Aflac Incorporated (AFL) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Life
EV/EBITDA
↑
10.99
+13% vs avg
5yr avg: 9.72
30Y Low6.3·High20.8
P/FCF
↑
22.87
↑+43% vs avg
5yr avg: 15.94
30Y Low1.7·High23.0
P/B Ratio
↑
2.05
+3% vs avg
5yr avg: 1.99
30Y Low0.9·High4.2
ROE
↑
13.1%
↑-25% vs avg
5yr avg: 17.4%
30Y Low12%·High24%
Debt/EBITDA
↓
1.52
+7% vs avg
5yr avg: 1.43
30Y Low0.6·High11.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AFL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Aflac Incorporated trades at 16.6x earnings, 46% above its 5-year average of 11.4x, sitting at the 73rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a premium of 24%. On a free-cash-flow basis, the stock trades at 22.9x P/FCF, 43% above the 5-year average of 15.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $58.4B | $58.7B | $58.4B | $49.4B | $45.9B | $39.5B | $31.8B | $39.5B | $35.3B | $35.0B | $28.8B |
| Enterprise Value | $60.6B | $60.8B | $59.7B | $52.5B | $49.4B | $42.4B | $34.6B | $41.2B | $36.7B | $36.8B | $29.3B |
| P/E Ratio → | 16.60 | 16.14 | 10.74 | 10.60 | 10.38 | 9.14 | 6.67 | 11.94 | 12.08 | 8.01 | 10.84 |
| P/S Ratio | 3.35 | 3.36 | 3.06 | 2.62 | 2.40 | 1.83 | 1.43 | 1.78 | 1.63 | 1.62 | 1.28 |
| P/B Ratio | 2.05 | 1.99 | 2.24 | 2.25 | 2.28 | 1.19 | 0.95 | 1.36 | 1.50 | 1.44 | 1.41 |
| P/FCF | 22.87 | 22.96 | 21.59 | 15.48 | 11.83 | 7.82 | 5.35 | 7.24 | 5.87 | 5.71 | 4.81 |
| P/OCF | 22.87 | 22.96 | 21.59 | 15.48 | 11.83 | 7.82 | 5.35 | 7.24 | 5.87 | 5.71 | 4.81 |
P/E links to full P/E history page with 30-year chart
AFL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Aflac Incorporated's enterprise value stands at 11.0x EBITDA, 13% above its 5-year average of 9.7x. This is roughly in line with the Financial Services sector median of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.49 | 3.12 | 2.78 | 2.58 | 1.97 | 1.55 | 1.85 | 1.69 | 1.70 | 1.30 |
| EV / EBITDA | 10.99 | 11.03 | 9.31 | 9.97 | 10.14 | 8.15 | 8.32 | 9.26 | 9.22 | 9.16 | 7.21 |
| EV / EBIT | 13.05 | 13.08 | 9.31 | 9.97 | 10.14 | 8.15 | 8.32 | 9.26 | 9.22 | 9.16 | 7.21 |
| EV / FCF | — | 23.81 | 22.06 | 16.44 | 12.73 | 8.40 | 5.81 | 7.55 | 6.11 | 6.01 | 4.90 |
AFL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Aflac Incorporated earns an operating margin of 26.6%, above the Financial Services sector average of 21.2%. Operating margins have compressed from 27.9% to 26.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.1% is modest. ROIC of 11.8% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.9% | 38.9% | 35.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 26.6% | 26.6% | 33.5% | 27.9% | 25.4% | 24.2% | 18.7% | 20.0% | 18.3% | 18.6% | 18.1% |
| Net Profit Margin | 20.9% | 20.9% | 28.5% | 24.7% | 23.1% | 19.6% | 21.5% | 14.9% | 13.5% | 21.3% | 11.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.1% | 13.1% | 22.6% | 22.1% | 16.5% | 12.7% | 15.3% | 12.6% | 12.2% | 20.5% | 14.0% |
| ROA | 3.1% | 3.1% | 4.5% | 3.6% | 3.1% | 2.6% | 3.0% | 2.3% | 2.1% | 3.4% | 2.1% |
| ROIC | 11.8% | 11.8% | 18.4% | 16.2% | 12.2% | 10.8% | 9.3% | 12.0% | 11.7% | 12.8% | 15.6% |
| ROCE | 4.0% | 4.0% | 5.3% | 4.1% | 3.4% | 3.2% | 2.6% | 3.0% | 2.9% | 3.0% | 3.3% |
AFL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Aflac Incorporated carries a Debt/EBITDA ratio of 1.5x, which is manageable (63% below the sector average of 4.1x). Net debt stands at $2.2B ($8.4B total debt minus $6.2B cash). Interest coverage of 21.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.29 | 0.33 | 0.37 | 0.24 | 0.24 | 0.23 | 0.25 | 0.22 | 0.26 |
| Debt / EBITDA | 1.52 | 1.52 | 1.17 | 1.40 | 1.53 | 1.53 | 1.90 | 1.48 | 1.45 | 1.32 | 1.32 |
| Net Debt / Equity | — | 0.07 | 0.05 | 0.14 | 0.17 | 0.09 | 0.08 | 0.06 | 0.06 | 0.07 | 0.02 |
| Net Debt / EBITDA | 0.39 | 0.39 | 0.20 | 0.58 | 0.72 | 0.56 | 0.66 | 0.38 | 0.36 | 0.45 | 0.12 |
| Debt / FCF | — | 0.85 | 0.47 | 0.96 | 0.90 | 0.58 | 0.46 | 0.31 | 0.24 | 0.29 | 0.08 |
| Interest Coverage | 21.14 | 21.14 | 32.57 | 26.98 | 21.54 | 21.88 | 17.19 | 19.50 | 17.94 | 16.74 | 15.18 |
AFL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — | — | — | 161.74 | 126.70 |
| Quick Ratio | — | — | — | — | — | — | — | — | — | 161.74 | 126.70 |
| Cash Ratio | — | — | — | — | — | — | — | — | — | 160.23 | 125.67 |
| Asset Turnover | — | 0.15 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
AFL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Aflac Incorporated returns 8.0% to shareholders annually — split between a 2.0% dividend yield and 6.0% buyback yield. The payout ratio of 32.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 2.0% | 1.9% | 2.0% | 2.1% | 2.2% | 2.4% | 2.0% | 2.2% | 1.9% | 2.3% |
| Payout Ratio | 32.9% | 32.9% | 20.0% | 20.7% | 22.2% | 20.2% | 16.1% | 23.3% | 27.2% | 14.4% | 24.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 6.2% | 9.3% | 9.4% | 9.6% | 10.9% | 15.0% | 8.4% | 8.3% | 12.5% | 9.2% |
| FCF Yield | 4.4% | 4.4% | 4.6% | 6.5% | 8.5% | 12.8% | 18.7% | 13.8% | 17.0% | 17.5% | 20.8% |
| Buyback Yield | 6.0% | 6.0% | 4.8% | 5.7% | 5.2% | 5.8% | 4.8% | 4.1% | 3.7% | 3.9% | 4.9% |
| Total Shareholder Yield | 8.0% | 8.1% | 6.7% | 7.6% | 7.4% | 8.0% | 7.2% | 6.1% | 5.9% | 5.7% | 7.2% |
| Shares Outstanding | — | $532M | $565M | $599M | $638M | $677M | $716M | $746M | $775M | $798M | $828M |
Peer Comparison
Compare AFL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AFLYou | $58B | 16.6 | 11.0 | 22.9 | 38.9% | 26.6% | 13.1% | 11.8% | 1.5 |
 MET | $52B | 16.7 | 8.8 | 2.9 | 36.4% | 6.0% | 11.9% | 13.1% | 3.5 |
 PRU | $35B | 9.8 | 7.8 | 5.6 | 42.0% | 7.9% | 10.9% | 10.0% | 4.7 |
 UNM | $13B | 18.8 | 15.8 | 23.3 | 38.2% | 7.2% | 6.7% | 4.7% | 3.7 |
 GNW | $4B | 17.0 | 5.8 | 10.9 | 24.3% | 6.8% | 2.3% | 3.6% | 2.9 |
 CNO | $4B | 19.5 | 14.1 | 6.3 | 44.8% | 6.5% | 8.9% | 4.0% | 7.7 |
 GL | $12B | 11.0 | 9.2 | 9.7 | 33.4% | 24.4% | 20.6% | 13.4% | 1.6 |
 CI | $74B | 12.7 | 8.3 | 8.9 | 9.5% | 3.3% | 14.3% | 10.4% | 2.7 |
 EQH | $12B | -9.1 | — | 18.1 | 79.1% | -10.2% | -51.5% | — | — |
 LNC | $6B | 2.0 | 1.7 | — | 25.5% | 22.4% | 43.2% | 32.7% | 1.5 |
 PFG | $22B | 19.3 | 13.1 | 5.0 | 45.2% | 9.1% | 9.9% | 9.0% | 2.5 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAFL — Frequently Asked Questions
Quick answers to the most common questions about buying AFL stock.
What is Aflac Incorporated's P/E ratio?
Aflac Incorporated's current P/E ratio is 16.6x. The historical average is 14.4x. This places it at the 73th percentile of its historical range.
What is Aflac Incorporated's EV/EBITDA?
Aflac Incorporated's current EV/EBITDA is 11.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
What is Aflac Incorporated's ROE?
Aflac Incorporated's return on equity (ROE) is 13.1%. The historical average is 16.9%.
Is AFL stock overvalued?
Based on historical data, Aflac Incorporated is trading at a P/E of 16.6x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Aflac Incorporated's dividend yield?
Aflac Incorporated's current dividend yield is 1.99% with a payout ratio of 32.9%.
What are Aflac Incorporated's profit margins?
Aflac Incorporated has 38.9% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Aflac Incorporated have?
Aflac Incorporated's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.