Latest Ratios: P/E Ratio 18.8x · EV/EBITDA 10.0x · ROE 11.9%. (1998–2025 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 | $59.0B | $52.5B | $58.2B | $50.4B | $58.5B | $54.3B | $42.9B | $48.1B | $41.6B | $52.8B | $52.6B |
| Enterprise Value | $57.1B | $50.6B | $56.9B | $48.6B | $56.3B | $51.7B | $41.2B | $48.4B | $42.1B | $59.4B | $59.8B |
| P/E Ratio → | 18.85 | 16.45 | 13.78 | 36.54 | 11.49 | 8.17 | 8.27 | 8.41 | 8.36 | 13.52 | 71.67 |
| P/S Ratio | 0.77 | 0.68 | 0.83 | 0.74 | 0.86 | 0.86 | 0.63 | 0.69 | 0.61 | 0.85 | 0.87 |
| P/B Ratio | 2.08 | 1.82 | 2.10 | 1.67 | 1.94 | 0.80 | 0.57 | 0.73 | 0.79 | 0.90 | 0.78 |
| P/FCF | 3.26 | 2.90 | 3.85 | 3.54 | 5.15 | 4.24 | 3.73 | 3.46 | 4.37 | 4.15 | 3.59 |
| P/OCF | 3.26 | 2.90 | 3.85 | 3.54 | 5.15 | 4.24 | 3.73 | 3.46 | 4.37 | 4.15 | 3.59 |
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 | — | 0.66 | 0.81 | 0.72 | 0.83 | 0.82 | 0.61 | 0.70 | 0.62 | 0.95 | 0.99 |
| EV / EBITDA | 9.99 | 8.85 | 8.98 | 16.88 | 8.00 | 5.61 | 5.46 | 6.52 | 6.06 | 13.71 | 12.12 |
| EV / EBIT | 12.26 | 8.85 | 8.54 | 15.16 | 7.71 | 5.48 | 5.26 | 6.24 | 5.66 | 12.73 | 11.00 |
| EV / FCF | — | 2.80 | 3.76 | 3.41 | 4.95 | 4.03 | 3.58 | 3.47 | 4.41 | 4.67 | 4.08 |
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 | 36.4% | 36.4% | 27.2% | 25.5% | 27.9% | 26.6% | 22.8% | 23.3% | 23.4% | 21.6% | 23.1% |
| Operating Margin | 6.0% | 6.0% | 8.0% | 3.2% | 9.4% | 13.4% | 10.2% | 9.8% | 9.3% | 5.7% | 7.1% |
| Net Profit Margin | 4.4% | 4.4% | 6.3% | 2.3% | 7.8% | 10.8% | 8.0% | 8.5% | 7.5% | 6.4% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.9% | 11.9% | 15.3% | 5.2% | 10.8% | 9.6% | 7.7% | 9.9% | 9.2% | 6.3% | 1.2% |
| ROA | 0.5% | 0.5% | 0.6% | 0.2% | 0.7% | 0.9% | 0.7% | 0.8% | 0.7% | 0.5% | 0.1% |
| ROIC | 13.1% | 13.1% | 15.4% | 5.8% | 10.3% | 9.2% | 7.4% | 8.5% | 8.0% | 3.8% | 4.2% |
| ROCE | 1.0% | 1.0% | 1.3% | 0.5% | 1.4% | 1.7% | 0.9% | 1.0% | 0.9% | 0.4% | 0.5% |
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 | 0.70 | 0.70 | 0.68 | 0.62 | 0.60 | 0.26 | 0.24 | 0.25 | 0.31 | 0.33 | 0.29 |
| Debt / EBITDA | 3.53 | 3.53 | 2.95 | 6.54 | 2.56 | 1.89 | 2.41 | 2.27 | 2.34 | 4.46 | 4.02 |
| Net Debt / Equity | — | -0.06 | -0.05 | -0.06 | -0.07 | -0.04 | -0.02 | 0.00 | 0.01 | 0.11 | 0.11 |
| Net Debt / EBITDA | -0.32 | -0.32 | -0.21 | -0.63 | -0.31 | -0.28 | -0.22 | 0.03 | 0.06 | 1.53 | 1.46 |
| Debt / FCF | — | -0.10 | -0.09 | -0.13 | -0.19 | -0.20 | -0.14 | 0.02 | 0.04 | 0.52 | 0.49 |
| Interest Coverage | 5.39 | 5.39 | 6.42 | 3.07 | 7.78 | 10.26 | 8.59 | 8.12 | 6.62 | 4.13 | 4.70 |
Net cash position: cash ($22.0B) exceeds total debt ($20.2B)
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 | 0.65 | 0.65 | 0.55 | 1.36 | 1.34 | 1.47 | — | — | — | — | — |
| Quick Ratio | 0.65 | 0.65 | 0.55 | 1.36 | 1.34 | 1.47 | — | — | — | — | — |
| Cash Ratio | 0.45 | 0.45 | 0.42 | 1.23 | 1.25 | 1.40 | — | — | — | — | — |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.10 | 0.08 | 0.09 | 0.09 | 0.10 | 0.09 | 0.07 |
| 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 | 2.5% | 2.9% | 2.6% | 3.1% | 2.7% | 3.0% | 3.9% | 3.4% | 4.0% | 3.3% | 3.3% |
| Payout Ratio | 44.7% | 44.7% | 34.5% | 99.2% | 30.2% | 24.0% | 30.6% | 27.9% | 32.8% | 42.8% | 204.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 6.1% | 7.3% | 2.7% | 8.7% | 12.2% | 12.1% | 11.9% | 12.0% | 7.4% | 1.4% |
| FCF Yield | 30.7% | 34.5% | 26.0% | 28.3% | 19.4% | 23.6% | 26.8% | 28.9% | 22.9% | 24.1% | 27.9% |
| Buyback Yield | 6.6% | 7.4% | 5.5% | 6.2% | 5.7% | 8.8% | 5.0% | 4.7% | 9.6% | 5.5% | 0.7% |
| Total Shareholder Yield | 9.1% | 10.3% | 8.1% | 9.3% | 8.4% | 11.9% | 8.9% | 8.2% | 13.6% | 8.8% | 4.0% |
| Shares Outstanding | — | $665M | $711M | $762M | $809M | $869M | $913M | $944M | $1.0B | $1.0B | $1.1B |
Legacy block reserve volatility
Based on a P/B ratio of 1.98, MetLife trades at a premium to peers like Prudential, yet this valuation appears constrained by the market's skepticism regarding the long-term capital drag of the MetLife Holdings run-off segment, which continues to obscure the underlying franchise value of core operations.
The current P/B multiple suggests investors are pricing in a moderate ROE expectation, yet the volatility in quarterly earnings makes it difficult to justify a higher multiple without clearer evidence of a successful pivot to fee-based income. The discount relative to pure-play asset managers indicates that the market still views MetLife primarily through the lens of its capital-intensive insurance liabilities rather than its growing third-party asset management capabilities.
According to quarterly data, MetLife maintained a combined ratio between 89.1% and 95.3%, demonstrating consistent underwriting discipline despite a notable loss ratio spike to 82.6% in 2025Q3, which suggests that the firm's core group benefits business remains resilient against inflationary pressures on medical and dental service costs.
The ability to keep the combined ratio consistently below the 100% threshold indicates that the company is successfully pricing its risk, even as it navigates the complexities of the LDTI accounting transition. Investors should monitor whether the expense ratio, which has fluctuated between 10.2% and 29.3%, can be stabilized as the company scales its administrative integration with corporate HR systems.
As reported in financial statements, MetLife's D/E ratio has remained relatively stable between 0.60 and 0.73, suggesting that the company is maintaining a prudent level of underwriting leverage that aligns with its long-term capital adequacy requirements and the risk profile of its diverse global insurance portfolio.
The stability in leverage ratios implies that management is effectively balancing the capital requirements of its institutional pension risk transfer business with the need to maintain a buffer for its legacy run-off blocks. This disciplined approach to capital structure appears to provide sufficient flexibility for ongoing share repurchases, provided that the general account remains insulated from significant impairments in its commercial real estate holdings.
Investors frequently misapply the P/E ratio to MetLife, failing to account for the significant earnings noise generated by derivative gains and market risk benefits, which often leads to a distorted view of the company's true operational profitability and long-term value creation potential.
Because GAAP net income is heavily influenced by non-cash accounting adjustments and the timing of pension risk transfer deals, the P/E ratio often fails to capture the underlying cash-generating capacity of the insurance franchise. Analysts should prioritize P/B and ROE metrics, while adjusting for the volatility of the MetLife Holdings segment, to gain a more accurate assessment of the company's fundamental performance.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MET stock.
MetLife, Inc.'s current P/E ratio is 18.8x. The historical average is 16.2x. This places it at the 80th percentile of its historical range.
MetLife, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
MetLife, Inc.'s return on equity (ROE) is 11.9%. The historical average is 8.5%.
Based on historical data, MetLife, Inc. is trading at a P/E of 18.8x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MetLife, Inc.'s current dividend yield is 2.51% with a payout ratio of 44.7%.
MetLife, Inc. has 36.4% gross margin and 6.0% operating margin.
MetLife, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.