MeritValue

Corebridge Financial, Inc.

CRBGdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Corebridge Financial, Inc. earns about 22% on invested capital, and has bought back 17% of its shares over 5 years. The applicable estimate puts fair value near $42.85 a share.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$23.3B1$24.7B2$18.8B3$18.7B3$18.5B3
Net income$8.24B4$8.16B5$1.1B6$2.23B6−$366M6
Operating cash flow$2.41B7$2.62B8$3.36B9$2.15B9$2.02B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$8.74B10$9.37B10$250M11$1.1B12$012
Cash & equivalents$601M13$633M14$628M14$824M14$453M14
Diluted shares—647.4M645.2M599.2M539.3M

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

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$244.78
your share of equity
Profit it earned you last year
−$6.79
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $244.78 of net worth that earned you −$6.79 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
22% avg · 5y
FY21 27%FY22 49%FY23 13%FY24 22%FY25 0%

It earned an average 22% 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
−17% shares · 5y

Share count is down 17% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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
$42.85
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.23B
  • growthAssumed0.0%
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 0001889539-24-000006 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001889539-25-000014 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001889539-26-000022 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001889539-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001889539-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001889539-26-000022 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001889539-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001889539-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001889539-26-000022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001889539-23-000003 (LongTermDebt)
  11. 10-K · period ending 2023-12-31 · accession 0001889539-25-000014 (ShortTermBorrowings)
  12. 10-K · period ending 2024-12-31 · accession 0001889539-26-000022 (ShortTermBorrowings)
  13. 10-K · period ending 2021-12-31 · accession 0001889539-25-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001889539-26-000022 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)