)	($886)	($1,179)	$1,470	($693)	($1,590)	($1,936)	($661)	($128)	($2,793)	($1,110)	$2,106	($1,580)	($1,675)	($1,097)	($1,222)	($991)	($580)	($490)	($204)	($421)	–	–	($468)	($482)	($407)
Net income	$3,626	$3,379	$4,426	$1,578	$5,284	$6,855	$5,407	$5,899	$5,123	$4,010	$850	$5,373	$6,309	$3,368	$1,324	$6,423	$2,667	($2,411)	$3,209	$4,317	$6,293	$4,714	$2,758	$2,217	$1,605	$473	$953	$617	$1,343	$1,203	$853	$699
Per share
Diluted EPS (GAAP)	$5.22	$4.71	$5.94	$1.81	$6.30	$7.65	$5.68	$6.06	$4.91	$3.62	$0.67	$4.62	$5.42	$2.91	$1.12	$5.76	$2.86	($3.09)	$4.14	$5.48	$7.99	$6.16	$3.65	$2.94	$2.20	$0.62	$1.49	$0.79	$1.72	$1.61	$1.14	$0.94
Basic EPS (GAAP)	$5.25	$4.74	$5.98	$1.82	$6.35	$7.71	$5.72	$6.10	$4.95	$3.65	$0.68	$4.67	$5.48	$2.94	$1.12	$5.81	$2.88	($3.09)	$4.19	$5.62	$8.09	$6.21	$3.67	$2.97	$2.28	$0.64	$1.52	$0.79	$1.72	$1.61	$1.14	$0.94
Basic shares outstanding	656	669	706	758	803	863	908	938	1,006	1,070	1,100	1,118	1,129	1,106	1,071	1,060	882	818	735	744	761	749	751	739	704	739	627	782	782	745	745	745
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	36.8%	29.3%	26.6%	26.3%	25.7%	24.9%	24.6%	24.2%	35.3%	–	–	–	–	–
Operating margin	8.3%	8.0%	8.4%	8.6%	8.7%	12.4%	10.2%	9.8%	9.3%	5.7%	7.0%	9.2%	13.8%	5.9%	2.1%	14.3%	7.5%	(10.7%)	9.9%	12.2%	8.6%	9.6%	9.2%	6.7%	4.3%	1.5%	3.9%	4.2%	7.4%	149.8%	113.1%	63.2%
Net margin	4.6%	4.4%	6.2%	2.4%	7.7%	10.0%	8.0%	8.5%	7.5%	6.4%	1.4%	8.8%	9.9%	4.9%	1.9%	9.1%	5.1%	(5.9%)	6.3%	9.2%	13.0%	10.6%	7.1%	6.3%	4.9%	1.5%	3.1%	2.5%	5.1%	84.8%	68.6%	59.4%

Analyst consensus

Buy33 analysts

Bearish · 0 · Hold · 7 · Bullish · 26

Earnings history

	EPS	Estimate
Q3 2024	$1.95	$2.17	Miss
Q4 2024	$2.08	$2.11	Miss
Q1 2025	$1.96	$2.00	Miss
Q2 2025	$2.02	$2.15	Miss
Q3 2025	$2.34	$2.31	Beat
Q4 2025	$2.58	$2.34	Beat
Q1 2026	$2.42	$2.27	Beat
Q2 2026	$2.43	$2.30	Beat

Peers

Company overview

IPO dateApr 5, 2000

CEOMichel Abbas Khalaf

Employees46,000

SectorFinancial Services

IndustryInsurance - Life

CountryUS

ExchangeNew York Stock Exchange

Websitewww.metlife.com

MetLife, Inc. operates as a leading global financial services entity, delivering an extensive array of services encompassing insurance, annuities, employee benefits, and asset management. The company manages its operations through five primary divisions: the U.S., Asia, Latin America, Europe, the Middle East and Africa (EMEA), and MetLife Holdings. Its broad insurance offerings include life, dental, group short-term and long-term disability, individual disability, pet, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans. MetLife also supports employers with administrative services-only (ASO) arrangements. Furthermore, it provides sophisticated financial instruments such as general and separate account contracts, synthetic guaranteed interest contracts, and private floating rate funding agreements. The company facilitates pension risk transfers, offers institutional income annuities, structures settlements, and delivers capital markets investment products. Specialized life insurance products and funding agreements are also available for post-retirement benefits, alongside company, bank, or trust-owned life insurance used to finance non-qualified executive benefit programs. In addition, MetLife offers a variety of annuity options including fixed, indexed-linked, and variable, alongside pension and regular savings products. Its life insurance portfolio features whole life, term life, endowments, universal and variable life, and group life policies. The company also provides longevity reinsurance solutions, credit insurance products, and protection for long-term healthcare services. MetLife, Inc. was founded in 1863 and is headquartered in New York City.

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