FGN
F&G Annuities & Life, Inc.
FGN's fundamentals are mixed, but it looks cheap: trading at 2.9x earnings, about a third of its usual 7.6x. Analysts expect earnings growth.
FGN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
FGN's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like FGN.
FGN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 2.9x | $21.86 | — |
| Forward | 3.6x | $21.86 | — |
| Cheap | 6.4x | $49.03 | +124% |
| Fair | 7.6x | $57.60 | +164% |
| Expensive | 11x | $81.59 | +273% |
Historical ranges are pointers, not guarantees.
FGN's PE is in its cheap range at 2.9x. On analysts' estimates for next year's earnings, today's price would be 3.6x.
FGN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect FGN's earnings to grow and its profitability to improve, with its revenue holding steady.
FGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.14 | -19% |
| Q3 2026 | $7.61 | +121% |
| Q2 2026 | $2.98 | +19% |
| Q1 2026 | $3.86 | +1.6% |
| Q4 2025 | $1.88 | -61% |
| Q3 2025 | $3.44 | +$3.49 |
| Q2 2025 | $2.51 | +1.2% |
| Q1 2025 | $3.80 | +93% |
| Q4 2024 | $4.88 | +$5.35 |
FGN's earnings per share have fallen from their peak: $7.61 over the past year, against $10.61 in mid-2022.
FGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | -33% |
| Q2 2026 | $1.4B | +4.2% |
| Q1 2026 | $1.2B | +31% |
| Q4 2025 | $1.8B | +13% |
| Q3 2025 | $1.7B | +17% |
| Q2 2025 | $1.4B | +16% |
| Q1 2025 | $908M | -42% |
| Q4 2024 | $1.6B | -3.3% |
FGN's revenue has held roughly level: $1.1B last quarter, down 33% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 93% | -5.1 points |
| Q3 2022 | 25% | -72 points |
| Q2 2022 | 55% | -40 points |
| Q1 2022 | 96% | +0.6 points |
| Q4 2021 | 98% | N/A |
| Q3 2021 | 97% | +47 points |
| Q2 2021 | 95% | +81 points |
| Q1 2021 | 95% | +82 points |
FGN's operating margin was 93% last quarter, down 5.1 points from the same quarter a year ago.
FGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $982M | +4.8% |
| Q2 2026 | $1.5B | -8.2% |
| Q1 2026 | $743M | -22% |
| Q4 2025 | $1.2B | -12% |
| Q3 2025 | $937M | -55% |
| Q2 2025 | $1.6B | +54% |
| Q1 2025 | $956M | -38% |
| Q4 2024 | $1.3B | -41% |
FGN's free cash flow was $4.4B over the past year, down 9.4% from the year before. Free cash flow isn't a meaningful measure for financial services companies like FGN.
FGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.8% | +5M shares |
| 1 year | -2.9% | -4M shares |
| 3 years | +8% | +10M shares |
| 5 years | +29% | +30M shares |
| Available history | -39% | -84.7M shares |
FGN has 135M diluted shares, down 2.9% from a year ago, with $130M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $94M |
| Q1 2026 | $29M |
| Q4 2025 | $7M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $3M |
| Q4 2024 | $6M |
FGN spent $130M buying back its own shares over the past year, more than ten times what it spent the year before.
FGN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 0.4x | Very low |
| Q4 2021 | -90.3x | Net Cash |
| Q3 2019 | -7.9x | Net Cash |
| Q2 2019 | -5.9x | Net Cash |
| Q1 2019 | -19.9x | Net Cash |
FGN's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago. Net leverage isn't a meaningful measure for financial services companies like FGN.
FGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.3 | Oversold |
| Stochastic | 9.6 | Oversold |
FGN's weekly RSI is 27 (oversold) and its Stochastic is 10 (oversold).
FGN PE vs Financial Services Sector
| Metric | FGN | Sector median | Relative |
|---|---|---|---|
| PE | 2.9x | 13x | 78% below |
| PE % | 0 | 38 | 38 pts below |
FGN is trading at 2.9x earnings, a 78% discount to the Financial Services sector's median of 13x.
FGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.0 | 4.7% below |
| 20 week MA | $24.0 | 8.8% below |
| 50 week MA | $24.7 | 11% below |
| 100 week MA | $25.5 | 14% below |
FGN is in a downtrend: it's below all four of its weekly moving averages, and 14% below its 100-week average.
FGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $25.9 | $25.8 | -0.3% |
| 2024 | $25.8 | $26.5 | +2.5% |
| 2025 | $26.5 | $25.5 | -3.7% |
| 2026 YTD | $25.5 | $21.9 | -14% |
FGN has finished lower in two of the last three years. It's down 14% so far in 2026.