Aflac Inc.

Accident & Health Insurance

AFLMixed9 of 11 basics passed

$114.54

-0.35%

Market cap $57.4B

$114.54

-0.35%

Market cap $57.4B

Aflac Inc offers supplemental health insurance and life insurance in the United States and Japan. In addition to its cancer policies, the company has broadened its product offerings to include accident, dental and vision, disability, and long-term-care insurance.

It is a $57.4B financial services company. Revenue grew 13.6% over the last year, and it keeps 27¢ of every dollar of sales as profit. It trades at 11.8× earnings — in the most expensive third of its own history.

Website: aflac.com
Location: Columbus, GA
Employees: 12 716
Sector: Financial Services
Founded: 1955

Share price · 3 years

$78.82 → $114.54+45.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $18.1B
Profit: keeps 27¢ of every $1 sold; $4.86B
Free cash flow: cash left after running the business; $2.65B
P/E: years of profit in the price; 11.8
EPS: earnings per share, TTM; $9.09
Dividend: pays out 25% of profit · 45% of FCF; 2.08%
Shares: down 35% since 2016 — buybacks; 534.9M
Volatility: beta vs the market — under 1 swings less; 0.57

Revenue, last 10 years

52-week range

Low $105.70$114.54High $129.55

Today's price is 37% of the way from the year's low to its high.

P/E vs its history5y

11.8×median 10.5×

Higher than 75% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

11.8×

26%

P/S

3.2×

32%

EV/EBITDA

11.4×

89%

P/B

1.9×

74%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$11.2Mnet selling

Purchases$0

Sales$11.2M

Insiders trading, last 14d0 buy · 1 sell

Standing in Financial Services

Size$57.4Btop 29%
Revenue growth-4%top 94%
Net margin27%top 25%
Return on equity16%top 36%
P/E11.8×top 37%
Dividend yield2.08%top 49%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Growth, Health and Quality lag behind.

Valuation62

P/E vs own history75th pct · 5/25
FCF yield4.6% · 12/25
P/S3.2x · 20/25
EV/EBITDA9.9x · 25/25

Growth6

Revenue CAGR-6.1% · 0/25
Net income CAGR-4.2% · 0/25
EPS CAGR ~5Y0.4% · 6/25
Fwd implied growth-23.8% · 0/25

Profitability90

ROIC15.7% · 20/25
ROE16.4% · 20/25
Net margin26.9% · 25/25
Operating margin33.3% · 25/25

Health28

Altman Z0.82 · 3/25
Current ratio0.11 · 0/25
Interest coverage21.6x · 25/25
Net cash / debtn/a · 0/25

Quality42

Piotroski F3/9 · 5/25
Beneish M-2.58 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 9.0% · 12/25

Moat50

ROIC >12% years5/5 yrs · 25/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 11.8% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$5.44B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$22.6B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2009Acquisition
Aflac acquired Continental American Insurance Company for $100 million, enabling them to sell supplemental…
1997Milestone
It sold the broadcasting division (including flagship station WTVM) to what became Raycom Media in 1997
1974IPO
The company had an initial public offering in 1974 and was listed on the New York Stock Exchange
1955Founded
It was founded in 1955 and is based in Columbus, Georgia

Achievements

Verifiable track record, straight from the reported numbers.

#38 largest of 129 Financial Services companies by market cap

$10 000 invested in 2021 would be worth ~$20 739 today — price return only

$17.2B revenue in FY2025

Revenue up 13.6% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

12 716 employees

ROIC of 15.7%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 26.9% net margin
Revenue growing 13.6% year over year
Interest covered 21.6× by operating earnings
High returns on invested capital (ROIC 15.7%)

Watch-outs

Altman Z-Score 0.82 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+13.6% YoY
Profitable — makes more than it spends$4.86B TTM
Profit growing — earnings are higher than last year+1.2% YoY
Generates cash — cash left after running and investing$2.65B TTM
Debt under control — could handle its obligationscurrent ratio 0.11
Established company — not a micro-cap — lower blow-up risk$57.4B market cap
Not printing shares — share count not ballooning — you keep your slice-25.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.8 — distress
Pays a dividend — returns cash to shareholdersyield 2.08%
Valuation not extreme — price not wildly above earningsP/E 11.8

Peer comparisonAflac Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AFL this company	$57.4B	11.8	+13.6%	26.9%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: AFL vs BRK.A · AFL vs BRK.B · AFL vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 2Hold 12Sell 7Strong sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $18.1B · net income $4.86B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$18.1B

YoY 13.6%

Net income (TTM)

$4.86B

Margin 26.9%

Operating margin

33.3%

P/E ratio

11.8

Dividend yield

2.08%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	22.1	22.1	19.5	18.7	18.9	17.2
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	5.4	5.1	5.3	6.4	4.5
Net income	4.8	4.3	4.2	4.7	5.4	3.6
EPS (diluted)	6.67	6.39	6.59	7.78	9.63	6.82

Cash flowFree cash flow $2.65B · operating cash flow $2.65B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.65B

Margin 14.6%

Operating cash flow (TTM)

$2.65B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	6.0	5.1	3.9	3.2	2.7	2.6
Capital expenditure	—	—	—	—	—	—
Free cash flow	6.0	5.1	3.9	3.2	2.7	2.6
FCF margin	26.9%	22.8%	19.9%	17.1%	14.3%	14.9%

Balance sheetAssets $116B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $116B of assets is financed

75%

25%

Liabilities $87.0B — borrowed moneyEquity $29.5B — owners' stake

Altman Z-Score

0.82

Distress zone

Interest coverage

21.6x

EBIT ÷ interest expense

ROE

16.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	5.1	5.1	3.9	4.3	6.2	6.2
Total assets	165.1	157.5	131.0	126.7	117.6	116.5
Total liabilities	131.5	124.3	108.7	104.7	91.5	87.0
Total debt	—	—	—	—	—	—
Equity	33.6	33.3	22.4	22.0	26.1	29.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AFL on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $114.54 · market cap $57.4B.