Detailed financial statements for Ethos Technologies Inc. (LIFE): 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.
Ethos Technologies Inc. functions as a third-party administrator for insurance policies in various global markets, including the United States, India, and Singapore. The company offers "Ethos," a comprehensive technology platform designed to transform the process of purchasing, distributing, and overseeing risk for life insurance products among consumers, agents, and insurance providers.
Analysis Summary
Trailing-twelve-month margins: gross margin 97.1%, operating margin -17.7%, net margin -18.1%.
At the current price of $36.13, LIFE has negative trailing earnings (P/E not meaningful) and an ROE of -50.41%. Market capitalisation stands at $2.3B.
Balance sheet quality for LIFE: current ratio of 2.2, net cash position of $123.6M. 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 below average: free cash flow of $29.9M represents 42% 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 | 2025 |
|---|
| Revenue | $387.6M |
| Cost of Revenue | $6.7M |
| Gross Profit | $380.9M |
| Research & Development | 0 |
| Selling, General & Admin | $269.0M |
| Operating Expenses | $308.0M |
| Operating Income | $72.9M |
| EBITDA | $85.2M |
| Interest Expense | $3.2M |
| Pre-tax Income | $75.7M |
| Income Tax | $4.6M |
| Net Income | $71.2M |
| EPS | $1.14 |
| EPS (Diluted) | $1.14 |
| Shares Outstanding (Diluted) | $62.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $93.8M | $110.1M | $193.1M | $189.6M |
| Gross Profit | $89.0M | $108.0M | $189.9M | $182.4M |
| Operating Income | $17.1M | $24.5M | -$163.3M | $18.1M |
| EBITDA | $20.1M | $27.2M | -$160.3M | $21.5M |
| Net Income | $15.9M | $24.6M | -$166.4M | $19.5M |
| EPS | $0.25 | $0.39 | $-3.57 | $0.31 |
| EPS (Diluted) | $0.25 | $0.39 | $-3.57 | $0.30 |
Balance Sheet (10y)
| Year | 2025 |
|---|
| Cash & Equivalents | $91.1M |
| Short-term Investments | $34.9M |
| Receivables | $65.3M |
| Inventory | 0 |
| Total Current Assets | $245.8M |
| Property, Plant & Equipment | $10.4M |
| Goodwill | $2.2M |
| Intangible Assets | $662,000 |
| Total Assets | $515.3M |
| Accounts Payable | $66.8M |
| Short-term Debt | 0 |
| Total Current Liabilities | $113.2M |
| Long-term Debt | 0 |
| Total Liabilities | $539.5M |
| Retained Earnings | -$102.5M |
| Total Equity | -$24.1M |
| Total Debt | $2.4M |
| Net Debt | -$123.6M |
| Working Capital | $132.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $84.3M | $91.1M | $107.9M | $112.2M |
| Total Assets | $488.3M | $515.3M | $619.4M | $696.1M |
| Total Liabilities | $537.2M | $539.5M | $178.0M | $219.9M |
| Total Equity | -$48.9M | -$24.1M | $441.3M | $476.2M |
| Total Debt | $2.5M | $2.4M | $23.2M | $20.0M |
Cash Flow (10y)
| Year | 2025 |
|---|
| Net Income | $71.2M |
| Depreciation & Amortization | $6.3M |
| Stock-based Compensation | $10.6M |
| Change in Working Capital | -$58.1M |
| Operating Cash Flow | $36.2M |
| Capital Expenditure | -$6.3M |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | $29.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $7.2M | $4.9M | $31.2M | $35.7M |
| Capital Expenditure | -$523,000 | -$4.7M | -$1.9M | $1.2M |
| Free Cash Flow | $6.7M | $268,000 | $29.3M | $36.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2025 |
|---|
| Gross Margin | 98.3% |
| Operating Margin | 18.8% |
| EBITDA Margin | 22.0% |
| Net Margin | 18.4% |
| FCF Margin | 7.7% |
| Effective Tax Rate | 6.1% |
Per-Share Data (10y)
| Year | 2025 |
|---|
| FCF Per Share | $0.48 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $62.6M |
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 | -50.41% |
| Return on Invested Capital | -14.89% |
| Return on Assets | -15.29% |
| Gross Margin | 97.07% |
| Operating Margin | -17.67% |
| Net Margin | -18.14% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 52.25 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.42 |
Key Ratios (10y)
| Year | 2025 |
|---|
| P/E | 14.78 |
| P/B | -43.71 |
| P/S | 2.72 |
| Gross Margin | 98.3% |
| Operating Margin | 18.8% |
| Net Margin | 18.4% |