At a glance
Brighthouse Financial Inc is worth $2.52B, about 8 times its fiscal 2025 earnings. Revenue grew 43.2% to $6.77B in fiscal 2025, with 6.4% kept as profit; over 4 years it has grown 8.0% a year. It pays no dividend; it spent $1.59B buying back its shares over FY2021–FY2025. The stock returned −5.2% over the past year with dividends reinvested and −3.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 65.9% in the 2020 crash (S&P 500: 33.7%) and 35.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 31 months after the lows.
Price history
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BHF -5.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Annuities | $3.64B | 53.8% |
| Run-off | $1.27B | 18.8% |
| Life | $1.15B | 17% |
| Corporate Segment and Other Operating Segment | $705.0M | 10.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.62B, up 86.2% from a year earlier, and net income was $981.0M (+1054.1%).
- For fiscal 2025, revenue was $6.77B (+43.2% year over year; +8.0% a year from FY2021 to FY2025) with a 6.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +8.0% good |
|---|---|
| Return on equity (FY2025) | 6.4% weak |
| Return on assets (FY2025) | 0.2% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.50B | $-1.06B | — |
| FY2021 | $4.98B | $1.64B | — |
| FY2022 | $6.87B | $3.88B | — |
| FY2023 | $4.12B | $-1.11B | — |
| FY2024 | $4.72B | $388.0M | — |
| FY2025 | $6.77B | $433.0M | — |
Valuation snapshot
| Market value | $2.52B |
|---|---|
| P/E ratio | 7.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Brighthouse Financial’s market value went from $7.02B at the end of 2017 to $2.52B on Oct 28, 2026, down 64%; since the end of 2025 it is down 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.52B | -32.0% |
| 2025 | $3.70B | +29.9% |
| 2024 | $2.85B | -16.1% |
| 2023 | $3.40B | -4.1% |
| 2022 | $3.54B | -14.3% |
| 2021 | $4.13B | +27.6% |
| 2020 | $3.24B | -23.5% |
| 2019 | $4.23B | +17.1% |
| 2018 | $3.61B | -48.5% |
| 2017 | $7.02B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BHF price data to Oct 28, 2026 | -32.4% | -5.2% | -0.6% | -3.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -32.4% |
| 2025 | +34.9% |
| 2024 | -9.2% |
| 2023 | +3.2% |
| 2022 | -1.0% |
| 2021 | +43.1% |
| 2020 | -7.7% |
| 2019 | +28.7% |
| 2018 | -48.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.4% over that stretch · deepest drop along the way 65.9%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.3% over that stretch · deepest drop along the way 35.2%, back to its old high 30.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (18 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 6.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Dodge & Cox | 1% | Feb 28, 2025 |
ETFs with the most weight in BHF
| BOUT Innovator IBD Breakout Opportunities ETF | 2.15% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 1.86% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.97% |
| EES WisdomTree U.S. SmallCap Fund | 0.96% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.95% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.93% |
| VAMO Cambria Value & Momentum ETF | 0.68% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.38% |
What could go wrong
- The Aquarian merger may not close. On November 6, 2025, Brighthouse agreed to be acquired by Aquarian Parent. As of February 2026, insurance regulators in Delaware, New York and Massachusetts, plus the brokerage regulator FINRA, still had to approve.
- A failed deal could hurt the shares. The 10-K warns the share price may already assume the deal closes. If it fails, the stock could fall, and in some cases Brighthouse would owe a termination fee of about $144 million.
- Annuity guarantees expose it to markets. Most of its variable annuities guarantee minimum death, income or withdrawal benefits even if markets fall. Brighthouse hedges these promises, but hedges may fail, causing large profit swings or draining the capital regulators require.
- Long-term life guarantees and interest rates. Brighthouse may lack enough assets for future claims on universal life policies with secondary guarantees, which keep coverage in force if set premiums are paid. Interest-rate moves can swing profits and capital.
- Actuarial assumptions could prove wrong. Pricing and reserves (money set aside for claims) depend on estimates such as how long customers live and how they use contracts. If actual experience differs, results and capital could suffer.
- A ratings downgrade could cost business. Customers and distributors look closely at an insurer's financial strength ratings. The 10-K warns that a downgrade, or even the threat of one, could cost it business and seriously hurt results.
Recent events
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; Quarterly results released; Investor presentation or announcement
For income and retirement investors
Brighthouse pays no dividend on its common stock. Its 10-K, filed February 24, 2026, says it is not permitted to declare or pay one. For an income investor, that means no cash payouts. Any return depends on the share price. The company has returned cash through buybacks (repurchases of its own shares) instead, totaling $1.6 billion from fiscal 2021 to 2025. The yearly amount shrank from $499 million in 2021 to $102 million in 2025. Shares outstanding fell 30.8% between August 2021 and July 2026.
The shares fell sharply in past market downturns. In the 2020 COVID crash they dropped 65.9% from peak to low and took about 13 months to recover. In the 2022 bear market they fell 35.2% and needed about 31 months, until January 29, 2025, to regain their prior high. As of October 28, 2026, they were down 32.4% year to date. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Brighthouse Financial pay a dividend?
No. Brighthouse Financial pays no dividend on its common stock. Its 10-K, filed February 24, 2026, says the company is not permitted to declare or pay one. It has returned cash through share buybacks instead, spending $1.6 billion from fiscal 2021 to 2025. Those repurchases helped cut shares outstanding by 30.8% between August 2021 and July 2026. Investors who need regular income from their holdings would get none from this stock.
How does Brighthouse Financial make money?
Mostly from annuities. The Annuities segment produced 53.8% of Brighthouse's $6.8 billion revenue in fiscal 2025. It earns fees on variable annuities, which came to $2.5 billion in 2025 after pass-through amounts. It also keeps the spread between what its investments earn and what it credits customers. Its Shield index-linked annuities are the flagship product. The Run-off segment added 18.8% of revenue, life insurance 17%, and Corporate & Other 10.4%.
Is Brighthouse Financial being acquired?
A deal was agreed, but it had not closed as of the company's February 2026 10-K. On November 6, 2025, Brighthouse agreed to be acquired by Aquarian Parent. Stockholders approved the agreement on February 12, 2026. Closing still needed approval from insurance regulators in Delaware, New York and Massachusetts and from FINRA, and was expected in 2026. If the deal is terminated, Brighthouse could in some cases owe a fee of about $144 million. Newer company filings show where the deal stands.
Is Brighthouse Financial still part of MetLife?
No. Brighthouse Financial was separated from MetLife and trades on its own on Nasdaq, but some ties remain. Its 10-K lists risks from disputes with MetLife and a possible duty to share in certain MetLife liabilities. It also faces significant tax bills if the separation fails to qualify for tax-free treatment under federal income tax rules. Separately, Brighthouse agreed on November 6, 2025 to be acquired by Aquarian Parent, a deal that had not closed as of its February 2026 10-K.
What is Brighthouse Financial's P/E ratio?
About 7.7 as of October 28, 2026, based on fiscal 2025 diluted earnings of $5.71 per share. The P/E (price-to-earnings ratio) compares the share price with a year's profit per share. A low figure can reflect doubts about future earnings. Brighthouse's profits have swung widely, from $3.9 billion in 2022 to a $1.1 billion loss in 2023 and $433 million in 2025. Its market value was about $2.5 billion. Return on equity (profit as a share of shareholders' equity) was 6.4% in 2025.