# Jackson Financial (JXN.US)

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

Analysis as of: 2026-10-16T07:29:33.462Z. Financial observations: FY2016–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: $131.56 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 7

- Required profitable years: 8

- Return on common equity variation (informational): 2.06×

Chart: Net income; fiscal year observations.

- FY2016: $798M

- FY2017: $495M

- FY2018: $2.0B

- FY2019: -$497M

- FY2020: -$1.6B

- FY2021: $3.4B

- FY2022: $6.2B

- FY2023: $899M

- FY2024: $902M

- FY2025: -$17M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 8.1%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -7.3%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 11.5%

- FY2017: 6.8%

- FY2018: 26.6%

- FY2019: -7.3%

- FY2020: -17.3%

- FY2021: 0.9%

- FY2022: 71.5%

- FY2023: 9.3%

- FY2024: 9.8%

- FY2025: -0.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 9.4%

- Book return interval: 9 years

- Starting book value per share: $73.75

- Ending book value per share: $132.33

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

- FY2017: 13.5%

- FY2018: 8.4%

- FY2019: 128.7%

- FY2020: -23.0%

- FY2021: 2732.4%

- FY2022: -97.5%

- FY2023: 20.7%

- FY2024: 6.6%

- FY2025: 12.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Unreported buybacks treated as zero; retained-earnings test is conservative

- Diluted shares, 10-year annual growth: -3.1%

- Diluted shares, 5-year annual growth: 1.0%

- Share growth excluding flagged crisis recapitalisations: -3.1%

- Five-year share growth excluding flagged crisis recapitalisations: 1.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.34×

- Book value created per share: $58.58

- Earnings retained per share after dividends and buybacks: $17.52

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

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 40

- FY2020: 72

- FY2021: 100

- FY2022: 94

- FY2023: 88

- FY2024: 81

- FY2025: 75

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

## Price story

Up 258% since Oct 2023 · net income -101.9%

Story as of 2026-10-16T09:59:00.124Z; price observation 2026-10-15.

- 2026-02-04: Jackson Financial Margins Strain As Annuity Growth Tests Earnings Quality ([finance.yahoo.com](https://finance.yahoo.com/news/jackson-financial-margins-strain-annuity-070923033.html))

### Net income · FY2025

net income -101.9%; source https://www.sec.gov/Archives/edgar/data/1822993/000182299326000022/jxn-20251231.htm; observed 2026-02-24.

- FY2016: $798M 

- FY2017: $495M 

- FY2018: $2.0B 

- FY2019: -$497M 

- FY2020: -$1.6B 

- FY2021: $3.4B 

- FY2022: $6.2B 

- FY2023: $899M 

- FY2024: $902M 

- FY2025: -$17M 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are USD 6.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1822993/000182299326000022/jxn-20251231.htm#000182299326000022 (filed 2026-02-24); FY2025: revenue 6683000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JXN.US: Jackson Financial Inc., through its subsidiaries, provides suite of annuities to retail investors in the United States. It operates through three segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks. The Retail Annuities segment offers various retirement income and savings products, including variable, fixed index, fixed, and payout annuities, as well as registered index-linked annuities and lifetime income solutions. The Institutional Products segment provides traditional guaranteed investment contracts; funding agreements backed by commercial paper; funding agreements comprising agreements issued in conjunction with its participation in the U.S. federal home loan bank program; and medium-term funding agreement-backed notes. The Closed Life and Annuity Blocks segment offers various protection products, such as whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. The company also provides investment management services. It sells its products through a distribution network that includes independent broker-dealers, wirehouses, regional broker-dealers, banks, independent registered investment advisors, third-party platforms, and insurance agents. The company was formerly known as Brooke (Holdco1) Inc. and changed its name to Jackson Financial Inc. in July 2020. Jackson Financial Inc. was incorporated in 2006 and is headquartered in Lansing, Michigan.

### Why customers stay

It earns 8.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,0.11454490648370104],[2017,0.06777782339176486],[2018,0.265724532947915],[2019,-0.07271264535946756],[2020,-0.1732421253579383],[2021,0.009164912092480588],[2022,0.7154753643303262],[2023,0.09328629241465186],[2024,0.0977142238110714],[2025,-0.0018046709129511678]]; median 0.08053205790320836. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back USD 669 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2017,600000000],[2018,450000000],[2019,2875000000],[2020,50000000],[2021,50000000],[2022,186000000],[2023,236000000],[2024,255000000],[2025,267000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1822993/000182299326000022/jxn-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 669000000 USD.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JXN.US SharesStats.PercentInsiders = 1.703 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 131.56 USD; reporting-to-trading FX 1; FY2025 annual sales per share 93.8807282644024; price multiple 1.4013525718449797. FY2025 cash earnings/share 79.0323174046877. Closing-price date 2026-10-15.

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

- 2021-09: $26.00 per share

- 2021-10: $27.07 per share

- 2021-11: $31.66 per share

- 2021-12: $41.83 per share

- 2022-01: $38.37 per share

- 2022-02: $40.89 per share

- 2022-03: $44.23 per share

- 2022-04: $42.31 per share

- 2022-05: $36.41 per share

- 2022-06: $26.75 per share

- 2022-07: $27.51 per share

- 2022-08: $31.26 per share

- 2022-09: $27.75 per share

- 2022-10: $38.36 per share

- 2022-11: $37.35 per share

- 2022-12: $34.79 per share

- 2023-01: $44.04 per share

- 2023-02: $45.38 per share

- 2023-03: $37.41 per share

- 2023-04: $36.01 per share

- 2023-05: $27.70 per share

- 2023-06: $30.61 per share

- 2023-07: $33.02 per share

- 2023-08: $37.60 per share

- 2023-09: $38.22 per share

- 2023-10: $36.71 per share

- 2023-11: $47.73 per share

- 2023-12: $51.20 per share

- 2024-01: $50.07 per share

- 2024-02: $55.05 per share

- 2024-03: $66.14 per share

- 2024-04: $68.32 per share

- 2024-05: $76.01 per share

- 2024-06: $74.26 per share

- 2024-07: $88.06 per share

- 2024-08: $89.97 per share

- 2024-09: $91.23 per share

- 2024-10: $99.95 per share

- 2024-11: $100.19 per share

- 2024-12: $87.08 per share

- 2025-01: $94.24 per share

- 2025-02: $91.63 per share

- 2025-03: $83.78 per share

- 2025-04: $77.91 per share

- 2025-05: $81.91 per share

- 2025-06: $88.79 per share

- 2025-07: $87.56 per share

- 2025-08: $98.80 per share

- 2025-09: $101.23 per share

- 2025-10: $100.81 per share

- 2025-11: $98.01 per share

- 2025-12: $106.65 per share

- 2026-01: $118.92 per share

- 2026-02: $109.48 per share

- 2026-03: $105.72 per share

- 2026-04: $115.77 per share

- 2026-05: $103.11 per share

- 2026-06: $102.39 per share

- 2026-07: $122.28 per share

- 2026-08: $133.43 per share

- 2026-09: $129.32 per share

- 2026-10: $131.56 per share

## Annual estimated value (USD 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/1822993/000182299326000022/jxn-20251231.htm); period 2025-12-31, filed 2026-02-24.

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.