Detailed financial statements for Genworth Financial, Inc. (GNW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Genworth Financial, Inc., together with its subsidiaries, provides mortgage and long-term care insurance products in the United States. It operates through two segments: Enact and Closed Block. The company offers primary mortgage, and mortgage insurance products, and contract underwriting services.
Analysis Summary
Genworth Financial, Inc. reported revenue of $6.37B in the most recent fiscal year, growing at a 5-year CAGR of -5.0%. Net income reached $223.0M, with a 4.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.6%, operating margin 5.8%, net margin 3.0%. Free cash flow grew at -31.9% CAGR over 5 years.
At $8.88 (closing price, October 28, 2026), GNW trades at a P/E of 16.60 and an ROE of 2.42%. Market capitalisation stands at $3.4B.
Balance sheet quality for GNW: current ratio of 1.9, net cash position of $6.64B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $327.0M represents 147% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.36B | $7.51B | $7.89B | $7.71B | $8.21B | $7.60B | $7.40B | $7.37B | $7.14B | $6.37B |
| Cost of Revenue | $7.71B | $7.12B | $7.51B | $6.95B | $7.16B | $6.55B | $6.02B | $7.07B | $6.58B | $4.82B |
| Gross Profit | $651.0M | $393.0M | $382.0M | $753.0M | $1.05B | $1.05B | $1.37B | $304.0M | $558.0M | $1.55B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $331.0M | $266.0M | $245.0M | $231.0M | $123.0M | -$63.0M | $7.0M | $1.0M | -$37.0M | $1.11B |
| Operating Income | $320.0M | $127.0M | $137.0M | $522.0M | $928.0M | $1.11B | $1.36B | $303.0M | $595.0M | $433.0M |
| EBITDA | $1.02B | $681.0M | $662.0M | $1.31B | $1.59B | $1.27B | $1.47B | $461.0M | $840.0M | $631.0M |
| Interest Expense | $337.0M | $266.0M | $256.0M | $231.0M | $195.0M | $160.0M | $106.0M | $118.0M | $115.0M | $105.0M |
| Pre-tax Income | $320.0M | $127.0M | $137.0M | $521.0M | $928.0M | $1.11B | $1.36B | $303.0M | $595.0M | $433.0M |
| Income Tax | $358.0M | -$406.0M | $70.0M | $139.0M | $230.0M | $248.0M | $319.0M | $104.0M | $158.0M | $84.0M |
| Net Income | -$277.0M | $817.0M | $119.0M | $343.0M | $178.0M | $850.0M | $916.0M | $76.0M | $299.0M | $223.0M |
| EPS | $-0.56 | $1.64 | $0.24 | $1.03 | $1.51 | $1.78 | $1.21 | $0.16 | $0.69 | $0.55 |
| EPS (Diluted) | $-0.56 | $1.63 | $0.24 | $1.02 | $1.49 | $1.76 | $1.19 | $0.16 | $0.68 | $0.54 |
| Shares Outstanding (Diluted) | 498.3 M | 501.4 M | 500.4 M | 509.7 M | 511.6 M | 514.7 M | 511.0 M | 474.9 M | 439.4 M | 414.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.87B | $1.49B | $1.72B | $1.90B |
| Gross Profit | $129.0M | $311.0M | $499.0M | $1.90B |
| Operating Income | $164.0M | $18.0M | $111.0M | $109.0M |
| EBITDA | $191.0M | $101.0M | $191.0M | $189.0M |
| Net Income | $116.0M | $2.0M | $47.0M | $47.0M |
| EPS | $0.29 | $0.01 | $0.12 | $0.13 |
| EPS (Diluted) | $0.28 | $0.01 | $0.12 | $0.13 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.78B | $2.88B | $2.18B | $3.34B | $2.56B | $1.57B | $1.80B | $2.21B | $2.05B | $2.04B |
| Short-term Investments | $61.20B | $63.34B | $60.32B | $60.58B | $63.88B | $60.48B | $46.58B | $46.78B | $5.67B | $6.11B |
| Receivables | 0 | 0 | 0 | $17.10B | $16.82B | $16.81B | $19.00B | $19.02B | $17.66B | $18.44B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.78B | $2.88B | $2.18B | 0 | 0 | 0 | 0 | 0 | 0 | $26.59B |
| Property, Plant & Equipment | 0 | -$504.0M | -$736.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $14.0M | $15.0M | $13.0M | $5.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $334.0M | $286.0M | $334.0M | $196.0M | $157.0M | $143.0M | $203.0M | $198.0M | 0 | $1.78B |
| Total Assets | $104.66B | $105.30B | $100.92B | $101.34B | $105.75B | $99.17B | $89.71B | $90.82B | $86.87B | $88.08B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $597.0M | 0 | $397.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $87.45B | $87.31B | $84.45B | 0 | 0 | 0 | 0 | 0 | 0 | $13.94B |
| Long-term Debt | $4.56B | $4.57B | $4.02B | $3.59B | $3.40B | $1.90B | $1.61B | $1.58B | $1.52B | $1.51B |
| Total Liabilities | $90.19B | $89.97B | $86.73B | $86.71B | $89.93B | $82.91B | $81.33B | $82.48B | $77.44B | $78.32B |
| Retained Earnings | $287.0M | $1.11B | $1.12B | $1.46B | $1.58B | $2.49B | $1.14B | $1.21B | $1.51B | $1.68B |
| Total Equity | $12.64B | $13.42B | $12.45B | $14.19B | $15.32B | $15.51B | $7.63B | $7.48B | $8.49B | $8.75B |
| Total Debt | $4.56B | $4.57B | $4.34B | $3.98B | $3.40B | $1.90B | $1.61B | $1.58B | $1.52B | $1.51B |
| Net Debt | -$59.42B | -$61.65B | -$58.16B | -$59.93B | -$63.04B | -$60.15B | -$46.77B | -$47.41B | -$6.20B | -$6.64B |
| Working Capital | -$84.67B | -$84.43B | -$82.28B | 0 | 0 | 0 | 0 | 0 | 0 | $12.65B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.04B | $2.04B | $2.12B | $1.99B |
| Total Assets | $88.49B | $88.08B | $86.77B | $87.36B |
| Total Liabilities | $78.67B | $78.32B | $76.93B | $77.60B |
| Total Equity | $8.81B | $8.75B | $8.81B | $8.73B |
| Total Debt | $1.52B | $1.51B | $1.51B | $1.50B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$38.0M | $936.0M | $297.0M | $519.0M | $761.0M | $864.0M | $1.05B | $76.0M | $4.0M | $350.0M |
| Depreciation & Amortization | $360.0M | $288.0M | $269.0M | $557.0M | $463.0M | 0 | 0 | $40.0M | $130.0M | $93.0M |
| Stock-based Compensation | $32.0M | $42.0M | $37.0M | $27.0M | $39.0M | $40.0M | $37.0M | $49.0M | $51.0M | $58.0M |
| Change in Working Capital | $1.67B | $2.02B | $1.91B | $1.54B | $2.11B | $1.01B | $535.0M | $1.32B | $624.0M | $806.0M |
| Operating Cash Flow | $1.85B | $2.55B | $1.63B | $2.08B | $1.96B | $437.0M | $1.05B | $597.0M | $88.0M | $327.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 | $267.0M | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | $39.0M | -$5.0M | 0 | $1.40B | -$267.0M | -$242.0M | -$460.0M | -$384.0M | -$274.0M | -$334.0M |
| Stock Repurchased | 0 | -$33.0M | 0 | -$22.0M | 0 | 0 | -$64.0M | -$296.0M | -$189.0M | -$319.0M |
| Dividends Paid | -$138.0M | -$107.0M | -$97.0M | -$87.0M | 0 | 0 | 0 | 0 | -$21.0M | 0 |
| Free Cash Flow | $1.85B | $2.55B | $1.63B | $2.08B | $2.23B | $437.0M | $1.05B | $597.0M | $88.0M | $327.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $87.0M | $200.0M | $91.0M | $52.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $87.0M | $200.0M | $91.0M | $52.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $17.0M | $16.0M | $15.0M | $20.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -10.2% | +5.0% | -2.3% | +6.6% | -7.5% | -2.7% | -0.3% | -3.1% | -10.9% | |
| Net Income Growth (YoY) | +394.9% | -85.4% | +188.2% | -48.1% | +377.5% | +7.8% | -91.7% | +293.4% | -25.4% | |
| EPS Growth (YoY) | +392.9% | -85.4% | +329.2% | +46.6% | +17.9% | -32.0% | -86.8% | +331.2% | -20.3% | |
| Shares Change (YoY) | +0.6% | -0.2% | +1.9% | +0.4% | +0.6% | -0.7% | -7.1% | -7.5% | -5.8% | |
| FCF Growth (YoY) | +37.9% | -36.1% | +27.3% | +7.1% | -80.4% | +140.0% | -43.1% | -85.3% | +271.6% | |
| Gross Margin | 7.8% | 5.2% | 4.8% | 9.8% | 12.8% | 13.8% | 18.6% | 4.1% | 7.8% | 24.3% |
| Operating Margin | 3.8% | 1.7% | 1.7% | 6.8% | 11.3% | 14.6% | 18.5% | 4.1% | 8.3% | 6.8% |
| EBITDA Margin | 12.2% | 9.1% | 8.4% | 17.0% | 19.3% | 16.7% | 19.9% | 6.3% | 11.8% | 9.9% |
| Net Margin | -3.3% | 10.9% | 1.5% | 4.5% | 2.2% | 11.2% | 12.4% | 1.0% | 4.2% | 3.5% |
| FCF Margin | 22.1% | 34.0% | 20.7% | 27.0% | 27.1% | 5.8% | 14.2% | 8.1% | 1.2% | 5.1% |
| Effective Tax Rate | 111.9% | -319.7% | 51.1% | 26.7% | 24.8% | 22.3% | 23.4% | 34.3% | 26.6% | 19.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.72 | $5.09 | $3.26 | $4.08 | $4.35 | $0.85 | $2.05 | $1.26 | $0.20 | $0.79 |
| Dividends Per Share | $0.28 | $0.21 | $0.19 | $0.17 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.00 |
| Shares Outstanding (Basic) | 496.0 M | 499.0 M | 500.4 M | 502.9 M | 505.2 M | 506.9 M | 504.5 M | 468.8 M | 433.9 M | 409.0 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 2.42% |
| Return on Invested Capital | 0.94% |
| Return on Assets | 0.24% |
| Gross Margin | 40.63% |
| Operating Margin | 5.75% |
| Net Margin | 3.03% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 3.38 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.32 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -6.80 | 1.90 | 19.42 | 4.27 | 2.50 | 2.28 | 4.37 | 41.75 | 10.13 | 16.42 |
| P/B | 0.15 | 0.12 | 0.19 | 0.16 | 0.12 | 0.13 | 0.35 | 0.42 | 0.36 | 0.42 |
| P/S | 0.23 | 0.21 | 0.30 | 0.29 | 0.23 | 0.27 | 0.36 | 0.42 | 0.42 | 0.58 |
| Gross Margin | 7.8% | 5.2% | 4.8% | 9.8% | 12.8% | 13.8% | 18.6% | 4.1% | 7.8% | 24.3% |
| Operating Margin | 3.8% | 1.7% | 1.7% | 6.8% | 11.3% | 14.6% | 18.5% | 4.1% | 8.3% | 6.8% |
| Net Margin | -3.3% | 10.9% | 1.5% | 4.5% | 2.2% | 11.2% | 12.4% | 1.0% | 4.2% | 3.5% |
Related companies: INDB · BHF · HASI · UCB · CNO · BBAR · FG · CNS
Explore sector: Financial Services · Insurance - Diversified
More sections of GNW: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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