Brighthouse Financial, Inc. BHF

FinancialsInsuranceUnited States of America

Last close 43.55 USD on Nov 2, 2026, −32.8% year to date

Quant rating

Quant rating D Rank 574 of 799 in Financials

Growth D 570 of 799
Valuation B 263 of 799
Quality C 407 of 799
Revisions C 336 of 799
Momentum D 762 of 799

Wall Street consensus Hold (3.00)Average target 62.00 USD +42.4%

Historical valuation

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

Key data

Market cap: 2.5B
Enterprise value: −1.4B
52-week range: 42.08 – 66.79
3-year range: 40.78 – 66.79
Dividend yield: –
Beta (5 years): 0.82
Shares outstanding: 57.5M
Next earnings: Nov 4, 2026

About the company

Brighthouse Financial, Inc. is a provider of annuities and life insurance in the United States. The Company’s segments include Annuities; Life; Run-off, and Corporate & Other. The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security. The Life segment consists of insurance products, including term, universal, whole and variable life products designed to address policyholders needs for financial security and protected wealth transfer, which may be on a tax-advantaged basis. The Run-off segment consists primarily of products that are no longer actively sold and are separately managed, including universal life with secondary guarantees, structured settlements, pension risk transfer contracts, certain Company-owned life insurance policies and certain funding agreements.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,411	3,465	3,606	3,575	4,789	–
Revenue growth	−1.6%	−3.9%	0.9%	−25.3%	3.2%	−6.0%
EPS (basic, normalized)	27.92	21.40	14.58	8.93	21.50	–
EPS growth	30.5%	46.8%	63.3%	−58.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.9%	6.1%	−29.5%	54.9%	−2.8%	6.7%
ROE	27.6%	26.6%	20.2%	4.8%	10.6%	18.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	3,154
Net debt (mil)	–
Total equity (mil)	6,550
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
2025 actual	3,411	−1.6%	−0.4x	118.38	−14.1%	0.4x	27.92	+30.5%	1.6x
2026	8,730	+156.0%	−0.2x	128.07	+8.2%	0.3x	19.57	−29.9%	2.2x
2027	8,798	+0.8%	−0.2x	132.11	+3.2%	0.3x	21.19	+8.3%	2.1x
2028	8,558	−2.7%	−0.2x	151.49	+14.7%	0.3x	18.35	−13.4%	2.4x

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
2026	8,730	0.0%	+1.3%	−0.1%	19.57	+0.4%	+0.8%	+2.2%
2027	8,798	−0.3%	+0.1%	−0.5%	21.19	−1.1%	+1.0%	+1.3%
2028	8,558	−2.1%	−3.2%	−6.7%	18.35	−3.1%	−3.7%	−8.2%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,037	2,209	2,171	2,270	2,390	2,154	2,178	1,689	1,527	2,099
Sales mean (mil)	2,143	2,206	2,226	2,234	2,287	2,191	2,267	2,244	2,222	2,228
Surprise	−5.0%	+0.1%	−2.5%	+1.6%	+4.5%	−1.7%	−3.9%	−24.7%	−31.3%	−5.8%
EPS reported	4.25	5.57	12.58	5.07	4.17	3.43	16.87	3.70	4.35	4.45
EPS mean	3.87	4.37	4.50	4.30	4.55	4.46	5.05	5.22	4.66	4.86
Surprise	+9.8%	+27.4%	+179.5%	+18.0%	−8.3%	−23.1%	+233.8%	−29.1%	−6.6%	−8.4%

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
BHF Brighthouse Financial, Inc.	2.5B	27.6%	4.9%	0.38x	2.2x	2.1x	0.3x	0.3x
CB Chubb Limited	141.0B	14.4%	17.4%	1.93x	12.7x	12.5x	1.8x	1.6x
PGR The Progressive Corporation	135.6B	38.2%	12.9%	3.96x	12.7x	14.4x	4.0x	3.5x
ZURN Zurich Insurance Group AG	114.3B	25.2%	9.0%	3.55x	16.4x	14.4x	3.7x	3.5x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.7B	20.8%	12.8%	2.82x	10.8x	12.8x	2.6x	2.3x
Mean		26.6%	12.1%	3.22x	12.4x	12.4x	3.2x	2.8x
Median		26.4%	12.8%	3.18x	12.7x	13.6x	3.1x	2.9x

Technical analysis

1M−12.9%
3M−29.7%
1Y−23.7%
3Y−8.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Brighthouse Financial, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	3,411	3,465	3,606	3,575	4,789	4,642
Other revenue	3,355	1,259	511	3,298	2,353	3,861
Total revenue	6,766	4,724	4,117	6,873	7,142	8,503
Losses, benefits and adjustments	1,805	2,294	2,676	2,193	3,443	5,711
Amortization of policy acquisition costs	609	599	620	629	144	766
Selling, general & administrative expenses	2,692	2,604	2,304	1,743	1,749	1,482
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	1,034	−1,347	−162	−2,577	1,851	1,779
Operating income	626	574	−1,321	4,885	−45.0	−1,235
Net interest income (expense)	−152	−152	−153	−153	−163	−184
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	474	422	−1,474	4,732	−208	−1,419
Provision for taxes	36.0	29.0	−367	848	−105	−363
Minority interest	−5.0	−5.0	−5.0	−5.0	−5.0	−5.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	433	388	−1,112	3,879	−108	−1,061
Extraordinary items	–	–	–	–	–	–
Net income	433	388	−1,112	3,879	−108	−1,061
Basic weighted average shares (mil)	57.5	61.2	66.0	73.0	83.8	95.4
Diluted weighted average shares (mil)	57.9	61.6	66.0	73.6	83.8	95.4
Basic EPS, normalized	27.92	21.40	14.58	8.93	21.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Brighthouse Financial, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	4,696	4,827	4,946	4,775	4,271	2,810
Goodwill	–	–	–	–	530	504
Intangibles	–	–	–	–	307	310
Insurance receivables	21,579	21,126	19,761	18,548	16,094	16,158
Long-term investments	116,993	113,652	111,166	104,300	113,954	106,721
Note receivable	16.0	19.0	27.0	38.0	–	0
Other long-term assets	1,442	1,875	1,893	1,736	–	–
Deferred policy acquisition costs	4,567	4,710	4,872	5,084	4,847	4,407
Other assets	87,120	87,283	89,824	86,251	115,363	112,851
Total assets	241,800	238,537	236,340	224,847	259,840	247,869
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	214,103	212,869	209,414	198,647	234,848	219,588
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	3,155	3,155	3,156	3,156	3,157	3,436
Minority interest	65.0	65.0	65.0	65.0	65.0	65.0
Other liabilities	17,709	17,489	18,762	17,446	5,628	6,757
Total liabilities	235,032	233,578	231,397	219,314	243,698	229,846
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	1.0	1.0	0	1.0	1.0	1.0
Additional paid-in capital	13,870	13,927	14,004	14,075	14,154	13,878
Retained earnings (accumulated deficit)	−686	−1,119	−1,507	−395	−642	−534
Treasury stock	−2,688	−2,572	−2,309	−2,042	−1,543	−1,038
Other equity	−3,729	−5,278	−5,245	−6,106	4,172	5,716
Total equity	6,768	4,959	4,943	5,533	16,142	18,023
Total liabilities & shareholders' equity	241,800	238,537	236,340	224,847	259,840	247,869

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Brighthouse Financial, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	438	393	−1,107	10.0	−103	−1,056
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−284	−239	−1,040	−2,059	−3,775	−2,928
Changes in working capital	105	−444	2,010	898	4,624	4,872
Cash from operations	259	−290	−137	−1,151	746	888
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	751	−2,194	−3,196	−8,276	−12,238	−5,843
Cash from investing	751	−2,194	−3,196	−8,276	−12,238	−5,843
Financing activities
Financing cash flow items	−1,276	3,811	4,313	11,372	11,370	5,831
Cash dividends paid	−102	−102	−102	−104	−89.0	−44.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	710	−31.0	−1,142	−2,200	577	399
Cash from financing	−668	3,678	3,069	9,068	11,858	6,186
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	342	1,194	−264	−359	366	1,231
Free cash flow	259	−290	−137	−1,151	746	888

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 2, 2026 after market close.