Aflac vs Unum
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KIRA’s take AI analyst
I put Aflac and Unum side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Aflac
AFL
4/7
Net marginReturn on capitalReturn on equityNet debt / EBITDA
Unum
UNM
3/7
Revenue growth5-year growthShare count change
Side by side
Best in the row
| Latest fiscal year | AFL FY25 | UNM FY25 |
|---|---|---|
| Size | ||
| Market cap | $61.1B | $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 | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.