Aflac Inc (AFL)
Financials · Life & Health Insurance · US stock · S&P 500 component
$123.27
▲ +3.12 (2.60%)
Fair valueFair
$123 −0.3% to fair value
$61fair band $105–$149$184
Day's range
$120.56 – $123.27
52-week range
$105.43 – $130.22
About Aflac Inc
Aflac provides supplemental health and life insurance, including cover for cancer, accidents, hospital stays and disability, that pays cash benefits directly to policyholders. It operates in the United States, where policies are largely offered through employers at the workplace, and in Japan, where it has a large presence. The two businesses are organised as Aflac Japan and Aflac U.S.
Aflac earns money from premiums paid by policyholders and from investment income on the assets backing its policies. Revenue is $18.1 billion over the last twelve months, but revenue growth over three years is -3.6% a year. The operating margin is 33.3%, and the business earns a profit of 21% on the capital invested in it. The dividend yield is 2.0%. On the site's X-Ray Score it receives 35 out of 100.
Price chart
52-wk range $105.43 – $130.22Volume 1,239,821Daily, split-adjusted
Vitals
Market cap$62.3B
52-week range$105.43 – $130.22
Volume (last day)1,239,821
P/E (TTM)13.2
EBIT / EV yield10.7%
Free-cash-flow yield–
Dividend yield2.0%
Revenue (TTM)$18.1B
Net income (TTM)$4.9B
Operating margin33.3%
Return on capital20.9%
Debt incl. leasesData missing
Cash & securities$6.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$123middle half of models $95 – $124
Fair
−0.3% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $123
Undervalued < $105Fair $105 – $149Overvalued > $149
P/E multiple
$120
P/B multiple
$124
P/S multiple
$95
Dividend discount, stable
$94
Dividend discount, multi-stage
$182
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
46/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield10.7%
Fair value vs price1.0×
Growth
Weak
8/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-3.6%
EPS growth (3y)-0.5%
Growth consistency40%
Profitability
Fair
50/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital20.9%
Operating margin33.3%
Financial health
Weak
24/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Interest cover25.3×
Dividends
Weak
49/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.0%
Dividend growth7.0%
Quarterly results: last 6 quarters
-37.5%
Mar '25
-19.0%
Jun '25
+60.7%
Sep '25
-9.9%
Dec '25
+27.9%
Mar '26
-1.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.1B, diluted EPS $1.63.
Compare with peers
MET Metlife Inc56 PFH Prudential Financial I...55 GL Globe Life Inc.49 PFG Principal Financial Gr...37Other Life & Health Insurance companies by X-Ray Score.
SWOT analysis: Aflac Inc
Strengthsinside the company
- Return on invested capital is 20.9%, against a median of 15.3% for industry peers.
- Operating margin of 33.3% is well above the 8.3% median of industry peers, a sign of pricing power or lower costs.
- Operating profit covers interest 25x, so debt costs are a small drag.
Weaknessesinside the company
- Revenue has fallen 3.6% a year over three years while industry peers grew 3.1%.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Revenue growth slowed to -9.3% last year from -3.6% a year over three years.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AFL with peers and sector
Medians of 4 Life & Health Insurance peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): MET 56, PFG 37, GL 49, PFH 55.
| Metric | AFL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 35 | 52 | 50 |
| Valuation | 46 | 63 | 52 |
| Growth | 8 | 20 | 54 |
| Profitability | 50 | 51 | 48 |
| Financial health | 24 | 58 | 51 |
| Dividends | 49 | 44 | 54 |
Sector leaders: highest X-Ray Score in Financials
AFL ranks #65 of 71 in Financials and #5 of 5 in Life & Health Insurance by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AFL
Each factor is rated by where AFL stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 4 Average · 3 Bad of 8
Growth: 0 · 0 · 3
Profitability: 1 · 1 · 0
Valuation: 0 · 3 · 0
| Factor | AFL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −3.6% | Bad beats 7% | +8.3% | – | – |
| Revenue growth, last year | −9.3% | Bad beats 4% | +6.9% | −2.7% | ▼ Worse |
| EPS growth, 3 years a year | −0.5% | Bad beats 17% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 26.9% | Good beats 72% | 21.8% | 23.1% | ▲ Better |
| Return on equity | 16.0% | Average beats 51% | 15.7% | 21.2% | ▼ Worse |
| Valuation | |||||
| P/E ratio | 12.8x | Average beats 61% | 13.8x | 10.6x | ▼ Worse |
| Price / book | 2.1x | Average beats 54% | 2.2x | 2.2x | ≈ In line |
| Price / sales | 3.4x | Average beats 44% | 3.1x | 2.6x | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 0 Good · ● 4 Average · ● 6 BadCash quality
Earnings backed by cashBad
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 34/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $21.6B | $19.1B | $18.7B | $18.9B | $17.2B |
| Operating income | $4.9B | $4.2B | $5.5B | $6.6B | $4.8B |
| Net income | $4.2B | $4.4B | $4.7B | $5.4B | $3.6B |
| Operating cash flow | $5.1B | $3.9B | $3.2B | $2.7B | $2.6B |
| Operating margin | 22.9% | 21.7% | 29.2% | 34.9% | 27.7% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $6.25 | $6.93 | $7.78 | $9.63 | $6.82 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 118.5 | Bullish |
| EMA 10 | 118.9 | Bullish |
| SMA 20 | 115.7 | Bullish |
| EMA 20 | 117.4 | Bullish |
| SMA 50 | 116.4 | Bullish |
| EMA 50 | 117.0 | Bullish |
| SMA 100 | 118.4 | Bullish |
| EMA 100 | 116.8 | Bullish |
| SMA 200 | 114.7 | Bullish |
| EMA 200 | 114.8 | Bullish |
Oscillators (daily)
| RSI (14) | 71.35 | Bearish |
| MACD (12, 26) | 1.41 | Bullish |
| Momentum (12) | 8.48 | Bullish |
| Stochastic %K (14) | 100.0 | Bearish |
| Williams %R (14) | 0.00 | Bearish |
| CCI (20) | 158.6 | Bearish |
Pivot points (classic, last session)
S3 118.8 | S2 119.7 | S1 121.5 | Pivot 122.4 | R1 124.2 | R2 125.1 | R3 126.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.41 USD
Yield on today's price
1.96%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.6100 | |
| 0.6100 | |
| 0.6100 | |
| 0.5800 | |
| 0.5800 | |
| 0.5800 | |
| 0.5800 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.4200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AFL
| ETF | Share of the fund |
|---|---|
| SAMT The Advisorsa Inner Circle Fund III | 2.03% |
| KIE SPDR S&P Insurance | 1.79% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.46% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.42% |
| SPLV Invesco S&P 500 Low Volatility | 1.10% |
| RDVI FT Cboe Vest Rising Dividend Achievers... | 1.06% |
| RDVY First Trust Rising Dividend Achievers | 0.97% |
| SDY SPDR S&P Dividend | 0.93% |
The eight funds with the largest weight in AFL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AFL stock splits
AFL has split its stock 5 times since 1993. The latest was a 2-for-1 split on 19 Mar 2018.
Full AFL stock split history →AFL SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.