AEGON LTD.

AEFC
Country: BermudaPrice: $18.36Market Cap: $28.5B

Company Profile

Industry: Insurance
SIC Sector: Insurance Carriers
Size: Large Cap($28.5B)
Revenue: N/A
Net Income: $1.1B+60.3% YoY

Financial Snapshot

Operating Margin--
Return on Equity10.4%
Debt / Equity--
Current Ratio--
Buybacks (1y)$644.9M
Buybacks (2y)$1.6B
Shares Retired4.7% / 17.3% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC
$360.6B
PGRPROGRESSIVE CORP/OH/
$121.9B
ELVElevance Health, Inc.
$86.8B
CICigna Group
$74.7B

Shareholder Return

Fiscal 2025

Retired 4.7% of shares last year, 17.3% over two.

Buybacks
$644.9M
Dividends
$700.1M

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$28.5B$31.0Best.$36.3Best.$37.3Best.$40.3Best.
Revenue------$22.7B↓5%$23.9B
Operating Income-------$37.5B↓234%$28.0B
Net Income$1.1B↑60%$715.9M↑461%-$198.1M↑67%-$607.7M↓127%$2.2B
EPS (Diluted)--$0.39↑390%$-0.13↑58%$-0.32↓130%$1.06
Gross Margin—————
Operating Margin———-164.7%↓241%117.2%
ROE10.4%↑39%7.5%↑494%-1.9%↑64%-5.3%↓136%14.8%
Total Debt------$4.3B↓61%$10.9B
Shareholders' Equity$11.1B↑16%$9.6B↓8%$10.4B↓9%$11.5B↓24%$15.2B
Current Ratio—————
Debt / Equity———0.38↓48%0.72
Operating Cash Flow$509.8M↓36%$792.9M↓17%$956.3M↓66%$2.8B↑240%-$2.0B
Free Cash Flow$461.7M↓38%$739.9M↓16%$884.3M↓68%$2.8B↑231%-$2.1B
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDFAILPASSBUYHOLDPASSFAILPASSNot rankedFAILFAILFAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/A
Margin of Safety-226.7%-227.3%N/A-189.1%-381.9%-643.3%N/A-157.9%N/AN/A-119.4%N/A
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Valuation models

    AEFC overvalued: all 7 models price fair value below $18.36 (median $5.62)

    Marks fair value$5.62
    ✗Marks-226.7% margin vs $18.36
    Akre fair value$5.61
    ✗Akre-227.3% margin vs $18.36
    Spier fair value$6.35
    ✗Spier-189.1% margin vs $18.36
    Pabrai fair value$3.81
    ✗Pabrai-381.9% margin vs $18.36
    Show 3 more metrics ▾
    Munger fair value$2.47
    ✗Munger-643.3% margin vs $18.36
    Piotroski fair value$7.12
    ✗Piotroski-157.9% margin vs $18.36
    Buffett fair value$8.37
    ✗Buffett-119.4% margin vs $18.36

Where They Disagree

  • Profitability

    No clean pass — all 11 investors flag at least one profitability criterion

    Discount to Intrinsic Value-901.8% (IV=$1.89 vs Price=$18.95)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency7/11 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity5.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    EPS Growth Acceleration
    ✗DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/B=2.7x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity10.4%
    ✗Ackman>= 15%
    Net Income / Total Assets0.31%
    ✓PiotroskiROA > 0
    ROA Change YoY0.21% -> 0.31% (delta: +0.10%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=0.14%, ROA=0.31%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE10.4%
    ✗Lynch> 15%
    Net Income Positive (10+ years)7/12 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)5.1%
    ✗Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)-164.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$1.1B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness-19.96x
    ✗Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)6/12 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Debt & Leverage

    1 of 8 pass — Marks, Akre, Munger +4 more object

    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    1 of 9 pass — Marks, Spier, Pabrai +5 more object

    P/B or P/E vs. Historical AverageP/B=2.7x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-901.8% (IV=$1.89 vs Price=$18.95)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/B=2.7x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldFCF Yield=1.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessOE Yield=3.7%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share63.7x
    ✗Ackman<= 25
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS150.3x
    ✗Graham<= 15x
    Price-to-Book Ratio2.7x
    ✗Graham<= 1.5x
    P/E x P/B400.10
    ✗Graham<= 22.5
  • Cash Flow

    2 of 6 pass — Pabrai, Ackman, Piotroski +1 more object

    FCF Positive9/11 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldFCF Yield=1.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap1.6%
    ✗Ackman>= 4%
    Price / FCF per Share63.7x
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$509.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=0.14%, ROA=0.31%
    ✗PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$461.7M
    ✗LynchPositive and growing
    Free Cash Flow Proxy$1.1B
    ✓BuffettPositive and growing
  • Growth

    1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object

    Positive Net Income Frequency7/11 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth Acceleration
    ✗DruckenmillerAccelerating EPS growth
    Revenue Growth Rate
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency3/4 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Efficiency

    No clean pass — all 6 investors flag at least one efficiency criterion

    ROIC (high and growing)3/5 years ROIC > 15% (latest: -187.4%)
    ✓AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital
    ✗Munger> 15%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    ROIC (3-5 yr avg)0.6%
    ✗Buffett> 10%
    ROIC - WACC-9.4%
    ✗BuffettPositive (WACC = 10%)
    Current Ratio
    ✗Graham>= 2.0
  • Verdicts

    Split decision: 5 FAIL · 3 PASS · 2 HOLD · 1 BUY

    Overall verdict
    •MarksHOLD (5/8)✗AkreFAIL (2/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)✓MungerPASS (4/7)✗AckmanFAIL (2/9)✓PiotroskiPASS (F-Score 5)•GreenblattNot ranked✗LynchFAIL (1/7)✗BuffettFAIL (1/9)✗GrahamFAIL (0/9)

Historical Score Timeline

Industry Peers

Similar companies in Insurance

AEFC vs Peers — Financial Grading

RevenueN/A
Net Income$1.1BBottom 25%
ROE10.4%Bottom 25%
D/E—
Op. Margin—
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
UNITEDHEALTH GROUP INCUNH$360.6B$401.73$447.6B$12.1B12.0%0.784.2%0.793/96/91/70/3F-Score 7
PROGRESSIVE CORP/OH/PGR$121.9B$209.60$87.7B$11.3B37.3%0.00——3/93/96/70/3F-Score 6
Elevance Health, Inc.ELV$86.8B$400.32$199.1B$5.7B12.9%0.753.6%1.545/95/92/71/3F-Score 6
Cigna GroupCI$74.7B$282.56$274.9B$6.0B14.3%0.013.3%0.851/94/93/71/3F-Score 8
PRINCIPAL FINANCIAL GROUP INCPFG$24.4B$113.98$15.6B$1.2B10.0%0.33——2/93/93/70/3F-Score 5
MARKEL GROUP INC.MKL$22.9B$1847.24$15.5B$2.1B11.3%0.2320.6%—4/96/95/71/3F-Score 5
Fidelity National Financial, Inc.FNF$13.3B$49.47$14.4B$602.0M8.1%0.59——2/92/92/70/3F-Score 5
Enact Holdings, Inc.ACT$6.9B$49.94$1.2B$674.2M12.6%0.14——5/91/94/70/3F-Score 5