MeritValue

F&G Annuities & Life, Inc.

FGdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

F&G Annuities & Life, Inc. earns about 18% on invested capital, but has diluted owners by 26% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $49.85 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$3.97B1$2.35B2$4.5B3$5.74B3$5.73B3
Net income$1.24B4$635M5−$58M6$639M6$265M6
Operating cash flow$1.87B7$3.17B8$5.83B9$6B9$4.68B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$977M10$1.11B11$1.75B12$2.17B13$2.24B13
Cash & equivalents$1.53B14$960M15$1.56B16$2.26B17$1.49B17
Diluted shares105.0M115.0M124.0M131.0M132.0M

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
$363.94
your share of equity
Profit it earned you last year
$20.08
Free cash flow it threw off
—
Debt you’d be carrying
$169.47

10 shares is a claim on $363.94 of net worth that earned you $20.08 last year, against $169.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
18% avg · 5y
FY21 28%FY22 26%FY23 1%FY24 —FY25 —

It earned an average 18% 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
+26% shares · 5y

Share count is up 26% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 129% 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
$49.85
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$635M
  • growthAssumed0.0%
Graham Number
$39.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001934850-24-000018 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001934850-25-000015 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001934850-26-000026 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001934850-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001934850-25-000015 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001934850-26-000026 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001934850-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001934850-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001934850-26-000026 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001934850-23-000016 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001934850-24-000018 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001934850-25-000015 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001934850-26-000026 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001934850-23-000016 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001934850-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001934850-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001934850-26-000026 (CashAndCashEquivalentsAtCarryingValue)