MeritValue

Jackson Financial Inc.

JXNdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Jackson Financial Inc. earns about 29% on invested capital, and has bought back 25% of its shares over 5 years. The applicable estimate puts fair value near $137.71 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$6.36B1$9.85B2$3.08B3$3.27B3$6.68B3
Net income$3.42B4$6.19B5$934M6$946M6$27M6
Operating cash flow$5.68B7$5.21B8$5.31B9$5.79B9$5.76B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.65B10$2.95B11$3.01B12$2.03B13$2.03B13
Cash & equivalents$2.62B14$4.3B15$2.69B16$3.77B16$5.7B16
Diluted shares94.5M88.7M83.6M76.8M71.2M

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
$1,398.17
your share of equity
Profit it earned you last year
$3.79
Free cash flow it threw off
—
Debt you’d be carrying
$285.17

10 shares is a claim on $1,398.17 of net worth that earned you $3.79 last year, against $285.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
29% avg · 5y
FY21 33%FY22 86%FY23 10%FY24 13%FY25 -0%

It earned an average 29% 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
−25% shares · 5y

Share count is down 25% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 23% — 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
$137.71
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$946M
  • 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 0001822993-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001822993-25-000011 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001822993-26-000022 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001822993-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001822993-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001822993-26-000022 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001822993-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001822993-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001822993-26-000022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001822993-23-000009 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001822993-24-000009 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001822993-25-000011 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001822993-26-000022 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001822993-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001822993-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001822993-26-000022 (CashAndCashEquivalentsAtCarryingValue)