F&G Annuities & Life

FGN

Insurance - Life · Financial Services

Price

$24.15

-0.02 (-0.08%)

Market Cap

$4.31B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 2, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Exceptional

Dividends

Exceptional

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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)

Winston Score History

The full picture

F&G Annuities & Life sells annuities and life insurance products, mainly to people saving for retirement. Its core offerings include fixed indexed annuities, which let customers grow their savings based on stock market performance while protecting against losses. F&G is a subsidiary of Fidelity National Financial and is one of the larger annuity providers in the United States.

The company makes money by collecting premiums from policyholders and investing those funds to earn a spread between investment returns and what it pays out. F&G operates primarily in the U.S. and distributes products through independent agents, banks, and broker-dealers. A key growth driver is the expanding retirement market as more Americans reach retirement age, though the business faces risk from interest rate changes and investment portfolio performance, which directly affect profitability.

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

+4.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-338.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$72.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

F&G Annuities & Life is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Profit per sale

Gross Margin

19.1%

Thin — 19.1% gross margin

Profit after running costs

Operating Margin

-6.6%

Losing money on operations — -6.6%

Return on the money invested

ROCE

41.0%

Exceptional — 41.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+14.8%

Fast-growing sales (+14.8% YoY)

Profit growth

EPS YoY

+89.9%

Earnings growing fast (+89.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

756%

Turns 756% of profit into real cash

Spare cash per sale

FCF Margin

52.1%

Converts sales into free cash efficiently (52.1%)

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

What it owes vs what it owns

Debt / Equity

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

17.02x

Comfortably covers interest (17.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.0x

Attractive valuation — P/E 8.0

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

Cheaper or dearer next year

P/E vs Forward

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.0 → 4.6)

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Dividends

Dividend

Dividend Yield

8.27%

Healthy income — 8.27% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+32.9%

Dividend growing fast (32.9% YoY)

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