Aflac vs MetLife
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KIRAβs take AI analyst
I put Aflac and MetLife side by side, using each oneβs latest annual report. Here is what stands out:
- MetLife is the larger business, with $77.1B of revenue in fiscal 2025 against $17.2B for Aflac, about 4.5 times as much.
- MetLife grew revenue faster (8.6%, against β9.3%).
- Investors pay more for each dollar of MetLifeβs earnings: a P/E of 19.2x against 13.0x for Aflac.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Aflac
AFL
2/5
Net marginShare count change
MetLife
MET
3/5
Revenue growth5-year growthNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | AFL FY25 | MET FY25 |
|---|---|---|
| Size | ||
| Market cap | $61.1B | $64.7B |
| Revenue | $17.2B | $77.1B |
| Free cash flow | β | β |
| Net income | $3.6B | $3.4B |
| Growth | ||
| Revenue growth | β9.3% | 8.6% |
| 5-year growth | β5.0% | 2.6% |
| Share count change | β5.3% | β5.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | 8.0% |
| Net margin | 21.2% | 4.4% |
| FCF margin | β | β |
| Return on capital | 13.0% | β |
| Return on equity | 13.1% | β |
| Balance sheet | ||
| Net debt | $2.1B | β$10.8B |
| Net debt / EBITDA | 0.4x | β1.7x |
| Dividends and buybacks | $4.7B | $4.4B |
| Valuation & quality | ||
| P/E | 13.0x | 19.2x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
AFL $22.6B
MET $60.8B
FY17
AFL $21.7B
MET $62.3B
FY18
AFL $21.8B
MET $67.9B
FY19
AFL $22.3B
MET $69.6B
FY20
AFL $22.1B
MET $67.8B
FY21
AFL $21.6B
MET $68.7B
FY22
AFL $19.1B
MET $68.8B
FY23
AFL $18.7B
MET $66.9B
FY24
AFL $18.9B
MET $71.0B
FY25
AFL $17.2B
MET $77.1B
AFL
MET
Operating margin
FY16
AFL 18.3%
MET β
FY17
AFL 18.9%
MET β
FY18
AFL 20.0%
MET β
FY19
AFL 20.0%
MET β
FY20
AFL 19.9%
MET β
FY21
AFL 22.9%
MET β
FY22
AFL 21.7%
MET 8.7%
FY23
AFL β
MET 8.6%
FY24
AFL β
MET 8.5%
FY25
AFL β
MET 8.0%
AFL
MET
Free cash flow
FY16
AFL β
MET β
FY17
AFL β
MET β
FY18
AFL β
MET β
FY19
AFL β
MET β
FY20
AFL β
MET β
FY21
AFL β
MET β
FY22
AFL β
MET β
FY23
AFL β
MET β
FY24
AFL β
MET β
FY25
AFL β
MET β
AFL
MET
Return on capital
FY16
AFL 13.7%
MET β
FY17
AFL 17.3%
MET β
FY18
AFL 12.5%
MET β
FY19
AFL 12.0%
MET β
FY20
AFL 13.3%
MET β
FY21
AFL 14.3%
MET β
FY22
AFL 17.4%
MET β
FY23
AFL 20.0%
MET β
FY24
AFL 21.5%
MET β
FY25
AFL 13.0%
MET β
AFL
MET
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.