MetLife Inc.

MET
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
TTM ROIC
16%
FY2025 · Adjusted ROE = Adjusted Net Income / Adjusted Equity (ex-AOCI) · WACC ~9.5% · Moat spread +6.5pp

Financial Snapshot


ticker: MET step: 04 generated: 2026-05-13 source: quick-research

MetLife Inc. (MET) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$67B ~$66.9B $70.986B +6.1%
Net Income $1.4B $4.2B +200%+
EPS (GAAP diluted) $1.82 $5.94 +226%
Adj. EPS ~$8.00–8.50

FY2025: Revenue $77.084B (+8.6%); Q1 2025 premiums/fees $13.6B (+14% YoY). FY2023 net income was depressed by adverse loss experience; FY2024 recovery driven by mortality normalization + investment gains. Q1 2026: margin compression flagged — expenses outpacing revenue growth in some segments. "New Frontier" strategy (Dec 2024): targets double-digit adj. EPS growth + 15–17% adj. ROE. PineBridge acquisition (late 2024, $1.2B): added ~$100B AUM. MIM private fixed income AUM: $144.7B with $26B 2025 originations. Net debt/equity: ~64%.

Cash Flow & Balance Sheet

Metric Value
Invested Assets ~$500B+ (fixed income-heavy)
MIM AUM $144.7B private fixed income; +$100B via PineBridge
Net Debt/Equity ~64%
ROE Target (adj.) 15–17% (New Frontier strategy)
Share Buybacks Ongoing (material; part of New Frontier capital return)

MetLife's balance sheet is large but largely matched: insurance liabilities offset by invested assets. The net debt/equity of 64% refers to holding company debt relative to shareholder equity — elevated vs. some peers. Investment income from the $500B+ portfolio is a primary earnings driver; the PineBridge acquisition positions MIM as a growing third-party asset manager competing in private credit.

Key Ratios (approximate)

  • P/E: ~10–12x (trailing; FY2024 adj EPS ~$8–9)
  • Revenue Growth (FY2025): +8.6% | FY2024: +6.1%
  • Net Margin: ~6% (FY2024); highly variable with loss experience
  • Net Debt/Equity: ~64%

Growth Profile

MetLife's revenue has grown modestly (high-single-digits annually) while EPS is volatile — driven by insurance loss experience, investment gains/losses, and catastrophe events. The 2023–2024 recovery (EPS +226%) reflects mortality normalization post-COVID and favorable investment conditions rather than structural improvement. The New Frontier strategy is the key forward inflection: if MIM can grow to $300–400B in AUM through organic growth + PineBridge, the asset management fee stream becomes a material second earnings engine at higher multiples than insurance.

Forward Estimates

  • FY2026: Revenue ~$80–82B; adj. EPS targeting double-digit growth (from New Frontier guidance)
  • Analyst consensus PT: $94 median (24 analysts; range $73–$110); Strong Buy consensus
  • Current ~$77–80/share; ~18–22% implied upside to median target
  • Key driver: MIM asset management growth + PRT market share + Group Benefits margin recovery

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MET.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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