American Equity Investment Life Holding Company (AEL) Financial Statements
$56.47NYSE: AELMarket Cap $4.49B
American Equity Investment Life Holding Company most recently reported annual revenue of $6.6B, net profit of $156.0M. Revenue grew at an average annual rate of 12.1% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
American Equity Investment Life Holding Company: Revenue rose from $1.7B in 2016 to $6.6B in 2025, a change of +292.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from -1.4% to 6.3%, a shift of +7.6 percentage points; the most recent year shows net profit of $156.0M.
Income Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$1.7B
$3.0B
$2.9B
$2.0B
$3.7B
$4.0B
$3.6B
$1.6B
$9.5B
$6.6B
Operating Expenses
$1.7B
$3.9B
$1.6B
$1.9B
$279.0M
$4.0B
$3.6B
$396.0M
$880.0M
$6.2B
Operating Profit
$-23.0M
$-906.0M
$1.4B
$76.0M
$3.4B
$0
$0
$1.2B
$8.6B
$414.0M
Operating Margin
-1.4%
-30.3%
46.1%
3.8%
92.5%
0.0%
0.0%
74.9%
90.7%
6.3%
Other Income
$153.0M
$1.2B
$-787.0M
$240.0M
$0
$603.0M
$2.4B
$0
$0
$-20.0M
Interest
$41.0M
$44.0M
$41.0M
$41.0M
$1.6B
$2.7B
$927.0M
$51.0M
$165.0M
$140.0M
Depreciation
$4.0M
$4.0M
$3.0M
$4.0M
$5.0M
$6.0M
$14.0M
$9.0M
$939.0M
$714.0M
Profit Before Tax
$130.0M
$316.0M
$566.0M
$316.0M
$816.0M
$603.0M
$2.4B
$296.0M
$510.0M
$394.0M
Tax
$36.1M
$44.8M
$19.0M
$22.0M
$17.7M
$24.9M
$21.0M
$28.8M
$-33.3M
$25.9M
Net Profit
$83.0M
$175.0M
$458.0M
$246.0M
$671.0M
$553.0M
$1.2B
$211.0M
$696.0M
$156.0M
EPS
$0.97
$1.93
$5.01
$2.68
$6.90
$5.39
$20.50
$2.06
$8.66
$1.78
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Jun '23
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
$638.0M
$718.0M
$78.0M
$831.0M
$2.1B
$-1.3B
$4.6B
$2.3B
$2.2B
$2.1B
$0
$1.6B
Operating Expenses
$139.0M
$131.0M
$79.0M
$131.0M
$335.0M
$-3.1B
$5.4B
$2.6B
$2.2B
$2.1B
$0
$1.6B
Operating Profit
$499.0M
$587.0M
$-2.0M
$701.0M
$1.8B
$1.8B
$-827.0M
$-214.0M
$0
$0
$0
$3.0M
Operating Margin
78.2%
81.8%
-2.0%
84.3%
84.2%
-134.7%
-18.2%
-9.2%
0.0%
0.0%
0.0%
0.2%
Interest
$135.0M
$207.0M
$13.0M
$13.0M
$43.0M
$49.0M
$60.0M
$44.0M
$49.0M
$47.0M
$0
$49.0M
Profit Before Tax
$451.0M
$610.0M
$-573.0M
$436.0M
$-45.0M
$-409.0M
$528.0M
$-258.0M
$192.0M
$337.0M
$0
$20.0M
Tax
$21.2M
$21.9M
$18.9M
$21.4M
$642.2M
$-76.9M
$-54.7M
$21.3M
$19.8M
$35.3M
—
$85.0M
Net Profit
$355.0M
$476.0M
$-465.0M
$343.0M
$244.0M
$-299.0M
$342.0M
$-206.0M
$141.0M
$208.0M
$0
$-7.0M
EPS
$4.36
$5.82
$-5.90
$4.13
$3.04
$-3.72
$5.21
$-2.56
$1.75
$2.59
$0.00
$0.00
Over the 10 years reported for American Equity Investment Life Holding Company, borrowings increased from $736.0M in 2016 to $3.0B in 2025, cash stood at $11.7B in the latest year, shareholders' equity was $0.
Balance Sheet — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$56.1B
$62.0B
$61.6B
$69.7B
$71.4B
$78.3B
$73.9B
$67.3B
$16.1B
$130.3B
Current Assets
$1.4B
$46.8B
$46.3B
$53.9B
$56.6B
$55.8B
$3.7B
$11.6B
$315.0M
$69.7B
Cash
$791.0M
$1.4B
$344.0M
$2.3B
$9.1B
$4.5B
$1.9B
$9.8B
$315.0M
$11.7B
Inventory
$-1.4B
$0
$0
$0
$0
$-7.1B
$-3.7B
$0
$0
$0
Receivables
$11.0M
$0
$27.0M
$0
$1.0M
$167.0M
$55.0M
$38.0M
$0
$0
Fixed Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$82.2B
$90.8B
$91.8B
$56.9B
$95.1B
$102.6B
$80.9B
$39.4B
$0
$58.0B
Other Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Total Liabilities
$53.8B
$59.2B
$59.2B
$65.1B
$64.8B
$72.0B
$59.1B
$64.2B
$6.2B
$4.4B
Current Liabilities
$11.0M
$72.0M
$318.0M
$178.0M
$565.0M
$167.0M
$276.0M
$135.0M
$0
$0
Borrowings
$736.0M
$737.0M
$738.0M
$652.0M
$574.0M
$575.0M
$871.0M
$865.0M
$3.0B
$3.0B
Other Liabilities
$53.0B
$58.4B
$58.5B
$64.5B
$64.2B
$71.5B
$58.2B
$63.4B
$3.2B
$1.4B
Equity
$88.0M
$89.0M
$90.0M
$91.0M
$96.0M
$93.0M
$85.0M
$79.0M
$0
$0
Reserves
$2.3B
$2.9B
$2.4B
$4.6B
$6.6B
$6.3B
$2.4B
$3.0B
$9.9B
$9.7B
For American Equity Investment Life Holding Company, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $457.0M; free cash flow was positive in 10 of 10 years.
Cash Flow Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$1.4B
$1.9B
$43.0M
$3.4B
$1.3B
$4.2B
$2.0B
$3.9B
$2.5B
$457.0M
Investing Cash Flow
$-4.5B
$-2.6B
$-2.4B
$-3.1B
$5.1B
$-6.2B
$-2.5B
$4.4B
$8.0B
$-149.0M
Financing Cash Flow
$3.5B
$1.8B
$1.3B
$2.0B
$260.0M
$-2.6B
$-2.7B
$-847.0M
$0
$742.0M
Net Cash Flow
$394.0M
$643.0M
$-1.1B
$1.9B
$6.8B
$-4.6B
$-2.6B
$7.9B
$0
$238.0M
Free Cash Flow
$1.4B
$1.9B
$39.0M
$3.3B
$1.3B
$4.2B
$2.0B
$3.9B
$2.5B
$457.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.11
EV / EBITDA
-6.86
FCF Yield
10.90%
Quick Ratio
43.37
Interest Coverage
0.02
Return 1Y
—
Return 3Y
—
Return 5Y
—
American Equity Investment Life Holding Company (AEL) financials — frequently asked questions
What is American Equity Investment Life Holding Company's annual revenue?
American Equity Investment Life Holding Company (AEL) reported annual revenue of $6.6B in its most recent fiscal year.
What is American Equity Investment Life Holding Company's net profit?
American Equity Investment Life Holding Company (AEL) reported net profit of $156.0M in its most recent fiscal year.
What is AEL EV/EBITDA?
American Equity Investment Life Holding Company's enterprise value to EBITDA (EV/EBITDA) ratio is -6.86. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.