Jackson Financial Inc. (JXN)

Price$140.63Cached quoteAs of 2026-09-05 07:07 UTC

AI: Undervalued

Price checkThe shares look undervalued if Jackson can sustain even moderately lower operating earnings.

At the observed price, Jackson trades at about 5.9 times 2025 adjusted operating earnings of $22.67 per share and about 5.4 times the first-half 2026 annualized pace. Adjusted operating earnings remove major hedge and fair-value swings to show underlying business profit. The shares also trade at about 0.86 times adjusted book value of $156.12, a shareholder net-asset measure that removes certain accounting swings. The $900 million-$1.1 billion 2026 capital-return target equals roughly 10%-12% of current market value. An 8-10 times earnings test implies only about $13.36-$16.70 of sustainable earnings.

Big pictureUnderlying cash generation is steadier than headline profits, but reported earnings remain highly cyclical.

Jackson's management-defined free cash flow, meaning cash reaching the holding company after specified uses rather than the usual industrial-company measure, was $838 million in 2025. The supplied SEC history also shows cash generated by operating activities between roughly $5.2 billion and $5.8 billion each year from 2021 through 2025. Yet reported net income swung from a $1.6 billion loss in 2020 to $6.2 billion in 2022 and only $27 million in 2025; 2026 then moved from a first-quarter loss to a strong second-quarter profit.

Business strengthStrong capital, rising annuity sales, and aggressive buybacks give shareholders meaningful downside protection.

At June 2026, Jackson National Life had $5.8 billion of total adjusted capital and an estimated 538% risk-based capital ratio, a regulatory measure of insurer capital versus required risk. The holding company also held nearly $1.4 billion of liquid assets against a $325 million minimum target. Second-quarter retail annuity sales rose 34% to $5.9 billion. Shares outstanding fell from 94.5 million in 2020 to 68.2 million despite issuing 4.7 million shares to TPG; the count was still 2.5% lower than a year earlier. Jackson returned $547 million in the first half.

What could change the storyThe thesis weakens if new growth capital earns poorly or market swings drain insurer capital.

The bull case is that TPG-supported fixed and indexed annuity growth keeps widening the difference between investment returns and rates credited to customers while buybacks compound per-share value. The bear case is that investment losses or imperfect market-protection contracts consume capital before those returns arrive. Debt rose from about $2.0 billion at year-end 2025 to $2.8 billion after a $750 million senior-note issue, although much of that liquidity can refinance 2027 maturities. A sustained drop in adjusted operating earnings below roughly $16-$17 per share, or clear capital deterioration, would weaken the valuation case.

AI: News

Record second-quarter resultsRecord second-quarter earnings and faster annuity sales raised expectations for Jackson's underlying profit growth.

On August 3, Jackson reported second-quarter adjusted operating earnings of $513 million, or $7.30 per diluted share, versus $4.87 a year earlier. Retail annuity sales reached $5.9 billion, up 34%, including 69% growth in registered index-linked annuities, products that tie returns to a market index while limiting gains and losses. The stock rose 5.9% in the next trading session. That timing is consistent with an earnings-driven revaluation, although price movement alone cannot prove the results were the only cause.

CEO succession announcedJackson named its finance chief as next CEO, adding transition risk despite internal continuity.

On July 22, Jackson said Laura Prieskorn would retire at year-end, with Chief Financial Officer Don Cummings becoming chief executive on October 1 and Brian Walta taking the finance role. The shares fell about 6.0% in the following session. The timing suggests investors may have priced some leadership uncertainty, but no reliable source isolated the announcement as the sole cause. The transition matters because capital allocation, the TPG partnership, and annuity growth strategy are central to the current valuation thesis.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2019

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$6.68B	$3.27B	$3.08B	$9.85B	$6.36B	$3.55B	$3.48B
Operating expenses	$2.80B	$2.83B	$2.55B	$2.43B	$2.84B	$1.30B	$2.07B
Operating income	$3.89B	$446.0M	$534.0M	$7.42B	$3.52B	$2.25B	$1.41B
Operating margin	58.15%	13.63%	17.32%	75.30%	55.36%	63.37%	40.60%
EBITDA	—	—	—	—	$3.53B	$2.26B	$1.42B
EBITDA margin	—	—	—	—	55.53%	63.68%	40.91%
Net income	$27.0M	$946.0M	$934.0M	$6.19B	$3.42B	−$1.63B	−$497.0M
Net profit margin	0.40%	28.92%	30.30%	62.81%	53.73%	−46.08%	−14.29%
Basic EPSper basic share	-$0.24	$11.86	$10.99	$72.34	$36.35	-$24.14	-$13.16
Diluted EPSper diluted share	-$0.24	$11.74	$10.76	$69.75	$36.17	-$24.14	-$13.16

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.97%of listed shares

BlackRock, Inc.6.8M shares · Jun 30, 2026

View holders

Top 20 reported holders of JXN
Holder	% owned
BlackRock, Inc.	9.97%6.8M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	7.99%5.45M shares
TPG GP A, LLC	6.92%4.72M shares
DIMENSIONAL FUND ADVISORS LP	6.04%4.12M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.60%3.14M shares
STATE STREET CORP	4.36%2.97M shares
GEODE CAPITAL MANAGEMENT, LLC	3.37%2.3M shares
DONALD SMITH & CO., INC.	2.62%1.79M shares
HSBC HOLDINGS PLC	2.57%1.75M shares
GOLDMAN SACHS GROUP INC	2.23%1.52M shares
AMERICAN CENTURY COMPANIES INC	2.14%1.46M shares
ACADIAN ASSET MANAGEMENT LLC	1.89%1.29M shares
LSV ASSET MANAGEMENT	1.67%1.14M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.49%1.02M shares
MORGAN STANLEY	1.49%1.02M shares
FEDERATED HERMES, INC.	1.47%1M shares
NORGES BANK	1.46%998.58K shares
NORTHERN TRUST CORP	1.32%898.1K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.22%831.75K shares
VICTORY CAPITAL MANAGEMENT INC	0.98%669K shares

Percentages use 68.19M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$194.4K disclosed value

Sells (SEC code S)20$7.61M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 11, 2026Form 4	Kirkland Derek GDirector	SellCommon Stock	10.0K	$108.32	$1.08M	34.5K
Aug 13, 2025Form 4	Chelko CarrieEVP and General Counsel	SellCommon Stock	3.0K	$95.40	$286.2K	71.9K
Aug 11, 2025Form 4	Smith Craig DonaldPresident and CEO PPM America	SellCommon Stock	2.5K	$91.67	$229.2K	109.2K
Aug 8, 2025Form 4	Smith Craig DonaldPresident and CEO PPM America	SellCommon Stock	3.5K	$89.96	$314.9K	111.7K
Aug 7, 2025Form 4	Smith Craig DonaldPresident and CEO PPM America	SellCommon Stock	1.5K	$88.44	$132.7K	115.2K