Globe Life

GL · NYSE · Financials · Financials, fiscal 2016 to 2025

GL · Last close · October 26, 2026

$156.82

Globe Life's revenue rose 3.7% to $6.0 billion in fiscal 2025. Its net margin was 19.4%, up from 18.5% a year earlier. Free cash flow was $1.3 billion, down 5.8%. It paid out $967 million in dividends and buybacks, 77% of free cash flow. The diluted share count fell 8.0%.

GLOBE LIFE INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0000320335-26-000090 Updated October 9, 2026

Revenue

$6.0B

3.7%

Net margin

19.4%

0.8 pts

Net income

$1.2B

8.4%

Free cash flow

$1.3B

5.8%

Return on capital

16.0%

0.5 pts

Market cap

$12.4B

Oct 26 close

P/E

10.4x

On $15.07 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 13.5% a year and net income 8.7% a year, as buybacks cut the share count by 33%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Globe Life yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Globe Life's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Globe Life's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 4.8 times depreciation, which holds its free cash flow down) of $1.4B, net cash of −$2.2B at December 31, 2025 and 82 million diluted shares, from its filings. The scenarios are fitted to Globe Life: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Life & Health Insurance); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Globe Life's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 8% discount rate. Base: growth of 4.5% then 3.5% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 7% then 5% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $156.82
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Globe Life's earnings per share of $15.07 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Globe Life's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Brighthouse Financial, CNO Financial Group, Primerica, Unum.

Earnings growth in the years ahead (% a year) Starts at Globe Life's revenue growth over the last 3 years, 4.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $156.82
Value at this multiple, against the last close: —
Globe Life's P/E at the last close: 10.4×

Company	Last close	Earnings per share	P/E today
UnumUNM	$90.12	$4.29	21.0×
CNO Financial GroupCNO	$54.20	$2.91	18.6×
PrimericaPRI	$276.79	$24.89	11.1×
Globe LifeGL	$156.82	$15.07	10.4×
Brighthouse FinancialBHF	$44.83	$12.53	3.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	161	207	185	250	459
Debt incl. finance leases	2,176	2,243	2,116	2,740	2,625
Net debt (negative means net cash)	2,015	2,036	1,931	2,489	2,166
Net debt to EBITDA	1.6x	1.7x	1.5x	1.7x	1.4x
Debt to equity	1.1x	0.6x	0.5x	0.5x	0.4x
Interest coverage	14.7x	13.1x	12.4x	11.4x	11.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Globe Life shares on the open market, and 12 insiders sold $79.9 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	Michael Clay MajorsEVP - Chief Strategy Officer	Sold	14,377	$154.48	$2.2 million	Form 4
Sep 22, 2026	Robert Edward HensleyEVP & Chief Investment Officer	Sold	10,000	$170.07	$1.7 million	Form 4
Aug 7, 2026	Robert Brian MitchellEVP, General Counsel and CRO	Sold	23,000	$183.34	$4.2 million	Form 4
Jul 31, 2026	James Matthew DardenCo-Chairman & CEO, Director	Sold	50,000	$182.44	$9.1 million	Form 4
Jul 30, 2026	Thomas Peter KalmbachEVP & CFO	Sold	21,000	$180.06	$3.8 million	Form 4
Jul 29, 2026	Michael Clay MajorsEVP - Chief Strategy Officer	Sold	37,000	$178.63	$6.6 million	Form 4
Jul 28, 2026	Thomas Peter KalmbachEVP & CFO	Sold	25,650	$178.58	$4.6 million	Form 4
Jun 30, 2026	Dolores L SkarjuneEVP and Chief Admin. Officer	Sold	1,850	$179.18	$331,483	Form 4
Jun 25, 2026	Cheryl AlstonDirector	Sold	8,258	$179.24	$1.5 million	Form 4
Jun 18, 2026	Rebecca E ZornEVP & Chief Talent Officer	Sold	2,000	$170.10	$340,200	Form 4
Jun 12, 2026	Frank M SvobodaCo-Chairman & CEO, Director	Sold	10,000	$166.68	$1.7 million	Form 4
Jun 12, 2026	Dolores L SkarjuneEVP and Chief Admin. Officer	Sold	4,175	$166.18	$693,782	Form 4

The latest 12 of 39 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−1.9%	−1.2%	−0.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Globe Life side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Globe Life	FY25	3.7%	—	20.9%	16.0%	1.4x	—
Brighthouse Financial	FY25	43.2%	—	—	—	—	—	Compare
CNO Financial Group	FY25	0.8%	12.3%	—	—	—	—	Compare
Primerica	FY25	6.6%	—	—	34.5%	−0.2x	—	Compare
Unum	FY25	1.5%	—	4.2%	7.6%	0.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,935	4,156	4,304	4,528	4,738	5,112	5,227	5,448	5,778	5,994
Revenue growth	4.5%	5.6%	3.6%	5.2%	4.7%	7.9%	2.2%	4.2%	6.1%	3.7%
Gross profit	783	807	866	911	901	1,215	1,179	1,260	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	787	821	871	920	905	1,227	1,186	1,265	—	—
Net income	550	1,454	702	761	732	1,031	894	971	1,071	1,161
Diluted EPS (US$)	4.49	12.22	6.09	6.83	6.82	9.99	9.04	10.07	11.94	14.07
Diluted shares (millions)	122	119	115	111	107	103	99	96	90	82
Cash flow
Cash from operations	1,399	1,429	1,278	1,364	1,476	1,438	1,422	1,482	1,402	1,396
Capital expenditure	25	20	45	42	42	38	28	50	71	142
Free cash flow	1,374	1,409	1,233	1,322	1,435	1,399	1,394	1,433	1,331	1,254
Dividends paid	67	69	71	74	78	80	80	84	86	86
Share buybacks	405	413	422	460	444	541	455	511	1,002	881
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	26	37	40	45	36	30	36	31	40	53
Balance sheet at fiscal year end
Cash and short-term investments	148	246	184	114	203	161	207	185	250	459
Debt incl. finance leases	1,400	1,465	1,672	1,657	1,923	2,176	2,243	2,116	2,740	2,625
Total assets	21,436	23,475	23,096	25,978	29,047	29,768	25,987	28,052	29,076	30,814
Total liabilities	16,869	17,244	17,680	18,683	20,276	21,125	22,037	23,565	23,771	24,839
Shareholders' equity	4,567	6,231	5,415	7,294	8,771	2,004	3,950	4,487	5,306	5,975
Margins and ratios
Gross margin	19.9%	19.4%	20.1%	20.1%	19.0%	23.8%	22.6%	23.1%	—	—
Operating margin	20.0%	19.8%	20.2%	20.3%	19.1%	24.0%	22.7%	23.2%	—	—
Net margin	14.0%	35.0%	16.3%	16.8%	15.4%	20.2%	17.1%	17.8%	18.5%	19.4%
Free cash flow margin	34.9%	33.9%	28.6%	29.2%	30.3%	27.4%	26.7%	26.3%	23.0%	20.9%
Return on capital	10.0%	12.4%	9.8%	9.6%	7.7%	13.7%	19.2%	16.6%	16.5%	16.0%
Return on equity	12.8%	26.9%	12.1%	12.0%	9.1%	19.1%	30.1%	23.0%	21.9%	20.6%
Return on assets	2.7%	6.5%	3.0%	3.1%	2.7%	3.5%	3.2%	3.6%	3.8%	3.9%
Net debt to EBITDA	1.6x	1.5x	1.7x	1.6x	1.9x	1.6x	1.7x	1.5x	1.7x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Globe Life's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Globe Life.