Challenger Limited CFIGY

FinancialsInsuranceAustralia

Last close 69.19 USD on Nov 3, 2026, 0.0% year to date

Quant rating

Quant rating C Rank 179 of 304 in Financials

Growth B 58 of 304
Valuation C 186 of 304
Quality C 155 of 304
Revisions D 227 of 304
Momentum C 159 of 304

Wall Street consensus Hold (2.57)Average target 8.20 USD −88.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.7B
Enterprise value: 11.1B
52-week range: 69.19 – 69.19
3-year range: 69.19 – 69.19
Dividend yield: 3.35%
Beta (5 years): –
Shares outstanding: 676M
Next earnings: Feb 14, 2027

About the company

Challenger Limited is an Australia-based investment management company. The Company operates through two segments: Life and Funds Management. The Life segment principally includes the annuity and life insurance business carried out by Challenger Life Company (CLC). CLC offers fixed-rate and other retirement and superannuation products that are designed for Australian investors who are seeking a low-risk, fixed-term, or lifetime investment and reliable income. CLC also offers fixed-term and lifetime investments to investors in Japan through its reinsurance arrangement with Mitsui Sumitomo Primary Life Insurance Company Limited (MS Primary). CLC invests in assets that provide long-term income streams for customers. Its Funds Management segment is engaged in providing an end-to-end fund management business. The Funds Management segment also offers a range of managed investments across fixed income and property.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	940	365	328	506	1,280	–
Revenue growth	157.8%	11.1%	−35.1%	−60.5%	7.3%	−4.6%
EPS (basic, normalized)	0.40	0.40	0.37	0.26	0.26	–
EPS growth	1.6%	7.0%	44.2%	−0.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	17.4%	7.5%	5.1%	8.4%	18.2%	11.3%
ROE	11.8%	11.8%	10.7%	8.9%	8.2%	10.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	940	+157.8%	11.8x	4.26	+18.2%	16.3x	0.40	+1.6%	171.3x
2027	686	−27.1%	16.2x	3.99	−6.2%	17.3x	0.49	+21.3%	141.2x
2028	710	+3.6%	15.6x	3.98	−0.2%	17.4x	0.52	+6.1%	133.1x
2029	771	+8.6%	14.4x	4.17	+4.7%	16.6x	0.56	+8.4%	122.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	686	−8.9%	−10.9%	−12.5%	0.49	+0.3%	−3.4%	−1.5%
2028	710	−11.2%	−13.2%	−14.3%	0.52	−0.1%	−5.5%	−2.0%
2029	771	−13.2%	−5.8%	−6.8%	0.56	−1.2%	−8.6%	−4.7%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
CFIGY Challenger Limited	5.7B	11.8%	17.4%	2.01x	141.2x	133.1x	17.3x	17.4x
SIGI Selective Insurance Group, Inc.	5.9B	13.4%	8.6%	1.72x	11.6x	11.2x	1.7x	1.5x
MTG MGIC Investment Corporation	5.9B	14.3%	60.8%	1.18x	8.8x	8.4x	1.1x	1.0x
HGTY Hagerty Inc	5.9B	–	2.7%	19.46x	567.7x	28.5x	8.4x	6.0x
MCY Mercury General Corporation	5.7B	–	9.0%	2.01x	7.8x	8.7x	1.8x	1.6x
WTM White Mountains Insurance Group, Ltd.	5.5B	–	37.8%	1.01x	21.5x	17.6x	–	–
Mean		13.2%	22.7%	4.57x	126.4x	34.6x	6.1x	5.5x
Median		13.4%	13.2%	1.86x	16.6x	14.4x	1.8x	1.6x

Technical analysis

1M0.0%
3M0.0%
1Y0.0%
3Y0.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Challenger Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Premiums earned	940	365	328	506	1,280	1,193
Other revenue	929	1,142	1,415	911	−316	737
Total revenue	1,869	1,507	1,743	1,417	964	1,929
Losses, benefits and adjustments	525	404	404	304	–	–
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	645	555	715	659	1,207	1,147
Depreciation/amortization	5.8	10.3	9.2	9.7	9.7	11.5
Interest expense (income), operating	392	539	511	366	26.5	240
Other operating expenses	−165	−170	−22.9	−83.0	−110	−130
Operating income	467	169	126	161	−169	661
Net interest income (expense)	–	–	–	–	382	−34.8
Gain (loss) on sale of assets	–	–	–	–	36.8	–
Other non-operating income (expense)	0	0	0	0	−3.3	−3.1
Net income before taxes	467	169	126	161	247	623
Provision for taxes	142	55.8	36.8	41.9	71.5	179
Minority interest	–	–	0.1	0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	325	113	89.7	120	175	444
Extraordinary items	25.3	16.1	−3.1	−5.3	–	–
Net income	351	129	86.6	114	175	444
Basic weighted average shares (mil)	687	687	685	682	676	672
Diluted weighted average shares (mil)	816	697	701	697	871	918
Basic EPS, normalized	0.40	0.40	0.37	0.26	0.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Challenger Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Total receivables	581	417	595	469	447	623
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	13.1	17.6	26.2	31.9	37.1	47.2
Goodwill	313	382	387	387	400	435
Intangibles	0.3	2.6	3.2	5.0	5.0	6.9
Insurance receivables	–	–	–	–	–	–
Long-term investments	23,392	21,104	20,245	18,694	18,575	19,658
Note receivable	–	–	0	16.6	13.6	20.1
Other long-term assets	302	152	213	130	94.6	300
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	388	498	422	568	435	601
Total assets	25,460	23,000	22,272	20,696	20,513	22,432
Liabilities
Accounts payable	552	559	769	570	501	1,308
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	12,026	10,745	10,186	9,527	9,382	10,250
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4,756	4,564	3,729	2,994	2,898	3,238
Long-term debt	1,099	876	1,022	933	1,136	1,556
Minority interest	–	0	2.5	2.7	–	–
Other liabilities	4,216	3,712	3,976	4,065	3,844	3,212
Total liabilities	22,648	20,457	19,685	18,091	17,761	19,564
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,731	1,690	1,711	1,695	1,729	1,846
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,135	887	923	938	1,042	1,053
Treasury stock	−43.4	−25.5	−35.9	−20.3	−16.6	−27.7
Other equity	−10.5	−8.2	−10.1	−9.0	−2.2	−2.8
Total equity	2,812	2,543	2,588	2,604	2,752	2,869
Total liabilities & shareholders' equity	25,460	23,000	22,272	20,696	20,513	22,432

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Challenger Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−5,756	−5,852	−6,036	−5,965	−5,402	−3,802
Cash from operations	1,297	263	524	822	1,716	1,932
Investing activities
Capital expenditures	−0.3	−0.1	−1.3	−5.3	−2.0	−9.7
Other investing cash flows	−1,214	−775	−1,295	−886	−1,463	−613
Cash from investing	−1,214	−775	−1,296	−892	−1,465	−623
Financing activities
Financing cash flow items	–	–	0	−4.4	−0.1	−5.2
Cash dividends paid	−146	−126	−99.6	−81.7	−92.3	−48.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	84.1	688	820	62.7	−335	−1,010
Cash from financing	−61.4	562	720	−23.3	−428	−1,063
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	21.1	50.7	−52.2	−93.1	−177	246
Free cash flow	1,296	263	522	817	1,714	1,922

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.