NYSE: PRU · Life & Health Insurance
Prudential Financial
Prudential Financial, based in Newark, New Jersey, is a global financial services company and active investment manager with about $1.609 trillion of assets under management at end-2025. It reports PGIM (asset management), U.S. Businesses (Retirement Strategies, Group Insurance, Individual Life) and International Businesses (mainly Japan). 2025 total revenue was $60,774 million and net income attributable to Prudential $3,576 million (diluted EPS $9.99); segment adjusted operating income before taxes was $6,637 million, led by Retirement Strategies ($3,445 million) and International ($3,247 million). In 2026 it suspended new sales at Prudential of Japan after an internal investigation into employee misconduct, and on October 20, 2026 agreed to sell its Brazil and Mexico life businesses to CNP Assurances for about $4.025 billion.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:44 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 1.3%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 5.9%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 11.9%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.2%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.75x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 11.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.86
Higher than 7% of 44 financial companies
Average yearly growth over the years shown
Higher than 7% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 40% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 9% of 45 financial companies
Equity ÷ total assets
Higher than 66% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$123.42close on 2026-11-04
Market cap$42.94B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 11.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.4%
At FY2025 year-end: 11.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.2x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$17.89B → $14.45B (vs. a year earlier)↓ −19.2%$17.89B → $14.45B (vs. a year earlier)
- Net income$1.43B → $1.39B (vs. a year earlier)↓ −3.0%$1.43B → $1.39B (vs. a year earlier)
- Diluted EPS$4.01 → $3.96 (vs. a year earlier)↓ −1.2%$4.01 → $3.96 (vs. a year earlier)
- Cash$15.16B → $18.69B (vs. previous quarter-end)↑ +23.3%$15.16B → $18.69B (vs. previous quarter-end)
- Long-term debt$19.66B → $19.77B (vs. previous quarter-end)↑ +0.5%$19.66B → $19.77B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Key changes
Returned $741M to shareholders. Source sentence
Capital returned to shareholders totaled $741 million, including $250 million of share repurchases and $491 million of dividends, versus $731 million of capital returned to shareholders in the year-ago quarter.
Third-party net inflows of $7.7B institutional and $1.3B retail. Source sentence
Third-party institutional net inflows of $7.7 billion and third-party retail net inflows of $1.3 billion were primarily driven by public credit inflows, partially offset by public equity outflows, reflecting the ongoing industry trend away from active equities.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- PRUDENTIAL FINANCIAL INC
- Headquarters
- NEWARK, NJ
- Incorporated in
- New Jersey
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PRU
- Industry
- Life & Health Insurance
- CIK
- 1137774
Workforce (as of FY2025 year-end)
Employees
36,824
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 34–37 days after quarter end (Feb 3, 2026; Feb 4, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
PGIM
Asset management
Investment management across fixed income, equities, real estate and private credit for institutional and retail clients.
Retirement Strategies
Pension risk transfer and annuities
Institutional retirement solutions and individual annuities.
Group Insurance
Group benefits
Group life, disability and supplemental health, including medical stop loss from 2025.
Individual Life
Life insurance
Term, universal and variable life insurance.
International Businesses
Japan life and retirement
Life insurance and retirement products sold through Life Planners and other channels.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
Prudential does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Q2 2026 results
Q2 revenue $15,661M (vs $13,726M); net income attributable to Prudential $985M (vs $533M); diluted EPS $2.80 (vs $1.48).
Source: Form 10-Q (quarter ended 2026-06-30)
Prudential of Japan
After an internal investigation into employee misconduct, new sales were suspended from February 9, 2026 and extended through November 5, 2026; the FSA is conducting onsite inspections.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments, Contingent Liabilities and Litigation and Regulatory Matters
Latin America exit
Agreed on October 20, 2026 to sell Prudential of Brazil and Mexico to CNP Assurances for about $4.025B.
Source: Form 8-K (2026-10-20) — Item 8.01
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$60.77B
As reported in the 10-K
Revenue CAGR (5 years)
+1.3%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($60,774M ÷ $57,033M) ^ (1÷5) − 1 = 1.3%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
11.9%▲favorable
6-year average: 6.6%
As reported in the 10-K
- ―
Revenue grew +1.3% a year over 5 years (modest growth)
From $57.03B in FY2020 to $60.77B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
ROE averaged 6.6% over 6 years (latest: 11.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- CNP Assurances
07 · what it does
Key activities
- PGIM: public and private fixed income, equities, real estate and alternatives
- Retirement Strategies: pension risk transfer, annuities and longevity reinsurance
- Group Insurance and Individual Life
- International: life insurance and retirement products in Japan and other markets
06 · what it draws on
Key resources
- 36,824 employees (22,945 outside the U.S.)
- General account investment portfolio
- Life Planner, Life Consultant and third-party distribution
02 · why customers buy
Value propositions
- Life insurance, retirement and investment management; competes on customer service, product features and financial strength.
04 · how it keeps them
Customer relationships
- Long-duration policies and pension risk transfer contracts.
03 · how it reaches them
Channels
- Proprietary life planners, third-party distributors supported by wholesalers, and institutional sales.
01 · who it serves
Customer segments
- Individuals in the U.S. and Japan
- Employers and plan sponsors
- Institutional investors
09 · where money goes
Cost structure
FY2025, share of revenue ($60.77B)
- Selling, general & administrative21.4%
Depreciation & amortization (inside the costs above): $128M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Total revenue $60,774M (2025)
- Premiums, policy charges and fees, net investment income and asset management fees
- Segment AOI before taxes $6,637M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Collects premiums and deposits for life insurance, annuities, pension risk transfer and group benefits, invests them, and earns fees managing third-party assets through PGIM.
01 what it draws on
Inputs & resources
- 36,824 employees (22,945 outside the U.S.)
- General account investment portfolio
- Life Planner, Life Consultant and third-party distribution
02 what it does
Activities
- PGIM: public and private fixed income, equities, real estate and alternatives
- Retirement Strategies: pension risk transfer, annuities and longevity reinsurance
- Group Insurance and Individual Life
- International: life insurance and retirement products in Japan and other markets
03 who it serves
Customers
- Individuals in the U.S. and Japan
- Employers and plan sponsors
- Institutional investors
04 how money comes in
How it earns
- Total revenue $60,774M (2025)
- Premiums, policy charges and fees, net investment income and asset management fees
- Segment AOI before taxes $6,637M
How the business makes money
- International Businesses are mostly Japan.
- Closed Block division holds legacy participating policies.
- $1.0B buyback authorized for 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Prudential’s insurers exceed regulatory capital minimums; tariffs and trade retaliation are listed risks.
Approvals & licenses
State insurance regulation
All insurance subsidiaries have capital above regulatory minimums.
Constrains the businessTouches: Activities · How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs
Economic effects of tariffs and retaliation are a listed risk.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Retirement Strategies
3,445 (42%)International Businesses
3,247 (40%)PGIM
878 (11%)Group Insurance
381 (5%)Individual Life
260 (3%)
Source: Form 10-K (FY2025) Adjusted operating income before income taxes by segment; Corporate and Other −$1,574M; total $6,637M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
CNP Assurances
Definitive agreements (October 20, 2026) to sell Prudential of Brazil and Prudential of Mexico for about $4.025B in cash; closing expected in the second half of 2027.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individuals, employers, plan sponsors and institutional investors.
Named by the company
No single customer is named as material.
Suppliers
Distribution partners and reinsurers.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Prudential competes with large insurers, asset managers, diversified financial institutions and private equity firms; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
20-company compensation peer group from the 2026 proxy statement.
- Aflacsite ↗
- Lincoln Nationalsite ↗
- Manulife Financialsite ↗
- MetLifesite ↗
- Principal Financial Groupsite ↗
- Sun Life Financialsite ↗
- American Expresssite ↗
- Capital Onesite ↗
- Ameriprise Financialsite ↗
- BNY (Bank of New York Mellon)site ↗
- BlackRocksite ↗
- Franklin Templeton (formerly Franklin Resources)site ↗
- Northern Trustsite ↗
- State Streetsite ↗
- Bank of Americasite ↗
- Citigroupsite ↗
- JPMorgan Chasesite ↗
- PNC Financial Servicessite ↗
- U.S. Bancorpsite ↗
- Wells Fargosite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY2020In next year’s 10-K | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 57,033 | 71,247 | 56,881 | 53,979 | 70,405 | 60,774 |
| Pretax income | -323 | 10,835 | -1,892 | 3,072 | 3,209 | 4,656 |
| Net income (attributable) | -374 | 8,868 | -1,647 | 2,488 | 2,727 | 3,576 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 24.9% | -20.2% | -5.1% | 30.4% | -13.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -0.7% | 12.4% | -2.9% | 4.6% | 3.9% | 5.9% |
| Balance sheet ($M) | ||||||
| Total assets | 940,722 | 937,582 | 689,029 | 721,212 | 735,587 | 773,740 |
| Total equity | 68,210 | 61,876 | 30,934 | 28,110 | 28,187 | 32,787 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 19,718 | 18,622 | 19,908 | 18,882 | 19,187 | 18,856 |
| Equity ratio | 7.2% | 6.6% | 4.4% | 3.9% | 3.8% | 4.2% |
| ROE | -0.6% | 13.7% | -3.6% | 8.5% | 9.8% | 11.9% |
| Cash flow ($M) | ||||||
| Operating CF | 8,368 | 9,812 | 5,158 | 6,510 | 8,502 | 6,271 |
| Investing CF | -16,210 | -5,342 | -7,638 | -12,122 | -28,585 | -25,892 |
| Financing CF | 4,883 | -3,011 | 4,933 | 7,739 | 19,394 | 20,773 |
| Cash and equivalents | 13,701 | 12,888 | 17,251 | 19,419 | 18,497 | 19,712 |
| Per share & other | ||||||
| EPS ($) | -1.00 | 22.40 | -4.49 | 6.74 | 7.50 | 9.99 |
| BVPS ($) | 170.08 | 164.44 | 83.60 | 77.45 | 78.61 | 93.23 |
| Dividend per share ($) | 4.40 | 4.60 | 4.80 | 5.00 | 5.20 | 5.40 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 20.5% | — | 74.2% | 69.3% | 54.1% |
| P/E (x) | — | 4.8 | — | 15.4 | 15.8 | 11.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.46 | 0.66 | 1.19 | 1.34 | 1.51 | 1.21 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $14.45B-19.2% | $1.39B-3.0% | $3.96 |
| 2026-06-30 | $15.66B+14.1% | $985M+84.8% | $2.80 |
| 2026-03-31 | $15.53B+15.3% | $597M-15.6% | $1.68 |
| 2025-12-31 † | $15.69B+25.3% | $905M | — |
| 2025-09-30 | $17.89B | $1.43B | $4.01 |
| 2025-06-30 | $13.73B | $533M | $1.48 |
| 2025-03-31 | $13.47B | $707M | $1.96 |
| 2024-12-31 † | $12.52B | −$57M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an insurer, so these are the usual yardsticks instead.
- PGIM assets under management
- $1.609 trillion
- PICA RBC ratio
- 409%
December 31, 2025
Most recent statutory year-end
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | -0.6% | 13.7% | -3.6% | 8.5% | 9.8% | 11.9% |
| Premiums earned growthChange from the prior year. | — | 9.0% | 7.4% | -25.0% | 56.8% | -28.2% |
| Claims and benefits ÷ premiums earnedNot a combined ratio: underwriting expenses are excluded, and life insurers’ benefits run higher by design. | 112.6% | 111.9% | 111.9% | 113.0% | 109.8% | 114.4% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 7.2% | 6.6% | 4.4% | 3.9% | 3.8% | 4.2% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 63.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 36.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 400 of 416
- Beta (adjusted)
- 0.86
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 96% of covered companies have more
above 1 = swings more than the market
- 218.8M shares reported by 1,409 13F filers ÷ 345.0M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale in asset management
PGIM manages about $1.609T of assets.
Evidence: Form 10-K (FY2025)
2. Pension risk transfer leader
Describes itself as a leader in pension risk management solutions.
Evidence: Form 10-K (FY2025)
3. Earnings recovery
Net income rose from a $1,647M loss (2022) to $3,576M (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Japan conduct issue
New sales at Prudential of Japan suspended from February 9, 2026, extended through November 5, 2026.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Volatile GAAP results
Losses in 2020 and 2022 from realized investment losses and market-risk items.
Evidence: Form 10-K (FY2025)
3. Shrinking book value
Equity fell from $68,210M (2020) to $32,787M (2025).
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
11.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.78%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
54%
Dividends per share ÷ diluted EPS
1. Capital return
Dividends rose from $4.40 (2020) to $5.40 (2025) per share; $1.0B buyback authorized for 2026.
- What has to hold
- Japan issue is contained.
- The other side
- Earnings volatility.
Evidence: Form 10-K (FY2025)
2. Portfolio simplification
Selling Brazil and Mexico for about $4.0B.
- What has to hold
- Proceeds are redeployed well.
- The other side
- Loss of Brazil growth.
Evidence: Form 8-K (2026-10-20) — Item 8.01
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -20.2% in FY2022 ($71.25B → $56.88B) | Not yet, as of FY2025 |
| Net income | -118.6% in FY2022 ($8.87B → −$1.65B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Segment earnings stability
Segment adjusted operating income was $5,599M–$6,637M in 2023–2025.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Prudential estimates reasonably possible losses beyond accruals at less than $250 million at June 30, 2026; key matters are the Japan misconduct review and an Assurance IQ civil investigative demand.
2 open matters (1 flagged as major)
Prudential of Japan misconduct
PendingRegulatory proceedingMajorPrudential of Japan; Japan Financial Services Agency
Prudential of Japan reported misconduct by certain employees in January 2026, voluntarily suspended new sales and is under FSA onsite inspection.
- Next step
- Sales resumption after November 5, 2026
Assurance IQ civil investigative demand
PendingGovernment investigationPrudential; government authorities
Received a civil investigative demand and other inquiries on Assurance IQ’s supplemental health product sales and marketing.
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments, Contingent Liabilities and Litigation and Regulatory Matters, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Governance & quality
Japan sales misconduct
- Company disclosure (summarized from the 10-K)
- FSA onsite inspections of Prudential of Japan and Prudential Holdings of Japan are ongoing.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2FX & interest rates
Rates, spreads and yen
- Company disclosure (summarized from the 10-K)
- Profitability depends on interest rates, credit spreads, equity markets and Japanese yen exposure.
- Company’s stated mitigation
- Derivative strategies are employed in the context of our risk management framework to enhance our ability to manage interest rate and currency risk exposures of the asset portfolio relative to the liabilities and to manage credit and equity positions in the investment portfolios.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Insurers, asset managers and private equity
- Company disclosure (summarized from the 10-K)
- Competes with large insurers, asset managers and private equity firms.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Insurance and investment regulation
- Company disclosure (summarized from the 10-K)
- Loss of QPAM status or other exemptions could affect investment management.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5M&A & integration
Divestiture execution
- Company disclosure (summarized from the 10-K)
- Brazil and Mexico sale needs regulatory approvals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
The types of operational risks that may impact the Company include, among others, the following:
• Costs and security risks associated with maintaining, upgrading, or replacing our information technology, including legacy systems, could exceed our expectations or we may be required to dedicate additional resources to these activities.
The risks identified above could be exacerbated by agentic AI, which, acting without supervision, could take actions harmful to the Company or our customers.
Our ability to successfully execute on strategic transactions is subject to risks . Read more
We have in the past considered and continue to consider a range of strategic transactions, which could include acquisitions, joint venture, divestitures, spin-offs, reinsurance and other corporate transactions. Our strategy for long-term growth, productivity and profitability depends, in part, on our ability to successfully execute on and realize the expected benefits from these types of transactions. Any of these types of transactions could be material, be difficult to implement, disrupt our business, or change our business profile, focus or strategy significantly.
• Current Market Conditions . The imposition of tariffs and retaliatory actions could result in, among other things, rising interest rates, significant equity market declines, stagnant economic growth and high inflation, which could adversely impact our liquidity and capital positions, cash flows, results of operations, and financial position. For example, the combination of stagnant economic growth and high inflation would increase investment risk, including the underperformance of investments in more leveraged companies or companies exposed to weaker consumers. Also, the statutory capital of certain of our insurance subsidiaries could be negatively affected by such things as increased reserve requirements, which could be caused by equity market declines, and asymmetrical and non-economic statutory accounting impacts from rising rates.
No longer in the text (2)
Our operations are exposed to the risk of loss resulting from inadequate or failed processes or systems, human error or misconduct, and as a result of external events.
An operational risk failure may result in one or more actual or potential impacts to the Company. Read more
Operational risk may be elevated as a result of significant changes to how the Company operates, including organizational changes and transformation efforts underway that increase execution risk. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview” for additional information regarding our business transformation efforts.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
26
What to watch going forwardSite analysis
- Resumption of new sales at Prudential of Japan and FSA findings.
- Closing of the CNP sale.
- 2026 buybacks under the $1.0B authorization.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:44 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Prudential Financial’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.