Jackson Financial Inc (JXN)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Amber stands here for a sound business with a misleading metric and an open question about the book. Arguing for the middle grade is documented substance: rank 2 in the U.S. variable annuity market, $7,983 million of fee income in 2025, adjusted operating earnings that rose from $1,073 million to $1,614 million in two years, a risk-based capital ratio of 567 percent and a dividend raised since the separation. Arguing against the green grade are equally documented findings: reported earnings were negative in 2025 and sharply negative in the first quarter of 2026 at minus $435 million; variable annuity account value fell in one quarter from $242,757 million to $229,558 million; withdrawals exceeded deposits by $14,890 million in 2025; the risk-based capital ratio has declined for a second year; and capital returned in 2025 exceeded what arrived at the top. There is no basis for the red grade — no going-concern qualification, no negative equity, no maturity squeeze; funding is secured for years by a $1.25 billion revolver through 2031 and notes due 2037. The decision is yours.
symbol.quality_note
Our in-house stock scanner ranked Jackson Financial 26th in the U.S. price-to-free-cash-flow list on July 27, 2026, at a ratio of 1.4. The calculation uses consolidated operating cash flow of $5,758 million. In the same annual report the company discloses its own "free cash flow" of $838 million — and for the holding company, the entity that actually pays the dividend and the buybacks, exactly $12 million. All three numbers are correct. They simply measure three different things. A ratio is only ever as honest as the level at which it is measured.
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Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at JXN since then.
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Appears in These Scanners
This stock currently matches 1 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 122.30 $ — 92% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIJackson Financial nennt in den Geschäftsberichten 2024 und 2025 einen eigenen, ausdrücklich selektiven KI-Einsatz samt eingerichteter Prüfprozesse für neu hinzukommende KI-Funktionen; KI ist keine Umsatzquelle und die Risikohinweise bleiben allgemein (Fehler, Verzerrung, KI-verstärkte Cyberangriffe), ohne konkrete Bedrohung des Rentenversicherungs-Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„We are selectively exploring the use of AI where it can provide meaningful benefit to our business and have established processes to review and help detect AI newly introduced in existing technology platforms and services; however, the risk remains that there could be embedded AI features that remain undisclosed or undetected."
Wir prüfen den Einsatz von KI selektiv dort, wo er unserem Geschäft einen spürbaren Nutzen bringen kann, und haben Verfahren eingerichtet, um neu in bestehende Technologieplattformen und Dienste eingeführte KI zu überprüfen und zu erkennen; es bleibt jedoch das Risiko, dass eingebettete KI-Funktionen unerkannt oder nicht offengelegt bleiben.
„Artificial intelligence (“AI”) developments and availability have increased the scale, sophistication, and unpredictability of those attempts, and the nature and costs of efforts to thwart them."
Entwicklungen und Verfügbarkeit künstlicher Intelligenz („KI“) haben Ausmaß, Raffinesse und Unvorhersehbarkeit dieser Angriffsversuche erhöht — ebenso Art und Kosten der Abwehr.
„Artificial intelligence (“AI”) is an evolving technology that potentially offers opportunities for businesses to gain efficiencies, pursue growth, or improve customer, employee or other stakeholder experiences."
Künstliche Intelligenz („KI“) ist eine sich entwickelnde Technologie, die Unternehmen möglicherweise Gelegenheiten bietet, effizienter zu werden, Wachstum zu verfolgen oder die Erfahrung von Kunden, Mitarbeitern und anderen Beteiligten zu verbessern.
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-02-24 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-Q 2025-05-07 · 10-K 2025-02-26
Rated on July 27, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 9.8% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 5
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 23.66 | 22.60 – 24.69 | 7,793 | 4.4% | 4 |
| 12/31/2027 | 28.02 | 26.95 – 28.87 | 8,361 | 18.4% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 5.76 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 4.64 | – | 158 | -82.50 | 218.40 | 1,525 | 1,525 |
| 2025: Q1 | -0.33 | -103.20 | 3,723 | – | -0.60 | 1,594 | 1,594 |
| 2025: Q2 | 2.49 | -30.30 | -483 | -140.20 | – | 1,173 | 1,173 |
| 2025: Q3 | 1.08 | – | 1,349 | -35.50 | 5.60 | 1,370 | 1,370 |
| 2025: Q4 | -2.90 | -162.60 | 2,094 | 1,225.30 | -9.70 | 1,621 | 1,621 |
| 2026: Q1 | -6.08 | – | 2,902 | -22.10 | -14.60 | 1,045 | 1,045 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4,939 | 769 | 798 | 8.45 | – | 6,967 | 237,876 |
| 2017 | 6,196 | 3,397 | 495 | 5.24 | 5,311 | 7,308 | 265,997 |
| 2018 | 13,688 | 2,393 | 1,986 | 21.02 | 5,822 | 7,472 | 259,334 |
| 2019 | 3,489 | -811 | -497 | -5.26 | 4,368 | 6,837 | 297,057 |
| 2020 | 4,643 | -2,491 | -1,634 | -17.30 | 3,712 | 9,922 | 353,456 |
| 2021 | 5,503 | 4,345 | 3,417 | 38.53 | 5,743 | 372,835 | 375,484 |
| 2022 | 9,720 | 7,734 | 6,186 | 69.75 | 5,206 | 9,155 | 311,058 |
| 2023 | 3,165 | 958 | 934 | 11.18 | 5,310 | 10,170 | 330,255 |
| 2024 | 3,092 | 1,022 | 946 | 12.71 | 5,793 | 9,764 | 338,450 |
| 2025 | 6,683 | -114 | 27 | 0.38 | 5,758 | 9,953 | 352,586 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Rank 2 in U.S. variable annuities with a 13.6 percent market share (LIMRA, nine months to September 30, 2025) and $338.0 billion of assets under management (March 31, 2026). Fee income was $7,983 million in 2025 and barely moves. Sales rose to $23,211 million in 2025 from $19,849 million; in the first quarter of 2026 retail annuity sales climbed from $4,031 million to $5,279 million.
Rank 26 in our in-house price-to-free-cash-flow ranking (U.S. selection) at a ratio of 1.4, measured on July 27, 2026 (835 matches on the German list, 544 on the English list, 25 rows shown each). The arithmetic is right but the level is wrong: the underlying consolidated operating cash flow of $5,758 million (2025) is carried by non-cash add-backs, $3,241 million of derivative losses alone. Jackson Financial itself reports $838 million for the same year.
Adjusted operating earnings rose from $1,073 million (2023) to $1,443 million (2024) and $1,614 million (2025); the adjusted operating return on equity was 14.7 percent in 2025 and 13.8 percent in the first quarter of 2026. Reported earnings are unreadable by contrast: negative $17 million in 2025 and negative $435 million in the first quarter of 2026, because the accounting movement of the guarantee liabilities is deliberately left unhedged.
Variable annuity account value fell from $242,757 million (December 31, 2025) to $229,558 million (March 31, 2026), and for the lifetime-withdrawal product from $174,293 million to $164,023 million. In 2025, $27,355 million of deposits met $42,245 million of withdrawals. Sales of institutional products collapsed in the first quarter of 2026 from $1,599 million to $110 million.
The subsidiary's risk-based capital ratio fell from 624 percent (2023) to 572 percent (2024) and 567 percent (2025) — far above the action level, but with a clear direction. Capital returned in 2025, at $862 million, exceeded free cash flow of $838 million. Despite $192 million of buybacks, shares outstanding rose in the first quarter of 2026 from 66,825,632 to 70,270,752 because 4,715,554 shares were issued to TPG; by April 28, 2026 the count was 69,743,104.
On July 16, 2026 the board approved a change at the top effective October 1, 2026: chief financial officer Don W. Cummings becomes chief executive, Brian M. Walta becomes chief financial officer, and Laura L. Prieskorn retires on September 30, 2026. Both successors come from inside the company. Running in parallel are the TPG partnership with its committed minimum fee, the build-out of reinsurance subsidiary Hickory Re and the fixed-annuity push; the audit committee chair also resigned on June 22, 2026.
Jackson Financial is a large, functioning annuity writer with a stable fee base of $7,983 million (2025), rising adjusted operating earnings of $1,614 million and a subsidiary capital ratio of 567 percent. The metric that lifts the stock to rank 26 of the price-to-free-cash-flow ranking, however, measures the wrong level: it divides market value by consolidated operating cash flow of $5,758 million, which consists largely of non-cash add-backs. At the holding company, the entity that pays the dividend and the buybacks, $838 million arrived in 2025 — $12 million of it from its own operations. On that figure the stock costs roughly ten times cash flow rather than one and a half, and it trades at a price-to-book ratio of about 0.93. The open question is whether new business replaces the run-off: variable annuity account value fell by $13.2 billion in a single quarter. Not investment advice.
- Hook and reference: rank 26 in our in-house price-to-free-cash-flow ranking (U.S. selection) at a ratio of 1.4, measured by us on the live scanner pages of both brands on July 27, 2026. The German list showed 835 matches that day, the English edition of the same screen 544; 25 rows are displayed in each case, and the last visible row also carried a ratio of 1.4 — Jackson Financial sits immediately behind it. The scanner lists are recomputed daily, last on July 26, 2026; the placement is a dated snapshot, not a permanent state.
- Where the low ratio comes from — checked, not assumed: the ranking divides market value by free cash flow over the last four quarters, here consolidated operating cash flow ($5,758 million in 2025; the last four reported quarters sum to $5,209 million). Customer money is not included: the annual report explicitly treats deposits as policyholder deposits and excludes them from revenue; in the statement of cash flows they sit under financing activities (2025: $27,355 million of deposits against $42,245 million of withdrawals, plus $20,761 million transferred out of separate accounts). What carries the operating figure are non-cash add-backs: plus $3,241 million of derivative losses, plus $1,304 million from funds withheld reinsurance, plus $605 million from market risk benefits, plus $1,221 million of interest credited, minus $685 million of everything else — starting from net income of $72 million. The real payments on the hedging program sit in investing activities: negative $1,106 million (2025), negative $6,481 million (2024), negative $5,475 million (2023).
- Market value cross-check: 69,743,104 shares per the cover page of the quarterly report (as of April 28, 2026) at the closing price of $119.28 on July 24, 2026 produce roughly $8.32 billion; fundamental data show $8.32 billion (as of July 26, 2026) — a deviation of less than one percent. From that follow the ratios cited in the text: about 1.6 against consolidated cash flow of the last four quarters and just under 10 against the company definition. The scanner list works from its own daily-updated market value and shows 1.4.
- Metric selection for an annuity writer: sales, account value, net investment income, adjusted operating earnings and the statutory risk-based capital ratio are what matter. The Altman Z-score displayed by the scanner was designed for industrial companies and carries no information for an insurance balance sheet; it is not used as an argument here. A trailing price-to-earnings ratio does not exist because reported earnings over the last four quarters are negative.
- Mandatory takeover check: none pending. There is no SC 13E-3, no DEFM14A, no Form 25 and no Form 15 in the filing history since the separation; the common stock and the preferred depositary shares trade on the NYSE as before. The only equity transaction is TPG Inc. acquiring roughly 6.5 percent for $500 million, announced January 6, 2026 and completed February 11, 2026 — a minority stake with investment management agreements including a committed minimum fee, not a takeover bid.
- Recency gate: the most recent periodic report is the Form 10-Q for the quarter ended March 31, 2026 (filed May 5, 2026) and it has been fully reviewed. Every filing after that date was examined — Form 8-K of May 26, 2026 (annual meeting), June 15, 2026 ($750 million of 6.150 percent senior notes due 2037), June 25, 2026 (resignation of Gregory T. Durant), July 1, 2026 (new $1.25 billion revolver) and July 22, 2026 (leadership change effective October 1, 2026). The share count comes from the cover page of the quarterly report (as of April 28, 2026), not from the balance sheet date.
- Risk of confusion: Jackson Financial Inc. (JXN) is the listed holding company; Jackson National Life Insurance Company is the operating insurance subsidiary and has no listing of its own. Brooke Life Reinsurance Company and Hickory Brooke Reinsurance Company are two separate captive reinsurers in Michigan with different purposes. TPG Inc. holds a minority stake but is an independent filer with its own SEC reports.
About the Company
Jackson Financial Inc. bietet über seine Tochtergesellschaften ein Spektrum von Rentenversicherungen für Privatanleger in den USA.
| Employees | 3,090 |
|---|---|
| Headquarters | Lansing, MI |
| Address | 1 Corporate Way, 48951 Lansing, United States |
| Phone | 517 381 5500 |
| Website | jackson.com |
| IPO Date | 1. Sep 2021 |
| ISIN | US46817M1071 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Laura Louene Prieskorn | CEO, President & Director | 1968 |
| Don Wayne Cummings | Executive VP & CFO | 1964 |
| Carrie Lynn Chelko | Executive VP & General Counsel | 1974 |
| Christopher Allen Raub | EVP & President of Jackson National Life Insurance Company | 1971 |
| Craig Donald Smith | President & CEO of PPM America, Inc. | 1968 |
| Devkumar Dilip Ganguly | Executive VP, Chief Innovation & Technology Officer | 1976 |
| Michael Ray Hicks | Senior VP & Chief Information Officer | – |
| Elizabeth Ann Werner | Head of Investor Relations | – |
| Dana Scamarcia Rapier | Senior VP & Chief Human Resources Officer of Jackson | – |
| Lin Ling Sun | SVP & Chief Actuary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.