BHFBrighthouse Financial, Inc.
Life Insurance
- Revenue
- $6.8B
- 43% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.5B
- Employees
- 1,400
- $5M revenue each
- Net debt / EBITDA
- —
- −$1.6B net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes78% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo39% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$5M · 85th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 28th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.0B | $6.9B | $4.1B | $4.7B | $6.8B | 43% |
| Net income | $1.6B | $3.8B | −$1.2B | $286M | $331M | 16% |
| Operating cash flow | $641M | −$1.2B | −$137M | −$290M | $259M | 189% |
| Stock-based comp | $23M | $22M | $29M | $23M | $42M | 83% |
| Buybacks | $499M | $488M | $250M | $250M | $102M | 59% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jan 7, 2026 | DEFM14A | Aquarian Holdings VI L.P. | $70.00 | 30.8% |
| Dec 23, 2025 | PREM14A | Aquarian Holdings VI L.P. | $70.00 | 30.77% |
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $13M | 179 | 201 |
| FY2024 | $10M | $8M | 122 | 172 |
| FY2023 | $10M | $11M | 135 | 143 |
| FY2022 | $10M | $7M | 131 | 137 |
| FY2021 | $8M | $13M | 132 | 124 |