Detailed financial statements for MetLife, Inc. (MET): 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.
MetLife, Inc. operates as a leading global financial services entity, delivering an extensive array of services encompassing insurance, annuities, employee benefits, and asset management. The company manages its operations through five primary divisions: the U.S., Asia, Latin America, Europe, the Middle East and Africa (EMEA), and MetLife Holdings.
Analysis Summary
MetLife, Inc. reported revenue of $77.08B in the most recent fiscal year, growing at a 5-year CAGR of 2.6%. Net income reached $3.38B, with a -9.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 25.6%, operating margin 6.2%, net margin 4.6%. Free cash flow grew at 9.5% CAGR over 5 years.
At $100.02 (closing price, October 30, 2026), MET trades at a P/E of 19.20 and an ROE of 12.94%. Market capitalisation stands at $63.6B, placing it among large-cap names.
Balance sheet quality for MET: debt-to-equity ratio of 0.78, current ratio of 0.65 over the last 12 months, net cash position of $105.15B at the end of the last fiscal year. 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 $18.11B represents 536% 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 | $60.53B | $62.31B | $67.94B | $69.62B | $67.89B | $63.37B | $67.97B | $67.71B | $69.94B | $77.08B |
| Cost of Revenue | $46.57B | $48.85B | $52.04B | $53.43B | $52.42B | $46.53B | $49.03B | $50.42B | $50.94B | $49.06B |
| Gross Profit | $13.96B | $13.46B | $15.90B | $16.19B | $15.47B | $16.84B | $18.94B | $17.29B | $19.00B | $28.02B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $6.87B | $6.72B | $6.46B | $6.55B | $5.78B | $5.75B | $5.86B | $6.18B | $5.99B | 0 |
| Operating Expenses | $9.67B | $9.93B | $9.59B | $9.39B | $8.54B | $8.32B | $12.57B | $15.13B | $13.38B | $23.36B |
| Operating Income | $4.28B | $3.54B | $6.31B | $6.79B | $6.93B | $8.52B | $6.36B | $2.16B | $5.62B | $4.66B |
| EBITDA | $6.09B | $5.46B | $8.06B | $8.38B | $8.46B | $10.13B | $7.97B | $3.92B | $7.37B | $6.47B |
| Interest Expense | $1.16B | $1.13B | $1.12B | $955.0M | $913.0M | $920.0M | $938.0M | $1.04B | $1.04B | $1.06B |
| Pre-tax Income | $4.28B | $3.54B | $6.31B | $6.79B | $6.93B | $8.52B | $6.36B | $2.16B | $5.62B | $4.66B |
| Income Tax | $693.0M | -$1.47B | $1.18B | $886.0M | $1.51B | $1.64B | $1.06B | $560.0M | $1.18B | $1.26B |
| Net Income | $850.0M | $4.01B | $5.12B | $5.90B | $5.41B | $6.86B | $5.28B | $1.58B | $4.43B | $3.38B |
| EPS | $0.68 | $3.74 | $4.95 | $6.10 | $5.72 | $7.70 | $6.35 | $1.82 | $5.98 | $4.80 |
| EPS (Diluted) | $0.67 | $3.74 | $4.91 | $6.06 | $5.68 | $7.65 | $6.30 | $1.81 | $5.94 | $4.80 |
| Shares Outstanding (Diluted) | 1,095.5 M | 1,043.6 M | 1,013.9 M | 944.4 M | 913.2 M | 869.4 M | 808.9 M | 762.4 M | 711.1 M | 665.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $16.88B | $23.81B | $19.07B | $18.88B |
| Gross Profit | $2.94B | $7.27B | $7.10B | $2.79B |
| Operating Income | $1.21B | $1.12B | $1.51B | $1.03B |
| EBITDA | $1.48B | $1.38B | $1.77B | $1.33B |
| Net Income | $896.0M | $809.0M | $1.19B | $736.0M |
| EPS | $1.23 | $1.17 | $1.75 | $1.10 |
| EPS (Diluted) | $1.22 | $1.17 | $1.74 | $1.08 |
Balance Sheet (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.47B | $2.32B | $3.73B | $4.05B | $4.02B | $7.11B | $9.96B | $24.21B | $10.11B | $13.05B | $10.46B | $15.74B | $7.58B | $10.81B | $12.75B | $12.65B | $12.70B | $15.82B | $16.60B | $19.80B | $20.05B | $20.20B | $20.64B | $20.07B | $22.03B |
| Short-term Investments | $1.20B | $1.92B | $1.83B | $2.66B | $3.31B | $2.71B | $2.54B | $13.88B | $8.37B | $9.39B | $370.60B | $394.06B | $367.54B | $377.68B | $364.02B | $298.98B | $313.80B | $302.20B | $331.67B | $358.71B | $347.45B | $293.13B | $296.19B | $88.71B | $103.31B |
| Receivables | $6.44B | $7.67B | $7.05B | $6.70B | $12.19B | $14.49B | $13.37B | $16.97B | $17.07B | $19.83B | $22.48B | $21.63B | $21.86B | $22.24B | $22.86B | $15.46B | $18.42B | $19.64B | $20.44B | $17.87B | $20.52B | $22.17B | $33.78B | $34.26B | $54.25B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $388.01B | $335.49B | $350.62B | $143.04B | $179.59B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.93B | $1.99B | $1.85B | $1.70B |
| Goodwill | 0 | 0 | 0 | 0 | $4.80B | $4.90B | $4.81B | $5.01B | $5.05B | $11.78B | $11.94B | $9.95B | $10.54B | $9.87B | $9.48B | $9.22B | $9.59B | $9.42B | $9.31B | $10.11B | $9.54B | $9.30B | $9.24B | $8.90B | $9.61B |
| Intangible Assets | 0 | 0 | 0 | 0 | $4.80B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $16.06B | $19.65B | $20.15B | $19.63B | $21.11B |
| Total Assets | $256.97B | $277.43B | $326.84B | $356.81B | $481.64B | $527.72B | $559.15B | $501.68B | $539.31B | $730.91B | $799.62B | $836.78B | $885.30B | $902.34B | $877.93B | $898.76B | $719.89B | $687.54B | $740.46B | $795.15B | $759.71B | $663.07B | $687.58B | $677.46B | $745.17B |
| Accounts Payable | $13.71B | $18.89B | $1.05B | $1.07B | $917.0M | $2.02B | $789.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $355.0M | $1.16B | $3.64B | $1.45B | $1.41B | $1.45B | $667.0M | $2.66B | $912.0M | $306.0M | $686.0M | $100.0M | $175.0M | $100.0M | $100.0M | $242.0M | $477.0M | $268.0M | $235.0M | $393.0M | $341.0M | $175.0M | $119.0M | $465.0M | $1.56B |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $263.18B | $251.08B | $257.57B | $258.07B | $276.14B |
| Long-term Debt | $3.63B | $4.42B | $5.70B | $7.41B | $12.02B | $12.91B | $13.18B | $13.43B | $21.71B | $36.07B | $26.85B | $22.25B | $21.85B | $19.48B | $21.22B | $19.61B | $18.83B | $15.98B | $16.62B | $17.76B | $17.09B | $17.75B | $18.68B | $18.24B | $18.62B |
| Total Liabilities | $239.65B | $258.78B | $305.69B | $333.98B | $452.54B | $493.92B | $523.97B | $477.69B | $505.82B | $681.79B | $748.43B | $771.82B | $822.31B | $829.68B | $809.44B | $831.06B | $661.02B | $634.58B | $674.08B | $720.33B | $691.96B | $632.95B | $657.33B | $649.75B | $716.25B |
| Retained Earnings | $1.35B | $2.81B | $4.19B | $6.61B | $10.87B | $16.57B | $19.88B | $22.40B | $19.50B | $21.36B | $24.81B | $25.20B | $27.33B | $32.02B | $35.52B | $34.68B | $26.53B | $28.93B | $33.08B | $36.49B | $41.20B | $40.33B | $40.15B | $42.63B | $44.29B |
| Total Equity | $16.06B | $17.39B | $21.15B | $22.82B | $29.10B | $33.80B | $35.18B | $23.73B | $33.12B | $48.62B | $57.52B | $64.45B | $61.55B | $72.05B | $67.95B | $67.53B | $58.68B | $52.74B | $66.14B | $74.56B | $67.48B | $29.88B | $30.02B | $27.45B | $28.40B |
| Total Debt | $3.98B | $5.59B | $9.35B | $8.86B | $13.44B | $14.36B | $13.84B | $16.08B | $22.62B | $36.38B | $27.57B | $22.39B | $22.02B | $19.58B | $21.32B | $19.85B | $19.31B | $16.24B | $16.85B | $18.15B | $17.43B | $17.98B | $18.83B | $18.71B | $20.18B |
| Net Debt | -$4.69B | $1.34B | $3.79B | $2.14B | $6.11B | $4.54B | $1.34B | -$22.00B | $4.13B | $13.95B | -$353.50B | -$387.41B | -$353.11B | -$368.91B | -$355.46B | -$291.78B | -$307.19B | -$301.78B | -$331.42B | -$360.36B | -$350.07B | -$295.34B | -$298.00B | -$90.07B | -$105.15B |
| Working Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $124.84B | $84.41B | $93.04B | -$115.03B | -$96.55B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $20.23B | $22.03B | $22.69B | $19.30B |
| Total Assets | $719.73B | $745.17B | $743.21B | $759.37B |
| Total Liabilities | $690.53B | $716.25B | $715.41B | $731.41B |
| Total Equity | $28.94B | $28.40B | $27.32B | $27.44B |
| Total Debt | $19.83B | $20.18B | $21.13B | $21.34B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.58B | $5.00B | $5.12B | $5.90B | $5.41B | $6.55B | $5.28B | $1.58B | $4.43B | $3.38B |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $753.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $7.72B | $6.04B | $5.99B | $7.56B | $4.72B | $2.63B | $1.90B | $2.18B | $1.85B | $6.84B |
| Operating Cash Flow | $14.66B | $12.72B | $9.53B | $13.93B | $11.51B | $12.83B | $11.37B | $14.26B | $15.12B | $18.11B |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | $385.0M | -$1.28B | 0 | -$1.08B | -$1.68B | $3.27B | -$709.0M | -$755.0M | -$358.0M | -$738.0M |
| Stock Repurchased | -$372.0M | -$2.93B | -$3.99B | -$2.29B | -$2.15B | -$4.80B | -$3.33B | -$3.10B | -$3.21B | -$3.88B |
| Dividends Paid | -$1.84B | -$1.82B | -$1.82B | -$1.82B | -$1.86B | -$1.84B | -$1.78B | -$1.76B | -$1.73B | -$1.70B |
| Free Cash Flow | $14.66B | $12.72B | $9.53B | $13.93B | $11.51B | $12.83B | $11.37B | $14.26B | $15.12B | $18.11B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.57B | $8.09B | $2.69B | $2.23B |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $3.57B | $8.09B | $2.69B | $2.23B |
| Dividends Paid | -$444.0M | -$406.0M | -$417.0M | -$414.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.9% | +9.0% | +2.5% | -2.5% | -6.7% | +7.3% | -0.4% | +3.3% | +10.2% | |
| Net Income Growth (YoY) | +371.8% | +27.8% | +15.1% | -8.3% | +26.8% | -22.9% | -70.1% | +180.5% | -23.7% | |
| EPS Growth (YoY) | +450.0% | +32.4% | +23.2% | -6.2% | +34.6% | -17.5% | -71.3% | +228.6% | -19.7% | |
| Shares Change (YoY) | -4.7% | -2.8% | -6.9% | -3.3% | -4.8% | -7.0% | -5.7% | -6.7% | -6.5% | |
| FCF Growth (YoY) | -13.3% | -25.1% | +46.2% | -17.4% | +11.5% | -11.3% | +25.4% | +6.0% | +19.8% | |
| Gross Margin | 23.1% | 21.6% | 23.4% | 23.3% | 22.8% | 26.6% | 27.9% | 25.5% | 27.2% | 36.4% |
| Operating Margin | 7.1% | 5.7% | 9.3% | 9.8% | 10.2% | 13.4% | 9.4% | 3.2% | 8.0% | 6.0% |
| EBITDA Margin | 10.1% | 8.8% | 11.9% | 12.0% | 12.5% | 16.0% | 11.7% | 5.8% | 10.5% | 8.4% |
| Net Margin | 1.4% | 6.4% | 7.5% | 8.5% | 8.0% | 10.8% | 7.8% | 2.3% | 6.3% | 4.4% |
| FCF Margin | 24.2% | 20.4% | 14.0% | 20.0% | 17.0% | 20.2% | 16.7% | 21.1% | 21.6% | 23.5% |
| Effective Tax Rate | 16.2% | -41.6% | 18.7% | 13.0% | 21.8% | 19.3% | 16.7% | 25.9% | 21.0% | 27.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $13.38 | $12.19 | $9.40 | $14.74 | $12.60 | $14.75 | $14.06 | $18.70 | $21.26 | $27.23 |
| Dividends Per Share | $1.68 | $1.74 | $1.79 | $1.93 | $2.04 | $2.12 | $2.20 | $2.31 | $2.43 | $2.56 |
| Shares Outstanding (Basic) | 1,095.5 M | 1,043.6 M | 958.6 M | 915.3 M | 892.9 M | 825.5 M | 779.1 M | 762.4 M | 689.2 M | 665.0 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 | 12.94% |
| Return on Invested Capital | 0.77% |
| Return on Assets | 0.48% |
| Gross Margin | 25.55% |
| Operating Margin | 6.19% |
| Net Margin | 4.61% |
Financial Health
| Debt / Equity | 0.78 |
| Current Ratio | 0.65 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.10 |
Key Ratios (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 44.11 | 10.57 | 10.10 | 9.84 | 7.03 | 6.50 | 9.77 | 7.42 | -10.75 | 13.20 | 4.78 | 26.21 | 16.40 | 8.89 | 12.34 | 70.62 | 13.52 | 8.29 | 8.36 | 8.21 | 8.12 | 11.40 | 36.34 | 13.69 | 16.45 |
| P/B | 1.30 | 0.98 | 1.05 | 1.19 | 1.12 | 1.18 | 1.16 | 0.94 | 0.78 | 0.80 | 0.51 | 0.50 | 0.88 | 0.76 | 0.69 | 0.78 | 0.90 | 0.75 | 0.71 | 0.56 | 0.76 | 1.89 | 1.68 | 2.06 | 1.85 |
| P/S | 0.68 | 0.52 | 0.63 | 0.70 | 0.73 | 0.83 | 0.87 | 0.44 | 0.63 | 0.75 | 0.42 | 0.48 | 0.79 | 0.74 | 0.77 | 0.87 | 0.85 | 0.58 | 0.67 | 0.62 | 0.81 | 0.83 | 0.74 | 0.81 | 0.68 |
| Gross Margin | 24.2% | 24.6% | 24.9% | 25.7% | 26.3% | 26.6% | 29.3% | 36.8% | 19.2% | 27.8% | 33.9% | 23.8% | 25.6% | 29.7% | 26.4% | 23.1% | 21.6% | 23.4% | 23.3% | 22.8% | 26.6% | 27.9% | 25.5% | 27.2% | 36.4% |
| Operating Margin | 1.5% | 4.3% | 6.7% | 9.2% | 9.6% | 8.6% | 12.2% | 9.9% | -10.6% | 7.1% | 13.1% | 2.2% | 5.9% | 12.0% | 9.2% | 7.1% | 5.7% | 9.3% | 9.8% | 10.2% | 13.4% | 9.4% | 3.2% | 8.0% | 6.0% |
| Net Margin | 1.5% | 4.9% | 6.3% | 7.1% | 10.6% | 13.0% | 9.2% | 6.3% | -5.5% | 5.1% | 9.1% | 2.0% | 4.9% | 8.6% | 8.8% | 1.4% | 6.4% | 7.5% | 8.5% | 8.0% | 10.8% | 7.8% | 2.3% | 6.3% | 4.4% |
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Explore sector: Financial Services · Insurance - Life
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