F

F&G Annuities & Life, Inc. — Earnings Quality Grade F

FG · Financial Services

Major red flags

Revenue
$5.4B
2025
Net Income
$265M
2025
Gross Margin
Free Cash Flow
$4.7B
01

Screening Summary

8
Passed
1
Watch
3
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO surged by 279 days (900 → 1180)

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue 0.1%, CFFO -22.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -37.5% vs revenue 0.1%. Normal

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO far exceeds NI (ratio 17.7x). Non-cash charges depressing profits

C2Free Cash Flow

FCF $4.7B, FCF/NI = 17.61

C3Accruals Ratio

Accruals ratio = -4.5%. Low accruals

C4Cash vs Debt

Cash $29.6B covers debt $2.3B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $8.5B = 176% of equity. Over 50%

D2Leverage

Insufficient data

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 9% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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Altman Z-Score — Not Applicable

F&G Annuities & Life, Inc. is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25