MeritValue

American National Group Inc.

ANG-PDdata completeness 88%17 fiscal years on file
The thesis, from the filings

American National Group Inc. earns about 115% on invested capital, and has bought back 14% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.69B1$1.41B1$3.4B2$7.52B2$7.49B2
Net income$553M3$1.92B3$392M4$729M4$533M4
Operating cash flow$4.23B5$2.04B5$1.19B6$2.52B6$2.78B7
Capital expenditure$18.1M8$41M8$50.1M8$37M9$61M9
Free cash flow (derived)$4.22B5$2B5$1.14B6$2.49B6$2.72B7
Total debt——$1.49B10$2.96B11$2.95B11
Cash & equivalents$4.51B12$1.92B13$3.19B14$10.9B15$11.7B15
Diluted shares94.5M91.5M81.0M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
115% avg · 5y
FY21 32%FY22 453%FY23 34%FY24 17%FY25 41%

It earned an average 115% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−14% shares · 5y

Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 98% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001039828-24-000020 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001039828-26-000004 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001039828-24-000020 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001039828-26-000004 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001039828-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001039828-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2025-12-31 · accession 0001039828-26-000004 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2021-12-31 · accession 0001039828-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001039828-26-000004 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2023-12-31 · accession 0001039828-25-000010 (LongTermDebt)
  11. 10-K · period ending 2024-12-31 · accession 0001039828-26-000004 (LongTermDebt)
  12. 10-K · period ending 2021-12-31 · accession 0001039828-23-000032 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001039828-24-000020 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001039828-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001039828-26-000004 (CashAndCashEquivalentsAtCarryingValue)