vs
Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and F&G Annuities & Life, Inc. (FG). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $1.8B, roughly 4.6× F&G Annuities & Life, Inc.). F&G Annuities & Life, Inc. runs the higher net margin — 7.3% vs 6.4%, a 0.8% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 13.2%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 6.1%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
ATHS vs FG — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $1.8B |
| Net Profit | $523.0M | $128.0M |
| Gross Margin | — | — |
| Operating Margin | 16.9% | — |
| Net Margin | 6.4% | 7.3% |
| Revenue YoY | 115.1% | 13.2% |
| Net Profit YoY | -48.5% | -60.9% |
| EPS (diluted) | — | $0.97 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $1.8B | ||
| Q3 25 | $8.0B | $1.7B | ||
| Q2 25 | $5.4B | $1.4B | ||
| Q1 25 | $4.2B | $908.0M | ||
| Q4 24 | $3.8B | $1.6B | ||
| Q3 24 | $6.5B | $1.4B | ||
| Q2 24 | $4.7B | $1.2B | ||
| Q1 24 | $5.7B | $1.6B |
| Q4 25 | $523.0M | $128.0M | ||
| Q3 25 | $1.3B | $118.0M | ||
| Q2 25 | $464.0M | $40.0M | ||
| Q1 25 | $465.0M | $-21.0M | ||
| Q4 24 | $1.0B | $327.0M | ||
| Q3 24 | $625.0M | $-6.0M | ||
| Q2 24 | $629.0M | $203.0M | ||
| Q1 24 | $1.2B | $115.0M |
| Q4 25 | 16.9% | — | ||
| Q3 25 | 26.8% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 25.7% | — | ||
| Q2 24 | 22.0% | — | ||
| Q1 24 | 31.1% | — |
| Q4 25 | 6.4% | 7.3% | ||
| Q3 25 | 15.7% | 7.0% | ||
| Q2 25 | 8.7% | 2.9% | ||
| Q1 25 | 11.1% | -2.3% | ||
| Q4 24 | 26.8% | 21.0% | ||
| Q3 24 | 9.6% | -0.4% | ||
| Q2 24 | 13.5% | 17.3% | ||
| Q1 24 | 20.8% | 7.3% |
| Q4 25 | — | $0.97 | ||
| Q3 25 | — | $0.85 | ||
| Q2 25 | — | $0.26 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | — | $2.53 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $1.55 | ||
| Q1 24 | — | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5B |
| Total DebtLower is stronger | $7.8B | $2.2B |
| Stockholders' EquityBook value | $20.5B | $4.8B |
| Total Assets | $442.2B | $98.4B |
| Debt / EquityLower = less leverage | 0.38× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | $15.3B | $2.4B |
| Q4 25 | $7.8B | $2.2B | ||
| Q3 25 | $7.9B | $2.2B | ||
| Q2 25 | $7.9B | $2.2B | ||
| Q1 25 | $6.3B | $2.2B | ||
| Q4 24 | $6.3B | $2.2B | ||
| Q3 24 | $5.7B | $2.0B | ||
| Q2 24 | $5.7B | $2.0B | ||
| Q1 24 | $5.7B | $1.7B |
| Q4 25 | $20.5B | $4.8B | ||
| Q3 25 | $20.4B | $4.8B | ||
| Q2 25 | $18.1B | $4.4B | ||
| Q1 25 | $17.5B | $4.4B | ||
| Q4 24 | $16.4B | $4.0B | ||
| Q3 24 | $17.4B | $4.3B | ||
| Q2 24 | $15.0B | $3.7B | ||
| Q1 24 | $14.8B | $3.5B |
| Q4 25 | $442.2B | $98.4B | ||
| Q3 25 | $429.9B | $96.1B | ||
| Q2 25 | $405.3B | $91.8B | ||
| Q1 25 | $381.5B | $88.0B | ||
| Q4 24 | $363.3B | $85.0B | ||
| Q3 24 | $355.0B | $84.1B | ||
| Q2 24 | $332.6B | $78.5B | ||
| Q1 24 | $320.6B | $74.4B |
| Q4 25 | 0.38× | 0.47× | ||
| Q3 25 | 0.38× | 0.46× | ||
| Q2 25 | 0.43× | 0.50× | ||
| Q1 25 | 0.36× | 0.51× | ||
| Q4 24 | 0.39× | 0.55× | ||
| Q3 24 | 0.33× | 0.47× | ||
| Q2 24 | 0.38× | 0.56× | ||
| Q1 24 | 0.39× | 0.49× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $1.2B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.82× | 9.13× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $1.2B | ||
| Q3 25 | $636.0M | $937.0M | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $426.0M | $956.0M | ||
| Q4 24 | $386.0M | $1.3B | ||
| Q3 24 | $780.0M | $2.1B | ||
| Q2 24 | $525.0M | $1.1B | ||
| Q1 24 | $185.0M | $1.5B |
| Q4 25 | 5.82× | 9.13× | ||
| Q3 25 | 0.51× | 7.94× | ||
| Q2 25 | 2.28× | 40.50× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 0.38× | 4.04× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.83× | 5.20× | ||
| Q1 24 | 0.16× | 13.34× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
FG
| Reportable Segment | $1.0B | 57% |
| Other | $728.0M | 41% |
| Roar Joint Venture LLC | $24.0M | 1% |
