# Corebridge Financial (CRBG.US)

Canonical: https://gigainvestors.com/s/CRBG

Analysis as of: 2026-10-16T07:27:42.930Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.43 per share; close as of 2026-10-15.

Estimated value: low $40.51 per share, central $44.63 per share, high $50.11 per share. Buy at or below the central value $44.63 per share. Valuation as of 2026-10-16T07:27:42.930Z; scenarios are not confidence intervals.

Expected annual return: 13.1% at the stated quote. About 13.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 4.01×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.29×

- FY2019: -0.38×

- FY2020: -0.35×

- FY2021: 0.44×

- FY2022: 0.42×

- FY2023: 0.05×

- FY2024: 0.15×

- FY2025: -0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: -1.8%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 10.4%

- Recent gross margin (lower of latest and 3-year median): 11.4%

- Years with nonpositive capital: 6

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: -1.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -1.3%

- FY2020: -11.0%

- FY2021: 19.4%

- FY2022: 18.7%

- FY2023: 4.0%

- FY2024: 9.2%

- FY2025: -1.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $19B

- Net income, five-year total: $18B

- Working capital / revenue, annual change: 115.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.91×

- FY2022: 1.07×

- FY2023: 1.33×

- FY2024: 1.09×

- FY2025: -0.52×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 0.08 to 1.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -3.5%

- Per-share value growth: 85.7%

- Per-share value change: $1.63

- Per-share value, starting three-year median: $0.08

- Per-share value, ending three-year median: $1.71

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 7.8%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: 4.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.12

- FY2019: $0.08

- FY2020: $1.00

- FY2021: $11.40

- FY2022: $12.60

- FY2023: $1.71

- FY2024: $3.72

- FY2025: -$0.68

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -0.6%

- FY2020: -0.7%

- FY2021: 1.2%

- FY2022: 1.5%

- FY2023: -0.6%

- FY2024: 0.0%

- FY2025: -0.6%

## Holders

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 3.6% a year for ten years · "Corebridge Financial stock soars after $51 billion variable annuity reinsurance deal" (investing.com, Jun 2025) · sales -1.2%

Story as of 2026-10-16T09:58:34.020Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.6% a year for ten years

- 2025-06-26: Corebridge Financial stock soars after $51 billion variable annuity reinsurance deal ([investing.com](https://www.investing.com/news/stock-market-news/corebridge-financial-stock-soars-after-51-billion-variable-annuity-reinsurance-deal-93CH-4113201))

### Sales · FY2024–2025

sales -1.2%; source https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm; observed 2026-02-11.

- FY2018: $15B 

- FY2019: $13B 

- FY2020: $15B 

- FY2021: $23B 

- FY2022: $25B 

- FY2023: $19B 

- FY2024: $19B 

- FY2025: $18B 

### Gross margin · FY2025

gross margin 12.6%; source https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm; observed 2026-02-11.

- FY2021: 60.4% 

- FY2022: 5.4% 

- FY2023: 9.5% 

- FY2024: 11.4% 

- FY2025: 12.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 18.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm#000188953926000022 (filed 2026-02-11); FY2025: revenue 18481000000; grossProfit 2337000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRBG.US: Corebridge Financial, Inc. provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index and registered index-linked, and variable annuities. The Group Retirement segment offers in-plan products and services comprising an open architecture recordkeeping platform that allows plan participants to allocate money to a variety of mutual fund options or a fixed interest account; flexible group variable and fixed annuity; and in-plan investment advisory services. It also provides out-of-plan products and services, including proprietary and non-proprietary annuities; investment advisory solutions, such as fiduciary, fee-based investments; and brokerage services for non-proprietary variable annuity, securities, life insurance, mutual funds, and 529 plans. The Life Insurance segment offers term, whole, index universal, and guaranteed universal life insurance products. The Institutional Markets segment provides defined contribution and bank-owned life insurance stable value wraps, structured settlement and pension risk transfer annuities, corporate and bank-owned life insurance, private placement variable universal life and annuities products, and guaranteed investment contracts. The company was formerly known as SAFG Retirement Services, Inc. Corebridge Financial, Inc. was incorporated in 1998 and is headquartered in Houston, Texas.

### Why customers stay

Margins ranged from 9.5% to 12.6% during 2023–25; it earns 4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 11.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 8-year return on capital observations [[2019,-0.013058332809323189],[2020,-0.11000866372375098],[2021,0.1937052798952439],[2022,0.1871785249122497],[2023,0.03976647770538963],[2024,0.09235348369246248],[2025,-0.01772887543037292]]; median 0.03976647770538963. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 2.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 0; upkeep 0; owner earnings 12000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 317000000; cash acquisitions 0; owner earnings 650000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 26124019.45116663; upkeep 1257875980.5488334; cash acquisitions 0; owner earnings 6659124019.451166. Growth capex plus acquisitions / owner earnings = 0.003923041435308743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 0; upkeep 0; cash acquisitions 107000000; owner earnings 8744000000. Growth capex plus acquisitions / owner earnings = 0.012236962488563586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 0; cash acquisitions 5000000; owner earnings 1470000000. Growth capex plus acquisitions / owner earnings = 0.003401360544217687.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 2423000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm (filed 2026-02-11); FY2025: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 190000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2018,2657000000],[2019,1624000000],[2020,472000000],[2021,1577000000],[2022,876000000],[2023,1722000000],[2024,544000000],[2025,511000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm (filed 2026-02-11); FY2025: cash repurchases 2118000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRBG.US SharesStats.PercentInsiders = 0.263 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate -0.0632508929206777. Price 34.43; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-09: $19.69 per share

- 2022-10: $22.67 per share

- 2022-11: $22.24 per share

- 2022-12: $20.06 per share

- 2023-01: $21.76 per share

- 2023-02: $20.22 per share

- 2023-03: $16.02 per share

- 2023-04: $16.86 per share

- 2023-05: $16.62 per share

- 2023-06: $17.66 per share

- 2023-07: $18.71 per share

- 2023-08: $17.83 per share

- 2023-09: $19.75 per share

- 2023-10: $20.00 per share

- 2023-11: $21.03 per share

- 2023-12: $21.66 per share

- 2024-01: $24.17 per share

- 2024-02: $24.83 per share

- 2024-03: $28.73 per share

- 2024-04: $26.56 per share

- 2024-05: $29.17 per share

- 2024-06: $29.12 per share

- 2024-07: $29.55 per share

- 2024-08: $29.56 per share

- 2024-09: $29.16 per share

- 2024-10: $31.77 per share

- 2024-11: $32.37 per share

- 2024-12: $29.93 per share

- 2025-01: $33.76 per share

- 2025-02: $34.68 per share

- 2025-03: $31.57 per share

- 2025-04: $29.63 per share

- 2025-05: $32.61 per share

- 2025-06: $35.50 per share

- 2025-07: $35.56 per share

- 2025-08: $34.77 per share

- 2025-09: $32.05 per share

- 2025-10: $32.56 per share

- 2025-11: $30.02 per share

- 2025-12: $30.17 per share

- 2026-01: $30.83 per share

- 2026-02: $25.84 per share

- 2026-03: $23.86 per share

- 2026-04: $27.54 per share

- 2026-05: $27.00 per share

- 2026-06: $28.63 per share

- 2026-07: $31.19 per share

- 2026-08: $32.54 per share

- 2026-09: $33.12 per share

- 2026-10: $34.43 per share

## Annual estimated value (USD per share)

- FY2022: low $267.07 per share, central $269.55 per share, high $272.85 per share

- FY2023: low $290.09 per share, central $293.52 per share, high $298.10 per share

- FY2024: low $150.24 per share, central $156.34 per share, high $164.45 per share

- FY2025: low $171.21 per share, central $177.90 per share, high $186.81 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.