Jackson Financial
JXN on NYSE. Jackson Financial sells annuities and life insurance to people saving for retirement. Market value $9.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 10 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.90.
Profit per $100 you pay: $1.14.
Quality score: 54 of 100. Price score: 57 of 100. Our list needs 70 on quality and 60 on price.
$132.91 a share, 48% above its 1-year low
Over the past year the price has ranged from $89.67 to $140.90.
Dividend: 2.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $6.4bn | $9.8bn | $3.1bn | $3.3bn | $6.7bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 1.2% a year
- Buying back its own sharesYes, 18% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $655 million, up 266% on a year ago.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.1bn |
| December 2024 | Not reported |
| March 2025 | $3.8bn |
| June 2025 | -$471m |
| September 2025 | $1.4bn |
| December 2025 | $2.0bn |
| March 2026 | $2.9bn |
| June 2026 | $168m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$469m |
| December 2024 | $345m |
| March 2025 | -$24m |
| June 2025 | $179m |
| September 2025 | $76m |
| December 2025 | -$204m |
| March 2026 | -$424m |
| June 2026 | $655m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
5 long-term investors we follow own it, down from 6 last quarter. 505 funds in all.
- Miller Value PartnersBill Miller IV
- Value
- $8m
- Share of fund
- 1.9%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $367,990
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Donald Smith & Co.Jon Hartsel | $183m | 3.2% | Cut |
| LSV Asset ManagementJosef Lakonishok | $117m | 0.2% | Added |
| Miller Value PartnersBill Miller IV | $8m | 1.9% | |
| GMOJeremy Grantham | $2m | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $367,990 | <0.1% |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$696m
- Vanguard Portfolio Management$558m
- TPG GP A$483m
- Dimensional Fund Advisors LP$422m
- Vanguard Capital Management$321m
- State Street$304m
- Geode Capital Management$246mAdded
- Donald Smith & Co.$183mCut
- HSBC Holdings$182mAdded
- Goldman Sachs Group$156mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor7.8%Since 31 March 2026
- TPG GP A, LLCPassive investorat least 6.7%(filed with 2 related holders)Since 11 February 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- First Trust Portfolios L.P.Passive investorat least 2.2%(filed with 2 related holders)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 7.8% | 31 March 2026 | |
TPG GP A, LLC Passive investor | at least 6.7% (filed with 2 related holders) | 11 February 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
First Trust Portfolios L.P. Passive investor | at least 2.2% (filed with 2 related holders) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $3m.
- Raub ChristopherEVP JFI; CEO PPM AmericaSold
- Date
- 12 August 2026
- Shares
- 5,000
- Price
- $130.69
- Value
- $653,450
- Chelko CarrieEVP and General CounselSold
- Date
- 5 August 2026
- Shares
- 7,500
- Price
- $134.24
- Value
- $1m
- Kirkland Derek GDirectorSold
- Date
- 11 March 2026
- Shares
- 10,000
- Price
- $108.32
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 August 2026 | Raub Christopher EVP JFI; CEO PPM America | Sold | 5,000 | $130.69 | $653,450 |
| 5 August 2026 | Chelko Carrie EVP and General Counsel | Sold | 7,500 | $134.24 | $1m |
| 11 March 2026 | Kirkland Derek G Director | Sold | 10,000 | $108.32 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 12 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.2% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.