Jackson Financial Inc. is a US-listed company in the life & health insurance industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$330
Valuation models combined (5)
Base case. Range ~$220–$390. Weighted average of 5 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), forward price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.
Undervalued
The price is below our entire value range; our base value is 140% above it.
Price used: $137.64, November 2, 2026
Jackson Financial Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $6.47bn, up 15.1% on a year earlier, against a decline of 20.5% a quarter earlier. That growth ranks 2 of 14 among the life & health insurance companies we cover. The diluted share count is down 5.8% on a year earlier, which lifts each remaining share.
Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Jackson Financial Inc.'s trailing-twelve-month revenue grew 15.1% year on year, with a free-cash-flow margin of 90.9%. Where it stands out: change in growth rate of +35.6pp ranks 1 of 18 life & health insurance companies we cover. Where it lags: net margin of 1.6% ranks 17 of 18 life & health insurance companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 4.0% while net income grew 232.3%: a 228pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Jackson Financial Inc. as an insurer, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$390 ~$270–$560 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$340 ~$290–$400 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$300 ~$210–$390 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.6 ~$94–$280 | Left out: out of range vs price (0.00x) |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$220 ~$190–$330 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$350 ~$290–$430 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$330 ~$220–$390 | 5 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Jackson Financial Inc. with life and health insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 3, 2026, after the close. Analysts expect revenue of $2.1bn and EPS of $7.24 (range $6.70 to $7.67) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $27.09 | +20% | $8.0bn | +20% |
| Next | $31.63 | +17% | $8.6bn | +7% |
Next year's EPS estimate has moved +12.9% in 90 days, across 4 analysts.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $5.76 | $7.30 | +26.8% |
| Mar 2026 | $5.96 | $5.15 | −13.6% |
| Dec 2025 | $5.86 | $6.61 | +12.8% |
| Sept 2025 | $5.45 | $6.16 | +13.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +40.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $5.6bn | $6.5bn | +15.1% |
| Net margin | 0.6% | 1.6% | +188.7% |
| P/E multiple | n/m | 93.3x | −60.1% |
| Share count | 74m | 70m | +6.2% |
Biggest factor: net margin.
Last 3 years +276.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2.2bn | $6.5bn | +194.7% |
| Net margin | 40.5% | 1.6% | −96.1% |
| P/E multiple | 3.5x | 93.3x | +2547.4% |
| Share count | 86m | 70m | +22.8% |
Biggest factor: p/e multiple.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| JXN | −12% | +57% | +77% | +27% | +32% |
| Industry peers (median) | −3% | +19% | +26% | +9% | +11% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| JXN | 42% | 67% | 75% | 50% | 64% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| JXN | −48% | −42% | −25% | −27% | −16% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since September 1, 2021: 48% from March 25, 2022 to July 14, 2022. Getting back needed a 94% gain, reached on February 1, 2023, 202 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 3, 2026 | +9.3% | +3.3% | +6.6% | +8.6% |
| May 5, 2026 | +1.3% | +2.2% | −3.8% | −6.6% |
| February 18, 2026 | −1.8% | +0.2% | −2.5% | −10.7% |
| November 4, 2025 | −6.0% | −0.8% | −6.1% | −0.7% |
| August 5, 2025 | +9.5% | +0.3% | +11.4% | +16.0% |
| May 7, 2025 | +3.7% | +1.1% | +5.4% | +2.1% |
| February 19, 2025 | −12.8% | −0.2% | −11.0% | −13.0% |
| November 6, 2024 | +10.5% | +3.3% | +7.8% | −1.9% |
| August 7, 2024 | +10.9% | +1.6% | +14.7% | +10.9% |
| May 8, 2024 | +7.9% | +0.6% | +4.1% | +1.3% |
| February 21, 2024 | +1.5% | +2.2% | +7.4% | +30.2% |
| November 8, 2023 | +9.9% | −0.7% | +15.2% | +23.4% |
How Jackson Financial Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: fundamentals grade C (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.8B |
| FY23 Q4 | $3.1B |
| FY24 Q1 | $3.5B |
| FY24 Q2 | $4.4B |
| FY24 Q3 | $3.9B |
| FY24 Q4 | $3.3B |
| FY25 Q1 | $7.3B |
| FY25 Q2 | $5.6B |
| FY25 Q3 | $4.9B |
| FY25 Q4 | $6.7B |
| FY26 Q1 | $5.8B |
| FY26 Q2 | $6.5B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -86.6% |
| FY23 Q4 | -73.2% |
| FY24 Q1 | -58.6% |
| FY24 Q2 | 99.9% |
| FY24 Q3 | 115.8% |
| FY24 Q4 | 6.1% |
| FY25 Q1 | 108.3% |
| FY25 Q2 | 28.1% |
| FY25 Q3 | 25.3% |
| FY25 Q4 | 104.3% |
| FY26 Q1 | -20.5% |
| FY26 Q2 | 15.1% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 326.4% |
| FY23 Q4 | 172.2% |
| FY24 Q1 | 149.6% |
| FY24 Q2 | 129.0% |
| FY24 Q3 | 150.3% |
| FY24 Q4 | 177.1% |
| FY25 Q1 | 81.2% |
| FY25 Q2 | 100.6% |
| FY25 Q3 | 115.1% |
| FY25 Q4 | 86.2% |
| FY26 Q1 | 89.3% |
| FY26 Q2 | 90.9% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3,478 | 3,546 | 6,360 | 9,848 | 3,083 | 3,271 | 6,683 | 6,474 |
| Net income | −497 | −1,634 | 3,417 | 6,186 | 934 | 946 | 27 | 103 |
| Diluted EPS | −$13.16 | −$24.14 | $36.17 | $69.75 | $10.76 | $11.74 | −$0.24 | $1.47 |
| Growth (year on year) | ||||||||
| Revenue | — | +2.0% | +79.4% | +54.8% | −68.7% | +6.1% | +104.3% | +15.1% |
| Net income | — | — | — | +81.0% | −84.9% | +1.3% | −97.1% | — |
| Diluted EPS | — | — | — | +92.8% | −84.6% | +9.1% | −102.0% | — |
| Margins | ||||||||
| Net margin | −14.3% | −46.1% | 53.7% | 62.8% | 30.3% | 28.9% | 0.4% | 1.6% |
| Cash flow | ||||||||
| Cash from operations | 4,368 | 3,712 | 5,682 | 5,206 | 5,310 | 5,793 | 5,758 | 5,885 |
| Stock-based pay | 79 | 56 | 129 | 131 | 107 | 191 | 132 | 104 |
| Balance sheet | ||||||||
| Cash | 1,935 | 2,019 | 2,623 | 4,298 | 2,688 | 3,767 | 5,704 | 5,986 |
| Total debt | 0 | — | 2,649 | — | 3,007 | 2,034 | 2,030 | 2,769 |
| Net debt (negative = net cash) | −1,935 | −2,019 | 26 | −4,298 | 319 | −1,733 | −3,674 | −3,217 |
| Diluted shares | 38m | 68m | 94m | 89m | 84m | 77m | 71m | 70m |
| Returned to shareholders | ||||||||
| Dividends | 0 | 0 | 50 | 186 | 201 | 211 | 223 | 234 |
| Buybacks | 0 | 0 | 211 | 321 | 306 | 442 | 669 | 763 |
| Total returned | 0 | 0 | 261 | 507 | 507 | 653 | 892 | 997 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2,121 | 225 | 3,750 | −471 | 1,416 | 1,988 | 2,902 | 168 |
| Net income | −469 | 345 | −24 | 179 | 76 | −204 | −424 | 655 |
| Diluted EPS | −$6.37 | $4.40 | −$0.48 | $2.34 | $0.92 | −$2.99 | −$6.24 | $9.16 |
| Growth (year on year) | ||||||||
| Revenue | −17.9% | −74.5% | — | −137.8% | −33.2% | +783.6% | −22.6% | — |
| Net income | −116.9% | — | −103.0% | −34.9% | — | −159.1% | — | +265.9% |
| Diluted EPS | −119.1% | — | −104.8% | −31.8% | — | −168.0% | — | +291.5% |
| Margins | ||||||||
| Net margin | −22.1% | 153.3% | −0.6% | −38.0% | 5.4% | −10.3% | −14.6% | 389.9% |
| Cash flow | ||||||||
| Cash from operations | 1,364 | 1,525 | 1,594 | 1,173 | 1,370 | 1,621 | 1,045 | 1,849 |
| Stock-based pay | 18 | 29 | 54 | 5 | 9 | 26 | 60 | 9 |
| Last 12 months unless stated | JXN | BHF | GL | FG | MFC | GNW | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $6.5bn | $6.7bn | $6.2bn | $6.1bn | $5.8bn | $7.4bn | $11.1bn |
| Revenue growth, last 12 months | 15.1% | 2.6% | 5.2% | 15.0% | 5.0% | 2.1% | 6.1% |
| Revenue growth, 3-year average | 43.4% | 37.8% | 5.5% | 19.4% | — | −0.3% | 4.9% |
| Revenue growth, latest quarter | −22.6% | 86.2% | 8.0% | 4.2% | — | 5.8% | 6.9% |
| Operating margin | — | — | 24.0% | — | — | 0.4% | 12.3% |
| Operating margin, 3-year average | — | — | 25.1% | — | — | 4.2% | 15.0% |
| Net margin | 1.6% | 12.5% | 19.6% | 6.9% | 68.5% | 2.9% | 6.5% |
| Cash from operations / revenue | 90.9% | −8.1% | 22.5% | 71.5% | 394.9% | 5.8% | 14.6% |
| Free-cash-flow margin | 90.9% | — | 19.9% | 59.9% | 390.5% | 2.8% | 19.4% |
| Free-cash-flow margin, 3-year average | 106.8% | — | 22.2% | 86.7% | 152.8% | 0.7% | 21.3% |
| Stock pay / revenue | 1.6% | — | 0.9% | 0.6% | 0.0% | 0.9% | 0.8% |
| Change in share count | −5.8% | −2.6% | −5.3% | 2.7% | −4.3% | −6.5% | −4.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 15.1% | 7.0% | 3 of 18 |
| Change in growth rate Growth | +35.6pp | +1.5pp | 1 of 18 |
| Net margin Profitability | 1.6% | 6.9% | 17 of 18 |
| Stock pay as % of revenue Cash generation | 1.6% | 0.9% | 7 of 8 |
| Change in share count Balance sheet | -5.8% | -4.7% | 5 of 16 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Retail Annuities | $5.5B | ▲ 4.0% |
| Closed Life and Annuity Blocks | $1.3B | ▲ 1.9% |
| Institutional Products | $535M | ▲ 22.1% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Jackson Financial Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $696M | 6.8M | 10.8% | ▼ 1.5% |
| Vanguard Portfolio Management LLC | $558M | 5.4M | 8.6% | ▼ 0.3% |
| Tpg Gp A, LLC | $483M | 4.7M | 7.5% | 0.0% |
| Dimensional Fund Advisors LP | $422M | 4.1M | 6.5% | ▲ 1.4% |
| Vanguard Capital Management LLC | $321M | 3.1M | 5.0% | ▼ 0.6% |
| State Street Corp | $304M | 3.0M | 4.7% | ▲ 1.4% |
| Geode Capital Management, LLC | $246M | 2.3M | 3.8% | ▲ 5.3% |
| Donald Smith & Co., Inc. | $183M | 1.8M | 2.8% | ▼ 5.5% |
| HSBC Holdings PLC | $182M | 1.7M | 2.8% | ▲ 17.8% |
| Goldman Sachs Group Inc | $156M | 1.5M | 2.4% | ▼ 6.5% |
| American Century Companies Inc | $149M | 1.5M | 2.3% | ▼ 4.5% |
| Acadian Asset Management LLC | $132M | 1.3M | 2.0% | ▼ 3.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Jackson Financial Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Raub Christopher EVP JFI; CEO PPM America | August 12, 2026 | Sell | 5,000 | $130.69 | $653,450 |
| Chelko Carrie EVP and General Counsel | August 5, 2026 | Sell | 7,500 | $134.24 | $1M |
| Kirkland Derek G Director | March 11, 2026 | Sell | 10,000 | $108.32 | $1.1M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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