AEGNYSELife InsuranceFiscal year ends December 31Also trades as AEFC, AEGOF
AEGON LTD.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 26, 2026
$8.20−0.12 (-1.44%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Operating margin
–
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Net income | +42.0% | – | – | – | |
| Free cash flow | -44.7% | -46.7% | – | -7.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -0.6% | 10.5% | |
| Return on assets | – | -0.0% | 0.3% | |
| Debt to equity | 0.54 | 0.35 | – | |
| Net debt to EBITDA | – | 0.01× | – | |
| Capex to revenue | 0.2% | 0.4% | – | |
| Diluted shares | 2.05B | 2.04B | 1.55B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Aegon generated €6.53B from operations and spent €4.75B on capital expenditure, dividends and share buybacks. 6% of that went back into the business.
Generated
€6.53B
Used
€4.75B
Capital expenditure€305.00M6%Dividends€1.90B40%Share buybacks€2.55B54%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.7%
×Asset turnover0.05×
×Equity multiplier34.81×
=Return on equity, FY2022-4.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2022 | -2.7% | 0.05× | 34.81× | -4.7% |
| FY2021 | 9.4% | 0.05× | 23.79× | 10.4% |
| FY2020 | -0.7% | 0.05× | 18.03× | -0.6% |
| FY2019 | 4.4% | 0.07× | 17.73× | 5.3% |
| FY2018 | 2.4% | 0.07× | 16.92× | 3.0% |
| FY2017 | 7.5% | 0.08× | 16.98× | 10.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero€977.00M
- Cash generatingOperating cash flow above zero€434.00M
- Return on assets improvedROA up on the prior year0.2% → 0.3%
- Earnings backed by cashOperating cash flow above net income€434.00M vs €977.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise1.63B → 1.55B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –