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Research · S&P 500 · Financials
MET · MetLife
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
32/50
moderate value score10 of 12 checks scored10 of the 12 checks that carry a score were scored from the data available. 2 could not be scored (ROIC, Margin of Safety) and were left out, so the score is out of 50 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
3/5Diluted EPS: $2.91 (2022), $1.81 (2023), $6.13 (2024), $4.84 (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.
ROE Trend
3/5ROE (net income / common equity): 17.1% (2022), 4.6% (2023), 15.4% (2024), 11.2% (2025). Median 13.3%, lowest 4.6%; the framework scores a median 10-15% as 3.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
2/5Net margin of 4.6%; the framework scores 0-5% as 2; gross margin 24.0%, operating margin 5.5%.
Balance sheet & cash
Debt-to-Equity
2/5Debt-to-equity of 1.80; the framework scores 1.5-2.5 as 2 (total debt $50.31B, total cash $27.32B).
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $13.04B (2022), $13.72B (2023), $14.60B (2024), $17.09B (2025). It rose every year; the framework scores that as 5.
Retained Earnings
4/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $40.33B (2022), $40.15B (2023), $42.63B (2024), $44.29B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.22 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $247.54 (EPS CAGR 63.6% capped at 20%). Current price $100.76; price is 59.3% below the model value.
DCF Value
1/5Free cash flow per share is -$32.97; a two-stage DCF cannot be computed from negative free cash flow.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $247.54 (price is 59.3% below the model value); DCF value N/A (not comparable).
Price-to-Book
3/5P/B of 2.34; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 19, 2026
As used in this Form 10-K, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. We hold leading market positions in the United States (“U.S.”), Asia, Latin America, Europe and the Middle East. We are also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures (“REJVs”), other limited partnerships and equity securities.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $20.50B paid out against $58.45B of free cash flow (pass); total debt $17.98B to $20.18B, up 12.3% (fail: up more than 10%); shares outstanding 0.78B to 0.66B, down 15.9% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $5.22, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 63.6%)
IV = $247.54
Current price $100.76 vs Graham value $247.54 — price is 59.3% below the model value.
DCF:
FCF/share -$32.974 — a two-stage DCF cannot be computed from negative free cash flow.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $100.76. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.