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 23.1%

Fin. Health

F⤢

Years to Pay Off Debt 7.8 yrs

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.96x

Cash Flow

A⤢

Free Cash Flow $968M

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 23.1%

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 only 3 of 5 of Graham's defensive criteria — well below his required standard.

At $115.47, the stock trades at a 125% premium to its Graham Number of $51.21. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025
Gross Profit %	N/A•	N/A
Operating Margin %	N/A•	N/A
Net Income %	23.1%▼	28.2%
Diluted EPS	1.98▼	2.64

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025
Total Assets	$116.3B	$116.5B
Total Debt	$7.9B▼	$8.4B
Working Capital	N/A•	N/A
Years to Pay Debt	7.76	6.10

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$968M▲	$315M•	N/A
Owner Earnings	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A

Income Statement

	2026	2025
Tax Rate For Calcs	0	0
Net Income From Continuing Operation Net Minority Interest	1,019,000	1,379,000
EBIT	1,285,000	1,633,000
Net Interest Income	-60,000	-61,000
Interest Expense	60,000	61,000
Normalized Income	1,019,000	1,379,000
Net Income From Continuing And Discontinued Operation	1,019,000	1,379,000
Total Expenses	3,183,000	3,319,000
Diluted Average Shares	514,785	522,493
Basic Average Shares	513,071	520,394
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	1,019,000	1,379,000
Net Income Common Stockholders	1,019,000	1,379,000
Net Income	1,019,000	1,379,000
Net Income Including Noncontrolling Interests	1,019,000	1,379,000
Net Income Continuous Operations	1,019,000	1,379,000
Tax Provision	206,000	193,000
Pretax Income	1,225,000	1,572,000
Other Income Expense	31,000	31,000
Net Non Operating Interest Income Expense	-60,000	-61,000
Interest Expense Non Operating	60,000	61,000
Other Operating Expenses	62,000	25,000
Total Revenue	4,408,000	4,891,000
Operating Revenue	4,408,000	4,891,000
Loss Adjustment Expense	2,603,000	2,768,000
Net Policyholder Benefits And Claims	2,603,000	2,768,000
Policyholder Benefits Gross	2,685,000	2,841,000
Policyholder Benefits Ceded	82,000	73,000

Balance Sheet

	2026	2025
Treasury Shares Number	848,232	839,219
Ordinary Shares Number	510,530	518,690
Share Issued	1,358,762	1,357,909
Net Debt	2,168,000	2,085,000
Total Debt	7,908,000	8,409,000
Tangible Book Value	29,961,000	29,490,000
Invested Capital	37,783,000	37,820,000
Net Tangible Assets	29,961,000	29,490,000
Capital Lease Obligations	86,000	79,000
Common Stock Equity	29,961,000	29,490,000
Total Capitalization	37,783,000	37,820,000
Total Equity Gross Minority Interest	29,961,000	29,490,000
Stockholders Equity	29,961,000	29,490,000
Gains Losses Not Affecting Retained Earnings	1,901,000	1,452,000
Other Equity Adjustments	9,458,000	8,035,000
Foreign Currency Translation Adjustments	-4,961,000	-4,847,000
Minimum Pension Liabilities	85,000	86,000
Unrealized Gain Loss	-2,681,000	-1,822,000
Treasury Stock	30,842,000	29,804,000
Retained Earnings	55,702,000	54,682,000
Additional Paid In Capital	3,064,000	3,024,000
Capital Stock	136,000	136,000
Common Stock	136,000	136,000
Total Liabilities Net Minority Interest	86,319,000	86,980,000
Long Term Debt And Capital Lease Obligation	7,908,000	8,409,000
Long Term Capital Lease Obligation	86,000	79,000
Long Term Debt	7,822,000	8,330,000
Current Debt And Capital Lease Obligation
Current Debt
Current Notes Payable
Payables And Accrued Expenses	1,753,000	1,368,000
Payables	1,753,000	1,368,000
Total Tax Payable	1,753,000	1,368,000
Income Tax Payable	1,753,000	1,368,000
Total Assets	116,280,000	116,470,000
Investments And Advances	86,673,000	81,128,000
Long Term Equity Investment	4,226,000
Investments In Other Ventures Under Equity Method	4,226,000
Net PPE	1,207,000	351,000
Receivables	947,000	835,000
Loans Receivable	4,589,000	4,425,000
Accounts Receivable	947,000	835,000
Cash Cash Equivalents And Short Term Investments	71,498,000	70,398,000
Other Short Term Investments	65,844,000	64,153,000
Cash And Cash Equivalents	5,654,000	6,245,000

Cash Flow

	2026	2025	2024
Free Cash Flow	968,000	315,000
Repurchase Of Capital Stock	-1,000,000	-801,000
Repayment Of Debt	-400,000	0
Issuance Of Debt		0	0
Issuance Of Capital Stock	4,000	3,000
Interest Paid Supplemental Data	51,000	64,000
Income Tax Paid Supplemental Data	18,000	563,000
End Cash Position	5,654,000	6,245,000
Beginning Cash Position	6,245,000	6,768,000
Effect Of Exchange Rate Changes	-41,000	-13,000
Changes In Cash	-550,000	-510,000
Financing Cash Flow	-1,762,000	-1,184,000
Cash Flow From Continuing Financing Activities	-1,762,000	-1,184,000
Net Other Financing Charges	-62,000	-94,000
Cash Dividends Paid	-304,000	-292,000
Common Stock Dividend Paid	-304,000	-292,000
Net Common Stock Issuance	-996,000	-798,000
Common Stock Payments	-1,000,000	-801,000
Common Stock Issuance	4,000	3,000
Net Issuance Payments Of Debt	-400,000	0
Net Long Term Debt Issuance	-400,000	0	0
Long Term Debt Payments	-400,000	0
Long Term Debt Issuance		0	0
Investing Cash Flow	244,000	359,000
Cash Flow From Continuing Investing Activities	244,000	359,000
Net Other Investing Changes	2,754,000	-1,288,000
Net Investment Purchase And Sale	-2,469,000	1,317,000
Sale Of Investment	1,863,000	1,607,000
Purchase Of Investment	-4,332,000	-290,000
Operating Cash Flow	968,000	315,000
Cash Flow From Continuing Operating Activities	968,000	315,000
Change In Working Capital	713,000	-491,000
Change In Payables And Accrued Expense	224,000	-370,000
Change In Payable	224,000	-370,000
Change In Tax Payable	224,000	-370,000
Change In Income Tax Payable	224,000	-370,000
Change In Receivables	-30,000	-38,000
Other Non Cash Items	-616,000	79,000
Asset Impairment Charge	24,000
Amortization Of Securities	-51,000	-90,000
Operating Gains Losses	-216,000	-712,000
Gain Loss On Investment Securities	169,000	123,000
Net Foreign Currency Exchange Gain Loss	-385,000	-835,000
Net Income From Continuing Operations	1,019,000	1,379,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $3.5B ▲ $4.4B +27.7%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Net Margin

Prior year: 0.8% ▲ 23.1% +22.3pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$4.4B/qtr (≈$17.6B ann.)

vs > $1.5B annualised revenue

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$968M

vs Positive

Operating Cash Flow

$968M

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

2.0x

Net Assets: $30.0B

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)

3.4%

Weak — poor returns on equity

Return on Assets (ROA)

0.9%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$3.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-6.0% YoY

Debt is declining — management is deleveraging

Leadership Team

Daniel Paul Amos

Chairman & CEO

Age 73

Pay: $9,820,972

0.964% of net income

Virgil Raynard Miller

President

Age 56

Pay: $3,326,805

0.326% of net income

Max Kristian Broden

Senior EVP & CFO

Age 46

Pay: $4,548,238

0.446% 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