Financials · Life & Health Insurance · US stock · price as of 22 Oct 2026
Key indicators
Price
$123.27
52-week range
$105.43 – $130.22
Market cap
$62.3B
P/E (trailing)
13.2×
Dividend yield
2.0%
Revenue (last 12 months)
$18.1B
Revenue growth (3y a year)
−3.6%
Price / book
2.1×
Return on equity
16.0%
Fair value
Fair value (average of valid models)$122.92 middle half of models $95 – $124
Versus priceFair−0% to fair value
P/E multiple
$119.88
P/B multiple
$123.72
P/S multiple
$95.01
Dividend discount, stable
$94.36
Dividend discount, multi-stage
$181.61
Model uncertainty
Medium
X-Ray Score
35/ 100 · Medium confidence · ahead of 8% of sector peers
Valuation46
Growth8
Profitability50
Financial health24
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Aflac Inc an X-Ray Score of 35 out of 100 (medium confidence), ahead of 8% of the S&P 500 stocks in its sector. Its strongest lens is profitability (50) and its weakest is growth (8).
Our fair value (the average of the valid models) is $122.92 (range $95.01 to $123.72). At $123.27 the stock trades 0% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Aflac Inc (AFL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$52.45
$66.30
$77.81
$99.66
$108.58
$123.27
Market cap
$35.5B
$42.3B
$46.6B
$56.3B
$58.1B
$62.3B
P/E
8.4×
9.6×
10.0×
10.3×
15.9×
13.2×
Price / book
2.1×
2.1×
2.1×
2.2×
2.0×
2.1×
Dividend yield
2.52%
2.44%
2.26%
2.09%
2.16%
1.96%
Fundamentals checklist ● 0 Good · ● 2 Average · ● 5 Bad · each check graded against the sector
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−0.5%Bad
Revenue growth (3y)−3.6%Bad
Growth consistency40%Bad
Valuation
Fair value vs price1.0×Bad
Profitability
Return on invested capital20.9%Average
Operating margin33.3%Average
XStocksXray
Aflac Inc (AFL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
21,554
19,140
18,701
18,927
17,164
18,069
Net income
4,231
4,418
4,659
5,443
3,646
4,862
Diluted EPS ($)
6.25
6.93
7.78
9.63
6.82
9.32
Net margin
19.6%
23.1%
24.9%
28.8%
21.2%
26.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
157,542
131,738
126,724
117,566
116,470
115,961
Cash
5,051
3,943
4,306
6,229
6,245
6,120
Total debt
–
–
–
–
–
–
Equity
17,031
20,140
21,985
26,098
29,490
30,312
Dividend per share ($)
1.32
1.62
1.76
2.08
2.35
1.80
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
