AEGON LTD.

AEG
Country: BermudaPrice: $8.62Market Cap: $12.6B

Investment snapshot

19%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

$3.80

-55.9% vs price

Models with upside

0 / 16

Positive margin of safety

Strongest signal

6 of 11 pass — Buffett, Lynch, Marks +2 more object

Key risk

All 4 investors flag AEG's efficiency

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNEUTRALPASSPASSFAILFAILFAILFAILPASSFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A-3.0%N/AN/A-355.7%-175.4%-126.8%-40.2%-53.4%N/A-130.5%N/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage55% pass✓ 8✗ 5▾

    6 of 11 pass — Buffett, Lynch, Marks +2 more object

    Debt/Equity & Interest CoverageD/E: 0.21, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.21
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Total Debt / Shareholders' Equity0.21
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.21
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.21
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.2106; #1715/4210 (top 40.7%)
    ✗AsnessTop 30% of eligible cross-section
    Current Assets / Current Liabilities
    ✗SchlossCurrent ratio >= 1.50x (app cutoff)

Where It Falls Short

  • Efficiency0% pass✗ 5▾

    All 4 investors flag AEG's efficiency

    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)1/2 years above 12% (latest -187.4%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation models0% pass✗ 7▾

    AEG overvalued: all 7 models price fair value below $8.62 (median $3.80)

    Buffett fair value$8.37
    ✗Buffett-3.0% margin vs $8.62
    Dreman fair value$1.89
    ✗Dreman-355.7% margin vs $8.62
    Munger fair value$3.13
    ✗Munger-175.4% margin vs $8.62
    Pabrai fair value$3.80
    ✗Pabrai-126.8% margin vs $8.62
    Akre fair value$6.15
    ✗Akre-40.2% margin vs $8.62
    Marks fair value$5.62
    ✗Marks-53.4% margin vs $8.62
    Templeton fair value$3.74
    ✗Templeton-130.5% margin vs $8.62
  • Profitability7% pass✓ 6✗ 26▾

    14 of 15 flag AEG's profitability — Graham, Buffett, Lynch +11 more

    Net income / market capitalization+9.14%; #778/6340 (top 12.3%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)6/12 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)7/12 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)5.1%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-164.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-450.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-9.3%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE10.4%
    ✗Lynch> 15%
    Net Income / Total Assets0.31%
    ✓PiotroskiROA > 0
    ROA Change YoY0.21% -> 0.31% (delta: +0.10%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=0.14%, ROA=0.31%
    ✗PiotroskiCFO/Assets > ROA
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity10.4%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity5.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value-355.7% (IV=$1.89 vs Price=$8.62)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency7/11 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity10.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+10.38%; #1759/5226 (top 33.7%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0022; #242/5884 (top 4.1%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-9.3% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years6/9 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 5✗ 21▾

    11 of 12 flag AEG's valuation — Graham, Lynch, Dreman +8 more

    Price / Book Value per Share1.2x
    ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Net income / market capitalization+9.14%; #778/6340 (top 12.3%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS68.4x
    ✗Graham<= 15x
    Price-to-Book Ratio1.2x
    ✓Graham<= 1.5x
    P/E x P/B82.80
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)26.3x
    ✗Dreman< 8x
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=3.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-355.7% (IV=$1.89 vs Price=$8.62)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share29.0x
    ✗Ackman<= 25
    Price vs. Trailing Low137% of trailing low ($6.28)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.8804; #1720/6449 (top 26.7%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.25x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-51.9%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+3.68%; #1880/4519 (top 41.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+2.50%; #2356/6202 (top 38.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth13% pass✓ 3✗ 9▾

    7 of 8 flag AEG's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-9.3%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR11.7% CAGR over 8 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency7/11 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/4 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-9.3% over 5 years
    ✗Neff7%-20% annualized
  • Verdicts23% pass✓ 3✗ 10▾

    Split decision: 10 FAIL · 3 NEUTRAL · 3 PASS

    Overall verdict
    ✗GrahamFAIL (1/7)✗BuffettFAIL (0/7)✗LynchFAIL (1/6)•PiotroskiNEUTRAL (F-Score 5)✓DremanPASS (4/10)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow30% pass✓ 4✗ 8▾

    7 of 10 flag AEG's cash flow — Buffett, Lynch, Piotroski +4 more

    Free Cash Flow Proxy$-450.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$461.7M
    ✗LynchPositive and growing
    Operating Cash Flow$509.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=0.14%, ROA=0.31%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)26.3x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=3.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive9/11 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap3.4%
    ✗Ackman>= 4%
    Price / FCF per Share29.0x
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency9/11 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$461.7M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+3.68%; #1880/4519 (top 41.6%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Insurance
SIC Sector: Insurance Carriers
Size: Large Cap($12.6B)
Revenue: N/A
Net Income: $1.1B+60.3% YoY

Financial Snapshot

Operating Margin--
Return on Equity10.4%
Debt / Equity0.21
Current Ratio--
Buybacks (1y)$644.9M
Buybacks (2y)$1.6B
Shares Retired4.7% / 17.3% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC
$365.1B
PGRPROGRESSIVE CORP/OH/
$136.6B
MRSHMARSH & MCLENNAN COMPANIES, INC.
$98.8B
CILJFCHINA LIFE INSURANCE CO LTD
$85.1B
Sector-adjusted criteria: Insurer

Insurers file unclassified balance sheets with no inventory or current accounts, so those criteria are omitted rather than failed for missing data. Return-on-invested-capital tests are omitted too: float funds the balance sheet but never appears in invested capital, and the portfolio it is invested in would be subtracted as spare cash. Debt tests are kept — an insurer’s borrowings are real leverage on top of underwriting.

Shareholder Return

Fiscal 2025

Retired 4.7% of shares last year, 17.3% over two.

Buybacks
$644.9M
Dividends
$700.1M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-03-26
FY 2024
Sources
  • 20-F · 2025-03-27
FY 2023
Sources
  • 20-F · 2024-04-04
FY 2022
Sources
  • 20-F · 2023-03-22
FY 2021
Sources
  • 20-F · 2022-03-21
Market Cap$12.6Bcurrent$10.6Best.$9.6Best.--$9.3Best.
Revenue------$22.7B↓5%$23.9B
Operating Income-------$37.5B↓234%$28.0B
Net Income$1.1B↑60%$715.9M↑461%-$198.1M↑67%-$607.7M↓127%$2.2B
EPS (Diluted)--$0.39↑390%$-0.13↑83%$-0.78↓173%$1.06
Gross Margin—————
Operating Margin———-164.7%↓241%117.2%
ROE10.4%↑39%7.5%↑494%-1.9%↑64%-5.3%↓136%14.8%
Total Debt$2.3B↓26%$3.1B↑20%$2.6B↓40%$4.3B↓61%$10.9B
Shareholders' Equity$11.1B↑16%$9.6B↓8%$10.4B↓9%$11.5B↓24%$15.2B
Current Ratio—————
Debt / Equity0.21↓36%0.33↑31%0.25↓34%0.38↓48%0.72
Operating Cash Flow$509.8M↓36%$792.9M↓17%$956.3M↓66%$2.8B↑240%-$2.0B
Free Cash Flow$461.7M↓38%$739.9M↓16%$884.3M↓68%$2.8B↑231%-$2.1B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Insurance

AEG vs Peers — Financial Grading

RevenueN/A
Net Income$1.1BBottom 25%
ROE10.4%Bottom 25%
D/E0.21Top 25%
Op. Margin—
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchPiotroskiDreman
UNITEDHEALTH GROUP INCUNH$365.1B$407.46$447.6B$12.1B12.0%0.784.2%0.793/74/72/6F-Score 63/10
PROGRESSIVE CORP/OH/PGR$136.6B$235.78$87.7B$11.3B37.3%0.23——2/72/74/6F-Score 68/10
MARSH & MCLENNAN COMPANIES, INC.MRSH$98.8B$207.78$27.0B$4.2B27.2%1.2823.1%1.103/73/72/6F-Score 65/10
CHINA LIFE INSURANCE CO LTDCILJF$85.1B$3.01——————5/71/73/6F-Score 55/10
Aon plcAON$71.8B$338.31$17.2B$3.7B39.5%1.6325.3%1.112/74/73/6F-Score 63/10
HUMANA INCHUM$54.0B$450.00$129.7B$1.2B6.7%0.702.1%2.003/72/71/6F-Score 44/10
SUN LIFE FINANCIAL INCSLF$40.5B$72.93$30.6B$2.6B14.5%0.33——3/73/72/6F-Score 66/10
HARTFORD INSURANCE GROUP, INC.HIG$36.8B$137.48$28.4B$3.8B20.2%0.23——3/73/74/6F-Score 78/10