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Aflac

AFL NYSE Life & Health Insurance Financials FY2016–FY2025

Aflac's revenue fell 9.3% to $17.2 billion in fiscal 2025. Its net margin was 21.2%, down from 28.8% a year earlier. It paid out $4.7 billion in dividends and buybacks. The diluted share count fell 5.3%.

Last close · Oct 23, 2026

$120.51

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$17.2B
9.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$3.6B
33.0%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.0%
8.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$60.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
13.0x
On $9.30 EPS (TTM)

About these figures. Debt is Aflac's notes payable, the balance sheet's debt line without its lease obligations. Aflac's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.

What Aflac does

No business description yet.

Legal name
Aflac Incorporated
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-011402
0000004977

Revenue and margins

Aflac had $17.2B of revenue in fiscal 2025, down 9.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Aflac returned $4.7B to shareholders in fiscal 2025. The diluted share count fell 5.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Aflac yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.1B and divides by 534.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 13.0x · peers 12.9x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Aflac can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.1B$3.9B$4.3B$6.2B$6.2B
Debt incl. finance leases $7.9B$7.3B$7.2B$7.4B$8.3B
Net debt / EBITDA 0.6x0.8x0.5x0.2x0.4x
Debt / equity 0.5x0.4x0.3x0.3x0.3x
Interest coverage 20.7x18.4x28.0x34.1x21.9x
Total assets $157.5B$131.7B$126.7B$117.6B$116.5B
Total liabilities $124.3B$111.6B$104.7B$91.5B$87.0B
Shareholders' equity $17.0B$20.1B$22.0B$26.1B$29.5B
Net debt (− = net cash) $2.8B$3.4B$2.9B$1.2B$2.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$37.6M

1 insider

Of sales under plans

100%

$37.6M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 113,611 $118.53 $13.5M Form 4
Oct 14, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 55,000 $117.79 $6.5M Form 4
Oct 13, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 42,000 $116.38 $4.9M Form 4
Oct 12, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 12,200 $115.85 $1.4M Form 4
Oct 9, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 12,000 $114.72 $1.4M Form 4
Oct 8, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 13,000 $114.45 $1.5M Form 4
Oct 7, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 12,000 $112.80 $1.4M Form 4
Oct 6, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 13,050 $113.49 $1.5M Form 4
Oct 5, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 13,000 $112.25 $1.5M Form 4
Oct 2, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 13,200 $111.30 $1.5M Form 4
Oct 1, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 11,900 $111.18 $1.3M Form 4
Sep 29, 2026 Japan Post Holdings Co. Ltd.10% owner Sold plan 12,100 $113.36 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio 1.1%2.2%0.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Aflac AFL $60.9B −9.3% — — 13.0% 13.0x —
Principal Financial Group PFG $23.9B −3.1% — — — 15.6x — Compare →
Unum UNM $14.4B 1.5% — 4.3% 7.6% 21.0x — Compare →
Brighthouse Financial BHF $2.6B 43.2% — — — 3.6x — Compare →
Globe Life GL $12.2B 3.7% — 20.9% 16.0% 10.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $22.6B $21.7B $21.8B $22.3B $22.1B $21.6B $19.1B $18.7B $18.9B $17.2B
Operating income $4.1B $4.1B $4.4B $4.5B $4.4B $4.9B $4.2B — — —
Interest expense $268M $240M $222M $228M $242M $238M $226M $195M $194M $217M
Pretax income $4.1B $4.0B $4.0B $4.4B $4.2B $5.2B $4.9B $5.3B $6.4B $4.5B
Income tax $1.4B −$586M $1.1B $1.1B −$619M $977M $451M $603M $974M $887M
Net income $2.7B $4.6B $2.9B $3.3B $4.8B $4.2B $4.4B $4.7B $5.4B $3.6B
Diluted EPS $3.21 $5.77 $3.77 $4.43 $6.67 $6.25 $6.93 $7.78 $9.63 $6.82
Diluted shares 0.83B 0.80B 0.77B 0.75B 0.72B 0.68B 0.64B 0.60B 0.57B 0.53B
Cash flow
Cash from operations $6.0B $6.1B $6.0B $5.5B $6.0B $5.1B $3.9B $3.2B $2.7B $2.6B
Depreciation and amortization $54.0M $53.0M $49.0M $41.0M $41.0M $45.0M $45.0M $39.0M $40.0M $36.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $1.4B $1.4B $1.3B $1.6B $1.5B $2.3B $2.4B $2.8B $2.8B $3.5B
Dividends paid $658M $661M $793M $771M $769M $855M $979M $966M $1.1B $1.2B
Dividends and buybacks $2.1B $2.0B $2.1B $2.4B $2.3B $3.2B $3.4B $3.8B $3.9B $4.7B
Balance sheet
Cash and short-term investments $4.9B $3.5B $4.3B $4.9B $5.1B $5.1B $3.9B $4.3B $6.2B $6.2B
Total debt $5.3B $5.3B $5.8B $6.4B $7.7B $7.8B $7.3B $7.2B $7.4B $8.3B
Finance lease liabilities $0.0M $0.0M $13.0M $12.0M $11.0M $12.0M $8.0M $6.0M $5.0M $6.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $433M $434M $443M $581M $601M $538M $530M $445M $387M $351M
Total assets $129.8B $137.2B $140.4B $152.8B $165.1B $157.5B $131.7B $126.7B $117.6B $116.5B
Total liabilities $109.3B $112.6B $116.9B $123.8B $131.5B $124.3B $111.6B $104.7B $91.5B $87.0B
Shareholders' equity $20.5B $24.6B $23.5B $29.0B $33.6B $17.0B $20.1B $22.0B $26.1B $29.5B
Margins
Operating margin 18.3% 18.9% 20.0% 20.0% 19.9% 22.9% 21.7% — — —
EBITDA margin 18.5% 19.1% 20.2% 20.2% 20.1% 23.1% 22.0% 29.4% 35.1% 27.9%
Net margin 11.8% 21.3% 13.4% 14.8% 21.6% 19.6% 23.1% 24.9% 28.8% 21.2%
Returns
Return on capital 13.7% 17.3% 12.5% 12.0% 13.3% 14.3% 17.4% 20.0% 21.5% 13.0%
Return on equity 13.9% 20.4% 12.2% 12.6% 15.3% 16.7% 23.8% 22.1% 22.6% 13.1%
Return on assets 2.1% 3.5% 2.1% 2.3% 3.0% 2.6% 3.1% 3.6% 4.5% 3.1%
Growth
Revenue growth 8.1% −4.0% 0.4% 2.5% −0.7% −2.7% −11.2% −2.3% 1.2% −9.3%
Net income growth 5.0% 73.2% −36.6% 13.2% 44.6% −11.5% 4.4% 5.5% 16.8% −33.0%
EPS growth 9.7% 79.8% −34.7% 17.5% 50.6% −6.3% 10.9% 12.3% 23.8% −29.2%
Share count change −4.4% −3.6% −2.9% −3.6% −4.1% −5.5% −5.8% −6.1% −5.6% −5.3%
Financial health
Net debt / EBITDA 0.1x 0.4x 0.3x 0.3x 0.6x 0.6x 0.8x 0.5x 0.2x 0.4x
Debt / equity 0.3x 0.2x 0.3x 0.2x 0.2x 0.5x 0.4x 0.3x 0.3x 0.3x
Interest coverage 15.4x 17.0x 19.6x 19.6x 18.3x 20.7x 18.4x 28.0x 34.1x 21.9x
Quality scores
Accruals ratio −2.7% −1.1% −2.2% −1.5% −0.7% −0.5% 0.4% 1.1% 2.2% 0.9%

Source: SEC EDGAR XBRL filings (CIK 0000004977). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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