Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 2.4x · ROE 7.3%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $3.7B | $3.0B | $3.5B | $3.8B | $4.4B | $3.5B | $4.4B | $3.6B | $7.0B | — |
| Enterprise Value | $1.5B | $1.5B | $1.1B | $2.8B | $2.8B | $3.1B | $2.8B | $5.9B | $3.4B | $8.8B | — |
| P/E Ratio → | 11.27 | 11.19 | 10.35 | — | 1.00 | 2.82 | — | — | 4.14 | — | — |
| P/S Ratio | 0.60 | 0.60 | 0.68 | 0.88 | 0.57 | 1.22 | 0.42 | 0.70 | 0.41 | 1.03 | — |
| P/B Ratio | 0.55 | 0.54 | 0.59 | 0.70 | 0.67 | 0.27 | 0.19 | 0.27 | 0.25 | 0.48 | — |
| P/FCF | — | — | — | — | — | 5.87 | 3.89 | 2.41 | 1.17 | 3.70 | — |
| P/OCF | — | — | — | — | — | 5.87 | 3.89 | 2.41 | 1.17 | 2.07 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.24 | 0.24 | 0.71 | 0.42 | 0.85 | 0.34 | 0.93 | 0.39 | 1.28 | — |
| EV / EBITDA | 2.42 | 2.35 | 1.86 | — | 0.58 | 1.41 | — | — | 3.38 | — | — |
| EV / EBIT | 3.20 | 2.35 | 1.86 | — | 0.58 | 1.41 | — | — | 2.96 | — | — |
| EV / FCF | — | — | — | — | — | 4.10 | 3.13 | 3.23 | 1.11 | 4.62 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.9% | 70.9% | 46.1% | 8.5% | 99.2% | 85.6% | 8.4% | 19.2% | 37.7% | 27.3% | -77.8% |
| Operating Margin | 7.6% | 7.6% | 9.7% | -37.3% | 71.4% | 56.0% | -17.2% | -16.6% | 11.4% | -9.0% | -153.8% |
| Net Profit Margin | 7.0% | 7.0% | 8.9% | -28.2% | 58.5% | 45.8% | -12.8% | -11.7% | 10.0% | -5.5% | -96.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 7.7% | -21.0% | 35.6% | 9.6% | -6.2% | -4.8% | 6.0% | -2.6% | -18.5% |
| ROA | 0.2% | 0.2% | 0.2% | -0.5% | 1.6% | 0.6% | -0.4% | -0.3% | 0.4% | -0.2% | -1.3% |
| ROIC | 9.2% | 9.2% | 8.5% | -24.7% | 36.3% | 9.3% | -6.1% | -4.9% | 4.8% | -3.0% | -20.5% |
| ROCE | 0.2% | 0.2% | 0.2% | -0.6% | 2.9% | 0.8% | -0.6% | -0.5% | 0.5% | -0.3% | -2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.63 | 0.63 | 0.56 | 0.19 | 0.19 | 0.27 | 0.27 | 0.25 | 0.32 |
| Debt / EBITDA | 5.04 | 5.04 | 5.50 | — | 0.65 | 1.45 | — | — | 3.94 | — | — |
| Net Debt / Equity | — | -0.33 | -0.38 | -0.14 | -0.17 | -0.08 | -0.04 | 0.09 | -0.01 | 0.12 | -0.04 |
| Net Debt / EBITDA | -3.57 | -3.57 | -3.29 | — | -0.20 | -0.61 | — | — | -0.18 | — | — |
| Debt / FCF | — | — | — | — | — | -1.77 | -0.76 | 0.81 | -0.06 | 0.92 | -0.10 |
| Interest Coverage | 4.12 | 4.12 | 3.78 | -8.63 | 31.93 | 13.33 | -6.71 | -4.51 | 7.26 | -3.02 | -25.89 |
Net cash position: cash ($5.4B) exceeds total debt ($3.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | 3.10 | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | 3.10 | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | 0.05 | — | — | — | — | — | — |
| Asset Turnover | — | 0.03 | 0.02 | 0.02 | 0.03 | 0.01 | 0.03 | 0.03 | 0.04 | 0.03 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 2.8% | 3.4% | 2.9% | 2.8% | 2.0% | 1.3% | 0.5% | — | 25.6% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 8.9% | 9.7% | — | 100.1% | 35.5% | — | — | 24.1% | — | — |
| FCF Yield | — | — | — | — | — | 17.1% | 25.7% | 41.4% | 85.5% | 27.1% | — |
| Buyback Yield | 2.7% | 2.8% | 8.4% | 7.2% | 12.9% | 11.4% | 13.7% | 10.0% | 2.9% | 9.5% | — |
| Total Shareholder Yield | 5.5% | 5.5% | 11.9% | 10.1% | 15.7% | 13.4% | 15.0% | 10.5% | 2.9% | 35.1% | — |
| Shares Outstanding | — | $57M | $62M | $66M | $74M | $84M | $95M | $113M | $118M | $120M | $123M |
Derivative-driven earnings volatility
As reported in recent financial filings, Brighthouse Financial trades at a P/B of 0.53, a valuation level that suggests investors remain deeply skeptical of the company's ability to generate sustainable ROE given the persistent volatility inherent in its legacy annuity and life insurance blocks.
The current P/B multiple indicates that the market is pricing the firm at a significant discount to book value, likely reflecting concerns over the capital intensity of its run-off liabilities. This valuation suggests that until management can demonstrate consistent, non-volatile earnings, the stock will likely continue to trade as a distressed asset rather than a growing insurance franchise.
Based on quarterly data, the combined ratio has exhibited extreme instability, ranging from a highly efficient 9.3% in 2024Q1 to a loss-making 186.2% in 2023Q4, which indicates that underwriting profitability is currently dominated by accounting adjustments rather than core operational performance or disciplined risk selection.
The erratic trajectory of the combined ratio suggests that the firm's underwriting results are heavily influenced by non-cash fair value movements in policyholder benefits. Investors should monitor whether the shift toward capital-light Shield products can eventually dampen this volatility, as the current fluctuations make it difficult to assess the underlying health of the insurance business.
According to historical financial statements, the company's equity-to-asset ratio has consistently hovered near 2%, a level that appears precarious for a life insurer managing substantial market-linked guarantees, suggesting that capital adequacy is heavily dependent on favorable market performance rather than robust, internally generated capital buffers.
The low equity-to-asset ratio highlights the significant leverage inherent in the company's business model, which is exacerbated by the need to maintain complex hedging programs. This level of capitalization warrants further investigation, as any sustained market downturn could rapidly erode the statutory capital buffers required to support the firm's legacy insurance obligations.
As noted in institutional research, the P/E ratio is the most commonly misapplied metric for Brighthouse Financial, as it fails to account for the massive, non-cash earnings swings caused by derivative hedging and LDTI accounting standards that obscure the firm's true economic profitability.
Relying on P/E for BHF is misleading because it treats accounting-driven derivative gains or losses as core operating income, which they are not. Analysts should instead focus on adjusted book value and statutory capital metrics, which provide a more accurate, albeit less headline-friendly, view of the company's solvency and long-term value creation potential.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BHF stock.
Brighthouse Financial, Inc.'s current P/E ratio is 11.3x. The historical average is 5.9x. This places it at the 100th percentile of its historical range.
Brighthouse Financial, Inc.'s current EV/EBITDA is 2.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.9x.
Brighthouse Financial, Inc.'s return on equity (ROE) is 7.3%. The historical average is 2.2%.
Based on historical data, Brighthouse Financial, Inc. is trading at a P/E of 11.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Brighthouse Financial, Inc.'s current dividend yield is 2.73%.
Brighthouse Financial, Inc. has 70.9% gross margin and 7.6% operating margin.
Brighthouse Financial, Inc.'s Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.