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Aflac Incorporated

AFL Financial Insurance Life

Aflac Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, down 9.31% from fiscal 2024.

Revenue
−31.0%
EPS
−80.3%
Free cash flow
−4.39%
Total debt
+2.48%

Quarter to September 2026, against a year earlier

125.97 0.67 +0.53%
Market cap
$63.3B
P/E
18.3×
Fwd P/E
17.4×
Dividend yield
1.91%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Aflac Japan
  • Aflac U.S.
  • Corporate and other

Every year since 2015 →

Insider Decisions last twelve months

Sold, $m 259.44
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 2 22 6 20 16 — 15 21 11 —
Insider Ownership 10.13%

Capital & Financial Ratios $m

Size
Market Cap 63,290.00
Revenue ttm 16,600.00
Net income ttm 3,526.00
Free cash flow ttm 2,592.00
Net debt Q 3,277.00
Valuation
P/E 18.28
Forward P/E 17.40
Price / sales 3.77
Forward P/S Powerpack
Price / FCF 24.15
Price / book 2.14
Financial health
Current ratio Q 0.00
Debt / equity Q 0.30
Interest coverage Q 8.14
Growth
Revenue growth Q −30.99% (below 0%: shrinking)
Operating income growth Q −74.92% (below 0%: shrinking)
EPS, this year −4.64% (below 0%: weak)
EPS, next year A +7.24%
Revenue, next year A −1.29% (below 0%: weak)
EPS, past 5 yrs +0.45%
EPS, next 5 yrs A +2.45%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 97.65%
10-year low 10-year high
P/S against its own 10 years 100.00%
10-year low 10-year high
P/B against its own 10 years 85.30%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.91%
Annual rate
2.41
Payout ratio
35.1%
Growth, 2017–25
+13.0%/yr
  1. 0.87 ’17
  2. 1.04 ’18 +20
  3. 1.08 ’19 +4
  4. 1.12 ’20 +4
  5. 1.32 ’21 +18
  6. 1.60 ’22 +21
  7. 1.68 ’23 +5
  8. 2.00 ’24 +19
  9. 2.32 ’25 +16
  10. 2.45 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,306 6,229 6,245 5,623
Receivables 848 779 835 833
Inventory — — — —
Other — — — —
5,154 7,008 7,080 6,456
2023 2024 2025 Q'26
Payables 91,599 77,508 69,583 64,348
ST’ Debt — — — —
Other — — — —
91,599 77,508 69,583 64,348

Compound Annual Growth %

10y 5y 3y
Sales (1.94%) (4.97%) (3.57%)
Cash Flow (9.29%) (15.58%) (12.99%)
Earnings 3.71% (5.26%) (6.20%)
Book Value 5.23% (2.55%) 13.55%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.80 Actual 2.43

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.71 1.57 Miss by 0.14
Q1 FY26 1.80 1.75 Miss by 0.05
Q2 FY26 1.77 1.75 Miss by 0.02
Q3 FY26 1.80 2.43 Beat by 0.63
Q4 FY26 1.74 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.98 1.63 0.61 — —
’25 0.05 1.11 3.08 2.64 6.82
’24 3.25 3.10 (0.17) 3.42 9.63
’23 1.94 2.71 2.64 0.46 7.78
’22 1.58 2.16 2.53 0.30 6.59
’21 1.87 1.62 1.32 1.57 6.39
’20 0.78 1.12 3.44 1.35 6.67
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,346 4,117 3,271 — —
’25 3,398 4,160 4,740 4,866 17,164
’24 5,436 5,138 2,949 5,404 18,927
’23 4,800 5,172 4,950 3,779 18,701
’22 5,173 5,315 4,704 3,948 19,140
’21 5,869 5,564 5,237 4,884 21,554
’20 5,162 5,407 5,665 5,913 22,147
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 968 112 1,197 — —
’25 589 399 1,252 315 2,555
’24 849 255 1,270 333 2,707
’23 890 442 1,276 582 3,190
’22 1,260 510 1,076 1,033 3,879
’21 1,366 962 1,853 870 5,051
’20 1,414 1,187 2,000 1,357 5,958
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 968 112 1,197 — —
’25 589 399 1,252 315 2,555
’24 849 255 1,270 333 2,707
’23 890 442 1,276 582 3,190
’22 1,260 510 1,076 1,033 3,879
’21 1,366 962 1,853 870 5,051
’20 1,414 1,187 2,000 1,357 5,958
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.9% a year for ten years. It grew 11.4% a year over the last ten.

Implied
18.9%
10 years, reported
11.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 22,559 21,667 21,758 22,307 22,147 21,554 19,140 18,701 18,927 17,164 16,600 (3.0%) 16,942 17,234 17,511 +0.7%
Gross margin, % 36.67 37.71 38.78 40.54 40.80 45.57 47.73 50.47 55.37 51.74 51.90 +15.1 pt
EBT 4,067 4,018 3,983 4,445 4,159 5,208 4,869 5,262 6,417 4,533 4,292 +1.2%
EBT margin, % 18.03 18.54 18.31 19.93 18.78 24.16 25.44 28.14 33.90 26.41 25.86 +8.4 pt
Net income 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646 3,526 +3.6%
Per share, $
Per share, $ Revenue 27.41 27.36 28.27 30.05 31.03 32.00 30.15 31.37 33.65 32.21 33.40 +1.8%
Earnings 3.23 5.52 3.79 4.45 6.69 6.42 6.62 7.81 9.68 6.84 6.89 +8.7%
Cash flow 7.28 7.74 7.81 7.35 8.35 7.50 6.11 5.35 4.81 4.79 5.22 (4.5%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 7.28 7.74 7.81 7.35 8.35 7.50 6.11 5.35 4.81 4.79 5.22 (4.5%)
Book value 24.89 31.06 30.49 39.01 47.02 49.36 31.73 36.88 46.40 55.34 58.92 +9.3%
Shares, m 823 792 770 742 714 674 635 596 562 533 512 (4.7%)
Valuation, ×
Valuation, × P/E 10.79 7.94 12.02 11.89 6.63 9.10 10.85 10.72 10.72 15.96 18.28 10.7
P/S 1.27 1.61 1.61 1.76 1.43 1.82 2.37 2.65 3.07 3.42 3.77 2.1
P/B 1.40 1.42 1.49 1.36 0.95 1.18 2.26 2.26 2.23 1.99 2.14 1.7
EV/Sales 1.30 1.69 1.68 1.84 1.56 1.96 2.56 2.82 3.14 3.55 — 2.2
EV/FCF 4.88 5.98 6.07 7.51 5.79 8.36 12.62 16.52 21.96 23.85 — 11.4
Cash, $m
Cash, $m Operating cash flow 5,987 6,128 6,014 5,455 5,958 5,051 3,879 3,190 2,707 2,555 2,592 (9.0%)
Capex — — — — — — — — — — — —
Free cash flow 5,987 6,128 6,014 5,455 5,958 5,051 3,879 3,190 2,707 2,555 2,592 (9.0%)
Balance, $m
Balance, $m Working capital (88,198) (94,829) (98,000) (100,830) (108,454) (99,349) (92,320) (86,445) (70,500) (62,503) 6,456 (3.8%)
Net debt 501 1,798 1,441 1,673 2,758 2,905 3,499 3,058 1,269 2,164 3,277 +17.7%
Shareholders’ equity 20,482 24,598 23,462 28,959 33,559 33,253 20,140 21,985 26,098 29,490 29,283 +4.1%
Returns, %
Returns, % ROA 2.14 3.45 2.10 2.25 3.01 2.62 3.05 3.61 4.46 3.12 2.99 +1.0 pt
ROIC 12.11 9.51 10.00 9.07 7.16 9.00 12.87 13.13 14.65 8.95 8.24 (3.2) pt
ROE 13.93 20.43 12.15 12.61 15.29 12.67 16.55 22.12 22.64 13.12 12.16 (0.8) pt
People
People Employees 4,958 11,318 11,390 11,729 12,003 12,447 12,882 12,785 12,694 12,716 — +11.0%
Revenue/emp, $m 4.55 1.91 1.91 1.90 1.85 1.73 1.49 1.46 1.49 1.35 — (12.6%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Aflac provides supplemental health and life insurance to individuals and employers in Japan and the United States. Its policies are designed to provide financial protection when someone becomes sick, is injured or dies. Eligible claims generally pay cash benefits that customers can use for costs their primary insurance may not cover.

In Japan, Aflac sells cancer, medical and nursing care coverage, as well as life insurance and products with savings features. Its cancer policies can pay a lump sum upon diagnosis and benefits for subsequent treatment. Medical policies cover events such as hospital stays and surgeries. Japan’s national health insurance system provides primary coverage, while Aflac’s supplemental products help with unreimbursed medical and nonmedical costs.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Aflac Japan 9,357 54.52%
Aflac U.S. 6,903 40.22%
Corporate and other 1,277 7.44%
Gross margin 51.74%
Operating margin 26.41%
Pre-tax margin 26.41%

Revenue by segment since 2015

Aflac Incorporated vs peers in Insurance Life (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MET MetLife, Inc. $63.4B 19.1× 12.7× +10.46% (above 0%: growing) +5.83% (above 0%: growing) +1.87% (above 0%: growing) 25.57% 5.40% Compare
AFL Aflac Incorporated $63.3B 18.3× 17.4× −30.99% (below 0%: shrinking) −80.26% (below 0%: shrinking) −4.39% (below 0%: shrinking) 48.76% 17.43%
PRU Prudential Financial, Inc. $42.3B 11.0× 10.7× −24.57% (below 0%: shrinking) −0.52% (below 0%: shrinking) −8.45% (below 0%: shrinking) 37.49% 16.33% Compare
PUK Prudential Public Limited Company $30.7B 17.4× — −52.23% (below 0%: shrinking) +122.99% (above 0%: growing) −99.72% (below 0%: shrinking) 0.00% 0.00% Compare
GL Globe Life Inc. $12.2B 10.4× 10.5× +5.48% (above 0%: growing) −2.08% (below 0%: shrinking) +0.88% (above 0%: growing) 45.55% 30.02% Compare
UNM Unum Group $11.7B 52.2× 12.9× −24.59% (below 0%: shrinking) n/m +231.54% (above 0%: growing) 11.62% (19.45%) Compare
PRI Primerica, Inc. $8.9B 11.3× 11.1× +7.36% (above 0%: growing) +6.45% (above 0%: growing) +45.73% (above 0%: growing) 0.00% 0.00% Compare
JXN Jackson Financial Inc. $8.8B 10.6× 11.7× +8.90% (above 0%: growing) +1,269.71% (above 0%: growing) +3.43% (above 0%: growing) 17.70% 67.25% Compare
LNC Lincoln National Corporation $7.5B 2.4× 4.5× +20.33% (above 0%: growing) +220.93% (above 0%: growing) +176.69% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $12.0B 11.2× 11.1× +6.42% +6.45% +2.65% 14.66% 2.70%

All 17 Insurance Life stocks →

From the latest earnings call

Updated

  • Dan Amos said Japan sales fell against a higher year-earlier comparison, while U.S. sales grew, with demand for group products contributing to the increase.
  • Max Broden said Aflac’s reserve assumption update increased earnings per share, while Japan cybersecurity costs and investment income below expectations affected quarterly results.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 68.29%
Held by the ten largest 42.64%
Holder Shares Stake Change
Vanguard 59.21m 11.79% +5.73m
Japan Post Holdings Co., Ltd. 50.90m 10.13% −1.08m
BlackRock 34.92m 6.95% −1.29m
State Street 23.51m 4.68% −86.83k
Geode Capital Management 10.60m 2.11% −117.03k
Wells Fargo 8.64m 1.72% −1.91m
Morgan Stanley 8.04m 1.60% +139.26k
UBS 6.73m 1.34% −37.45k
Northern Trust 6.28m 1.25% −267.97k
Goldman Sachs 5.32m 1.06% +1.19m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.03m 38.99m 278.50
2024 19.27m 36.60m 255.62
2023 20.70m 40.40m 199.58
2022 15.78m 32.80m 170.03
2021 15.73m 27.85m 134.56

Ownership

Directors and executive officers, together 1.40%
J&A Alliance Holdings Corporation,as trustee of J&A Alliance Trust(1,4) 20.00%
The Vanguard Group 4.40%
BlackRock, Inc. 3.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Aflac Incorporated (AFL) Latest News

5 Nov

Impact 3 · · GuruFocus.com
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17 Oct

Impact 4 · · Barchart

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Impact 3 · · Simply Wall St.

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Impact 3 · · PR Newswire
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28 Sep

Impact 4 · · StockStory

23 Sep

Impact 3 ·

22 Sep

Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

21 Sep

Impact 3 · · Simply Wall St.

15 Aug

Impact 3 ·

13 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 3 ·

7 Aug

Impact 3 · · MarketBeat
Impact 3 ·
Impact 3 ·
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6 Aug

Impact 3 ·

AFL metrics, ten years each

stockrow.com/AFL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com