# Brighthouse Financial, Inc. (BHF)

> Source: Nexqual · https://nexqual.com/BHF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Brighthouse Financial, Inc. (BHF), nexqual.com/BHF" · informational, not investment advice.

**Price:** USD 46.35 (-1.30% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 46.96 · day 45.62–46.96 · 52w 45.62–66.8 · market cap $2.67B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.65B, net income $831M (12.5% margin) (SEC filings).
- Valuation: P/E 3.2x (avg 8.1x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold BHF (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (7 analysts), mean target USD 61.67 (range 55–70).
- Total return with dividends: 1Y -1.4% vs S&P 500 +14.9%; 5Y -11.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 4.94, revenue estimate $2.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.98B | $6.87B | $4.12B | $4.72B | $6.77B | $6.65B |
| Net income | $1.64B | $3.88B | -$1.11B | $388M | $433M | $831M |
| EPS (diluted) | $18.39 | $51.30 | -$18.39 | $4.64 | $5.71 | — |
| Net margin | 33.0% | 56.4% | -27.0% | 8.2% | 6.4% | 12.5% |
| Revenue growth | -41.5% | +38.1% | -40.1% | +14.7% | +43.2% | — |
| Cash + short-term investments | $6.32B | $5.20B | $5.02B | $6.91B | $6.58B | — |
| Total debt | $3.16B | $3.16B | $3.16B | $3.15B | $3.15B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3.2x · P/S 0.4x · P/B 0.4x · Earnings yield 31.17% · Buyback yield (TTM) 0.00%
P/E at fiscal year-ends: Dec 2025 8.7x, Dec 2024 7.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BHF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 4.60% | $180M | Unchanged |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 7 analysts; mean target USD 61.67 (low 55, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | JP Morgan | Upgrade | Underweight → Neutral | $63 → $55 |
| 2026-10-15 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $57 → $55 |
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $67 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -1.4% | -11.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -1.4% | -2.4% |
| Volatility (annualized) | 37.2% | 38.1% |
| Max drawdown | -30.4% (Jul 2026→Oct 2026) | -32.6% (Feb 2023→May 2023) |

## Peers (Insurance - Life)
FG (F&G Annuities & Life, Inc.) USD 21.45 +5.30% · GNW (Genworth Financial Inc) USD 8.94 +1.02% · CNO (CNO Financial Group, Inc.) USD 55.5 +0.16% · LNC (Lincoln National Corporation) USD 41.11 +1.78% · ABX (Abacus Global Management, Inc.) USD 8.51 +0.12% · PRI (Primerica, Inc.) USD 285.72 +0.38%

## More
Full page: https://nexqual.com/BHF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BHF's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1685040/000168504026000011/bhf-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | METLIFE INC (MET) | "Under the tax separation agreement with MetLife, Inc. (the "Tax Separation Agreement"), MetLife is generally obligated to indemnify us against such taxes if the failure to qualify for tax-free treatment results from, amo…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Annuities | $852.0M | 52.5% | +321.8% | $349.0M | 41.0% |
| Run-off | $358.0M | 22.1% | +71.3% | -$56.0M | -15.6% |
| Life | $265.0M | 16.3% | -1.5% | -$4.0M | -1.5% |
| Corporate Segment and Other Operating | $147.0M | 9.1% | -23.0% | -$31.0M | -21.1% |
| Total revenue | $1.62B | 100% | — | $258.0M | 15.9% |

## Company outlook (8-K filed 2026-08-05)

- "The merger is expected to close in 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.94 | $5.22 | -5.5% | $2.21B | 4 |
| Next quarter (ends 2026-12-31) | $4.77 | $5.15 | -7.2% | $2.20B | 4 |
| Current fiscal year (ends 2026-12-31) | $19.06 | $19.60 | -2.8% | $8.64B | 5 |
| Next fiscal year (ends 2027-12-31) | $20.08 | $19.77 | +1.5% | $8.80B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±13.4%; last 8 reports averaged ±5.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 58.1% | ±13.4% |
| 2026-12-18 | 56 | 64.4% | ±20.6% |
| 2027-01-15 | 84 | 58.5% | ±22.8% |
| 2027-02-19 | 119 | 54.0% | ±24.7% |
| 2027-03-19 | 147 | 50.7% | ±25.9% |
| 2027-04-16 | 175 | 46.5% | ±25.8% |
| 2027-05-21 | 210 | 42.9% | ±26.1% |
| 2027-06-17 | 237 | 41.0% | ±26.3% |