# Globe Life (GL.US)

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

Analysis as of: 2026-10-16T07:28:47.711Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $167.59 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.35×

Chart: Net income; fiscal year observations.

- FY2016: $550M

- FY2017: $1.5B

- FY2018: $701M

- FY2019: $761M

- FY2020: $732M

- FY2021: $745M

- FY2022: $740M

- FY2023: $971M

- FY2024: $1.1B

- FY2025: $1.2B

### moat: pass

- Common book per share

- Bank / P&C ROTE, median of available years: 15.8%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 8.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 12.0%

- FY2017: 23.3%

- FY2018: 13.0%

- FY2019: 10.4%

- FY2020: 8.3%

- FY2021: 8.6%

- FY2022: 18.7%

- FY2023: 21.6%

- FY2024: 20.2%

- FY2025: 19.4%

### economics: pass

- Common book per share

- Book value per share + reinvested dividends, annualized return: 10.0%

- Book return interval: 10 years

- Starting book value per share: $31.99

- Ending book value per share: $72.40

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 18.4%

- FY2017: 41.9%

- FY2018: -9.1%

- FY2019: 40.8%

- FY2020: 26.0%

- FY2021: 3.4%

- FY2022: -51.4%

- FY2023: 18.9%

- FY2024: 29.1%

- FY2025: 24.1%

### management: pass

- Common book per share

- Diluted shares, 10-year annual growth: -4.2%

- Diluted shares, 5-year annual growth: -5.1%

- Share growth excluding flagged crisis recapitalisations: -4.2%

- Five-year share growth excluding flagged crisis recapitalisations: -5.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.69×

- Book value created per share: $40.40

- Earnings retained per share after dividends and buybacks: $23.94

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 97

- FY2017: 94

- FY2018: 91

- FY2019: 88

- FY2020: 85

- FY2021: 81

- FY2022: 78

- FY2023: 76

- FY2024: 71

- FY2025: 65

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

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

## Price story

Up 44% since Oct 2023 · "Raised 2026 Guidance and Buybacks Could Be A Game Changer For Globe Life (GL)" (finance.yahoo.com, Apr 2026) · net income +8.4%

Story as of 2026-10-16T09:58:49.446Z; price observation 2026-10-15.

- 2025-07-23: Globe Life's second-quarter profit rises on strong underwriting ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/globe-lifes-second-quarter-profit-210133872.html))

- 2026-04-27: Raised 2026 Guidance and Buybacks Could Be A Game Changer For Globe Life (GL) ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/raised-2026-guidance-buybacks-could-190533366.html))

- 2026-07-23: Globe Life Q2 Earnings Miss Estimates on Escalating Expenses ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/globe-life-q2-earnings-miss-152600999.html))

### Net income · FY2025

net income +8.4%; source https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231.htm; observed 2026-02-25.

- FY2016: $550M 

- FY2017: $1.5B 

- FY2018: $701M 

- FY2019: $761M 

- FY2020: $732M 

- FY2021: $745M 

- FY2022: $740M 

- FY2023: $971M 

- FY2024: $1.1B 

- FY2025: $1.2B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are USD 6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231.htm#000032033526000090 (filed 2026-02-25); FY2025: revenue 5994318000.

### Why customers stay

It earns 15.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on tangible equity observations [[2016,0.12038443911474424],[2017,0.23341289250076347],[2018,0.12953704006351038],[2019,0.10429914726649153],[2020,0.08343009057481098],[2021,0.08619411334698476],[2022,0.1872868917354947],[2023,0.21635783875512252],[2024,0.2018203682202687],[2025,0.19436315094335518]]; median 0.15841196589950254. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 881 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,66931000],[2017,68831000],[2018,71421000],[2019,74188000],[2020,78192000],[2021,80043000],[2022,80547000],[2023,84116000],[2024,85485000],[2025,86067000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 880983000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GL.US SharesStats.PercentInsiders = 0.703 percentage points; cache date 2026-10-16.

### What could break it

"Changes in interest rates could negatively affect income" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231.htm (filed 2026-02-25); Changes in interest rates could negatively affect income

### What the price says

The price is 2.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 167.59 USD; reporting-to-trading FX 1; FY2025 annual sales per share 72.63639601443403; price multiple 2.307245529729988. FY2025 cash earnings/share 15.194269876451488. Closing-price date 2026-10-15.

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

- 2016-10: $63.41 per share

- 2016-11: $70.09 per share

- 2016-12: $73.76 per share

- 2017-01: $73.54 per share

- 2017-02: $77.53 per share

- 2017-03: $77.04 per share

- 2017-04: $76.71 per share

- 2017-05: $75.50 per share

- 2017-06: $76.50 per share

- 2017-07: $78.97 per share

- 2017-08: $76.97 per share

- 2017-09: $80.09 per share

- 2017-10: $84.13 per share

- 2017-11: $88.85 per share

- 2017-12: $90.71 per share

- 2018-01: $90.85 per share

- 2018-02: $85.37 per share

- 2018-03: $84.17 per share

- 2018-04: $86.74 per share

- 2018-05: $84.83 per share

- 2018-06: $81.41 per share

- 2018-07: $88.07 per share

- 2018-08: $87.92 per share

- 2018-09: $86.69 per share

- 2018-10: $84.66 per share

- 2018-11: $86.41 per share

- 2018-12: $74.53 per share

- 2019-01: $83.76 per share

- 2019-02: $82.56 per share

- 2019-03: $81.95 per share

- 2019-04: $87.66 per share

- 2019-05: $85.51 per share

- 2019-06: $89.46 per share

- 2019-07: $91.32 per share

- 2019-08: $89.26 per share

- 2019-09: $95.76 per share

- 2019-10: $97.33 per share

- 2019-11: $102.76 per share

- 2019-12: $105.25 per share

- 2020-01: $104.26 per share

- 2020-02: $92.66 per share

- 2020-03: $71.97 per share

- 2020-04: $82.34 per share

- 2020-05: $77.02 per share

- 2020-06: $74.23 per share

- 2020-07: $79.60 per share

- 2020-08: $82.48 per share

- 2020-09: $79.90 per share

- 2020-10: $81.09 per share

- 2020-11: $93.10 per share

- 2020-12: $94.96 per share

- 2021-01: $90.39 per share

- 2021-02: $93.40 per share

- 2021-03: $96.63 per share

- 2021-04: $102.49 per share

- 2021-05: $105.42 per share

- 2021-06: $95.25 per share

- 2021-07: $93.11 per share

- 2021-08: $96.07 per share

- 2021-09: $89.03 per share

- 2021-10: $89.02 per share

- 2021-11: $86.54 per share

- 2021-12: $93.72 per share

- 2022-01: $102.30 per share

- 2022-02: $100.96 per share

- 2022-03: $100.60 per share

- 2022-04: $98.08 per share

- 2022-05: $97.57 per share

- 2022-06: $97.47 per share

- 2022-07: $100.73 per share

- 2022-08: $97.19 per share

- 2022-09: $99.70 per share

- 2022-10: $115.52 per share

- 2022-11: $119.96 per share

- 2022-12: $120.55 per share

- 2023-01: $120.85 per share

- 2023-02: $121.69 per share

- 2023-03: $110.02 per share

- 2023-04: $108.52 per share

- 2023-05: $103.18 per share

- 2023-06: $109.62 per share

- 2023-07: $112.17 per share

- 2023-08: $111.57 per share

- 2023-09: $108.73 per share

- 2023-10: $116.36 per share

- 2023-11: $123.13 per share

- 2023-12: $121.72 per share

- 2024-01: $122.82 per share

- 2024-02: $126.93 per share

- 2024-03: $116.37 per share

- 2024-04: $76.17 per share

- 2024-05: $82.76 per share

- 2024-06: $82.28 per share

- 2024-07: $92.74 per share

- 2024-08: $105.05 per share

- 2024-09: $105.91 per share

- 2024-10: $105.60 per share

- 2024-11: $111.24 per share

- 2024-12: $111.52 per share

- 2025-01: $122.09 per share

- 2025-02: $127.43 per share

- 2025-03: $131.72 per share

- 2025-04: $123.34 per share

- 2025-05: $121.87 per share

- 2025-06: $124.29 per share

- 2025-07: $140.47 per share

- 2025-08: $139.95 per share

- 2025-09: $142.97 per share

- 2025-10: $131.51 per share

- 2025-11: $134.73 per share

- 2025-12: $139.86 per share

- 2026-01: $140.22 per share

- 2026-02: $145.26 per share

- 2026-03: $139.17 per share

- 2026-04: $154.30 per share

- 2026-05: $153.24 per share

- 2026-06: $178.68 per share

- 2026-07: $182.25 per share

- 2026-08: $172.67 per share

- 2026-09: $165.65 per share

- 2026-10: $167.59 per share

## Annual estimated value (USD per share)

- FY2016: low $7.24 per share, central $9.05 per share, high $12.07 per share

- FY2017: low $49.26 per share, central $61.58 per share, high $82.11 per share

- FY2018: low $23.20 per share, central $29.00 per share, high $38.67 per share

- FY2019: low $184.19 per share, central $230.24 per share, high $306.99 per share

- FY2020: low $235.41 per share, central $294.26 per share, high $392.34 per share

- FY2021: low $100.69 per share, central $125.86 per share, high $167.82 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/320335/000032033526000090/gl-20251231.htm); period 2025-12-31, filed 2026-02-25.

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.

## Reported holder observations

- [Richard Pzena](https://gigainvestors.com/PIM): 1,355,811 GL shares; USD 242,256,000 reported position value; 0.71% of portfolio; add; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 22,364 GL shares; USD 3,996,000 reported position value; 0.3% of portfolio; reduce; quarter 2026 Q2.

# GL — Globe Life Inc.

Held by 2 investors · USD 246,252,000 total · 2026 Q2 · reported price USD 178.68 (split-adjusted).
Page: https://gigainvestors.com/s/GL

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 242,256,000 | 0.7% | add +32.11% |
| William Browne (https://gigainvestors.com/TB) | USD 3,996,000 | 0.3% | reduce -19.65% |

## Total held by quarter

- 2006 Q4: USD 180,064,623 · 1 holder · USD 28.34
- 2007 Q1: USD 185,211,142 · 1 holder · USD 29.15
- 2007 Q2: USD 189,213,990 · 1 holder · USD 29.78
- 2007 Q3: USD 175,998,238 · 1 holder · USD 27.70
- 2007 Q4: USD 170,915,256 · 1 holder · USD 26.90
- 2008 Q1: USD 169,771,585 · 1 holder · USD 26.72
- 2008 Q2: USD 165,641,663 · 1 holder · USD 26.07
- 2008 Q3: USD 168,882,064 · 1 holder · USD 26.58
- 2008 Q4: USD 126,248,555 · 1 holder · USD 19.87
- 2009 Q1: USD 74,084,457 · 1 holder · USD 11.66
- 2009 Q2: USD 104,582,346 · 1 holder · USD 16.46
- 2009 Q3: USD 122,626,931 · 1 holder · USD 19.30
- 2009 Q4: USD 124,088,288 · 1 holder · USD 19.53
- 2010 Q1: USD 151,091,628 · 1 holder · USD 23.78
- 2010 Q2: USD 139,781,994 · 1 holder · USD 22.00
- 2010 Q3: USD 150,075,032 · 1 holder · USD 23.62
- 2010 Q4: USD 168,691,452 · 1 holder · USD 26.55
- 2011 Q1: USD 187,752,633 · 1 holder · USD 29.55
- 2011 Q2: USD 181,144,757 · 1 holder · USD 28.51
- 2011 Q3: USD 147,660,615 · 1 holder · USD 23.24
- 2011 Q4: USD 183,813,322 · 1 holder · USD 28.93
- 2012 Q1: USD 211,134,348 · 1 holder · USD 33.23
- 2012 Q2: USD 214,120,600 · 1 holder · USD 33.70
- 2012 Q3: USD 217,488,075 · 1 holder · USD 34.23
- 2012 Q4: USD 218,885,895 · 1 holder · USD 34.45
- 2013 Q1: USD 253,323,095 · 1 holder · USD 39.87
- 2013 Q2: USD 275,942,364 · 1 holder · USD 43.43
- 2013 Q3: USD 306,440,253 · 1 holder · USD 48.23
- 2013 Q4: USD 331,029,177 · 1 holder · USD 52.10
- 2014 Q1: USD 333,380,056 · 1 holder · USD 52.47
- 2014 Q2: USD 346,977,031 · 1 holder · USD 54.61
- 2014 Q3: USD 332,744,683 · 1 holder · USD 52.37
- 2014 Q4: USD 344,181,392 · 1 holder · USD 54.17
- 2015 Q1: USD 348,946,687 · 1 holder · USD 54.92
- 2015 Q2: USD 369,913,986 · 1 holder · USD 58.22
- 2015 Q3: USD 358,350,203 · 1 holder · USD 56.40
- 2015 Q4: USD 363,179,035 · 1 holder · USD 57.16
- 2016 Q1: USD 344,117,854 · 1 holder · USD 54.16
- 2016 Q2: USD 392,787,403 · 1 holder · USD 61.82
- 2016 Q3: USD 405,939,618 · 1 holder · USD 63.89
- 2016 Q4: USD 468,650,904 · 1 holder · USD 73.76
- 2017 Q1: USD 489,491,128 · 1 holder · USD 77.04
- 2017 Q2: USD 486,060,116 · 1 holder · USD 76.50
- 2017 Q3: USD 508,869,995 · 1 holder · USD 80.09
- 2017 Q4: USD 576,346,576 · 1 holder · USD 90.71
- 2018 Q1: USD 534,793,202 · 1 holder · USD 84.17
- 2018 Q2: USD 517,256,915 · 1 holder · USD 81.41
- 2018 Q3: USD 550,804,594 · 1 holder · USD 86.69
- 2018 Q4: USD 473,543,273 · 1 holder · USD 74.53
- 2019 Q1: USD 520,687,928 · 1 holder · USD 81.95
- 2019 Q2: USD 568,404,417 · 1 holder · USD 89.46
- 2019 Q3: USD 608,432,898 · 1 holder · USD 95.76
- 2019 Q4: USD 668,729,767 · 1 holder · USD 105.25
- 2020 Q1: USD 457,277,732 · 1 holder · USD 71.97
- 2020 Q2: USD 471,637,155 · 1 holder · USD 74.23
- 2020 Q3: USD 507,662,787 · 1 holder · USD 79.90
- 2020 Q4: USD 603,349,916 · 1 holder · USD 94.96
- 2021 Q1: USD 613,960,640 · 1 holder · USD 96.63
- 2021 Q2: USD 605,192,497 · 1 holder · USD 95.25
- 2021 Q3: USD 565,672,315 · 1 holder · USD 89.03
- 2021 Q4: USD 595,471,294 · 1 holder · USD 93.72
- 2022 Q1: USD 639,184,936 · 1 holder · USD 100.60
- 2022 Q2: USD 619,297,771 · 1 holder · USD 97.47
- 2022 Q3: USD 633,466,582 · 1 holder · USD 99.70
- 2022 Q4: USD 765,941,790 · 1 holder · USD 120.55
- 2023 Q1: USD 699,037,045 · 1 holder · USD 110.02
- 2023 Q2: USD 275,757,222 · 1 holder · USD 109.62
- 2023 Q3: USD 90,356,152 · 1 holder · USD 108.73
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 43,958,069 · 1 holder · USD 116.37
- 2024 Q2: USD 76,551,502 · 1 holder · USD 82.28
- 2024 Q3: USD 110,594,823 · 2 holders · USD 105.91
- 2024 Q4: USD 110,789,211 · 2 holders · USD 111.52
- 2025 Q1: USD 128,098,807 · 2 holders · USD 131.73
- 2025 Q2: USD 121,370,179 · 2 holders · USD 124.29
- 2025 Q3: USD 146,922,406 · 2 holders · USD 142.97
- 2025 Q4: USD 140,402,935 · 2 holders · USD 139.87
- 2026 Q1: USD 146,715,658 · 2 holders · USD 139.87
- 2026 Q2: USD 246,252,000 · 2 holders · USD 178.68