FG
F&G Annuities & Life, Inc.Financial Services·Insurance - Life
$27.72
$3.7B market cap
Revenue
$5.9B
Free Cash Flow
$4.8B
Rev Growth
+39.0%
FCF Margin
82.0%
P/FCF
0.8x
EV/FCF
-5.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
F&G Annuities & Life, Inc. provides fixed annuities and life insurance products. It serves retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa. F&G Annuities & Life, Inc. is a subsidiary of Fidelity National Financial, Inc.
2-Year Price History
$27.79-27.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1,187 | 364.0 | 323.0 | 248.0 | 743.0 | 741.0 | -2.0 | 29,955 | 2,249 | 139.0 | 20.4% | 8.9x | -- |
| Act | 2025-Q4 | 1,765 | 376.0 | 161.0 | 128.0 | 1,862 | 1,511 | -3.0 | 1,486 | 2,237 | 139.0 | 10.2% | 9.2x | 4.2x |
| Act | 2025-Q3 | 1,603 | 353.0 | 131.0 | 118.0 | 937.0 | 934.0 | -3.0 | 2,189 | 2,608 | 139.0 | 8.7% | 8.4x | 3.3x |
| Act | 2025-Q2 | 1,304 | 256.0 | 57.0 | 40.0 | 1,620 | 1,616 | -4.0 | 52,077 | 2,244 | 134.0 | 3.5% | 6.2x | -- |
| Act | 2025-Q1 | 854.0 | 167.0 | -26.0 | -21.0 | 956.0 | 645.0 | -5.0 | 28,539 | 2,243 | 126.0 | -1.8% | 4.2x | -- |
| Act | 2024-Q4 | 1,470 | 602.0 | 412.0 | 327.0 | 1,320 | 1,315 | -5.0 | 48,581 | 2,181 | 131.0 | 30.1% | 15.8x | -- |
| Act | 2024-Q3 | 1,361 | 153.0 | -30.0 | -6.0 | 2,090 | 2,083 | -7.0 | 28,341 | 2,048 | 124.0 | -1.7% | 4.3x | -- |
| Act | 2024-Q2 | 1,075 | 429.0 | 254.0 | 203.0 | 1,055 | 1,050 | -5.0 | 3,526 | 2,049 | 131.0 | 20.5% | 15.3x | 3.5x |
| Act | 2024-Q1 | 1,515 | 295.0 | 142.0 | 115.0 | 1,534 | 1,527 | -7.0 | 25,353 | 1,759 | 130.0 | 12.8% | 9.8x | -- |
| Act | 2023-Q4 | 1,552 | -239.0 | -375.0 | -299.0 | 2,222 | 2,216 | -6.0 | 43,434 | 1,765 | 124.0 | -37.4% | -9.2x | -- |
| Act | 2023-Q3 | 783.0 | 512.0 | 380.0 | 306.0 | 795.0 | 788.0 | -7.0 | 38,781 | 1,581 | 125.0 | 53.4% | 21.3x | -- |
| Act | 2023-Q2 | 1,124 | 292.0 | 163.0 | 130.0 | 1,380 | 1,372 | -8.0 | 38,217 | 1,583 | 125.0 | 21.2% | 11.7x | -- |
| Act | 2023-Q1 | 812.0 | -91.0 | -203.0 | -195.0 | 1,437 | 1,431 | -6.0 | 36,557 | 1,585 | 125.0 | -32.0% | -4.1x | -- |
| Act | 2022-Q4 | 629.0 | -192.0 | -176.0 | -100.0 | 1,284 | 1,278 | -6.0 | 33,734 | 1,127 | 125.0 | -24.0% | -32.0x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2023 | 43.40 | — | 11.1% | 474 | — | — | n/m | 0.8× |
| 2024 | 39.93 | +26.9% | 27.3% | 1,479 | — | — | 8.3× | 1.0× |
| 2025 | 30.50 | +1.9% | 20.9% | 1,152 | 4.2× | 1.0× | 15.5× | 0.7× |
| TTM | 27.72 | +23.1% | 23.0% | 1,349 | — | — | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$27.72
Market Cap$3.7B
Enterprise Value$-24.0B
P/S Ratio0.6x
P/FCF0.8x
EV/FCF-5.0x
FCF Margin (TTM)82.0%
FCF Yield130.8%
Dividend Yield (TTM)3.5%
Annual Dilution10.3%
CurrencyUSD
TTM Financial Snapshot
Revenue$5.9B
Net Income$534.0M
Free Cash Flow$4.8B
Revenue Growth (YoY)+39.0%
EBITDA Margin23.0%
Net Margin9.1%
FCF Margin82.0%
CapEx % of Revenue0.2%
SBC % of Revenue0.5%
ROIC10.7%
WC Change % Rev-89.9%
Interest Coverage8.2x
Forward Outlook & Risk
Short Interest
Short % of Float2.1%
Short Shares2.7M
Days to Cover5.7
Change (vs Prior)+3.5%
Short % Float History
2.10%+1.70pp
Options
Call IV (ATM)--
Put IV (ATM)38%
ATM Spread--
Call $OI (near money)$61K
Put $OI (near money)$42K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$30.0
Major Expirations1
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $15.00 | $11.40/$14.90 | 0 | --/$2.15 | 0 |
| $17.50 | $8.70/$12.40 | 0 | --/$0.75 | 8 |
| $20.00 | $6.60/$9.20 | 7 | --/$0.75 | 44 |
| $22.50 | $4.10/$7.00 | 14 | $0.05/$0.70 | 46 |
| $25.00 | $2.00/$4.90 | 20 | --/$1.55 | 282 |
| $30.00 | --/$1.65 | 182 | $1.70/$4.10 | 26 |
| $35.00 | --/$0.40 | 90 | $6.00/$9.10 | 1 |
| $40.00 | --/$0.95 | 31 | $10.90/$13.80 | 0 |
Snapshot: 2026-05-22
Employees
Headcount1,300
Revenue / Employee$4,506,923
Gross Profit / Employee$1,489,231
2022: 872 → 2023: 1,165 → 2024: 1,338 → 2025: 1,173 (10% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 4.1% of float, sold 2.1%.
Net flow · Q1 2026still filing
+2.0% of float (net)
Bought 4.1% · Sold 2.1%
319 filers reported (last quarter: 449)
Ownership composition
Active
78.0%(-44.7% YoY)
301 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.2%(+3.2% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.1% YoY)
6 filers
Citadel, Susquehanna
Insiders
81.6%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Fidelity National Financial, Inc. | $2.40B | $18.97 | +$0 | −$412M | -5.7% | $2.72B |
| Brave Warrior Advisors, LLC | $136M | $18.40 | −$605K | +$1.6M | +0.8% | $4.04B |
| BlackRock, Inc.Passive | $104M | $34.26 | −$9.8M | +$68.2M | -0.2% | $5.69T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $50.3M | $25.32 | +$50.3M | +$50.3M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $45.9M | $25.32 | +$45.9M | +$45.9M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $37.5M | $28.81 | +$9.1M | +$24.9M | -0.4% | $480.92B |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $31.9M | $25.49 | +$30.9M | +$31.9M | +1.4% | $58.02B |
| AMERIPRISE FINANCIAL INC | $24.4M | $29.91 | +$5.7M | +$22.8M | -0.1% | $430.96B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $22.9M | $26.06 | +$4.2M | +$11.4M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $21.0M | $25.69 | −$456K | +$10.4M | -0.2% | $2.89T |
| AMERICAN CENTURY COMPANIES INC | $16.0M | $32.61 | +$4.2M | +$8.5M | +0.7% | $193.48B |
| Nuveen, LLC | $14.3M | $29.75 | +$6.9M | +$9.4M | +0.0% | $368.63B |
| MILLENNIUM MANAGEMENT LLC | $13.8M | $28.08 | +$4.1M | +$8.3M | -0.5% | $127.40B |
| MORGAN STANLEY | $13.0M | $28.23 | +$3.3M | +$8.5M | -0.3% | $1.65T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $12.4M | $26.78 | +$1.5M | +$6.6M | +0.7% | $645.81B |
| ALGERT GLOBAL LLC | $10.9M | $26.15 | +$9.2M | +$10.9M | +0.1% | $6.63B |
| Bank of New York Mellon Corp | $10.4M | $34.00 | −$749K | +$3.9M | -0.2% | $543.21B |
| NORTHERN TRUST CORPPassive | $9.8M | $26.73 | −$1.6M | +$4.5M | -0.2% | $755.34B |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $9.0M | $35.89 | +$991K | +$2.3M | -0.1% | $31.89B |
| GOLDMAN SACHS GROUP INC | $8.6M | $28.15 | +$2.4M | +$6.0M | -0.2% | $760.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-1.64%
avg per quarter
Holders (ex-self)
-4.75%
excl. this stock
Buyers (this Q)
+0.54%
99 buyers · $0.20B in
Sellers (this Q)
+0.09%
132 sellers · $0.16B out
alpha coverage: 97% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-5.0%
how holders react when this stock falls
On quiet Qs
-11.8%
−10% to +10% baseline
On rallies (+10%+)
-9.0%
how they react when this stock rises
Holders' portfolio flow this Q
-0.8%
outflows — trims may be forced
Sellers' portfolio flow this Q
+1.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+0.1%
Holder mid (any stock)
-1.7%
Holder rally (any stock)
-1.1%
Biggest decreases this quarter
First Eagle Investment Management, LLCexited−$11.3MWINDACRE PARTNERSHIP LLCexited−$10.8MBlackRock, Inc.−$9.8Mα-0.2COOKE & BIELER LPexited−$9.6MPRINCIPAL FINANCIAL GROUP INCexited−$6.8MCSM Advisors, LLCexited−$4.5MTWO SIGMA INVESTMENTS, LPexited−$4.4MCONFLUENCE INVESTMENT MANAGEMENT LLCexited−$3.7MSkandinaviska Enskilda Banken AB (publ)exited−$3.6MDAVENPORT & Co LLCexited−$1.9M
New buyers this quarter
Top-5 holders · 86.6%
Fidelity National Financial, Inc.--
Brave Warrior Advisors, LLC--
BlackRock, Inc.--
VANGUARD PORTFOLIO MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
Put / call ratio: 5.26 (+19.4% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fidelity National Financial, Inc.94.7MBrave Warrior Advisors, LLC5.4MNOMURA ASSET MANAGEMENT INTERNATIONAL INC.1.3MAMERIPRISE FINANCIAL INC964KMadison Avenue Partners, LP—CITADEL ADVISORS LLC83KBASSWOOD CAPITAL MANAGEMENT, L.L.C.20KKENNEDY CAPITAL MANAGEMENT LLC—AMERICAN CENTURY COMPANIES INC632KNORGES BANK—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (3 analysts)$33.001900.0%
Current Price$27.72
Analyst Ratings
1
8
Buy: 1Hold: 8Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 1.5B | 498M | 143M | $1.03 | $1.03 – $1.03 | 1 |
| 2026 Q4 | 1.5B | 506M | 151M | $1.09 | $1.09 – $1.09 | 1 |
| 2027 Q1 | 1.5B | 502M | 171M | $1.23 | $1.23 – $1.23 | 1 |
| 2027 Q2 | 1.6B | 514M | 176M | $1.26 | $1.26 – $1.26 | 1 |
| 2027 Q3 | 1.6B | 527M | 182M | $1.31 | $1.31 – $1.31 | 1 |
| 2027 Q4 | 1.6B | 540M | 187M | $1.34 | $1.34 – $1.34 | 1 |
| 2028 Q1 | 884M | 291M | 154M | $1.11 | $1.11 – $1.11 | 1 |
| 2028 Q2 | 894M | 294M | 157M | $1.13 | $1.13 – $1.13 | 1 |
| 2028 Q3 | 907M | 298M | 158M | $1.14 | $1.14 – $1.14 | 1 |
| 2028 Q4 | 921M | 303M | 165M | $1.19 | $1.19 – $1.19 | 1 |
Corporate
Executive Compensation (2023-2025)
Direct Pay$128.3M
Incentive & Other$30.4M
Total Compensation$158.7M
% of Revenue1.0%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$845K
5 txns · 2 insiders · 31,760 sh
Sells ($, 12mo)
$101K
1 txn · 1 insider · 3,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-13 | BUY | Blunt Christopher O | director, officer: Chief Executive Officer | 10,000 | $20.99 | $210K | $23.24M |
| 2026-03-13 | BUY | Doka Celina J. Wang | director | 4,760 | $20.98 | $100K | $673K |
| 2026-01-02 | BUY | Blunt Christopher O | director, officer: Chief Executive Officer | 5,000 | $29.56 | $148K | $33.03M |
| 2025-11-19 | BUY | Blunt Christopher O | director, officer: Chief Executive Officer | 5,000 | $29.88 | $149K | $34.25M |
| 2025-09-18 | SELL | Punjabi Leena | officer: EVP, Chief Investment Officer | 3,000 | $33.81 | $101K | $2.17M |
| 2025-09-02 | BUY | Blunt Christopher O | director, officer: Chief Executive Officer | 7,000 | $34.02 | $238K | $30.92M |
Order Flow (FINRA, ~3w lag)
15.9%retail-4.3pp
27.2%dark-0.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q1)
| Reportable Segment | $1.2B | +31% |