Globe Life Inc. Financial Ratios — GL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	14.27	15.37	14.77	15.17	14.53	14.16	32.51	13.67	13.83	12.56	16.8	13.46	13.32	13.66	13.87
Return on Assets (%)	3.04	2.99	2.86	2.82	2.63	2.66	6.48	3.01	3.1	2.66	3.51	3.21	3.59	3.75	3.88
Return on Capital (%)	12.11	12.53	12.03	12.37	11.91	11.7	- -	11.57	11.59	10.54	13.54	11.13	11.23	11.43	11.54
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	21.43	21.34	21.62	21.67	20.34	19.63	19.99	20.02	20.57	18.92	24.89	21.09	21.92	22.96	23.96
Profit Margin (%)	14.72	14.75	15.12	15	14	13.97	35	16.26	16.8	15.44	20.13	17.11	17.82	18.53	19.37
Net Income to Common Margin (%)	14.72	14.75	15.12	15	14	13.97	35	16.26	16.8	15.44	20.13	17.11	17.82	18.53	19.37
Effective Tax Rate (%)	31.25	30.9	32.85	32.7	32.62	30.13	- -	18.78	18.3	18.39	19.1	18.85	18.72	19.29	19.13
Dvd Payout Ratio (%)	9.87	10.49	12.01	12.31	12.96	12.4	4.72	10.18	9.75	10.69	7.76	9.01	8.67	7.98	7.41
Sustainable Growth Rate (%)	12.86	13.76	13	13.3	12.65	12.41	30.97	12.28	12.48	11.21	15.49	12.25	12.16	12.57	12.85

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	1,140	1,309	1,220	1,231	1,234	1,398	1,460	1,665	1,648	1,923	2,026	2,077	2,116	2,740	2,625
ST Debt	225	319	229	238	490	264	328	308	299	255	480	449	486	415	305
LT Debt	915	990	991	992	744	1,133	1,132	1,357	1,349	1,668	1,546	1,628	1,630	2,324	2,321
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.07	-0.06	-0.14	-0.25	-0.48	-0.3	-0.24	-0.5	-0.5	-0.48	-0.46	-0.31	-0.48	-0.56	-1.01
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	78	81	80	76	77	83	85	90	84	87	83	90	102	127	141
Common Equity/Total Assets	20.36	18.69	20.05	17.32	18.86	18.74	21	23.1	21.82	20.61	21.13	26.94	27.03	27.86	28.04
Long-Term Debt/Equity (%)	23.71	22.69	26.24	21.12	18.34	24.81	18.17	25.06	18.49	19.02	17.89	41.22	36.32	43.81	38.84
Long-Term Debt/Capital (%)	20.26	20.54	20.36	20.92	14.94	20.92	17.72	19.39	18.44	21.09	18.59	17.94	16.81	21.44	20.6
Long-Term Debt/Total Assets (%)	5.52	5.27	5.45	4.89	3.75	5.29	4.82	5.88	5.19	5.74	5.2	6.26	5.81	7.99	7.53
Total Debt/Equity (%)	29.53	30	32.3	26.2	30.42	30.6	23.43	30.75	22.59	21.92	23.44	52.59	47.15	51.64	43.94
Total Debt/Capital (%)	25.24	27.16	25.07	25.95	24.78	25.81	22.85	23.79	22.52	24.31	24.36	22.88	21.82	25.27	23.31
Total Debt/Total Assets (%)	6.87	6.97	6.71	6.07	6.21	6.52	6.22	7.21	6.34	6.62	6.81	7.99	7.54	9.42	8.52
Net Debt to Equity	27.35	28.59	31.33	24.79	28.91	28.94	21.53	28.51	21.55	20.84	22.38	50.25	44.85	48.52	41.52
Net Debt/Capital (%)	23.82	26.22	24.49	24.91	23.85	24.75	21.39	22.45	21.71	23.39	23.51	22.09	20.98	24.12	22.31
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-5	-5	-11	-19	-37	-25	-20	-45	-42	-42	-38	-28	-50	-71	-142
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	20.36	18.69	20.05	17.32	18.86	18.74	21	23.1	21.82	20.61	21.13	26.94	27.03	27.86	28.04
Long-Term Debt/Equity (%)	23.71	22.69	26.24	21.12	18.34	24.81	18.17	25.06	18.49	19.02	17.89	41.22	36.32	43.81	38.84
Long-Term Debt/Capital (%)	20.26	20.54	20.36	20.92	14.94	20.92	17.72	19.39	18.44	21.09	18.59	17.94	16.81	21.44	20.6
Long-Term Debt/Total Assets (%)	5.52	5.27	5.45	4.89	3.75	5.29	4.82	5.88	5.19	5.74	5.2	6.26	5.81	7.99	7.53
Total Debt/Equity (%)	29.53	30	32.3	26.2	30.42	30.6	23.43	30.75	22.59	21.92	23.44	52.59	47.15	51.64	43.94
Total Debt/Capital (%)	25.24	27.16	25.07	25.95	24.78	25.81	22.85	23.79	22.52	24.31	24.36	22.88	21.82	25.27	23.31
Total Debt/Total Assets (%)	6.87	6.97	6.71	6.07	6.21	6.52	6.22	7.21	6.34	6.62	6.81	7.99	7.54	9.42	8.52
CFO/Total Liabilities	6.75	6.54	7.76	5.55	7.09	8.29	8.29	7.23	7.3	7.28	6.81	6.45	6.29	5.9	5.62
CFO/CapEx	159.57	202.02	100.22	44.65	30.31	55.59	70.45	28.33	32.32	35.36	37.59	50.92	29.92	19.74	9.8
Altman's Z-Score	0.71	0.66	0.77	0.69	0.73	0.76	0.84	0.8	0.85	0.75	0.74	0.9	0.87	0.85	0.87

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	13.96	28.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	26.15	12.89	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	4,699	4,993	7,171	7,081	7,150	8,858	10,551	8,400	11,488	10,071	9,564	11,811	11,573	9,959	11,381
- Cash & Cash Equivalents	84	62	37	66	61	76	119	121	76	95	92	93	103	165	145
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,140	1,309	1,220	1,231	1,234	1,398	1,460	1,665	1,648	1,923	2,026	2,077	2,116	2,740	2,625
Enterprise Value	-6,155	-7,396	-4,602	-6,263	-5,490	-5,139	-5,203	-6,418	-5,885	-9,422	-9,876	-2,822	-4,366	-4,706	-4,042
Total Capital	4,517	4,818	4,867	4,742	4,978	5,416	6,391	7,000	7,316	7,910	8,317	9,077	9,697	10,839	11,264
Total Debt/Capital (%)	25.24	27.16	25.07	25.95	24.78	25.81	22.85	23.79	22.52	24.31	24.36	22.88	21.82	25.27	23.31
Total Debt / EV	-0.19	-0.18	-0.27	-0.2	-0.22	-0.27	-0.28	-0.26	-0.28	-0.2	-0.21	-0.74	-0.48	-0.58	-0.65
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	4,765	5,059	7,271	7,185	7,245	9,026	10,793	8,590	11,723	10,182	9,669	11,933	11,729	9,999	11,542
Diluted Enterprise Value	5,821	6,306	8,454	8,350	8,418	10,347	12,135	10,134	13,295	12,010	11,603	13,917	13,742	12,573	14,023
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	3,377	3,590	3,494	3,620	3,766	3,935	4,156	4,315	4,528	4,739	5,121	5,227	5,448	5,778	5,994
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	913	998	1,173	916	1,172	1,457	1,577	1,351	1,433	1,547	1,505	1,496	1,566	1,505	1,511
TTM Free Cash Flow to Firm	918	1,003	1,184	935	1,209	1,482	1,598	1,396	1,475	1,589	1,543	1,523	1,615	1,576	1,653

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	5.51	5.34	6.43	8.13	6.26	6.34	7.45	6.49	8.34	6.71	6.55	8.23	7.66	6.79	7.5
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6,155	-7,396	-4,602	-6,263	-5,490	-5,139	-5,203	-6,418	-5,885	-9,422	-9,876	-2,822	-4,366	-4,706	-4,042
Low Price	21.85	28.46	34.42	47.83	49.77	48.47	72.59	69.68	73.52	56.74	85.25	87.87	102.23	38.95	109.38
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	9.45	9.43	13.57	13.04	13.57	16.11	7.25	11.97	15.1	13.76	9.28	13.21	11.92	9.3	9.8
Price/Earnings Average	8.97	9.02	11.5	12.76	13.55	13.29	6.31	13.73	12.91	12.28	9.5	11.34	11.12	8.51	9.03
Price/Earnings High	9.88	9.7	13.79	13.6	15.01	16.4	7.3	15.04	15.39	16.15	10.71	13.38	12.24	11.01	10.36
Price/Earnings Low	7.14	7.79	8.97	11.52	11.81	10.59	5.81	11.2	10.55	8.22	8.44	9.63	10.01	3.25	7.67
Price/Book Value	1.39	1.42	1.97	2.02	1.91	2.2	2.14	1.57	2.03	1.68	1.52	1.69	1.53	1.23	1.32
Price/Book Value Average	1.32	1.36	1.67	1.97	1.91	1.82	1.86	1.81	1.73	1.5	1.56	1.45	1.42	1.13	1.21
Price/Book Value High	1.45	1.46	2	2.1	2.11	2.24	2.15	1.98	2.07	1.97	1.76	1.71	1.57	1.46	1.39
Price/Book Value Low	1.05	1.18	1.3	1.78	1.66	1.45	1.71	1.47	1.42	1.01	1.38	1.23	1.28	0.43	1.03
Price/Tangible Book Value	1.36	1.27	2.15	1.66	1.98	2.15	1.82	1.69	1.68	1.21	1.17	3.41	2.89	2.07	2.08
Price/Tangible Book Value Average	1.29	1.22	1.82	1.63	1.98	1.77	1.59	1.94	1.43	1.08	1.2	2.93	2.7	1.89	1.91
Price/Tangible Book Value High	1.42	1.31	2.19	1.74	2.19	2.19	1.83	2.12	1.71	1.42	1.35	3.45	2.97	2.45	2.19
Price/Tangible Book Value Low	1.02	1.05	1.42	1.47	1.72	1.41	1.46	1.58	1.17	0.72	1.07	2.48	2.43	0.72	1.62
Price/Sales	1.39	1.39	2.05	1.96	1.9	2.25	2.54	1.95	2.54	2.13	1.87	2.26	2.12	1.72	1.9
Price/Sales Average	1.32	1.33	1.74	1.91	1.9	1.86	2.21	2.23	2.17	1.9	1.91	1.94	1.98	1.58	1.75
Price/Sales High	1.45	1.43	2.09	2.04	2.1	2.29	2.56	2.44	2.59	2.49	2.16	2.29	2.18	2.04	2.01
Price/Sales Low	1.05	1.15	1.36	1.73	1.65	1.48	2.03	1.82	1.77	1.27	1.7	1.65	1.78	0.6	1.48
Price/Cash Flow	5.47	5.3	6.41	8.19	6.38	6.33	7.38	6.57	8.42	6.82	6.65	8.3	7.81	7.1	8.15
Price/Cash Flow Average	5.19	5.07	5.43	8.01	6.38	5.22	6.43	7.54	7.2	6.09	6.81	7.13	7.28	6.5	7.51
Price/Cash Flow High	5.72	5.45	6.51	8.54	7.07	6.45	7.43	8.26	8.59	8	7.68	8.41	8.02	8.41	8.61
Price/Cash Flow Low	4.13	4.37	4.23	7.23	5.56	4.16	5.91	6.15	5.88	4.08	6.05	6.05	6.56	2.48	6.37
Price/Free Cash Flow Average	5.23	5.11	5.45	7.95	6.25	5.23	6.48	7.45	7.13	5.98	6.71	7.07	7.14	6.21	6.91
Price/Free Cash Flow High	5.76	5.49	6.54	8.48	6.93	6.45	7.49	8.16	8.5	7.87	7.56	8.34	7.86	8.03	7.93
Price/Free Cash Flow Low	4.16	4.41	4.25	7.18	5.45	4.17	5.96	6.07	5.82	4.01	5.96	6	6.43	2.37	5.87
EV/Sales Average	1.63	1.68	2.08	2.23	2.21	2.19	2.53	2.59	2.52	2.28	2.29	2.32	2.35	2.02	2.16
EV/Sales High	1.77	1.78	2.42	2.36	2.41	2.63	2.88	2.8	2.93	2.88	2.53	2.67	2.55	2.49	2.42
EV/Sales Low	1.36	1.5	1.69	2.05	1.96	1.82	2.35	2.18	2.12	1.66	2.08	2.03	2.15	1.05	1.9
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	28.93	34.45	52.1	54.17	57.16	73.76	90.71	74.53	105.25	94.96	93.72	120.55	121.72	111.52	139.86
High Price	30.25	35.43	52.95	56.49	63.26	75.07	91.29	93.6	107.28	111.43	108.22	122.12	125.02	132	147.83
Enterprise Value Average	5,514	6,024	7,259	8,090	8,315	8,627	10,524	11,174	11,393	10,812	11,731	12,129	12,806	11,691	12,965
Enterprise Value High	5,969	6,382	8,471	8,549	9,086	10,336	11,961	12,093	13,282	13,646	12,978	13,949	13,899	14,363	14,511
Enterprise Value Low	4,605	5,371	5,921	7,417	7,398	7,142	9,785	9,397	9,597	7,845	10,634	10,593	11,732	6,053	11,382

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	151	141	134	128	122	118	115	111	108	104	100	97	94	84	79
Diluted Weighted Avg Shares	165	147	140	133	127	122	119	115	111	107	103	99	96	90	83
Basic Weighted Avg Shares	162	145	138	131	125	120	116	113	109	106	102	98	95	89	81
Revenue per Share	20.79	24.77	25.39	27.7	30.11	32.76	35.73	38.29	41.48	44.68	50.19	53.35	57.29	64.7	73.66
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.06	3.65	3.84	4.15	4.21	4.58	12.5	6.22	6.97	6.9	10.1	9.13	10.21	11.99	14.27
Basic EPS from Cont Ops	3.06	3.65	3.68	4.04	4.13	4.49	12.54	6.22	6.97	6.9	10.1	9.13	10.21	11.99	14.27
Diluted EPS, GAAP	3.02	3.6	3.79	4.09	4.16	4.49	12.22	6.09	6.83	6.82	9.99	9.04	10.07	11.94	14.07
Diluted EPS from Cont Ops	3.02	3.6	3.63	3.98	4.07	4.41	12.26	6.09	6.83	6.82	9.99	9.04	10.07	11.94	14.07
Dividend per Share	0.3	0.38	0.44	0.5	0.53	0.56	0.59	0.63	0.68	0.74	0.78	0.82	0.88	0.96	1.06
Cash Flow per Share	5.29	6.51	8.13	6.61	8.95	11.65	12.29	11.34	12.5	13.92	14.09	14.52	15.59	15.7	17.16
Free Cash Flow per Basic Share	5.26	6.47	8.05	6.47	8.66	11.44	12.11	10.94	12.11	13.53	13.71	14.23	15.07	14.91	15.41
Cash & Equivalents per Share	73.84	94.52	94.39	111.5	110.91	128.19	148	146.25	174.26	201.94	210.36	170.56	189.9	194.9	221.79
Book Value per Share	20.79	24.21	26.49	26.86	29.93	33.46	42.39	47.33	51.93	56.46	61.65	71.44	79.73	90.7	106.16
Tangible Book Value per Share	21.32	27.05	24.23	32.56	28.89	34.35	49.78	44.13	62.78	78.54	79.97	35.39	42.12	53.92	67.39

Globe Life Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)