Financials MetLife, Inc.

Equities

MET

US59156R1086

Life & Health Insurance

Market Closed - Nyse Other stock markets 21:00:02 16/01/2026 GMT			5-day change	1st Jan Change
76.77 ^USD	-1.45%		-3.32%	-2.75%

01-16	BofA Securities Adjusts Price Target on MetLife to $97 From $98, Maintains Buy Rating	MT
01-15	Wolfe Research Adjusts MetLife Price Target to $91 From $90, Maintains Outperform Rating	MT

Projected Income Statement: MetLife, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	66,465	70,244	75,548	71,715	73,051	85,470	77,884	81,285
Change	-	5.69%	7.55%	-5.07%	1.86%	17%	-8.88%	4.37%
EBITDA	-	-	-	9,080	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	8,120	11,000	8,221	8,362	-	9,022	9,480	10,109
Change	-	35.47%	-25.26%	1.72%	-	-	5.08%	6.64%
Interest Paid ¹	-913	-920	-938	-1,045	-1,037	-1,069	-1,077	-1,074
Earnings before Tax (EBT) ¹	6,927	8,126	2,859	2,162	5,622	4,941	7,761	8,130
Change	-	17.31%	-64.82%	-24.38%	160.04%	-12.11%	57.07%	4.75%
Net income ¹	5,191	6,353	2,354	1,380	4,226	3,837	5,833	6,236
Change	-	22.38%	-62.95%	-41.38%	206.23%	-9.2%	52.01%	6.91%
Announcement Date	03/02/21	02/02/22	01/02/23	31/01/24	05/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	20,575	16,707	16,239	17,087	20,211	17,724	18,298	23,690	15,836	16,126	18,634	15,866	18,718	17,016	18,683	17,614	19,738	18,827	17,921	17,901	31,634	19,031	19,677	19,636	19,883	19,628	19,830	20,226
Change	-	-18.8%	-2.8%	5.22%	18.28%	-12.31%	3.24%	29.47%	-33.15%	1.83%	15.55%	-14.85%	17.98%	-9.09%	9.8%	-5.72%	12.06%	-4.62%	-4.81%	-0.11%	76.71%	-39.84%	3.39%	-0.21%	1.26%	-1.28%	1.03%	2%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,563	2,794	2,936	2,917	2,353	2,500	2,357	1,576	1,788	1,857	2,221	2,288	1,996	2,095	2,438	2,157	-	2,100	2,102	2,452	2,368	-	-	-	-	-	-	-
Change	-	9.01%	5.08%	-0.65%	-19.33%	6.25%	-5.72%	-33.14%	13.45%	3.86%	19.6%	3.02%	-12.76%	4.96%	16.37%	-11.53%	-	-	0.1%	16.65%	-3.43%	-	-	-	-	-	-	-
Charge d'intérêts ¹	-230	-228	-228	-240	-224	-225	-226	-239	-248	-255	-256	-265	-269	-264	-257	-257	-259	-258	-269	-271	-271	-274	-274	-274	-274	-274.5	-274.5	-274.5
Earnings before Tax (EBT) ¹	-	-	-	-	1,306	715	-2	419	1,727	257	430	534	941	1,045	1,202	1,994	1,381	1,354	980	1,210	1,752	-	-	-	-	-	-	-
Change	-	-	-	-	-	-45.25%	-100.28%	21,050%	312.17%	-85.12%	67.32%	24.19%	76.22%	11.05%	15.02%	65.89%	-30.74%	-1.96%	-27.62%	23.47%	44.83%	-	-	-	-	-	-	-
Net income ¹	124	290	-	1,521	1,176	606	103	331	1,314	14	370	422	574	800	912	1,275	1,239	879	698	818	1,440	1,397	1,517	1,508	1,523	1,450	1,613	1,620
Change	-	133.87%	-	-	-22.68%	-48.47%	-83%	221.36%	296.98%	-98.93%	2,542.86%	14.05%	36.02%	39.37%	14%	39.8%	-2.82%	-29.06%	-20.59%	17.19%	76.08%	-3.04%	8.6%	-0.58%	1.01%	-4.8%	11.24%	0.4%
Announcement Date	03/02/21	05/05/21	04/08/21	03/11/21	02/02/22	04/05/22	03/08/22	02/11/22	01/02/23	03/05/23	02/08/23	01/11/23	31/01/24	01/05/24	31/07/24	30/10/24	05/02/25	30/04/25	06/08/25	05/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: MetLife, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	19,438	7,144	-	-	-	-
Change	-	-	-	-63.25%	-	-	-	-
Announcement Date	03/02/21	02/02/22	01/02/23	31/01/24	05/02/25	-	-	-

Estimates

Cash Flow Forecast: MetLife, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Free Cash Flow (FCF) ¹	5,841	4,167	6,080	2,475	-8,070	2,876
Change	-	-28.66%	45.89%	-59.29%	-426.02%	135.65%
Announcement Date	21/02/20	19/02/21	18/02/22	23/02/23	16/02/24	21/02/25

¹USD in Million

Estimates

Forecast Financial Ratios: MetLife, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	12.66%	-	-	-	-
EBIT Margin (%)	-	12.22%	15.66%	10.88%	11.66%	-	10.56%	12.17%	12.44%
EBT Margin (%)	-	10.42%	11.57%	3.78%	3.01%	7.7%	5.78%	9.96%	10%
Net margin (%)	-	7.81%	9.04%	3.12%	1.92%	5.78%	4.49%	7.49%	7.67%
FCF margin (%)	-	-	17.93%	-	5.06%	6.3%	-	-	-
FCF / Net Income (%)	-	-	198.27%	-	263.19%	108.85%	-	-	-
Profitability
ROA	-	0.68%	0.82%	0.78%	0.82%	0.85%	0.7%	1%	1%
ROE	-	11.9%	16.6%	12.3%	13.6%	15.2%	14.8%	16%	15.97%
Financial Health
Leverage (Debt/EBITDA)	10.04x	10.79x	9.37x	19.41x	15.65x	7.12x	-	-	-
Debt / Free cash flow	14.13x	21.35x	14.65x	33.06x	-5.67x	15.5x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	12.75	14.49	16.32	-	-	-	-	-
Change	-	-	13.67%	12.67%	-	-	-	-	-
Dividend per Share ¹	-	1.82	1.9	1.98	2.06	2.155	2.242	2.368	2.464
Change	-	-	4.4%	4.21%	4.04%	4.61%	4.06%	5.57%	4.08%
Book Value Per Share ¹	-	78.67	77.12	29.81	35.85	34.28	40.88	45.71	51.41
Change	-	-	-1.97%	-61.35%	20.26%	-4.38%	19.26%	11.8%	12.49%
EPS ¹	-	5.68	7.31	2.91	1.81	5.94	5.784	9.096	10.13
Change	-	-	28.7%	-60.19%	-37.8%	228.18%	-2.63%	57.27%	11.33%
Nbr of stocks (in thousands)	-	899,949	841,160	784,606	740,190	692,420	658,892	658,892	658,892
Announcement Date	-	03/02/21	02/02/22	01/02/23	31/01/24	05/02/25	-	-	-