# MetLife, Inc. (MET)

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

**Price:** USD 103.57 (+1.36% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 102.18 · day 101.21–103.65 · 52w 67.33–103.65 · market cap $65.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $79.4B, net income $3.63B (4.6% margin) (SEC filings).
- Valuation: P/E 18.2x (avg 20.3x at the last 3 fiscal year-ends), EV/EBITDA 7.9x, net cash $13.1B.
- 2 of 80 tracked superinvestors hold MET (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.11 on a 1–5 scale) (18 analysts), mean target USD 107.63 (range 84–119).
- Total return with dividends: 1Y +36.3% vs S&P 500 +14.9%; 5Y +82.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.77, revenue estimate $20.0B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $68.7B | $68.8B | $66.9B | $71.0B | $77.1B | $79.4B |
| Operating income | — | $5.98B | $5.72B | $6.00B | $6.14B | $6.56B |
| Net income | $6.86B | $5.28B | $1.58B | $4.43B | $3.38B | $3.63B |
| EPS (diluted) | $7.65 | $6.30 | $1.81 | $5.94 | $4.71 | — |
| Operating margin | — | 8.7% | 8.6% | 8.4% | 8.0% | 8.3% |
| Net margin | 10.0% | 7.7% | 2.4% | 6.2% | 4.4% | 4.6% |
| Revenue growth | +1.3% | +0.1% | -2.7% | +6.1% | +8.6% | — |
| Cash + short-term investments | $27.2B | $25.1B | $26.7B | $25.2B | $25.6B | — |
| Total debt | $13.9B | $14.6B | $15.5B | $15.1B | $14.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.2x · P/S 0.8x · EV/EBITDA 7.9x · EV/Sales 0.7x · P/B 2.4x · Earnings yield 5.51% · Dividend yield (paid, TTM) 2.29% · Buyback yield (TTM) 3.71% · Net cash $13.1B · EV $52.7B
P/E at fiscal year-ends: Dec 2025 15.7x, Dec 2024 13.2x, Dec 2023 31.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MET. 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 | 2.76% | $942M | Reduced -1.5% |
| Dodge & Cox Funds | Dodge & Cox | 2.15% | $4.10B | Reduced -5.3% |

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 18 analysts; mean target USD 107.63 (low 84, high 119).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Buy | $110 → $114 |
| 2026-10-15 | JP Morgan | Target raised | Overweight | $108 → $110 |
| 2026-10-12 | Wells Fargo | Target raised | Overweight | $109 → $110 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $112 → $109 |
| 2026-10-07 | Barclays | Target raised | Overweight | $97 → $111 |
| 2026-10-06 | UBS | Target raised | Buy | $105 → $110 |
| 2026-10-05 | TD Cowen | Target raised | Buy | $105 → $110 |
| 2026-09-22 | Piper Sandler | Upgrade | Neutral → Overweight | $99 → $110 |
| 2026-08-24 | Morgan Stanley | Target raised | Overweight | $103 → $111 |
| 2026-08-19 | Wells Fargo | Target raised | Overweight | $101 → $109 |
| 2026-08-11 | JP Morgan | Target raised | Overweight | $106 → $108 |
| 2026-08-11 | Keefe, Bruyette & Woods | Target raised | Outperform | $105 → $108 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.3% | +82.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.4% | +12.8% |
| Volatility (annualized) | 23.3% | 25.5% |
| Max drawdown | -17.5% (Dec 2025→Mar 2026) | -33.6% (Nov 2022→May 2023) |

## Peers (Insurance - Life)
AFL (AFLAC Incorporated) USD 123.27 +2.60% · MFC (Manulife Financial Corporation) USD 45.62 +0.80% · PRU (Prudential Financial, Inc.) USD 118.17 +2.92% · PUK (Prudential Public Limited Compa) USD 24.01 -1.60% · UNM (Unum Group) USD 93.75 +0.04% · GL (Globe Life Inc.) USD 168.41 -0.71%

## More
Full page: https://nexqual.com/MET · 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)


Other companies that name MET in their own reports (relationship from MET's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Brighthouse Financial, Inc. (BHF) | 10-K 2026-02-24 | "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 treatme…" |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Group Benefits | $6.87B | 35.9% | +1.1% | $503.0M | 7.3% |
| RIS | $3.99B | 20.8% | +12.4% | $377.0M | 9.5% |
| Asia | $3.07B | 16.0% | +5.9% | $420.0M | 13.7% |
| Latin America | $2.49B | 13.0% | +19.6% | $268.0M | 10.8% |
| EMEA | $873.0M | 4.6% | +11.9% | $108.0M | 12.4% |
| MIM | $319.0M | 1.7% | +33.5% | $57.0M | 17.9% |
| Corporate costs (not allocated) | — | — | — | -$129.0M | — |
| Total revenue | $19.15B | 100% | — | $1.60B | 8.4% |
The lines above cover 91.9% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Feebasedinvestmentmanagementservices | $186.0M | 1.0% | +95.8% |
| Prepaidlegalplansandadministrativeonlycontracts | $176.0M | 0.9% | +11.4% |
| Vision Fee For Service Arrangements | $144.0M | 0.8% | +8.3% |
| Intersegment Non Elimination | $133.0M | 0.7% | +2.3% |
| Otherrevenuefromservicecontractsfromcustomers | $101.0M | 0.5% | -9.0% |
| Administrative Service | $82.0M | 0.4% | +12.3% |
| Distribution Service | $35.0M | 0.2% | +2.9% |
| Total revenue | $19.15B | 100% | — |
The lines above cover 4.5% of total revenue.

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

- "Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance."
- "(6) Assumes a 21% tax rate."
- "(7) The total U.S. statutory adjusted capital, on a National Association of Insurance Commissioners basis, is expected to be approximately $16.4 billion at June 30, 2026, up 1% from $16.2 billion at March 31, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.77 | $2.53 | +9.5% | $19.97B | 16 |
| Next quarter (ends 2026-12-31) | $2.62 | $2.57 | +1.8% | $20.46B | 13 |
| Current fiscal year (ends 2026-12-31) | $10.22 | $9.85 | +3.7% | $79.68B | 17 |
| Next fiscal year (ends 2027-12-31) | $11.16 | $10.99 | +1.6% | $82.96B | 17 |