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Analysis

MET 10-K Analysis: The $2,964M Gap Between Two P/E Ratios

MetLife earned $3.2 billion in FY 2025 — and also earned $6.1 billion. Both numbers are in the same 10-K filing. The $2,964M gap between GAAP net income and adjusted earnings isn't an error; it's the defining feature of the largest U.S. life insurer. Our Adjustment Bridge Persistence Analysis reveals that 78% of the gap is structural accounting noise, while 22% represents genuine earnings quality risk — and 26% of the adjusted earnings that produce the 'cheap' 8.9x P/E depend on a single assumption: 9% private equity returns.

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15 min

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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