MetLife, Inc. (MET) Balance Sheet
MET balance sheet, 2025
December 31, 2025 · U.S. dollars$745.17B assets = $716.25B liabilities + $28.92B equity
Both columns are drawn to the same scale: what MET owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MET financial health
Debt / equity0.71
Moderate leverage · $0.71 of debt for each $1 of equity
Cash / debt621.0%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles4.1%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
MET balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $898.76B2016 | $745.17B2025 | −2.1%/yr | |
| Total liabilities | $831.06B2016 | $716.25B2025 | −1.6%/yr | |
| Shareholders’ equity | $67.53B2016 | $28.40B2025 | −9.2%/yr | |
| Cash & short-term investments | $311.63B2016 | $125.34B2025 | −9.6%/yr | |
| Total debt | $19.85B2016 | $20.18B2025 | +0.2%/yr | |
| Net cash (debt) | $291.78B2016 | $105.15B2025 | −$186.6B | |
| Working capital | −$773.90B2016 | −$96.55B2025 | +$677.3B | |
| Book value per share | $61.642016 | $42.712025 | −4.0%/yr | |
| Debt / equity | 0.292016 | 0.712025 | +0.42 | |
| Shares outstanding | 1.10B2016 | 665.0M2025 | −5.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MET assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MET liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MET debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MET balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $125.34B | $108.78B | $316.83B | $313.32B | $367.50B | $378.51B | $348.27B | $318.02B | $326.50B | $311.63B |
| Cash & equivalents | $22.03B | $20.07B | $20.64B | $20.20B | $20.05B | $19.80B | $16.60B | $15.82B | $12.70B | $12.65B |
| Short-term investments | $103.31B | $88.71B | $296.19B | $293.13B | $347.45B | $358.71B | $331.67B | $302.20B | $313.80B | $298.98B |
| Receivables | $54.25B | $34.26B | $33.78B | $22.17B | $20.52B | $17.87B | $20.44B | $19.64B | $18.42B | $15.46B |
| Inventory | $0 | $0 | −$104.32B | $0 | −$55.36B | −$59.89B | −$62.37B | −$1.44B | $0 | $0 |
| Other current assets | $0 | $0 | $104.32B | $0 | $55.36B | $59.89B | $62.37B | $0 | $0 | $0 |
| Total current assets | $179.59B | $143.04B | $350.62B | $335.49B | $388.01B | $396.38B | $368.71B | $23.34B | $21.09B | $37.95B |
| Property, plant & equipment (net) | $1.70B | $1.85B | $1.99B | $1.93B | $375.33B | $2.80B | $2.79B | $2.60B | −$6.77B | $2.40B |
| Goodwill & intangible assets | $30.72B | $28.53B | $29.39B | $28.95B | $25.60B | $28.80B | $28.38B | $29.60B | $29.27B | $28.02B |
| Long-term investments | $351.20B | $314.67B | $313.31B | $307.48B | $375.49B | $511.91B | $477.32B | $439.79B | $447.59B | $504.38B |
| Other non-current assets | $181.96B | $189.37B | $0 | $0 | $0 | $0 | $0 | $192.21B | $228.71B | $326.02B |
| Total assets | $745.17B | $677.46B | $687.58B | $663.07B | $759.71B | $795.15B | $740.46B | $687.54B | $719.89B | $898.76B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $20.80B | $2.16B | $129.0M | $363.0M | $441.0M | $311.0M | $18.78B |
| Short-term debt | $1.56B | $465.0M | $119.0M | $175.0M | $341.0M | $393.0M | $235.0M | $268.0M | $477.0M | $242.0M |
| Deferred revenue | — | — | — | $2.83B | — | — | $9.10B | — | — | — |
| Total current liabilities | $276.14B | $258.07B | $257.57B | $251.08B | $263.18B | $393.0M | $235.0M | $25.50B | $26.51B | $811.85B |
| Long-term debt | $18.62B | $18.25B | $18.71B | $17.80B | $17.09B | $4.00B | $4.14B | $4.21B | $4.26B | $7.24B |
| Lease obligations | $6.0M | $6.0M | $32.0M | $56.0M | — | — | — | — | — | — |
| Other long-term liabilities | $421.48B | $373.44B | $381.05B | $364.06B | $411.69B | $716.33B | $669.94B | $630.37B | $630.25B | $823.82B |
| Total liabilities | $716.25B | $649.75B | $657.33B | $632.95B | $691.96B | $720.33B | $674.08B | $634.58B | $661.02B | $831.06B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $31.12B | $30.96B |
| Retained earnings (deficit) | $44.29B | $42.63B | $40.15B | $40.33B | $41.20B | $36.49B | $33.08B | $28.93B | $26.53B | $34.68B |
| Treasury stock | — | — | — | −$21.46B | −$18.16B | −$13.83B | −$12.68B | −$10.39B | −$6.40B | −$3.47B |
| Accumulated other comprehensive income | −$18.08B | −$21.19B | −$19.24B | −$22.62B | $10.92B | $18.07B | $13.05B | $1.72B | $7.43B | $5.37B |
| Minority interest | $523.0M | $258.0M | $238.0M | $247.0M | $267.0M | $259.0M | $238.0M | $217.0M | $194.0M | $171.0M |
| Total shareholders' equity | $28.40B | $27.45B | $30.02B | $29.88B | $67.48B | $74.56B | $66.14B | $52.74B | $58.68B | $67.53B |
| Key figures | ||||||||||
| Total debt | $20.18B | $18.71B | $18.83B | $17.98B | $17.43B | $18.15B | $16.85B | $16.24B | $19.31B | $19.85B |
| Net cash (debt) | $105.15B | $90.07B | $298.00B | $295.34B | $350.07B | $360.36B | $331.42B | $301.78B | $307.19B | $291.78B |
| Working capital | −$96.55B | −$115.03B | $93.04B | $84.41B | $124.84B | $395.99B | $368.48B | −$2.16B | −$5.42B | −$773.90B |
| Tangible book value | −$2.32B | −$1.08B | $628.0M | $931.0M | $41.89B | $45.76B | $37.77B | $23.14B | $29.41B | $39.51B |
| Book value per share | $42.71 | $38.60 | $39.37 | $36.94 | $77.62 | $81.64 | $70.04 | $52.02 | $56.23 | $61.64 |
| Shares outstanding | 665.0M | 711.1M | 762.4M | 808.9M | 869.4M | 913.2M | 944.4M | 1.01B | 1.04B | 1.10B |
| Current ratio | 0.65 | 0.55 | 1.36 | 1.34 | 1.47 | 1,008.60 | 1,568.98 | 0.92 | 0.80 | 0.05 |
| Quick ratio | 0.65 | 0.55 | 1.36 | 1.34 | 1.47 | 1,008.60 | 1,568.98 | 13.24 | 13.01 | 0.40 |
| Debt / equity | 0.71 | 0.68 | 0.63 | 0.60 | 0.26 | 0.24 | 0.25 | 0.31 | 0.33 | 0.29 |
| Equity / assets | 3.8% | 4.1% | 4.4% | 4.5% | 8.9% | 9.4% | 8.9% | 7.7% | 8.2% | 7.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $129.53B | $128.16B | $125.34B | $122.06B | $120.16B | $117.73B | $108.78B | $320.15B | $302.33B | $332.29B | $316.83B | $321.57B |
| Cash & equivalents | $19.30B | $22.69B | $22.03B | $20.23B | $22.18B | $21.33B | $20.07B | $21.77B | $20.79B | $19.84B | $20.64B | $14.91B |
| Short-term investments | $110.23B | $105.47B | $103.31B | $101.83B | $97.98B | $96.40B | $88.71B | $298.39B | $281.54B | $312.45B | $296.19B | $306.66B |
| Receivables | $56.09B | $55.75B | $54.25B | $45.26B | $36.25B | $35.83B | $34.26B | $35.47B | $32.17B | $33.62B | $33.78B | $22.71B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$334.49B | −$333.12B | −$69.11B | −$79.14B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $52.61B | $352.96B | $69.11B | $98.87B |
| Total current assets | $185.62B | $183.91B | $179.59B | $167.33B | $156.41B | $153.56B | $143.04B | $355.62B | $52.61B | $385.76B | $350.62B | $364.01B |
| Property, plant & equipment (net) | $1.64B | $1.59B | $1.70B | $1.62B | $1.82B | $1.85B | $1.85B | $0 | $409.63B | $560.58B | $1.99B | $0 |
| Goodwill & intangible assets | $31.11B | $30.83B | $30.72B | $30.27B | $30.14B | $29.20B | $28.53B | $29.56B | $28.52B | $28.88B | $29.39B | $28.85B |
| Long-term investments | $362.76B | $351.99B | $351.20B | $340.71B | $332.21B | $324.33B | $314.67B | $322.61B | $306.69B | $308.66B | $313.31B | $302.82B |
| Other non-current assets | $178.25B | $174.89B | $181.96B | $179.79B | $181.88B | $179.38B | $189.37B | $0 | $0 | $0 | $0 | $0 |
| Total assets | $759.37B | $743.21B | $745.17B | $719.73B | $702.47B | $688.32B | $677.46B | $704.98B | $675.75B | $677.58B | $687.58B | $652.12B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $16.99B |
| Short-term debt | $460.0M | $404.0M | $1.56B | $378.0M | $379.0M | $381.0M | $465.0M | $404.0M | $390.0M | $127.0M | $119.0M | $161.0M |
| Total current liabilities | $285.67B | $279.22B | $276.14B | $273.76B | $270.29B | $263.40B | $258.07B | $263.03B | $18.11B | $182.47B | $257.57B | $177.08B |
| Long-term debt | $20.89B | $19.59B | $18.62B | $19.45B | $19.53B | $18.85B | $18.25B | $18.44B | $17.97B | $19.13B | $18.68B | $18.64B |
| Lease obligations | — | — | $6.0M | — | — | — | $6.0M | — | — | — | $32.0M | — |
| Other long-term liabilities | $424.86B | $416.60B | $421.48B | $397.32B | $384.73B | $378.32B | $373.44B | $392.34B | $630.23B | $447.17B | $381.08B | $430.51B |
| Total liabilities | $731.41B | $715.41B | $716.25B | $690.53B | $674.54B | $660.56B | $649.75B | $673.81B | $648.21B | $648.78B | $657.33B | $626.23B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M |
| Retained earnings (deficit) | $45.38B | $45.06B | $44.29B | $43.89B | $43.45B | $43.13B | $42.63B | $41.77B | $40.87B | $40.35B | $40.15B | $39.96B |
| Accumulated other comprehensive income | −$18.74B | −$19.23B | −$18.08B | −$17.57B | −$19.86B | −$20.25B | −$21.19B | −$17.24B | −$20.74B | −$19.77B | −$19.24B | −$24.25B |
| Minority interest | $520.0M | $477.0M | $523.0M | $247.0M | $242.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $27.44B | $27.32B | $28.40B | $28.94B | $27.68B | $27.49B | $27.45B | $30.89B | $27.25B | $28.54B | $30.02B | $25.66B |
| Key figures | ||||||||||||
| Total debt | $21.34B | $21.13B | $20.18B | $19.83B | $19.91B | $19.23B | $18.71B | $18.84B | $18.36B | $19.26B | $18.83B | $18.80B |
| Net cash (debt) | $108.18B | $107.03B | $105.15B | $102.23B | $100.26B | $98.50B | $90.07B | $301.31B | $283.96B | $313.03B | $298.00B | $302.77B |
| Working capital | −$100.05B | −$95.31B | −$96.55B | −$106.44B | −$113.88B | −$109.84B | −$115.03B | $92.59B | $34.50B | $203.28B | $93.04B | $186.94B |
| Tangible book value | −$3.67B | −$3.51B | −$2.32B | −$1.33B | −$2.45B | −$1.71B | −$1.08B | $1.33B | −$1.27B | −$344.0M | $628.0M | −$3.19B |
| Book value per share | $41.85 | $41.67 | $42.71 | $43.26 | $41.01 | $40.02 | $39.33 | $43.89 | $38.13 | $39.17 | $40.26 | $33.96 |
| Shares outstanding | 655.7M | 655.7M | 665.0M | 669.1M | 675.0M | 687.0M | 697.9M | 703.7M | 714.7M | 728.4M | 745.5M | 755.5M |
| Current ratio | 0.65 | 0.66 | 0.65 | 0.61 | 0.58 | 0.58 | 0.55 | 1.35 | 2.90 | 2.11 | 1.36 | 2.06 |
| Quick ratio | 0.65 | 0.66 | 0.65 | 0.61 | 0.58 | 0.58 | 0.55 | 1.35 | 18.47 | 2.01 | 1.36 | 1.94 |
| Debt / equity | 0.78 | 0.77 | 0.71 | 0.69 | 0.72 | 0.70 | 0.68 | 0.61 | 0.67 | 0.67 | 0.63 | 0.73 |
| Equity / assets | 3.6% | 3.7% | 3.8% | 4.0% | 3.9% | 4.0% | 4.1% | 4.4% | 4.0% | 4.2% | 4.4% | 3.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
MET financial position
At the end of fiscal 2025 (December 31, 2025), MetLife had total assets of $745.2 billion (up 10.0% from a year earlier), total liabilities of $716.2 billion and shareholders' equity of $28.4 billion. It held $125.3 billion in cash and short-term investments against $20.2 billion of debt, a net cash position of $105.2 billion. Its current ratio was 0.65. In the latest quarter (ended June 30, 2026) total assets were $759.4 billion and equity $27.4 billion.
Related: MET income statement, MET cash flow statement, MET key metrics. See the MET stock overview for the latest quote and news.
MET balance sheet FAQ
What are MetLife's total assets?
MetLife reported total assets of $745.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $677.5 billion a year earlier.
How much debt does MetLife have?
MetLife had $20.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.71.
How much cash does MetLife have?
MetLife held $125.3 billion in cash and short-term investments at the end of fiscal 2025; with $20.2 billion of debt that is net cash of $105.2 billion.
What is MetLife's book value?
MetLife's shareholders' equity (book value) was $28.4 billion at the end of fiscal 2025, or $42.71 per share.
What is MetLife's current ratio?
MetLife had current assets of $179.6 billion and current liabilities of $276.1 billion, a current ratio of 0.65 (current liabilities exceed current assets).
How much goodwill does MetLife have?
MetLife carried $30.7 billion of goodwill and intangible assets, 4.1% of total assets, at the end of fiscal 2025.