Aflac vs Unum
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The short version
- Aflac is the larger business, with $17.2B of revenue in fiscal 2025 against $13.1B for Unum.
- Unum grew revenue faster (1.5%, against −9.3%).
- Aflac earned a higher return on the capital invested in it (13.0%, against 7.6%).
- Investors pay more for each dollar of Unum’s earnings: a P/E of 21.0x against 13.0x for Aflac.
| Latest fiscal year | AFL · FY25 | UNM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.9B | $14.4B |
| Revenue | $17.2B | $13.1B |
| Free cash flow | — | $555M |
| Net income | $3.6B | $739M |
| Growth | ||
| Revenue growth | −9.3% | 1.5% |
| 5-year growth | −5.0% | −0.1% |
| Share count change | −5.3% | −8.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 21.2% | 5.7% |
| FCF margin | — | 4.3% |
| Return on capital | 13.0% | 7.6% |
| Return on equity | 13.1% | 6.7% |
| Balance sheet | ||
| Net debt | $2.1B | $593M |
| Net debt / EBITDA | 0.4x | 0.5x |
| Dividends and buybacks | $4.7B | $1.3B |
| Valuation & quality | ||
| P/E | 13.0x | 21.0x |
| Piotroski F-score | — | — |
Revenue
FY16
AFL $22.6B
UNM $11.0B
FY17
AFL $21.7B
UNM $11.3B
FY18
AFL $21.8B
UNM $11.6B
FY19
AFL $22.3B
UNM $12.0B
FY20
AFL $22.1B
UNM $13.2B
FY21
AFL $21.6B
UNM $12.0B
FY22
AFL $19.1B
UNM $12.0B
FY23
AFL $18.7B
UNM $12.4B
FY24
AFL $18.9B
UNM $12.9B
FY25
AFL $17.2B
UNM $13.1B
AFL
UNM
Operating margin
FY16
AFL 18.3%
UNM —
FY17
AFL 18.9%
UNM —
FY18
AFL 20.0%
UNM —
FY19
AFL 20.0%
UNM —
FY20
AFL 19.9%
UNM —
FY21
AFL 22.9%
UNM —
FY22
AFL 21.7%
UNM —
FY23
AFL —
UNM —
FY24
AFL —
UNM —
FY25
AFL —
UNM —
AFL
UNM
Free cash flow
FY16
AFL —
UNM $1.0B
FY17
AFL —
UNM $1.1B
FY18
AFL —
UNM $1.4B
FY19
AFL —
UNM $1.5B
FY20
AFL —
UNM $350M
FY21
AFL —
UNM $1.3B
FY22
AFL —
UNM $1.3B
FY23
AFL —
UNM $1.1B
FY24
AFL —
UNM $1.4B
FY25
AFL —
UNM $555M
AFL
UNM
Return on capital
FY16
AFL 13.7%
UNM 9.7%
FY17
AFL 17.3%
UNM 9.9%
FY18
AFL 12.5%
UNM 6.1%
FY19
AFL 12.0%
UNM 11.1%
FY20
AFL 13.3%
UNM 7.8%
FY21
AFL 14.3%
UNM 10.9%
FY22
AFL 17.4%
UNM 16.7%
FY23
AFL 20.0%
UNM 13.1%
FY24
AFL 21.5%
UNM 16.6%
FY25
AFL 13.0%
UNM 7.6%
AFL
UNM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.