# Globe Life Inc. (GL)

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

**Price:** USD 168.41 (-0.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 169.62 · day 161.52–168.56 · 52w 127.85–191.55 · market cap $12.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.19B, net income $1.21B (19.6% margin), free cash flow $1.23B (SEC filings).
- Valuation: P/E 10.7x (avg 10.4x at the last 3 fiscal year-ends), net debt $2.49B.
- 2 of 80 tracked superinvestors hold GL (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 23 Form 4 filings, $60.8M; 23 not under a Rule 10b5-1 plan ($60.8M); 15 by opportunistic insiders (15 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 192.09 (range 166–215).
- Total return with dividends: 1Y +25.1% vs S&P 500 +14.9%; 5Y +88.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 3.76, revenue estimate $1.64B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.11B | $5.23B | $5.45B | $5.78B | $5.99B | $6.19B |
| Gross profit | $1.22B | $1.18B | $1.26B | — | — | — |
| Operating income | $1.23B | $1.19B | $1.27B | — | — | — |
| Net income | $1.03B | $894M | $971M | $1.07B | $1.16B | $1.21B |
| EPS (diluted) | $9.99 | $9.04 | $10.07 | $11.94 | $14.07 | — |
| Free cash flow | $1.40B | $1.39B | $1.43B | $1.33B | $1.25B | $1.23B |
| Gross margin | 23.8% | 22.6% | 23.1% | — | — | — |
| Operating margin | 24.0% | 22.7% | 23.2% | — | — | — |
| Net margin | 20.2% | 17.1% | 17.8% | 18.5% | 19.4% | 19.6% |
| Revenue growth | +7.9% | +2.2% | +4.2% | +6.1% | +3.7% | — |
| Cash + short-term investments | $161M | $207M | $185M | $250M | $459M | — |
| Total debt | $1.70B | $1.79B | $1.63B | $2.74B | $2.63B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.7x · P/S 2.1x · EV/Sales 2.5x · P/FCF 10.5x · P/B 2.1x · FCF yield 9.52% · Earnings yield 9.37% · Dividend yield (paid, TTM) 0.70% · Buyback yield (TTM) 6.81% · Net debt $2.49B · EV $15.4B
P/E at fiscal year-ends: Dec 2025 9.9x, Dec 2024 9.3x, Dec 2023 12.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold GL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.71% | $242M | Added +32.1% |
| Tweedy Browne |  | 0.30% | $4.0M | Reduced -19.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 23 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-22 | Hensley Robert Edward | EVP & Chief Investment Officer | 10,000 | $1.7M | 44.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-07 | Mitchell Robert Brian | EVP, General Counsel and CRO | 23,000 | $4.2M | 25.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-31 | Darden James Matthew | Co-Chairman & CEO | 50,000 | $9.1M | 44.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-30 | Kalmbach Thomas Peter | EVP & CFO | 21,000 | $3.8M | 28.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-29 | Majors Michael Clay | EVP - Chief Strategy Officer | 37,000 | $6.6M | 40.9% | No | Too little history (no open-market trades in 2024) |
| 2026-07-28 | Kalmbach Thomas Peter | EVP & CFO | 25,650 | $4.6M | 33.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-30 | Skarjune Dolores L | EVP and Chief Admin. Officer | 1,850 | $331K | 10% | No | Too little history (no open-market trades in 2024) |
| 2026-06-25 | Alston Cheryl | Director | 8,258 | $1.5M | 33.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-18 | Zorn Rebecca E | EVP & Chief Talent Officer | 2,000 | $340K | 10.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Skarjune Dolores L | EVP and Chief Admin. Officer | 4,175 | $694K | 20.1% | No | Too little history (no open-market trades in 2024) |
| 2026-06-11…2026-06-12 | Svoboda Frank M | Co-Chairman & CEO | 20,000 | $3.3M | 9.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Mitchell Robert Brian | EVP, General Counsel and CRO | 600 | $93K | 0.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Kalmbach Thomas Peter | EVP & CFO | 7,936 | $1.2M | 13.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Svoboda Frank M | Co-Chairman & CEO | 20,000 | $3.1M | 9.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19 | Kalmbach Thomas Peter | EVP & CFO | 11,903 | $1.9M | 19.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08…2026-05-11 | Kalmbach Thomas Peter | EVP & CFO | 27,427 | $4.2M | 37.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Henrie Michael Shane | SVP & Chief Accounting Officer | 2,150 | $334K | 37.3% | No | Too little history (no open-market trades in 2024) |
| 2026-05-04…2026-05-05 | Svoboda Frank M | Co-Chairman & CEO | 15,000 | $2.3M | 7.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Darden James Matthew | Co-Chairman & CEO | 22,019 | $3.4M | 26% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Svoboda Frank M | Co-Chairman & CEO | 10,000 | $1.5M | 5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 192.09 (low 166, high 215).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Piper Sandler | Downgrade | Overweight → Neutral | $200 → $165 |
| 2026-10-15 | JP Morgan | Target raised | Overweight | $193 → $195 |
| 2026-10-12 | Wells Fargo | Target raised | Overweight | $190 → $191 |
| 2026-10-05 | Morgan Stanley | Target lowered | Overweight | $208 → $197 |
| 2026-07-24 | Keefe, Bruyette & Woods | Target lowered | Outperform | $192 → $190 |
| 2026-07-22 | TD Cowen | Target raised | Buy | $215 → $225 |
| 2026-07-21 | JP Morgan | Target raised | Overweight | $181 → $201 |
| 2026-07-15 | Piper Sandler | Target raised | Overweight | $175 → $200 |
| 2026-07-13 | Evercore ISI Group | Target raised | In-Line | $157 → $176 |
| 2026-07-13 | Keefe, Bruyette & Woods | Target raised | Outperform | $180 → $192 |
| 2026-07-10 | Jefferies | Target raised | Hold | $147 → $166 |
| 2026-07-09 | Wells Fargo | Target raised | Overweight | $172 → $193 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.1% | +88.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +25.2% | +13.5% |
| Volatility (annualized) | 19.6% | 35.4% |
| Max drawdown | -12.0% (Aug 2026→Oct 2026) | -53.3% (Feb 2024→Apr 2024) |

## Peers (Insurance - Life)
UNM (Unum Group) USD 93.75 +0.04% · JXN (Jackson Financial Inc.) USD 133.32 +2.42% · PRI (Primerica, Inc.) USD 285.72 +0.38% · LNC (Lincoln National Corporation) USD 41.11 +1.78% · PUK (Prudential Public Limited Compa) USD 24.01 -1.60% · CNO (CNO Financial Group, Inc.) USD 55.5 +0.16%

## More
Full page: https://nexqual.com/GL · 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

## Company outlook (8-K filed 2026-10-21)

- "The Company expects to spend $725 million to $775 million to repurchase common stock for the full year 2026, compared to the previous guidance of $670 million to $700 million."
- "(2) Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $29.1 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $8.8 million before tax for the same period in 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $3.76 | $3.80 | -0.9% | $1.64B | 10 |
| Next quarter (ends 2027-03-31) | $3.85 | $3.89 | -1.1% | $1.69B | 10 |
| Current fiscal year (ends 2026-12-31) | $15.67 | $15.68 | -0.1% | $6.41B | 10 |
| Next fiscal year (ends 2027-12-31) | $16.47 | $16.57 | -0.6% | $6.80B | 10 |

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

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.4% | ±5.3% |
| 2026-12-18 | 56 | 21.1% | ±6.7% |
| 2027-01-15 | 84 | 20.7% | ±8.0% |
| 2027-02-19 | 119 | 22.6% | ±10.4% |
| 2027-05-21 | 210 | 23.9% | ±14.6% |