NYSE · Financial Services

MetLife, Inc.

MET · Insurance - Life

$79.08

▼ -1.15 (-1.43%)

Data cached · refreshes every 10 min

Mr. Market is currently offering MetLife, Inc. at $79.08.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability F

Net Income Margin 4.5%

Fin. Health D

Years to Pay Off Debt 6.0 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.80x

Cash Flow A

Free Cash Flow $17.1B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $51.0B

Enterprise Value $92.6B

P/E (TTM) 16.79

Dividend Yield 2.80%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 4.5%

Company Info

Sector Financial Services

Industry Insurance - Life

Employees 46000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering MetLife, Inc. at $79.08.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $79.08, the stock trades at a 14% premium to its Graham Number of $69.25. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About MetLife, Inc.

MetLife, Inc., a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates in six segments: Group Benefits; Retirement and Income Solutions; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, paid family and medical leave, individual disability, accidental death and dismemberment, accident and health, vision, and pet insurance, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements. It also provides pension risk transfers, institutional income annuities, structured settlements, and capital markets investment products; and other products and services, such as life insurance products and funding agreements for funding postretirement benefits, as well as company, bank, or trust-owned life insurance used to finance nonqualified benefit programs for executives. In addition, it offers fixed, indexed-linked, and variable annuities; pension products; regular savings products; whole and term life, endowments, universal and variable life, and group life products; longevity and funded reinsurance solutions; credit insurance products; accident & health products covering hospitalization, cancer, critical illness, income protection, and scheduled medical reimbursement plans; and protection against long-term health care services. The company was incorporated in 1999 and is based in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	4.5% ▼	6.3%	2.3%	7.8%	N/A
Diluted EPS	4.84 ▼	6.13	1.81	2.91	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$745.2B	$677.5B	$687.6B	$663.1B	N/A
Total Debt	$20.2B ↑	$18.7B	$18.8B	$18.0B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	5.97	4.23	11.93	3.40	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$17.1B ▲	$14.6B	$13.7B	$13.0B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Total Unusual Items				41,000	34,000
Total Unusual Items Excluding Goodwill				41,000	34,000
Net Income From Continuing Operation Net Minority Interest	3,379,000	4,426,000	1,578,000	5,284,000
Reconciled Depreciation	753,000	714,000	718,000	673,000
EBIT	5,722,000	6,659,000	3,207,000	7,302,000
Net Interest Income	-1,061,000	-1,037,000	-1,045,000	-938,000
Interest Expense	1,061,000	1,037,000	1,045,000	938,000
Normalized Income	3,379,000	4,426,000	1,578,000	5,284,000
Net Income From Continuing And Discontinued Operation	3,379,000	4,426,000	1,578,000	5,284,000
Total Expenses	70,993,000	64,509,000	65,772,000	61,045,000
Diluted Average Shares	655,334	689,211	762,431	808,900
Basic Average Shares	655,334	689,211	762,431	779,098
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,173,000	4,226,000	1,380,000	5,099,000
Net Income Common Stockholders	3,173,000	4,226,000	1,380,000	5,099,000
Preferred Stock Dividends	206,000	200,000	198,000	185,000
Net Income	3,379,000	4,426,000	1,578,000	5,284,000
Minority Interests	-24,000	-18,000	-24,000	-18,000
Net Income Including Noncontrolling Interests	3,403,000	4,444,000	1,602,000	5,302,000
Net Income Continuous Operations	3,403,000	4,444,000	1,602,000	5,302,000
Tax Provision	1,258,000	1,178,000	560,000	1,062,000
Pretax Income	4,661,000	5,622,000	2,162,000	6,364,000
Other Income Expense	775,000	627,000	545,000	520,000
Special Income Charges				41,000	34,000
Restructuring And Mergern Acquisition				-41,000	-34,000
Net Non Operating Interest Income Expense	-1,061,000	-1,037,000	-1,045,000	-938,000
Interest Expense Non Operating	1,061,000	1,037,000	1,045,000	938,000
Other Operating Expenses	931,000	825,000	1,962,000	751,000
Selling General And Administration	6,276,000	5,991,000	6,177,000	5,860,000
General And Administrative Expense	6,276,000	5,991,000	6,177,000	5,860,000
Other Gand A	560,000	481,000	828,000	669,000
Salaries And Wages	5,716,000	5,510,000	5,349,000	5,191,000
Total Revenue	75,654,000	70,131,000	67,934,000	67,409,000
Operating Revenue	75,654,000	70,131,000	67,934,000	67,409,000
Loss Adjustment Expense	49,060,000	43,413,000	43,551,000	45,947,000
Net Policyholder Benefits And Claims				45,947,000	41,709,000
Policyholder Benefits Gross	58,066,000	47,979,000	46,020,000	48,333,000
Policyholder Benefits Ceded	9,006,000	4,566,000	2,435,000	2,386,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	540,253	504,958	461,003	410,733
Preferred Shares Number	64,032	96,200	96,200	24,072
Ordinary Shares Number	655,334	689,211	730,821	779,098
Share Issued	1,195,587	1,194,169	1,191,824	1,189,831
Total Debt	20,183,000	18,715,000	18,828,000	17,980,000
Tangible Book Value	18,785,000	18,544,000	20,779,000	20,584,000
Invested Capital	48,575,000	46,154,000	48,811,000	47,805,000
Net Tangible Assets	18,785,000	18,544,000	20,779,000	20,584,000
Capital Lease Obligations	6,000	6,000	32,000	56,000
Common Stock Equity	28,398,000	27,445,000	30,015,000	29,881,000
Total Capitalization	47,014,000	45,689,000	48,692,000	47,630,000
Total Equity Gross Minority Interest	28,921,000	27,703,000	30,253,000	30,125,000
Minority Interest	523,000	258,000	238,000	244,000
Stockholders Equity	28,398,000	27,445,000	30,015,000	29,881,000
Gains Losses Not Affecting Retained Earnings	-18,084,000	-21,186,000	-19,242,000	-22,621,000
Other Equity Adjustments	-18,084,000	-21,186,000	-19,242,000	-22,621,000
Treasury Stock	30,678,000	27,798,000	24,591,000	21,458,000
Retained Earnings	44,290,000	42,626,000	40,146,000	40,332,000
Additional Paid In Capital	32,858,000	33,791,000	33,690,000	33,616,000
Capital Stock	12,000	12,000	12,000	12,000
Common Stock	12,000	12,000	12,000	12,000
Total Liabilities Net Minority Interest	716,245,000	649,754,000	657,331,000	632,947,000
Non Current Deferred Liabilities	536,000	132,000	927,000	950,000
Non Current Deferred Taxes Liabilities	536,000	132,000	927,000	950,000
Long Term Debt And Capital Lease Obligation	18,622,000	18,250,000	18,709,000	17,805,000
Long Term Capital Lease Obligation	6,000	6,000	32,000	56,000
Long Term Debt	18,616,000	18,244,000	18,677,000	17,749,000
Current Debt And Capital Lease Obligation	1,561,000	465,000	119,000	175,000
Current Debt	1,561,000	465,000	119,000	175,000
Other Current Borrowings	355,000	465,000	119,000	76,000
Commercial Paper			0	99,000	100,000
Current Notes Payable	1,206,000	0
Payables And Accrued Expenses	356,000	385,000	386,000	387,000
Payables	356,000	385,000	386,000	387,000
Other Payable				20,937,000	31,920,000
Dividends Payable	356,000	385,000	386,000	387,000
Total Assets	745,166,000	677,457,000	687,584,000	663,072,000
Investments And Advances	351,201,000	314,666,000	315,165,000	309,309,000
Long Term Equity Investment	16,152,000	16,384,000	15,906,000	15,513,000
Investments In Other Ventures Under Equity Method	16,152,000	16,384,000	15,906,000	15,513,000
Goodwill And Other Intangible Assets	9,613,000	8,901,000	9,236,000	9,297,000
Goodwill	9,613,000	8,901,000	9,236,000	9,297,000
Net PPE	1,698,000	1,851,000	1,993,000	1,926,000
Receivables	50,395,000	30,770,000	30,195,000	18,724,000
Taxes Receivable	1,336,000	1,009,000	1,224,000	1,360,000
Accounts Receivable	49,059,000	29,761,000	28,971,000	17,364,000
Cash Cash Equivalents And Short Term Investments	118,317,000	306,267,000	308,096,000	301,910,000
Other Short Term Investments	96,285,000	286,199,000	287,457,000	281,715,000
Cash And Cash Equivalents	22,032,000	20,068,000	20,639,000	20,195,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	17,092,000	14,598,000	13,721,000	13,044,000
Repurchase Of Capital Stock	-3,883,000	-3,207,000	-3,103,000	-3,326,000
Repayment Of Debt	-2,624,000	-2,674,000	-1,880,000	-85,000
Issuance Of Debt	2,182,000	1,853,000	2,671,000	1,013,000
Interest Paid Supplemental Data	1,041,000	1,037,000	989,000	905,000
Income Tax Paid Supplemental Data	1,564,000	1,600,000	1,833,000	1,056,000
End Cash Position	22,032,000	20,068,000	20,639,000	20,195,000
Other Cash Adjustment Outside Changein Cash				0	-69,000
Beginning Cash Position	20,068,000	20,639,000	20,195,000	20,116,000
Effect Of Exchange Rate Changes	316,000	-545,000	-91,000	-397,000
Changes In Cash	1,648,000	-26,000	535,000	476,000
Financing Cash Flow	163,000	-3,131,000	-2,940,000	-9,948,000
Cash Flow From Continuing Financing Activities	163,000	-3,131,000	-2,940,000	-9,948,000
Net Other Financing Charges	6,216,000	2,868,000	4,419,000	4,963,000
Cash Dividends Paid	-1,703,000	-1,727,000	-1,764,000	-1,783,000
Preferred Stock Dividend Paid	-194,000	-200,000	-198,000	-185,000
Common Stock Dividend Paid	-1,509,000	-1,527,000	-1,566,000	-1,598,000
Net Preferred Stock Issuance	-1,000,000	0	0	0
Preferred Stock Payments	-1,000,000	0	0	0
Net Common Stock Issuance	-2,883,000	-3,207,000	-3,103,000	-3,326,000
Common Stock Payments	-2,883,000	-3,207,000	-3,103,000	-3,326,000
Net Issuance Payments Of Debt	-442,000	-821,000	791,000	928,000
Net Long Term Debt Issuance	-442,000	-821,000	791,000	928,000
Long Term Debt Payments	-2,624,000	-2,674,000	-1,880,000	-85,000
Long Term Debt Issuance	2,182,000	1,853,000	2,671,000	1,013,000
Investing Cash Flow	-15,607,000	-11,493,000	-10,246,000	-2,620,000
Cash Flow From Continuing Investing Activities	-15,607,000	-11,493,000	-10,246,000	-2,620,000
Net Other Investing Changes	-75,000	-173,000	-143,000	-63,000
Net Investment Purchase And Sale	-17,906,000	-12,201,000	-8,178,000	3,784,000
Sale Of Investment	79,201,000	69,937,000	76,096,000	108,428,000
Purchase Of Investment	-97,107,000	-82,138,000	-84,274,000	-104,644,000
Net Investment Properties Purchase And Sale	-128,000	-280,000	-914,000	-112,000
Sale Of Investment Properties	505,000	753,000	143,000	1,096,000
Purchase Of Investment Properties	-633,000	-1,033,000	-1,057,000	-1,208,000
Net Business Purchase And Sale	-1,365,000	-358,000	-755,000	-709,000
Sale Of Business	1,025,000	1,083,000	915,000	2,205,000
Purchase Of Business	-2,390,000	-1,441,000	-1,670,000	-2,914,000
Operating Cash Flow	17,092,000	14,598,000	13,721,000	13,044,000
Cash Flow From Continuing Operating Activities	17,092,000	14,598,000	13,721,000	13,044,000
Change In Working Capital	5,380,000	1,366,000	1,448,000	2,099,000
Change In Other Working Capital	-859,000	-1,266,000	-1,835,000	-3,149,000
Change In Other Current Liabilities	1,917,000	-580,000	2,115,000	360,000
Change In Other Current Assets	-1,568,000	-518,000	-663,000	1,809,000
Change In Receivables	-27,000	460,000	-1,952,000	299,000
Changes In Account Receivables	-27,000	460,000	-1,952,000	299,000
Other Non Cash Items	-3,739,000	-3,623,000	-3,834,000	-3,724,000
Amortization Of Securities	-1,840,000	-1,512,000	-1,332,000	-992,000
Depreciation And Amortization	753,000	714,000	718,000	673,000
Operating Gains Losses	1,509,000	2,009,000	3,890,000	1,765,000
Earnings Losses From Equity Investments	365,000	844,000	1,090,000	505,000
Gain Loss On Investment Securities	1,144,000	1,165,000	2,800,000	1,260,000
Net Income From Continuing Operations	3,403,000	4,444,000	1,602,000	5,302,000

These metrics estimate what MetLife, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$69.25

Margin of Safety

Market Cap ÷ Company Value

1.63

P/B Ratio

1.80

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$75.7B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.80%

vs Uninterrupted dividends

✅ Earnings Growth

+66.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

16.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.80x P/B (P/E×P/B: 30.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$3.9B	-$3.2B	-$3.1B	-$3.3B	N/A
Free Cash Flow	$17.1B ▲	$14.6B ▲	$13.7B ▲	$13.0B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Insurance - Life. You can manually compare MET against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

16.49%

High — management has strong skin in the game

Return on Equity (ROE)

11.9%

Adequate — returns are moderate

Return on Assets (ROA)

0.5%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$3.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+7.8% YoY

Debt is roughly stable

Leadership Team

Michel Abbas Khalaf

CEO, President & Director

Age 61

Pay: $6,471,486

0.192% of net income

Ramy Tadros

Regional President of U.S. Business & Head of MetLife Holdings

Age 49

Pay: $3,162,900

0.094% of net income

William Moore

President of MetLife Auto & Home and Senior Vice President of Eastern Zone - Individual Business

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.13%	72,555,335
Dodge & Cox Inc.	8.01%	52,252,050
Blackrock Inc.	7.67%	50,034,179
State Street Corporation	3.90%	25,442,132
Price (T.Rowe) Associates Inc	3.10%	20,233,442
Geode Capital Management, LLC	1.98%	12,890,555
Pzena Investment Management LLC	1.73%	11,303,819
Morgan Stanley	1.68%	10,938,865

Risk Analysis

Beta (Market Risk)

0.78

Low volatility — more stable than the market

Short Interest

1.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

2.26x

High leverage — significant financial risk

Current Ratio

1.90x

Adequate liquidity

52-Week Price Range

Low: $67.33 Current: $79.08 High: $83.85

Currently at 71% of 52-week range

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