Jackson Financial
Jackson Financial's revenue rose 104.3% to $6.7 billion in fiscal 2025. Its net margin was 0.4%, down from 28.9% a year earlier. It paid out $892 million in dividends and buybacks. The diluted share count fell 7.3%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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 Jackson Financial does
Jackson Financial is a life insurance and retirement company. It sells annuities to retail investors in the U.S. An annuity is a contract in which a customer pays an insurer money and later receives income or a return. Its main product is the variable annuity, which lets customers choose among many investment options. It also sells registered index-linked, fixed index, fixed and payout annuities.
It sells through independent broker-dealers, wirehouses, regional broker-dealers, banks, independent investment advisors, third-party platforms and insurance agents. Its retail annuity sales were $19.7 billion in 2025. According to an industry trade group, LIMRA, it ranked seventh among U.S. retail annuity companies by sales for the first nine months of 2025.
Jackson earns fees that grow with the value of assets in customers' accounts, which are mostly invested in stocks. It administers approximately 82% of its in-force policies on its own platform, and uses hedging and reinsurance to manage its risks. It also manages investments for others.
Its biggest risks, as it describes them
- Falling stock markets reduce the fees it earns, which depend on customers' account values.
- Its hedging and reinsurance leave it exposed to the failure of the other side to pay.
- A downgrade of its financial strength ratings could cost it business.
- As a holding company, it depends on dividends from its insurance subsidiaries to meet its obligations.
- A large share of its funding comes from the Federal Home Loan Bank of Indianapolis.
Income statement
From fiscal 2021 to 2024, earnings per share fell 31.3% a year and net income 34.8% a year, while buybacks cut the share count by 19%.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 2,623 | 4,298 | 2,688 | 3,767 | 5,704 |
| Debt incl. finance leases | 2,649 | 2,946 | 3,007 | 2,034 | 2,030 |
| Net debt (negative means net cash) | 26 | −1,352 | 319 | −1,733 | −3,674 |
| Net debt to EBITDA | 0.0x | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | 110.4x | 79.9x | 9.8x | 11.1x | −0.1x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Cash flow
Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Jackson Financial's filings doesn't give both for any year, so free cash flow is left out.
Projections
Project Jackson 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.
Insider trades
Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Jackson Financial shares on the open market, and 3 insiders sold $2.7 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Christopher RaubEVP JFI; CEO PPM America | Sold | 5,000 | $130.69 | $653,450 | Form 4 |
| Aug 5, 2026 | Carrie ChelkoEVP and General Counsel | Sold | 7,500 | $134.24 | $1.0 million | Form 4 |
| Mar 11, 2026 | Derek G KirklandDirector | Sold | 10,000 | $108.32 | $1.1 million | Form 4 |
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 | −1.4% | −1.4% | −1.7% |
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 | Fail | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Fail | Pass | Pass |
| Current ratio rose | — | — | — |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Fail | Pass | Pass |
| F-score | — | — | — |
Compare
Put Jackson 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 |
|---|---|---|---|---|---|---|---|---|
| Jackson Financial | FY25 | 104.3% | — | — | — | — | — | |
| Brighthouse Financial | FY25 | 43.2% | — | — | — | — | — | Compare |
| Globe Life | FY25 | 3.7% | — | 20.9% | 16.0% | 1.4x | — | Compare |
| F&G Annuities & Life | FY25 | −0.2% | — | — | — | −0.2x | — | Compare |
| CNO Financial Group | FY25 | 0.8% | 12.3% | — | — | — | — | Compare |
7 years of figures
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 3,478 | 3,546 | 6,360 | 9,848 | 3,083 | 3,271 | 6,683 |
| Revenue growth | — | 2.0% | 79.4% | 54.8% | −68.7% | 6.1% | 104.3% |
| Gross profit | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — |
| Net income | −497 | −1,634 | 3,417 | 6,186 | 934 | 946 | 27 |
| Diluted EPS (US$) | −13.16 | −24.14 | 36.17 | 69.75 | 10.76 | 11.74 | −0.24 |
| Diluted shares (millions) | 38 | 68 | 94 | 89 | 84 | 77 | 71 |
| Cash flow | |||||||
| Cash from operations | 4,368 | 3,712 | 5,682 | 5,206 | 5,310 | 5,793 | 5,758 |
| Capital expenditure | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — |
| Dividends paid | 0 | 0 | 50 | 186 | 201 | 211 | 223 |
| Share buybacks | 0 | 0 | 211 | 321 | 306 | 442 | 669 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 79 | 56 | 129 | 131 | 107 | 191 | 132 |
| Balance sheet at fiscal year end | |||||||
| Cash and short-term investments | 1,935 | 2,019 | 2,623 | 4,298 | 2,688 | 3,767 | 5,704 |
| Debt incl. finance leases | — | 322 | 2,649 | 2,946 | 3,007 | 2,034 | 2,030 |
| Total assets | — | 353,456 | 375,559 | 314,983 | 330,255 | 338,450 | 352,586 |
| Total liabilities | — | 343,533 | 364,485 | 305,605 | 319,921 | 328,468 | 342,244 |
| Shareholders' equity | 7,322 | 9,429 | 10,394 | 8,646 | 10,170 | 9,764 | 9,953 |
| Margins and ratios | |||||||
| Gross margin | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — |
| Net margin | −14.3% | −46.1% | 53.7% | 62.8% | 30.3% | 28.9% | 0.4% |
| Free cash flow margin | — | — | — | — | — | — | — |
| Rule of 40 (growth + FCF margin) | — | — | — | — | — | — | — |
| Return on capital | — | — | — | — | — | — | — |
| Return on equity | — | — | — | — | — | — | — |
| Return on assets | — | — | 0.9% | 1.8% | 0.3% | 0.3% | 0.0% |
| Net debt to EBITDA | — | — | 0.0x | — | — | — | — |