MeritValue

Athene Holding Ltd.

ATH-PAdata completeness 75%12 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Athene Holding Ltd. earns about 13% on invested capital. 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$26.3B1$7.62B2$28.2B3$20.7B3$25.7B3
Net income$3.86B4−$2.91B5$4.67B6$3.46B6$2.71B6
Operating cash flow$10.3B7$6.26B8$4.98B9$1.88B9$5.16B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.96B10$3.66B11$4.21B12$6.31B13$7.85B13
Cash & equivalents$9.48B14$7.78B15$13B15$14.3B16$16.9B16
Diluted shares—————

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
13% avg · 5y
FY21 28%FY22 -147%FY23 91%FY24 58%FY25 37%

It earned an average 13% 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
— shares · 5y

Total debt has risen 165% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001527469-24-000021 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001527469-25-000016 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001527469-26-000013 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001527469-24-000021 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001527469-25-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001527469-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001527469-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001527469-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001527469-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001527469-23-000014 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001527469-24-000021 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001527469-25-000016 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001527469-26-000013 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001527469-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001527469-24-000021 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001527469-26-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)