Corebridge Financial Inc. 6.375% Junior Subordinated Notes due 2064 (CRBD)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at these 6.375% junior subordinated notes due 2064 as a credit instrument, not as a common stock, so Graham’s margin-of-safety question is whether Corebridge can service subordinated obligations through a full cycle. The filed record is uneven. FY2024 was solid: revenue $18.7B, net income $2.2B, diluted EPS $3.72. FY2025 reversed to revenue $18.5B and a net loss of $366M, or diluted EPS -$0.68. The first quarter of fiscal 2026 remained weak—revenue $4.0B, net loss $53M, diluted EPS -$0.11—and fiscal Q2 2026 improved only to revenue $3.9B, net income $2M, diluted EPS -$0.04. Earlier, fiscal Q3 2025 earned $144M, showing the business can produce profits, but fiscal Q2 2025 had a $660M loss. Revenue has been stable around $18.5B–$18.8B in FY2023–FY2025, which is a point of durability, yet the Lynch category is TURNAROUND because the latest year was a loss after earlier profits. The $21.01 close on 2026-10-26 is near the low end of the $19.74–$25.19 52-week range, while standard stock metrics such as P/E and P/B are not meaningful or reported here. I would require evidence of sustained positive net income, stable revenue, and clearer capital/coverage disclosure before calling the note a bargain; the coupon is attractive only if the issuer’s credit remains sound.

In plain English: Corebridge Financial is a financial services company, and this security is a long-term note that pays a fixed 6.375% and comes due in 2064, so it depends mainly on the company paying its obligations. The filed results are mixed: fiscal 2024 was profitable, fiscal 2025 showed a loss, and early 2026 was weak to near break-even. At $21.01, the note sits near the low end of its $19.74–$25.19 52-week range, but the provided numbers do not give enough standard stock measures to say whether it is cheap, fair, or expensive.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer