NYSE · Financial Services

Aflac Incorporated

AFL · Insurance - Life

$115.47

▼ -0.77 (-0.66%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Net Income Margin 21.0%

Fin. Health

B⤢

Years to Pay Off Debt 2.3 yrs

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.99x

Cash Flow

A⤢

Free Cash Flow $2.6B

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Aflac Incorporated

Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates in two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care, whole life, and GIFT insurance products, as well as WAYS and child endowment, and Tsumitasu insurance products in Japan. Its Aflac U.S. segment provides accident, disability, cancer, critical illness, hospital indemnity, dental, vision, and life insurance products in the United States. The company also provides hearing, final expense, pet, Medicare supplement, supplemental dental and vision, short-term disability, and absence management insurance products, as well as cafeteria plans. It sells its products to individuals, families, and business owners through individual, independent corporate, and affiliated corporate agencies; banks; independent associates/career agents; and brokers. Aflac Incorporated was founded in 1955 and is headquartered in Columbus, Georgia.

Market Data

Market Cap $58.8B

Enterprise Value $66.0B

P/E (TTM) 13.20

Dividend Yield 2.02%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 21.0%

Company Info

Sector Financial Services

Industry Insurance - Life

Employees 12716

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Aflac Incorporated at $115.47.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $115.47, the stock trades at a 22% premium to its Graham Number of $94.29. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A•	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A•	N/A
Net Income %	21.0%▼	28.5%▲	24.7%▲	23.1%
Diluted EPS	6.82▼	9.63▲	7.78▲	6.93

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$116.5B	$117.6B	$126.7B	$131.7B	N/A
Total Debt	$8.4B▲	$7.5B▲	$7.4B▼	$7.4B•	N/A
Working Capital	N/A•	N/A•	N/A•	N/A•	N/A
Years to Pay Debt	2.31	1.38	1.58	1.68	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$2.6B▼	$2.7B▼	$3.2B▼	$3.9B
Owner Earnings	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Net Income From Continuing Operation Net Minority Interest	3,646,000	5,443,000	4,659,000	4,418,000
EBIT	4,753,000	6,614,000	5,457,000	5,095,000
Net Interest Income	-220,000	-197,000	-195,000	-226,000
Interest Expense	220,000	197,000	195,000	226,000
Normalized Income	3,646,000	5,443,000	4,659,000	4,418,000
Net Income From Continuing And Discontinued Operation	3,646,000	5,443,000	4,659,000	4,418,000
Total Expenses	12,822,000	12,711,000	13,579,000	14,282,000
Diluted Average Shares	534,878	565,015	598,745	637,655
Basic Average Shares	532,885	562,492	596,173	634,816
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,646,000	5,443,000	4,659,000	4,418,000
Net Income Common Stockholders	3,646,000	5,443,000	4,659,000	4,418,000
Net Income	3,646,000	5,443,000	4,659,000	4,418,000
Net Income Including Noncontrolling Interests	3,646,000	5,443,000	4,659,000	4,418,000
Net Income Continuous Operations	3,646,000	5,443,000	4,659,000	4,418,000
Tax Provision	887,000	974,000	603,000	451,000
Pretax Income	4,533,000	6,417,000	5,262,000	4,869,000
Other Income Expense	112,000	100,000	177,000	220,000
Net Non Operating Interest Income Expense	-220,000	-197,000	-195,000	-226,000
Interest Expense Non Operating	220,000	197,000	195,000	226,000
Other Operating Expenses	191,000	201,000	140,000	11,000
Total Revenue	17,355,000	19,128,000	18,841,000	19,151,000
Operating Revenue	17,355,000	19,128,000	18,841,000	19,151,000
Loss Adjustment Expense	10,546,000	10,464,000	11,376,000	12,136,000
Net Policyholder Benefits And Claims	10,546,000	10,464,000	11,376,000	12,136,000
Policyholder Benefits Gross	10,806,000	10,617,000	11,512,000	12,758,000
Policyholder Benefits Ceded	260,000	153,000	136,000	355,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	839,219	806,799	776,919	738,823
Ordinary Shares Number	518,690	549,964	578,479	615,256
Share Issued	1,357,909	1,356,763	1,355,398	1,354,079
Net Debt	2,085,000	1,173,000	2,934,000	3,352,000
Total Debt	8,409,000	7,498,000	7,364,000	7,442,000
Tangible Book Value	29,490,000	26,098,000	21,985,000	20,140,000
Invested Capital	37,820,000	33,500,000	29,225,000	27,435,000
Net Tangible Assets	29,490,000	26,098,000	21,985,000	20,140,000
Capital Lease Obligations	79,000	96,000	124,000	147,000
Common Stock Equity	29,490,000	26,098,000	21,985,000	20,140,000
Total Capitalization	37,820,000	33,500,000	29,225,000	27,435,000
Total Equity Gross Minority Interest	29,490,000	26,098,000	21,985,000	20,140,000
Stockholders Equity	29,490,000	26,098,000	21,985,000	20,140,000
Gains Losses Not Affecting Retained Earnings	1,452,000	-2,978,000	-5,520,000	-6,429,000
Other Equity Adjustments	8,035,000	2,006,000	-2,560,000	-2,100,000
Foreign Currency Translation Adjustments	-4,847,000	-4,998,000	-4,069,000	-3,564,000
Minimum Pension Liabilities	86,000	10,000	-8,000	-36,000
Unrealized Gain Loss	-1,822,000	4,000	1,117,000	-729,000
Treasury Stock	29,804,000	26,231,000	23,395,000	20,574,000
Retained Earnings	54,682,000	52,277,000	47,993,000	44,367,000
Additional Paid In Capital	3,024,000	2,894,000	2,771,000	2,641,000
Capital Stock	136,000	136,000	136,000	135,000
Common Stock	136,000	136,000	136,000	135,000
Total Liabilities Net Minority Interest	86,980,000	91,468,000	104,739,000	111,598,000
Long Term Debt And Capital Lease Obligation	8,409,000	7,498,000	7,364,000	7,442,000
Long Term Capital Lease Obligation	79,000	96,000	124,000	147,000
Long Term Debt	8,330,000	7,402,000	7,240,000	7,295,000
Payables And Accrued Expenses	1,368,000	573,000	154,000	698,000
Payables	1,368,000	573,000	154,000	698,000
Other Payable				1,809,000	2,162,000
Total Tax Payable	1,368,000	573,000	154,000	698,000
Income Tax Payable	1,368,000	573,000	154,000	698,000
Total Assets	116,470,000	117,566,000	126,724,000	131,738,000
Investments And Advances	81,128,000	82,031,000	92,197,000	95,888,000
Net PPE	351,000	387,000	445,000	530,000
Receivables	835,000	779,000	848,000	647,000
Loans Receivable	4,425,000	4,430,000	4,704,000	5,203,000
Accounts Receivable	835,000	779,000	848,000	647,000
Cash Cash Equivalents And Short Term Investments	70,398,000	71,498,000	77,596,000	79,684,000
Other Short Term Investments	64,153,000	65,269,000	73,290,000	75,741,000
Cash And Cash Equivalents	6,245,000	6,229,000	4,306,000	3,943,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	2,555,000	2,707,000	3,190,000	3,879,000
Repurchase Of Capital Stock	-3,530,000	-2,800,000	-2,801,000	-2,401,000
Repayment Of Debt	-84,000	-194,000	0	-1,416,000
Issuance Of Debt	1,039,000	823,000	204,000	1,277,000
Issuance Of Capital Stock	8,000	14,000	17,000	17,000
Interest Paid Supplemental Data	197,000	180,000	185,000	211,000
Income Tax Paid Supplemental Data	1,165,000	1,367,000	1,569,000	961,000
End Cash Position	6,245,000	6,229,000	4,306,000	3,943,000
Beginning Cash Position	6,229,000	4,306,000	3,943,000	5,051,000
Effect Of Exchange Rate Changes	-31,000	-79,000	79,000	104,000
Changes In Cash	47,000	2,002,000	284,000	-1,212,000
Financing Cash Flow	-4,069,000	-3,486,000	-3,723,000	-3,551,000
Cash Flow From Continuing Financing Activities	-4,069,000	-3,486,000	-3,723,000	-3,551,000
Net Other Financing Charges	-304,000	-242,000	-177,000	-49,000
Cash Dividends Paid	-1,198,000	-1,087,000	-966,000	-979,000
Common Stock Dividend Paid	-1,198,000	-1,087,000	-966,000	-979,000
Net Common Stock Issuance	-3,522,000	-2,786,000	-2,784,000	-2,384,000
Common Stock Payments	-3,530,000	-2,800,000	-2,801,000	-2,401,000
Common Stock Issuance	8,000	14,000	17,000	17,000
Net Issuance Payments Of Debt	955,000	629,000	204,000	-139,000
Net Long Term Debt Issuance	955,000	629,000	204,000	-139,000
Long Term Debt Payments	-84,000	-194,000	0	-1,416,000
Long Term Debt Issuance	1,039,000	823,000	204,000	1,277,000
Investing Cash Flow	1,561,000	2,781,000	817,000	-1,540,000
Cash Flow From Continuing Investing Activities	1,561,000	2,781,000	817,000	-1,540,000
Net Other Investing Changes	1,863,000	841,000	-550,000	-561,000
Net Investment Purchase And Sale	-985,000	881,000	722,000	728,000
Sale Of Investment	11,543,000	7,990,000	4,297,000	4,991,000
Purchase Of Investment	-12,528,000	-7,109,000	-3,575,000	-4,263,000
Operating Cash Flow	2,555,000	2,707,000	3,190,000	3,879,000
Cash Flow From Continuing Operating Activities	2,555,000	2,707,000	3,190,000	3,879,000
Change In Working Capital	-1,159,000	-644,000	-1,652,000	222,000
Change In Payables And Accrued Expense	-278,000	-393,000	-967,000	-509,000
Change In Payable	-278,000	-393,000	-967,000	-509,000
Change In Tax Payable	-278,000	-393,000	-967,000	-509,000
Change In Income Tax Payable	-278,000	-393,000	-967,000	-509,000
Change In Receivables	-66,000	51,000	-133,000	5,000
Other Non Cash Items	-82,000	-415,000	1,183,000	-125,000
Amortization Of Securities	-231,000	-205,000	-270,000	-262,000
Operating Gains Losses	86,000	-1,835,000	-1,261,000	-1,525,000
Gain Loss On Investment Securities	350,000	462,000	-85,000	341,000
Net Foreign Currency Exchange Gain Loss	-264,000	-2,297,000	-1,176,000	-1,866,000
Net Income From Continuing Operations	3,646,000	5,443,000	4,659,000	4,418,000

4/6

Graham Score

Enterprising Investor

Requires deeper research. Suited for active investors.

Graham's Fair Value

$94.29

Margin of Safety

Market Cap / Net Assets

2.0x

Net Assets: $29.5B

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅

Adequate Size

Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.

$17.4B

vs > $1.5B revenue

✅

Earnings Stability

Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.

No loss years (4 yrs data)

vs No negative EPS years

✅

Dividend Record

Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.

2.02%

vs Uninterrupted dividends

❌

Earnings Growth

EPS grew from $6.93 to $6.82 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.

-1.6% EPS growth

vs > 33% EPS growth

✅

Moderate P/E Ratio

Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.

13.2x

vs P/E ≤ 15.0x

❌

Moderate Price-to-Book

Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.

1.99x P/B (P/E×P/B: 26.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

These metrics estimate what Aflac Incorporated is worth based on fundamentals — independent of what the market prices it at. Graham's Fair Value and NCAV are conservative floors. EPV assumes zero growth. These are reference points, not price targets.

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

ROIC — Return on Invested Capital

N/A

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$3.5B	-$2.8B	-$2.8B	-$2.4B
Free Cash Flow	$2.6B ▼	$2.7B ▼	$3.2B ▼	$3.9B •
Warren's Owner Earnings	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Insurance - Life. You can manually compare AFL against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

10.88%

High — management has strong skin in the game

Return on Equity (ROE)

12.4%

Adequate — returns are moderate

Return on Assets (ROA)

3.1%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Daniel Paul Amos

Chairman & CEO

Age 73

Pay: $9,820,972

0.269% of net income

Virgil Raynard Miller

President

Age 56

Pay: $3,326,805

0.091% of net income

Max Kristian Broden

Senior EVP & CFO

Age 46

Pay: $4,548,238

0.125% of net income

David Young

Vice President of Capital Markets

Steven Kent Beaver

Executive VP & CFO of Aflac Life Insurance Japan

Age 60

Top Institutional Holders

Institution	% Owned	Shares
Japan Post Holdings Co., Ltd.	10.21%	51,974,500
Blackrock Inc.	7.11%	36,205,291
Vanguard Capital Management LLC	5.94%	30,254,403
State Street Corporation	4.64%	23,600,470
Vanguard Portfolio Management LLC	3.58%	18,242,564
Geode Capital Management, LLC	2.11%	10,717,264
Wells Fargo & Company	2.07%	10,548,868
Morgan Stanley	1.55%	7,901,444

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.61

Low volatility — more stable than the market

Short Interest

2.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.48x

Conservative balance sheet — low financial risk

Current Ratio

0.94x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $96.95 Current: $115.47 High: $119.81

Currently at 81% of 52-week range