Genworth Financial

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

GNW · Last close · November 6, 2026

$8.70

Genworth Financial's revenue rose 0.1% to $7.3 billion in fiscal 2025. Its net margin was 3.0%, down from 4.1% a year earlier. It paid out $247 million in dividends and buybacks. The diluted share count fell 5.8%.

GENWORTH FINANCIAL, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001628280-26-012828 Updated November 6, 2026

Revenue

$7.3B

0.1%

Net margin

3.0%

1.0 pts

Net income

$223M

25.4%

Free cash flow

—

Return on capital

4.8%

Market cap

$3.3B

Nov 6 close

P/E

62.1x

On $0.14 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.

What Genworth Financial does

Genworth Financial is an insurance holding company. Its main business is private mortgage insurance in the United States, which protects lenders if a home buyer fails to repay a loan. It runs this through its subsidiary Enact Holdings, which is listed separately on Nasdaq under the ticker ACT and is controlled by Genworth.

Genworth reports two segments: Enact, and a Closed Block of long-term care, life insurance and annuity policies sold through its older insurance companies. Those companies no longer sell these products, but they keep servicing the policies already in force. A third area, Corporate and Other, includes new businesses under the CareScout name: fee-based aging-care services and, since October 2025, a new long-term care insurance product.

In late 2025 Genworth changed its reporting to these two segments to match how it manages the business, including its aim to keep the legacy insurance companies self-sustaining and managed on their own.

Its biggest risks, as it describes them

Having to add to insurance reserves if claims turn out worse than its assumptions, especially for long-term care.
New lines of business such as CareScout not succeeding or bringing new risks.
Its dependence on Enact Holdings to pay it dividends and other payments.
Limited sources of capital, and ratings downgrades that could cost it business.
Models and valuation methods that turn out to be inaccurate.

From Genworth Financial's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2025, earnings per share fell 12.9% a year and net income 15.0% a year, while buybacks cut the share count by 17%.

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

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,571	1,799	2,215	2,052	2,073
Debt incl. finance leases	1,899	1,611	1,584	1,518	1,513
Net debt (negative means net cash)	328	−188	−631	−534	−560
Net debt to EBITDA	0.4x	−0.2x	−2.1x	−0.6x	−0.7x
Debt to equity	0.1x	0.2x	0.2x	0.2x	0.2x
Interest coverage	3.0x	7.7x	0.3x	6.2x	5.1x
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.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Genworth Financial's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Genworth Financial's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Genworth Financial's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Genworth Financial shares on the open market, and 4 insiders sold $3.7 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	Thomas J McInerneyPresident and CEO; Director, Director	Sold	100,000	$10.53	$1.1 million	Form 4
Aug 24, 2026	Melissa HagermanEVP and Chief HR Officer	Sold	14,708	$9.92	$145,903	Form 4
Aug 21, 2026	Gregory S. KarawanEVP and General Counsel	Sold	40,000	$9.91	$396,400	Form 4
May 22, 2026	Thomas J McInerneyPresident and CEO; Director, Director	Sold	100,000	$9.27	$927,000	Form 4
May 22, 2026	Robert P Restrepo JrDirector	Sold	50,000	$9.12	$456,000	Form 4
Dec 2, 2025	Thomas J McInerneyPresident and CEO; Director, Director	Sold	40,000	$8.64	$345,600	Form 4
Nov 24, 2025	Gregory S. KarawanEVP and General Counsel	Sold	40,000	$8.51	$340,400	Form 4

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

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−0.6%	0.2%	−0.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

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

Companies that report no gross profit are scored on the other eight.

Compare

Put Genworth Financial 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
Genworth Financial	FY25	0.1%	—	—	4.8%	−0.7x	—
American Financial Group	FY25	−1.8%	13.1%	—	17.8%	0.1x	—	Compare
Kemper	FY25	3.3%	—	11.6%	4.3%	3.0x	—	Compare
Assurant	FY25	7.9%	—	12.5%	17.5%	−0.0x	—	Compare
Loews	FY25	5.4%	—	14.6%	9.5%	0.9x	—	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 under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	8,369	7,513	7,901	7,705	8,284	7,822	7,495	7,488	7,295	7,301
Revenue growth	−2.1%	−10.2%	5.2%	−2.5%	7.5%	−5.6%	−4.2%	−0.1%	−2.6%	0.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−316	530	−5	355	310	474	818	41	—	—
Net income	−277	817	119	343	178	850	916	76	299	223
Diluted EPS (US$)	−0.56	1.63	0.24	0.67	0.35	1.65	1.79	0.16	0.68	0.54
Diluted shares (millions)	498	501	500	510	512	515	511	475	439	414
Cash flow
Cash from operations	1,872	2,554	1,633	2,079	1,960	437	1,049	597	88	327
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	64	296	189	247
Acquisitions	0	5	0	0	0	0	0	0	0	0
Stock-based compensation	32	31	35	26	39	40	37	49	51	58
Balance sheet at fiscal year end
Cash and short-term investments	2,784	2,875	1,974	3,262	1,032	1,571	1,799	2,215	2,052	2,073
Debt incl. finance leases	4,180	4,224	3,707	3,277	3,403	1,899	1,611	1,584	1,518	1,513
Total assets	104,658	105,297	100,923	101,342	105,747	99,171	89,714	90,817	86,821	88,083
Total liabilities	90,191	89,969	86,734	86,710	89,927	82,905	81,328	82,482	77,440	78,316
Shareholders' equity	12,644	13,418	12,450	14,185	15,318	15,510	7,631	7,480	8,444	8,750
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	−3.8%	7.0%	−0.1%	4.6%	3.7%	6.1%	10.9%	0.6%	—	—
Net margin	−3.3%	10.9%	1.5%	4.5%	2.1%	10.9%	12.2%	1.0%	4.1%	3.0%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	−1.1%	3.3%	−0.0%	1.7%	1.4%	3.2%	—	—	—	4.8%
Return on equity	−2.2%	6.3%	0.9%	2.6%	1.2%	5.5%	7.9%	1.0%	3.8%	2.6%
Return on assets	−0.3%	0.8%	0.1%	0.3%	0.2%	0.8%	1.0%	0.1%	0.3%	0.2%
Net debt to EBITDA	7.7x	1.5x	5.0x	0.0x	3.1x	0.4x	−0.2x	−2.1x	−0.6x	−0.7x

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