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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $2.54B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Insufficient data. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
Where each multiple sits in its own 5-yr range · 78th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 5% against ROIC 5% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Income Tax | — | 0.6 | -0.1 | 0.7 | 0.2 | -0.2 | 0.9 |
| Net Income | — | 1.5 | -10.8 | 11.4 | 11.5 | 8.8 | 7.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BNT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $11.63B 100.0% | $14.10B 100.0% | $6.91B 100.0% | $4.41B 100.0% | $1.04B 100.0% | $469.0M 100.0% | — |
| Total Operating Expenses | — | — | — | $3.78B 85.6% | $1.15B 110.9% | $459.0M 97.9% | — |
| Interest Expense | $379.0M 3.3% | $362.0M 2.6% | $249.0M 3.6% | $104.0M 2.4% | $1.0M 0.1% | $0 0.0% | $0 |
| Pretax Income | $967.0M 8.3% | $1.21B 8.6% | $814.0M 11.8% | $532.0M 12.1% | -$113.0M -10.9% | — | — |
| Income Tax Expense | $104.0M 0.9% | -$34.0M -0.2% | $17.0M 0.2% | $31.0M 0.7% | -$1.0M -0.1% | $3.0M 0.6% | — |
| Net Income | $863.0M 7.4% | $1.25B 8.8% | $797.0M 11.5% | $501.0M 11.4% | -$112.0M -10.8% | $7.0M 1.5% | $6.0M |
| Per Share | |||||||
| EPS (Basic) | $3.35 | $8.69 | $10.51 | $13.75 | -$4.92 | $83.88 | — |
| EPS (Diluted) | — | — | — | — | — | $83.88 | — |
| Weighted Avg Shares (Basic) | 224.0M | 126.0M | 64.2M | 30.9M | 19.9M | 85K | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MKL | $22.9B | 11.1× | — | 1.5× | 4.7% | — | 13.6% | 11.3% | 9.2% | — | 244 |
| L | $22.8B | 14.0× | — | 1.2× | 5.4% | — | 9.0% | 8.9% | 8.9% | — | 201 |
| RGA | $17.3B | 15.0× | — | 0.7× | 7.2% | — | 5.0% | 8.8% | 6.2% | — | 159 |
| EG | $15.4B | 10.9× | — | 0.9× | 1.2% | — | 9.1% | 10.3% | 10.3% | — | — |
| AIZ | $14.4B | 17.3× | — | 1.1× | 7.9% | — | 6.8% | 14.9% | 14.9% | — | 141 |
| UNM | $14.4B | 21.3× | — | 1.1× | 1.5% | — | 5.6% | 6.6% | 5.0% | — | 199 |
| RNR | $13.7B | 6.1× | — | 1.1× | 9.9% | — | 20.9% | 23.1% | 19.2% | — | — |
| CNA | $13.2B | 10.4× | — | 0.9× | 5.0% | — | 8.5% | 11.0% | 8.8% | — | 72 |
| AFG | $12.8B | 15.3× | — | 1.6× | -1.8% | — | 10.3% | 17.5% | 12.7% | — | 127 |
| GL | $12.2B | 11.3× | — | 2.0× | 3.7% | — | 19.4% | 19.4% | 13.5% | — | 166 |
| FNF | $10.9B | 18.3× | — | 0.8× | 5.6% | — | 4.2% | 8.1% | 5.1% | — | 198 |
| BNT | $10.8B | — | — | 0.9× | -17.5% | — | 7.4% | 4.8% | 4.8% | — | — |
| MOH | $10.6B | 23.0× | 10.4× | 0.2× | 11.7% | 13.1% | 1.0% | 11.6% | 6.0% | -0.5× | 142 |
| ORI | $9.3B | 10.3× | — | 1.0× | 11.0% | — | 10.2% | 15.8% | 15.8% | — | 167 |
| VOYA | $8.9B | 15.6× | — | 1.1× | 1.7% | — | 8.0% | 13.2% | 9.3% | — | 104 |
| PRI | $8.7B | 12.3× | — | 2.6× | 6.6% | — | 22.8% | 30.7% | 30.7% | — | 123 |
| THG | $8.4B | 13.3× | — | 1.3× | 5.7% | — | 10.0% | 18.5% | 13.8% | — | 121 |
| KNSL | $8.2B | 16.9× | — | 4.4× | 18.0% | — | 26.9% | 25.7% | 23.1% | — | 129 |
| LNC | $7.9B | 7.0× | — | 0.4× | -1.2% | — | 6.5% | 10.8% | 6.9% | — | 156 |
| AXS | $7.5B | 8.5× | — | 1.1× | 10.2% | — | 15.4% | 15.9% | 15.9% | — | — |
| FAF | $6.5B | 10.6× | — | 0.9× | 21.6% | — | 8.3% | 11.3% | 11.3% | — | 104 |
| ESNT | $6.0B | 9.7× | — | 4.8× | 1.5% | — | 54.7% | 12.0% | 12.0% | — | 77 |
| RLI | $6.0B | 14.9× | — | 3.2× | 6.3% | — | 21.4% | 22.7% | 21.5% | — | 102 |
| SIGI | $5.9B | 13.2× | — | 1.1× | 9.8% | — | 8.7% | 12.9% | 12.9% | — | 82 |
| MTG | $5.8B | 9.1× | — | 4.8× | 0.5% | — | 60.8% | 14.3% | 14.3% | — | 119 |
Peers = companies sharing BNT's sector (Insurance Carriers, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | not reported | 1.5% |
| FY2021 | not reported | not reported | -10.8% |
| FY2022 | not reported | not reported | 11.4% |
| FY2023 | not reported | not reported | 11.5% |
| FY2024 | not reported | not reported | 8.8% |
| FY2025 | not reported | not reported | 7.4% |
Return on equity (5%) and return on invested capital (5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 14.08x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 263465% since FY2020 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a insurer.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
No growth rate within the range this model can express reaches the current price, so the requirement cannot be stated as a number.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: implied_growth.
| Step | Amount | Running total |
|---|---|---|
| Net income | $863M | $863M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $1.75B | $2.61B |
| Operating cash flow | $2.61B | $2.61B |
| Capex | −$69M | $2.54B |
| Free cash flow | $2.54B | $2.54B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 122.0% | not reported | not reported |
| FY2022 | 323.9% | not reported | not reported |
| FY2023 | 56.6% | not reported | not reported |
| FY2024 | 104.0% | not reported | not reported |
| FY2025 | -17.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | not reported |
| FY2020 | -29.6 percent |
| FY2021 | -15.6 percent |
| FY2022 | -0.3 percent |
| FY2023 | -1.1 percent |
| FY2024 | -2.4 percent |
| FY2025 | -1.1 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 2 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.