F&G Annuities & Life

Insurance - Life · Financial Services

Price

$32.10

-0.28 (-0.86%)

Market Cap

$4.25B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+25.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 105.0M (2021) → 132.0M (2025)

F&G Annuities & Life sells insurance and retirement savings products to everyday Americans. Its main products are annuities — contracts where customers pay money upfront and receive regular payments later in retirement — along with life insurance policies. The company targets middle-income individuals planning for retirement and is majority-owned by Fidelity National Financial, one of the largest title insurance companies in the United States.

F&G makes money by collecting premiums and deposits from customers, investing that money, and earning a spread between investment returns and what it owes policyholders. It operates almost entirely in the United States and distributes products through independent agents and banks, giving it broad reach without a large direct sales force. The aging U.S. population is a tailwind, as demand for retirement income products tends to grow as more Americans approach retirement age, but rising interest rate volatility and credit risk in its investment portfolio remain key risks to profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.3B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

F&G Annuities & Life grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

59.2%

Premium pricing power — 59.2% gross margin

Operating Margin

27.2%

Excellent — 27.2% operating margin

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+23.1%

Fast-growing sales (23.1% YoY)

EPS YoY

-0.5%

Earnings shrinking (-0.5% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

905%

Turns 905% of profit into real cash

FCF Margin

82.3%

Converts sales into free cash efficiently (82.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.48

Conservative — low debt load (0.48)

Interest Cover

4.07x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

8.3x

Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.47%

Moderate income — 3.47% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+11.5%

Dividend growing fast (11.5% YoY)

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