Aflac's reported top line has contracted from $5.2B in 2024Q2 to $3.3B in 2026Q3, with the latest quarter down 31.8% year over year, suggesting structural pressure on premium growth rather than timing noise.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Quarterly revenue fell from $5.2B to $3.3B over the observed period while the loss ratio climbed to 44.0% and combined ratio reached 84.7% in 2026Q3, indicating compressed underwriting margins.
Aflac’s market capitalization sits at approximately $55.19 billion, underscoring its solid position in the financial services sector. The company consistently converts nearly all operational cash flow into free cash flow, enabling substantial shareholder returns through buybacks and debt repayment.
About 70% of Aflac’s revenue comes from Japan, where new annualized premium sales grew 12% year‑over‑year. In the U.S., new sales rose 6%, supported by the introduction of a hybrid long‑term care rider.
Aflac trades at a trailing P/E of 11.82 and a forward P/E of 15.95, below many peers, indicating potential undervaluation. The enterprise value to EBIT ratio further supports this view, while the company’s disciplined capital return strategy adds upside.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 4, 2026 | $2.43+35.0% vs $1.80 | $3.3B-20.6% vs $4.1B |
Q3 2026 Aug 6, 2026 | $1.75-0.6% vs $1.76 | $4.1B-0.6% vs $4.1B |
Q2 2026 Apr 29, 2026 | $1.75-2.2% vs $1.79 | $4.3B+3.4% vs $4.2B |
Q1 2026 Feb 4, 2026 | $1.57-7.1% vs $1.69 | $4.9B+14.5% vs $4.3B |
I present 69 Dividend Champions with Dividend Safety scores of 8+ and rank them using my 9F Quality Scores system. Twenty-two featured Dividend Champions are undervalued, while 21 are overvalued. Forty-nine have quality scores ≥ 7.0, indicating high quality. Top candidates by style: BRO and BMI for growth; BRO, BMI, and RGLD (below $262) for total return; CTBI for income; CAT for past performance.
Aflac NYSE: AFL raised its full-year profit margin outlook for Japan after reporting third-quarter earnings that benefited from changes to actuarial assumptions and a reinsurance transaction that it expects to free up capital.
Accident and Health Insurance stocks like AFL, UNM, GL, TRUP and EIG are set to gain from rising underwriting exposure and accelerated digitalization. However, pricing pressure is a concern given rising medical costs and inflation.
AFL's Q3 2026 earnings beat estimates by 35%, fueled by strong U.S. profit growth and lower expenses, despite weaker Japan results and currency headwinds.
Benchmark AFL against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Aflac Incorporated (AFL)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $124.06 | $63.14B | 17.55 | -8.84% | 21.29% | 11.85% | 1.82% | |
| $98.27 | $63.23B | 12.27 | 10.22% | 6.23% | 19.1% | 2.31% | |
| $119.24 | $41.38B | 10.92 | -13.74% | 6.17% | 11.21% | 4.62% | |
| $76.75 | $12.15B | 50.03 | 2.07% | 1.96% | 2.23% | 2.31% | |
| $8.70 | $3.33B | 59.39 | -10.86% | 0.8% | 0.56% | — | |
| $55.45 | $5.18B | 12.52 | 0.94% | 9.19% | 16.62% | 1.22% |
Aflac Incorporated (AFL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Aflac Incorporated (AFL) SEC filings — annual & quarterly reports (10-K, 10-Q)
Nov 4, 2026·SEC
Aug 6, 2026·SEC
Jun 30, 2026·SEC
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Aflac Incorporated (AFL) stock FAQ — growth, dividends, profitability & financials explained
Aflac Incorporated (AFL) revenue fell by 7.8% over the trailing twelve months, compared with the twelve months before.
Yes. Aflac Incorporated (AFL) earned $3.53B in net income over the trailing twelve months (a 21.3% net margin).
Yes. Aflac Incorporated (AFL) pays a dividend that yields 1.82% at the current price, a moderate yield.
Aflac Incorporated (AFL) had a return on equity (ROE) of 11.8% over the trailing twelve months. That is in line with the market's typical 10-15%.
Aflac Incorporated (AFL) has a combined ratio of 73.4%. A ratio below 100% indicates underwriting profitability.
