GLOBE LIFE INC. (GL): what the price assumes

In the published model solve dated 2026-Q2, anchored at $172.79, GLOBE LIFE INC. (GL) is priced for 14.6% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-26.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/GL

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 8.9% cost of equity with 4% terminal growth over a 10-year stage, on common book equity (FY2026).

How unusual the bet is: within-range

Valuation X-Ray

The price is supported by asset-based and earnings-power value. A value/asset-supported name, not a pure growth bet.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.8%); the inversion above states its own rate.

Per-Model Detail (n=4)

Economic-Unit Decomposition (Sum Of The Parts)

The issuer is a funded financial business. Debt, interest, and cash flows are operating inputs, so industrial EV, net-debt, WACC, and free-cash-flow lenses do not apply; value the common-equity claim with book, earnings, capital, and payout economics.

No unit-level total common-equity value is stated. Each financial unit requires supported standalone common equity, normalized earnings, capital adequacy, and payout capacity. Consolidated debt, interest, and cash are operating balances, not an enterprise-to-equity bridge; company-level book, earnings, capital, and payout lenses remain the coherent cross-checks.

Solvency

Deposit/float-funded balance sheet: debt is funding, not corporate leverage, and GAAP operating cash flow follows loan flows. Net-debt, interest-coverage, and cash-burn lenses do not apply. The solvency frame for a financial is regulatory capital and payout capacity (CET1, stress buffer, dividends plus buybacks against earnings).

Bullet Takeaways

• Globe Life sells small life and supplemental health policies through its own captive agency divisions, and the economics are unusually stable: life underwriting margin ran 42 percent of premium in the second quarter of 2026 and administrative expense ran 7.0 percent.

• Roughly 83 percent of earnings goes back to shareholders as dividends and buybacks, which has taken the share count down about 5.6 percent a year over the last four years and is the main reason per-share results grow faster than the business does.

• The leading indicator is softening while the reported numbers are not: total life net sales fell 3 percent in the second quarter of 2026, with the direct-to-consumer channel down 15 percent, even as management raised full-year guidance to a range of 15.55 to 15.95 dollars a share.

Bull Case

Start with the share count, because it is doing more work here than the business is.

Weighted average diluted shares fell to 78.9 million in the second quarter of 2026 from 82.8 million a year earlier, after the company bought back 1.1 million shares for 175 million dollars in the quarter alone. Over the last four years the count has come down about 5.6 percent a year. That is not a one-off return of capital; it is the operating model. Globe Life's 10-K describes the mechanism without embellishment, noting that per-share results move differently from the underlying figures because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program, and that Management generally determines the amount of repurchases based on the amount of excess cash flows and other available sources. In November 2024 the board authorised up to 1.8 billion dollars under the existing programme.

Now the part that makes the buyback sustainable rather than clever. The underlying business is boring in the specific way insurance underwriters want to be boring. Life insurance produced an underwriting margin of 42 percent of premium in the second quarter, up from 41 percent, and the ratio of administrative expense to premium was 7.0 percent against 7.1 percent a year earlier. Total premium grew 7 percent. Those are not numbers that swing with credit cycles or catastrophe seasons, which is exactly why the company can commit to returning roughly 83 percent of earnings without needing to guess about next year's losses.

The products are the reason, and the structure of the accounts shows it. Globe Life sells small-face-amount life policies and limited-benefit supplemental health cover to working households, largely through captive agency divisions rather than brokers. Its own 10-K defines the metric that matters as one that essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions, and it deliberately keeps investment results out of that measure: Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin. The second-quarter split makes the consequence concrete. Insurance underwriting income contributed 4.69 dollars a share; excess investment income contributed 0.49. Roughly nine tenths of the earnings engine is mortality and expense, not investment spread. When rates move, most of this business does not.

The largest channel is holding. American Income produced 466.3 million dollars of the quarter's 860.8 million dollars of life premium at an underwriting margin of 46 percent of premium, unchanged on the year. A distribution arm that reaches working households through affinity and workplace relationships is not something a competitor assembles quickly, and the margin says the relationship has not been competed away.

The recruiting engine is showing signs of life in the channels that were struggling. Average producing agent count rose 8 percent at Liberty National and 7 percent at Family Heritage over the year-ago quarter, and both divisions grew underwriting margin 10 percent. Agent count is the input that eventually becomes premium, and it moves first.

Against the peer set, the profitability is genuinely top of the group. Globe Life keeps roughly nineteen cents of every revenue dollar as profit, which puts it alongside PRI at 23.0 percent and AFL at 25.6 percent and well clear of MET at 4.7 percent, PRU at 5.5 percent and UNM at 5.9 percent. Those larger names carry annuity and institutional books whose returns depend on investment spread and reserve assumptions across long horizons. Globe Life's business is smaller, simpler and considerably more profitable per dollar of revenue, and management raised full-year guidance in July rather than reaffirming it.

Bear Case

Premium is a lagging number and sales is a leading one, and at Globe Life the two are pointing in different directions. Total premium grew 7 percent in the second quarter of 2026. Total life net sales fell 3 percent. Inside that, the direct-to-consumer channel dropped 15 percent and American Income, the largest agency division, slipped 2 percent. Net sales is annualised premium on newly issued policies. Today's sales are the premium base three and five years from now, so a sales line that goes backwards while premium still rises is the shape of a business a little past the top of its own cycle rather than one accelerating into a new one.

The mix underneath is moving toward the thinner product. Health premium rose 16 percent in the quarter while life premium rose 3 percent, and the United American division, which sells Medicare Supplement through independent agents, grew health premium 29 percent. But health underwriting margin came in at 23 percent of premium against 26 percent a year earlier, while life held 42 percent. The growth is arriving in the segment that keeps less of each premium dollar. Medicare Supplement is priced against medical trend and repriced annually by regulators; it is a volume business, not a margin business, and the 10-K describes exactly that discipline, noting that rate filings are made and the new premium rates generally become effective in the following year on new business issued.

The distribution model carries a risk that most insurers do not. Globe Life's premium comes overwhelmingly from agents it recruits, trains and pays on commission, and its own 10-K is direct about the exposure: We employ controls and procedures designed to prevent and detect agent misconduct; however, such controls and procedures cannot be 100% effective in all cases, and such instances could result in adverse findings in either examinations or litigation. The same filing lists regulatory authorities' power to conduct investigations, and to bring administrative or judicial proceedings against us. Legal proceedings have been a recurring line in the reconciliation between operating and reported earnings, and shareholder derivative litigation remains active. None of that is fatal. It is a standing tax on a distribution model that is otherwise the company's best asset.

The price says the market is comfortable with all of it. Globe Life changes hands for about 2.2 times its book value, which sits in the upper half of the range its peer group trades at, and that multiple requires the company to sustain a return on equity near 15.2 percent indefinitely. On a trailing basis it earns about 19.4 percent, so there is headroom. The catch is in the second decimal place of the balance sheet rather than in the earnings. Book value per share of 78.18 dollars at June 30, 2026 was 18 percent higher than a year earlier, but book value per share excluding accumulated other comprehensive income was 100.04 dollars and rose 11 percent. The difference is unrealised movement on the bond portfolio. Much of the reported book value growth is a rate effect that reverses if rates back up, and the denominator of the return the price depends on moves with it.

Read the return the way management reports it and the margin of comfort narrows considerably. Net income as a return on equity was 18.4 percent for the six months to June 2026, against 18.8 percent in the same period of 2025. Net operating income as a return on equity excluding that comprehensive income adjustment was 14.3 percent, against 14.4 percent. On that basis the company is not comfortably above what the price requires; it is sitting on it, and slipping fractionally. Roughly 60 percent of firms earning a return like this held it a decade. That is better than a coin toss and a long way from a certainty.

Finally, the buyback that carries the per-share story is not free. Returning roughly 83 percent of earnings means retaining about a sixth of them, and a business that retains a sixth of its earnings can only grow book value as fast as that retention plus the return it earns on it. The share count can keep falling. The equity base underneath each remaining share grows slowly. If sales keep declining, the repurchase becomes the whole growth story, and repurchases at more than two times book value are a use of capital that requires the return to persist to make sense.

Valuation

An insurer is worth the return it earns on the capital it holds, so the useful question is not what multiple of earnings the shares carry but what return the market is assuming. Globe Life trades near 2.2 times its book value. Invert that and the answer is a return on equity of roughly 15.2 percent, sustained. The company has recently been earning about 19.4 percent on a trailing basis. The price is therefore asking for less than the business has been delivering, which is an unusual place to start.

The gap is real but it is not as wide as those two figures make it look, because everything depends on which book value you use. On the reported basis, book value per share reached 78.18 dollars at the end of June 2026, up 18 percent in a year, and net income as a return on equity ran 18.4 percent for the first six months. On the basis management prefers, which strips out unrealised movements in the bond portfolio, book value per share was 100.04 dollars and net operating income as a return on that equity was 14.3 percent. Two honest numbers, one business. The first flatters the return by shrinking the denominator; the second does not. The requirement embedded in the market's assumption sits between them, and closer to the second.

The methods are unusually united here. Book-value-plus-profitability approaches, earnings-power approaches, peer multiples and the forward-growth projection all land within reach of the quote, and two of the four land above it. Nothing in the set characterises this as a stretch. The approach built specifically for a financial, which starts from tangible book value per share of 70.15 dollars and applies a multiple derived from the return relative to the cost of that capital, lands above the current quote. So does the earnings-based reference that puts a conservative multiple on trailing profit. When every family reaches, the interesting question stops being whether the shares are expensive and becomes why the market is not paying more, which is a question about the durability of the return rather than about its level.

Durability is where the honest hesitation lives. Roughly 60 percent of companies earning a return in this band held it for a decade. That is not a high bar cleared comfortably; it is a coin toss with the odds tilted. And the return has stopped rising: 18.4 percent for the first half of 2026 against 18.8 percent a year earlier on the reported basis, 14.3 percent against 14.4 percent on the operating basis. Flat, not falling, but flat is what the top of a plateau looks like from close up.

Solvency reads differently for an insurer than for an operating company. There is no cash burn to measure and no leverage ratio worth quoting, because policy reserves are the business rather than borrowings against it. What matters is how much of what is earned can leave. Globe Life returns roughly 83 percent of earnings as dividends and repurchases, which means it retains about a sixth. That is the number to hold onto: with a return near the high teens on a sixth of earnings retained, book value compounds in the mid single digits, and the rest of the per-share growth has to come from the share count. It has, falling about 5.6 percent a year over the last four years. The model works. It works because the return persists, and that is the single assumption everything else in this report rests on.

Catalysts

The most recent hard information is three days old. On July 22, 2026, Globe Life reported second-quarter net income of 3.65 dollars a diluted share against 3.05 a year earlier, net operating income of 3.61 against 3.27, and raised full-year 2026 earnings guidance to a range of 15.55 to 15.95 dollars a share, an increase of 10 cents at the midpoint. The company noted that this was the eighth quarter in the last nine with double-digit growth in net operating income per share. A guidance raise of that size is a refinement rather than a reset, and it tells you management sees no surprise in the second half.

The items to watch inside the next few prints are the sales lines rather than the earnings lines. Total life net sales fell 3 percent in the quarter and the direct-to-consumer channel fell 15 percent, while average producing agent count rose 8 percent at Liberty National and 7 percent at Family Heritage. Those two facts have to reconcile eventually: more agents producing fewer sales is a temporary condition, and which way it resolves determines the premium base several years out. Health is the offsetting story, with premium up 16 percent in the quarter and 29 percent at the United American division, though at a lower margin than the life book carries.

On the financing side, Globe Life refinanced its bank facilities in late June 2026, replacing its revolving credit agreement and term loan with amended and restated versions, changing the administrative agent to Wells Fargo and pushing the revolver's maturity from March 2029 out to June 26, 2031. There is nothing dramatic in that; it is housekeeping done from a position of strength, and it removes a refinancing date from the calendar for another two years. The repurchase programme continues underneath it, with 1.1 million shares bought for 175 million dollars in the second quarter alone, drawing on the 1.8 billion dollar authorisation the board approved in November 2024.

Peer Cohorts (Per Segment, With Filing Citations)

Life insurance (reported)

• PRI (Primerica, Inc.)
• FY2025 10-K: …periodic payment of premiums. Term life insurance products, which are sometimes referred to as pure protection products, have no savings or investment features. By buying term life insurance rather than cash value life insurance, a policyholder pays a lower premium over the level term period and, as a result, may…
• FY2025 10-K: …modest savings, and are often more sensitive to 1 cost-of-living pressures. In contrast, clients purchasing investment products range from those just starting to save for the future to those who have accumulated significant assets over time. The financial results of our Term Life Insurance segment benefit from the…
• PRU (PRUDENTIAL FINANCIAL INC)
• FY2025 10-K: …and expenses based on specific product features. While the majority of our premiums are derived from the National Market segment (over 5,000 benefit-eligible employees), we continue to diversify our book through growth of the Premier Market (between 100-5,000 benefit-eligible employees) and Association segments…
• FY2025 10-K: …from assets related to the reinsurance transaction with Wilton Re and lower income from non-coupon investments, partially offset by lower losses from derivatives. This variance was partially offset by: 65 Table of Contents • higher policy charges and fee income, due to business growth and favorable equity market…
• MET (MetLife, Inc.)
• FY2025 10-K: …party is still living. Variable Life Insurance Insurance coverage through a contract that gives the policyholder flexibility in investment choices and, depending on the product, in premium payments and coverage amounts, with certain guarantees. Premiums and account balances can be directed by the policyholder into a…
• FY2025 10-K: . We distribute Group Benefits products and services through a sales force primarily comprised of MetLife employees that is segmented by the size of the target customer. Account executives sell either directly to corporate and other group customers or through an intermediary, such as a broker or consultant. Employers…
• LNC (LINCOLN NATIONAL CORPORATION)
• FY2025 10-K: …include premium payments, cost of insurance assessments, expense and fee charges and investment income. In turn, this segment incurs expenses, which include paying death claims, long-term care claims, and surrender benefits, crediting interest, and accruing reserves for future claim payments, as well as other…
• FY2025 10-K: Term and Lincoln LifeElements ® Level Term. Distribution The Life Insurance segment's products are sold through LFD. LFD provides the Life Insurance segment with access to financial intermediaries in the following primary distribution channels: wire/regional firms; independent planner firms; financial institutions;…
• CNO (CNO Financial Group, Inc.)
• FY2025 10-K: …related to predictive modeling, price algorithms, and insurers' use of AI. FEDERAL INCOME TAXATION Our annuity and life insurance products generally provide policyholders with an income tax advantage, as compared to other savings investments such as certificates of deposit and bonds, because taxes on the increase in…
• FY2025 10-K: …include graded benefit life insurance products. Graded benefit life insurance products are offered on an individual basis primarily to persons aged 50 to 85, principally in face amounts of $400 to $50,000, with limited or no medical examination or evidence of insurability. Premiums are paid as frequently as monthly.…
• UNM (Unum Group)
• FY2025 10-K: …the Corporate segment. • In 2024, we incurred a loss on legal settlement of $ 15.3 million for the settlement of an employment-related matter, in the Corporate segment. 4 Excludes life insurance . 241 Table of Contents SCHEDULE IV--REINSURANCE Unum Group and Subsidiaries Gross Amount Ceded to Other Companies Assumed…
• FY2025 10-K: …of Colonial Life segment premium income generated by each product line during 2025 is as follows: Accident, Sickness, and Disability 54.0 % Life 26.3 Cancer and Critical Illness 19.7 Total 100.0 % Accident, Sickness, and Disability The accident, sickness, and disability product line consists of short-term disability…
• AFL (AFLAC INC)
• FY2025 10-K: …as unrealized foreign currency translation gains (losses) in other comprehensive income and are included in accumulated other comprehensive income. Insurance Revenue and Expense Recognition: Substantially all supplemental health and life insurance policies the Company issues are classified as long-duration contracts.…
• FY2025 10-K: …the framework of the Life Insurance Policyholder Protection Corporation (LIPPC) included government fiscal measures supporting the LIPPC. In March 2022, Japan's Diet passed legislation that extended the government's fiscal support of the LIPPC through March 2027. In March 2022, the LIPPC reached the required balance…

Health insurance (reported)

• AFL (AFLAC INC)
• FY2025 10-K: …as unrealized foreign currency translation gains (losses) in other comprehensive income and are included in accumulated other comprehensive income. Insurance Revenue and Expense Recognition: Substantially all supplemental health and life insurance policies the Company issues are classified as long-duration contracts.…
• FY2025 10-K: …in an organized sporting activity. 5 Item 1. Business Disability Disability Insurance Aflac U.S. offers short-term disability benefits on both an individual and group basis and long-term disability benefits on a group basis. These plans provide coverage for covered injury, illness or mental health conditions.…
• UNM (Unum Group)
• FY2025 10-K: …long-term care and other insurance products no longer actively marketed. Closed Block segment premium income for 2025 was comprised of approximately 81 percent group and individual long-term care and 19 percent other insurance products. Group and Individual Long-term Care We discontinued offering individual long-term…
• FY2025 10-K: …assumptions based on our own experience and published industry tables. Premiums for the individual whole life and term life products are guaranteed for the life of the contract. Premiums for the individual universal life products are flexible and may vary at the individual policyholder level. For the group term life…
• CNO (CNO Financial Group, Inc.)
• FY2025 10-K: …"Consolidated Financial Condition - Financial Strength Ratings of our Insurance Subsidiaries." We set premium rates on our health insurance policies based on facts and circumstances known at the time we issue the policies using assumptions about numerous variables, including but not limited to, the actuarial…
• FY2025 10-K: …for agent-sold Medicare supplement insurance products include United HealthCare, Blue Cross and Blue Shield Plans, and Mutual of Omaha. Our main competitors for life insurance sold through direct marketing channels include Mutual of Omaha, Globe Life, Inc., TruStage, AAA Life Insurance, and Gerber Life. Our main…
• KMPR (Kemper Corporation)
• FY2025 10-K: …investment portfolios. 3 Expenses are allocated based upon specific metrics associated with each business, including but not limited to claim counts, headcount, and budgeted premium. See Accompanying Report of Independent Registered Public Accounting Firm. 1 SCHEDULE IV KEMPER CORPORATION REINSURANCE SCHEDULE…
• FY2025 10-K: …(v) utilizing technological innovations for the marketing and sale of insurance, (vi) controlling expenses, (vii) maintaining adequate ratings from A.M. Best and other ratings agencies and (viii) providing quality services to independent agents and policyholders. See Item 1A., "Risk Factors," under the caption " The…
• PRI (Primerica, Inc.)
• FY2025 10-K: …life insurance premiums during a qualifying disability), or terminal illness. The claim may be reported by an independent sales representative, a beneficiary or, in the case of qualifying disability or terminal illness, the policyholder. Our insurance subsidiaries processed over 17,000 life insurance death benefit…
• FY2025 10-K: • Results of Operations • Financial Condition • Liquidity and Capital Resources The Company previously reported a Senior Health segment, which consisted of e-TeleQuote Insurance, Inc. and subsidiaries, a marketer of Medicare-related insurance products underwritten by third-party health insurance carriers to eligible…

Investment (reported)

• PRI (Primerica, Inc.)
• FY2025 10-K: 97.1 Primerica, Inc. Incentive Compensation Recovery Policy. Incorporated by reference to Exhibit 97.1 to Primerica's Annual Report on Form 10-K for the year ended December 31, 2023 (Commission File No. 001-34680). 101.INS Inline XBRL Instance Document The instance document does not appear in the Interactive Data File…
• FY2025 10-K: …result, the profitability of our term life insurance business is not as sensitive to the impact that interest rates have on our invested asset portfolio and investment income as the profitability of other companies that distribute non-term life insurance products. We follow a conservative investment strategy designed…
• VOYA (Voya Financial, Inc.)
• FY2025 10-K: …segment. Investment Management also receives fees as the primary investment manager of our general account, which is managed on a market-based pricing basis. 48 Table of Contents Finally, Investment Management generates revenues from a portfolio of seed capital investments in private equity, collateralized loan…
• FY2025 10-K: …indicated: Year Ended December 31, ($ in millions) 2025 2024 Adjusted operating revenues: Net investment income and net gains (losses) $ 31 $ 27 Fee income 968 928 Other revenue 31 28 Total adjusted operating revenues 1,030 982 Adjusted operating benefits and expenses: Operating expenses 739 703 Total adjusted…
• AFL (AFLAC INC)
• FY2025 10-K: …securities 66 0 Commercial mortgage and other loans: Other loans 26 47 Other investments 12 5 Total other currencies 157 78 Total Aflac Japan purchases $ 12,081 $ 5,276 See the Investments section of this MD&A for further discussion of these investment programs, and see Notes 1 and 3 of the Notes to the Consolidated…
• FY2025 10-K: …commercial mortgage and other loans in the consolidated balance sheets. Income on commercial mortgage and other loans is recognized using the interest method and included in net investment income in the consolidated statements of earnings. The Company designates nonaccrual status for a nonperforming fixed maturity…
• CNA (CNA FINANCIAL CORP)
• FY2025 10-K: …levels. The Company applies expected credit loss rates by pool to the outstanding 64 Table of Contents receivable balances. Changes in the allowance for mortgage loans are presented as a component of Net investment gains (losses) on the Consolidated Statements of Operations. See the Credit Losses section of this note…
• FY2025 10-K: , include both fixed maturity securities and non-redeemable preferred stock. Years ended December 31 (In millions) 2025 2024 Fixed income securities: Taxable fixed income securities $ 2,012 $ 1,940 Tax-exempt fixed income securities 165 144 Total fixed income securities 2,177 2,084 Limited partnership and common stock…
• HMN (HORACE MANN EDUCATORS CORPORATION)
• FY2025 10-K: …of accreting the credit loss allowance for the time value of money. Accrual of income is suspended for fixed maturity securities when the timing and amount of cash flows expected to be received is not reasonably estimable. Accrual of income is suspended for commercial mortgage loans that are in default or when full…
• FY2025 10-K: …II - Condensed Financial Information of Registrant, Page 153 Schedule III - Supplementary Insurance Information, Page 157 Schedule IV - Reinsurance, Page 158 Horace Mann Educators Corporation Annual Report on Form 10-K 151 SCHEDULE I HORACE MANN EDUCATORS CORPORATION SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN…
• AFG (AMERICAN FINANCIAL GROUP, INC.)
• FY2025 10-K: …dividends paid to shareholders (due primarily to special dividends of $6.50 per share in 2024 compared to special dividends of $5.50 per share in 2023). Off-Balance Sheet Arrangements See Note O - "Additional Information - Financial Instruments - Unfunded Commitments" to the financial statements . 35 Table of…
• FY2025 10-K: …diluted) for the fourth quarter of 2024, reflecting higher underwriting profit, partially offset by lower net investment income from AFG's alternative investment portfolio. Full year 2025 net earnings were $842 million ($10.08 per share, diluted) compared to $887 million ($10.57 per share, diluted) in 2024. Higher…
• MKL (MARKEL GROUP INC.)
• FY2025 10-K: …provided by operating activities was $2.6 billion in 2024 compared to $2.8 billion in 2023. The decrease was primarily due to lower cash flows from our Industrial and Consumer and Other segments. Within our Markel Insurance segment, higher net claims payments were largely offset by higher net premium collections and…
• FY2025 10-K: …may, from time to time, provide loans to our operating businesses to fund strategic growth investments and projects. These intercompany loans are presented in the tables below but are eliminated in consolidation. December 31, 2025 (dollars in thousands) Markel Insurance Other Reportable Segments Corporate Total Fixed…
• L (LOEWS CORP)
• FY2025 10-K: …securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA's investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an…
• FY2025 10-K: (In millions) Current assets, principally investment in short-term instruments $ 2,676 $ 2,222 Investments in securities 1,245 1,170 Investments in capital stocks of subsidiaries, at equity 16,673 15,623 Other assets 95 95 Total assets $ 20,689 $ 19,110 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 597 $…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.