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Jackson Financial Inc.

JXN Financial Insurance Life

Jackson Financial Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.7 billion, up 104.3% from fiscal 2024.

Revenue
+8.90%
EPS
+1,269.7%
Free cash flow
+3.43%
Total debt
+12.6%

Quarter to September 2026, against a year earlier

133.14 0.41 +0.31%
Market cap
$8.8B
P/E
10.6×
Fwd P/E
11.7×
Dividend yield
2.64%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Jackson Financial Inc. (JXN) valuation and DCF model

What the price implies · reverse DCF

At $133.14 the price implies 14.5% a year of dividend growth, at a 9.0% cost of equity.

Return on equity averaged 10.7% over ten years; the price implies 9.1% for good.

In December 2022 the price assumed 2.4% a year; Jackson Financial Inc. went on to grow the dividend a share 3.5% a year to FY2025.

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
14.5% a year for ten years
$133.14
today’s price
Its base case
5.0% a year for five years, then 3.0%
$60.99
54.2% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Jackson Financial Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 14.5% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Jackson Financial Inc.’s own cost of capital: risk-free 4.3% + beta 1.38 × equity premium 4.5% = 10.5% cost of equity; after-tax cost of debt 2.2%; weighted, 7.5%.

Use 7.5%
Base case value per share $60.99 ten years discounted, and what follows
Current price $133.14 market price per share
Below today’s price 54.2% downside at the base case’s assumptions

How we got there$27.30 10 years of dividends+$33.69 terminal value=$60.99 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Life).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 10.57× 4.91× 3.59× 195% above 11.34× 7% below
P/FCF 1.53× 1.07× 0.89× 72% above 7.43× 79% below
P/B 1.07× 0.66× 0.49× 117% above 1.08× 1% below
EV/EBITDA — 7.89× 7.89× — 3.38× —
EV/Sales — 1.55× 1.07× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
0.32×0.55×0.78×1.01×10Y avg 0.49×201820192020202120222023202420252026

JXN trades at 1.07× P/B, against a 10-year average of 0.49× (range 0.27×–1.07×). That is dearer than 100% of the last 8 year-end readings; re-rating to the average implies $61.48 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.