Aflac vs Globe Life
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The short version
- Aflac is the larger business, with $17.2B of revenue in fiscal 2025 against $6.0B for Globe Life, about 2.9 times as much.
- Globe Life grew revenue faster (3.7%, against −9.3%).
- Globe Life earned a higher return on the capital invested in it (16.0%, against 13.0%).
- Investors pay more for each dollar of Aflac’s earnings: a P/E of 13.0x against 10.3x for Globe Life.
| Latest fiscal year | AFL · FY25 | GL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.9B | $12.2B |
| Revenue | $17.2B | $6.0B |
| Free cash flow | — | $1.3B |
| Net income | $3.6B | $1.2B |
| Growth | ||
| Revenue growth | −9.3% | 3.7% |
| 5-year growth | −5.0% | 4.8% |
| Share count change | −5.3% | −8.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 21.2% | 19.4% |
| FCF margin | — | 20.9% |
| Return on capital | 13.0% | 16.0% |
| Return on equity | 13.1% | 20.6% |
| Balance sheet | ||
| Net debt | $2.1B | $2.2B |
| Net debt / EBITDA | 0.4x | 1.4x |
| Dividends and buybacks | $4.7B | $967M |
| Valuation & quality | ||
| P/E | 13.0x | 10.3x |
| Piotroski F-score | — | — |
Revenue
FY16
AFL $22.6B
GL $3.9B
FY17
AFL $21.7B
GL $4.2B
FY18
AFL $21.8B
GL $4.3B
FY19
AFL $22.3B
GL $4.5B
FY20
AFL $22.1B
GL $4.7B
FY21
AFL $21.6B
GL $5.1B
FY22
AFL $19.1B
GL $5.2B
FY23
AFL $18.7B
GL $5.4B
FY24
AFL $18.9B
GL $5.8B
FY25
AFL $17.2B
GL $6.0B
AFL
GL
Operating margin
FY16
AFL 18.3%
GL 20.0%
FY17
AFL 18.9%
GL 19.8%
FY18
AFL 20.0%
GL 20.2%
FY19
AFL 20.0%
GL 20.3%
FY20
AFL 19.9%
GL 19.1%
FY21
AFL 22.9%
GL 24.0%
FY22
AFL 21.7%
GL 22.7%
FY23
AFL —
GL 23.2%
FY24
AFL —
GL —
FY25
AFL —
GL —
AFL
GL
Free cash flow
FY16
AFL —
GL $1.4B
FY17
AFL —
GL $1.4B
FY18
AFL —
GL $1.2B
FY19
AFL —
GL $1.3B
FY20
AFL —
GL $1.4B
FY21
AFL —
GL $1.4B
FY22
AFL —
GL $1.4B
FY23
AFL —
GL $1.4B
FY24
AFL —
GL $1.3B
FY25
AFL —
GL $1.3B
AFL
GL
Return on capital
FY16
AFL 13.7%
GL 10.0%
FY17
AFL 17.3%
GL 12.4%
FY18
AFL 12.5%
GL 9.9%
FY19
AFL 12.0%
GL 9.6%
FY20
AFL 13.3%
GL 7.7%
FY21
AFL 14.3%
GL 13.7%
FY22
AFL 17.4%
GL 19.3%
FY23
AFL 20.0%
GL 16.6%
FY24
AFL 21.5%
GL 16.5%
FY25
AFL 13.0%
GL 16.0%
AFL
GL
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.