Prudential Financial is a US-listed company in the life & health insurance industry. Its financial year ends in December.
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~$89
Valuation models combined (5)
Base case. Range ~$77–$120. 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.
Modestly overvalued
The price is inside our value range, 33% above our base value.
Price used: $118.30, November 2, 2026
Prudential Financial 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 $64.8bn, up 9.4% on a year earlier, faster than 4.1% a quarter earlier. Our valuation models combined value is $88.76 a share, against a share price of $115.
Source: 10-Q filed August 5, 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.
Prudential Financial's trailing-twelve-month revenue grew 9.4% year on year, with a free-cash-flow margin of 17.2%. Where it lags: change in share count of -1.8% ranks 14 of 16 life & health insurance companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 9.4% (+5.3pp vs the prior quarter).
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 Prudential Financial as an insurer, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.88 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. | ~$82 ~$61–$110 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$77 ~$68–$90 | 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. | ~$120 ~$57–$180 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.4 ~$62–$190 | 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. | ~$91 ~$85–$150 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$81 ~$69–$96 | 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. | ~$89 ~$77–$120 | 5 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Prudential Financial 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.
Weak moat
How hard Prudential Financial's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.4% of total assets over 10 years.
Net margin has been a median 5.3%; its worst year was -0.2%.
The diluted share count fell 11.6% over five years.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).
Next results: November 3, 2026, after the close. Analysts expect revenue of $14.5bn and EPS of $3.36 (range $3.09 to $3.63) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $13.78 | −5% | $57.6bn | −0% |
| Next | $14.01 | +2% | $58.7bn | +2% |
Next year's EPS estimate has moved −4.0% in 90 days, across 14 analysts.
The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 3 analysts raised Prudential Financial's forecast and 4 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $13.80 | $14.60 |
| 60 days ago | $14.52 | $14.85 |
| 30 days ago | $14.53 | $14.86 |
| 7 days ago | $14.05 | $14.22 |
| Now | $13.78 | $14.01 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $3.52 | $4.08 | +16.0% |
| Mar 2026 | $3.10 | $3.61 | +16.5% |
| Dec 2025 | $3.36 | $3.30 | −1.9% |
| Sept 2025 | $3.72 | $4.26 | +14.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +19.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $59.2bn | $64.8bn | +9.4% |
| Net margin | 2.8% | 6.0% | +119.6% |
| P/E multiple | 21.6x | 10.6x | −51.0% |
| Share count | 357m | 350m | +1.8% |
Biggest factor: net margin.
Last 3 years +45.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $64.2bn | $64.8bn | +0.9% |
| Net margin | 2.8% | 6.0% | +112.3% |
| P/E multiple | 16.4x | 10.6x | −35.4% |
| Share count | 368m | 350m | +5.1% |
Biggest factor: net margin.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| PRU | +45% | −4% | +10% | +20% | +0% | +9% |
| Industry peers (median) | +16% | −3% | +20% | +28% | +11% | +15% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| PRU | 67% | 50% | 58% | 58% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| PRU | −12% | −27% | −26% | −17% | −21% | −22% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 66% from January 26, 2018 to March 23, 2020. Getting back needed a 193% gain, reached on May 17, 2021, 420 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 15, 2026 | +2.1% | −0.8% | +4.1% | — |
| August 4, 2026 | −2.3% | +1.6% | −0.5% | −1.4% |
| July 15, 2026 | +3.0% | −0.1% | +3.5% | +8.7% |
| May 5, 2026 | +2.6% | +2.2% | +5.0% | +7.2% |
| April 21, 2026 | −7.6% | +0.4% | −5.5% | +0.6% |
| April 14, 2026 | +1.0% | +2.0% | −2.1% | +4.0% |
| February 3, 2026 | −8.5% | −1.3% | −7.5% | −10.1% |
| January 15, 2026 | −5.1% | +0.2% | −8.5% | −11.1% |
| October 29, 2025 | +1.6% | −1.1% | +2.9% | +8.1% |
| October 14, 2025 | +1.9% | +0.3% | +0.6% | +6.5% |
| July 30, 2025 | +0.1% | −0.5% | +0.6% | +6.5% |
| July 15, 2025 | −3.1% | −0.1% | −1.2% | +1.6% |
How Prudential Financial’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.
Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.
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: rated Sell.
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.
Own 100 shares, sell the $125 call expiring December 18, 2026 (46 days) for $1.60 a share — $160 per contract.
Previous session · Bid $1.60, ask $1.90, quoted Mon 2 Nov, 17:34 New York time with PRU at $118.41. Option prices move with the shares: check the live chain at your broker before trading.
Own the shares, buy the $110 put and sell the $125 call, both expiring December 18, 2026 (46 days).
Offered because the shares trade at or above our fair value of $89.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
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 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $52.3B |
| FY23 Q4 | $54B |
| FY24 Q1 | $60.4B |
| FY24 Q2 | $61.8B |
| FY24 Q3 | $73B |
| FY24 Q4 | $70.4B |
| FY25 Q1 | $60.4B |
| FY25 Q2 | $59.2B |
| FY25 Q3 | $57.6B |
| FY25 Q4 | $60.8B |
| FY26 Q1 | $62.8B |
| FY26 Q2 | $64.8B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -13.1% |
| FY23 Q4 | -5.1% |
| FY24 Q1 | -2.6% |
| FY24 Q2 | -3.7% |
| FY24 Q3 | 39.4% |
| FY24 Q4 | 30.4% |
| FY25 Q1 | -0.1% |
| FY25 Q2 | -4.2% |
| FY25 Q3 | -21.0% |
| FY25 Q4 | -13.7% |
| FY26 Q1 | 4.1% |
| FY26 Q2 | 9.4% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q2 | -6.5% |
| FY21 Q3 | 2.7% |
| FY21 Q4 | 13.5% |
| FY22 Q1 | 19.5% |
| FY22 Q2 | 16.1% |
| FY22 Q3 | 14.8% |
| FY22 Q4 | 8.9% |
| FY23 Q1 | 10.2% |
| FY23 Q2 | 9.7% |
| FY23 Q3 | 9.0% |
| FY24 Q4 | 11.5% |
| FY26 Q2 | 17.2% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 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 | 32.4 | 38.2 | 49.1 | 84.8 | 41.5 | 54.1 | 57.1 | 58.8 | 59.7 | 63.0 | 64.8 | 57.0 | 71.2 | 56.9 | 54.0 | 70.4 | 60.8 | 64.8 |
| Net income | 3.1 | 3.0 | 3.6 | 0.5 | −0.7 | 1.4 | 5.6 | 4.4 | 7.9 | 4.1 | 4.2 | −0.4 | 8.9 | −1.6 | 2.5 | 2.7 | 3.6 | 3.9 |
| Diluted EPS | $7.63 | — | — | — | −$1.55 | $3.23 | $12.17 | $9.71 | $17.86 | $9.50 | $10.11 | −$1.00 | $22.40 | −$4.49 | $6.74 | $7.50 | $9.99 | $11.18 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | +11.7% | +18.0% | +28.4% | +72.9% | −51.1% | +30.5% | +5.6% | +2.9% | +1.5% | +5.5% | +2.9% | −12.0% | +24.9% | −20.2% | −5.1% | +30.4% | −13.7% | +9.4% |
| Net income | — | −3.9% | +21.0% | −85.7% | — | — | +308.5% | −22.6% | +80.0% | −48.2% | +2.7% | −108.9% | — | −118.6% | — | +9.6% | +31.1% | +140.2% |
| Diluted EPS | — | — | — | — | — | — | +276.8% | −20.2% | +83.9% | −46.8% | +6.4% | −109.9% | — | −120.0% | — | +11.3% | +33.2% | +144.7% |
| Margins | ||||||||||||||||||
| Net margin | 9.6% | 7.9% | 7.4% | 0.6% | −1.6% | 2.6% | 9.9% | 7.4% | 13.2% | 6.5% | 6.5% | −0.7% | 12.4% | −2.9% | 4.6% | 3.9% | 5.9% | 6.0% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 5.8 | 6.5 | 12.4 | 20.9 | 8.4 | 19.4 | 13.9 | 14.9 | 13.5 | 21.7 | 19.6 | 8.4 | 9.8 | 5.2 | 6.5 | 8.5 | 6.3 | 11.0 |
| Stock-based pay | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | — |
| Balance sheet | ||||||||||||||||||
| Cash | 13.2 | 12.9 | 14.3 | 18.1 | 11.4 | 14.9 | 17.6 | 14.1 | 14.5 | 15.4 | 16.3 | 13.7 | 12.9 | 17.3 | 19.4 | 18.5 | 19.7 | 15.2 |
| Total debt | 24.2 | 25.6 | 27.0 | 27.2 | 26.2 | 23.7 | 20.8 | 19.2 | 18.6 | 19.8 | 20.6 | 20.6 | 19.3 | 20.7 | 29.3 | 33.9 | 34.6 | 36.0 |
| Net debt (negative = net cash) | 11.0 | 12.7 | 12.7 | 9.1 | 14.8 | 8.8 | 3.2 | 5.0 | 4.1 | 4.5 | 4.3 | 6.9 | 6.5 | 3.4 | 9.8 | 15.4 | 14.9 | 20.9 |
| Diluted shares | — | — | — | — | — | — | 460m | 447m | 436m | 426m | 411m | 396m | 390m | 372m | 365m | 359m | 354m | 350m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 0.3 | 0.6 | 0.7 | 0.8 | 0.8 | 1.0 | 1.1 | 1.3 | 1.3 | 1.5 | 1.6 | 1.8 | 1.8 | 1.8 | 1.8 | 1.9 | 1.9 | 1.9 |
| Buybacks | 0.0 | 0.0 | 1.0 | 0.7 | 0.7 | 1.0 | 1.0 | 2.0 | 1.3 | 1.5 | 2.5 | 0.5 | 2.5 | 1.5 | 1.0 | 1.0 | 1.0 | 1.0 |
| Total returned | 0.3 | 0.6 | 1.7 | 1.4 | 1.6 | 2.0 | 2.1 | 3.3 | 2.5 | 3.0 | 4.1 | 2.3 | 4.3 | 3.3 | 2.9 | 2.9 | 2.9 | 2.9 |
| 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 | 19.5 | 12.5 | 13.5 | 13.7 | 17.9 | 15.7 | 15.5 | 15.7 |
| Net income | 0.4 | −0.1 | 0.7 | 0.5 | 1.4 | 0.9 | 0.6 | 1.0 |
| Diluted EPS | $1.24 | −$0.14 | $1.96 | $1.48 | $4.01 | $2.55 | $1.68 | $2.80 |
| Growth (year on year) | ||||||||
| Revenue | +133.4% | −17.0% | −42.7% | −7.8% | −8.2% | +25.3% | +15.3% | +14.1% |
| Net income | — | −104.3% | −37.9% | −55.5% | +219.4% | — | −15.6% | +84.8% |
| Diluted EPS | — | −103.9% | −37.2% | −54.9% | +223.4% | — | −14.3% | +89.2% |
| Margins | ||||||||
| Net margin | 2.3% | −0.5% | 5.2% | 3.9% | 8.0% | 5.8% | 3.8% | 6.3% |
| Cash flow | ||||||||
| Cash from operations | 1.1 | 2.3 | −2.5 | 1.2 | 4.3 | 3.3 | 1.0 | 2.3 |
| Last 12 months unless stated | PRU | MET | ATHS | CRBG | LNC | AFL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $64.8bn | $79.4bn | $29.0bn | $20.1bn | $19.3bn | $18.1bn | $11.1bn |
| Revenue growth, last 12 months | 9.4% | 8.7% | 45.9% | 29.5% | 7.9% | 13.6% | 6.1% |
| Revenue growth, 3-year average | 0.3% | 4.3% | 8.2% | −1.0% | 7.3% | −1.0% | 4.9% |
| Revenue growth, latest quarter | 14.1% | 10.5% | 70.8% | 43.6% | 12.3% | −1.0% | 6.9% |
| Operating margin | — | 8.3% | — | — | — | 22.9% | 12.3% |
| Net margin | 6.0% | 4.6% | 2.9% | 4.5% | 12.2% | 26.9% | 6.5% |
| Cash from operations / revenue | 16.9% | 19.6% | 21.8% | 9.2% | −6.9% | 14.6% | 14.6% |
| Free-cash-flow margin | 17.2% | 19.4% | — | 5.7% | — | — | 19.4% |
| Free-cash-flow margin, 3-year average | 15.7% | 20.3% | — | 8.8% | — | — | 21.3% |
| Change in share count | −1.8% | −4.7% | — | −12.8% | 11.4% | −5.7% | −4.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.4% | 7.0% | 6 of 18 |
| Change in growth rate Growth | +5.3pp | +1.5pp | 7 of 18 |
| Net margin Profitability | 6.0% | 6.9% | 10 of 18 |
| Change in share count Balance sheet | -1.8% | -4.7% | 14 of 16 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $36.8B | 60.6% | ▼ 24.2% |
| Japan | $13.5B | 22.2% | ▼ 2.0% |
| Non US and Excluding Japan Domain | $10.5B | 17.3% | ▲ 29.8% |
From Prudential Financial's 10-K filed February 12, 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. | $3.5B | 32.5M | 14.9% | ▼ 2.9% |
| Vanguard Capital Management LLC | $2.4B | 22.6M | 10.4% | ▲ 0.2% |
| State Street Corp | $1.9B | 17.2M | 7.9% | ▲ 1.2% |
| Vanguard Portfolio Management LLC | $1.8B | 16.3M | 7.5% | ▲ 0.2% |
| Geode Capital Management, LLC | $1.2B | 11.3M | 5.2% | ▲ 2.0% |
| Morgan Stanley | $635M | 5.9M | 2.7% | ▼ 4.4% |
| Invesco Ltd. | $553M | 5.1M | 2.3% | ▲ 7.4% |
| Goldman Sachs Group Inc | $526M | 4.9M | 2.2% | ▼ 4.4% |
| Northern Trust Corp | $447M | 4.1M | 1.9% | ▼ 0.5% |
| Arrowstreet Capital, Limited Partnership | $435M | 4.0M | 1.8% | ▲ 57.7% |
| Dimensional Fund Advisors LP | $422M | 3.9M | 1.8% | ▲ 4.0% |
| UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC | $335M | 3.1M | 1.4% | 0.0% |
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 Prudential Financial's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Prudential Insurance Co Of America 10% owner | October 28, 2026 | Sell | 382,803 | $24.21 | $9.3M |
| Kappler Ann M EVP and General Counsel | August 14, 2026 | Sell | 7,652 | $125.01 | $956,577 |
| Prudential Insurance Co Of America 10% owner | July 28, 2026 | Sell | 214,746 | $24.75 | $5.3M |
| Prudential Financial Inc 10% owner | July 15, 2026 | Buy | 3,000,000 | $10.00 | $30M |
| Kappler Ann M EVP and General Counsel | May 14, 2026 | Sell | 13,580 | $103.25 | $1.4M |
| Prudential Insurance Co Of America 10% owner | April 29, 2026 | Buy | 270,092 | $30.36 | $8.2M |
| Stoddard Thomas D Director | February 17, 2026 | Buy | 250 | $102.97 | $25,742 |
| Wolk Joseph J Director | February 11, 2026 | Buy | 400 | $105.32 | $42,128 |
| Chappuis Jacques Executive Vice President | February 6, 2026 | Buy | 1,000 | $100.97 | $100,970 |
| Prudential Insurance Co Of America 10% owner | January 23, 2026 | Buy | 1,406,739 | $24.87 | $35M |
| Feeney Caroline Executive Vice President | December 11, 2025 | Sell | 2,096 | $116.28 | $243,723 |
| Feeney Caroline Executive Vice President | December 11, 2025 | Sell | 1,201 | $116.28 | $139,652 |
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.
In the last 12 months, 2 members of Congress disclosed 1 purchase and 2 sales of Prudential Financial shares.
| 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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