Aflac Incorporated (AFL) Key Metrics
AFL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $60.15B
- Enterprise value
- $67.72B
- P/E (TTM)
- 12.9 10-yr median 10.7
- Forward P/E
- 15.2
- PEG ratio
- 1.18
- Price / sales
- 3.3 10-yr median 1.8
- Price / book
- 1.9 10-yr median 1.5
- EV / EBITDA
- —
- Dividend yield
- 2.03% $2.44 a year
- Beta
- 0.56
AFL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAFL valuation Price multiples at each fiscal year-end price.
AFL returns How much profit the business earns on the capital it uses.
AFL per-share figures Results divided by the shares outstanding at year-end.
AFL financial health Debt, liquidity and how easily interest is covered.
AFL efficiency & capital use Working capital cycle and where the cash goes.
AFL valuation history
AFL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AFL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AFL cash returned to shareholders
AFL price vs earnings per share
AFL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $58.67B | $58.45B | $49.40B | $45.87B | $39.51B | $31.85B | $39.49B | $35.29B | $35.02B | $28.81B |
| Enterprise value | −$3.32B | −$5.55B | −$20.84B | −$26.31B | −$48.43B | −$71.22B | −$50.10B | −$46.16B | −$48.52B | −$47.39B |
| P/E ratio | 16.1 | 10.7 | 10.6 | 10.4 | 9.1 | 6.7 | 12.0 | 12.1 | 8.0 | 10.8 |
| Price / sales | 3.4 | 3.1 | 2.6 | 2.4 | 1.8 | 1.4 | 1.8 | 1.6 | 1.6 | 1.3 |
| Price / book | 2.0 | 2.2 | 2.2 | 2.3 | 1.2 | 0.2 | 1.4 | 1.5 | 1.4 | 1.4 |
| Price / free cash flow | 23.0 | 21.6 | 15.5 | 11.8 | 7.8 | 5.3 | 7.2 | 5.9 | 5.7 | 4.8 |
| Price / operating cash flow | 23.0 | 21.6 | 15.5 | 11.8 | 7.8 | 5.3 | 7.2 | 5.9 | 5.7 | 4.8 |
| EV / sales | -0.2 | -0.3 | -1.1 | -1.4 | -2.2 | -3.2 | -2.2 | -2.1 | -2.2 | -2.1 |
| Earnings yield | 6.2% | 9.3% | 9.4% | 9.6% | 10.9% | 15.0% | 8.4% | 8.3% | 12.5% | 9.2% |
| Free cash flow yield | 4.4% | 4.6% | 6.5% | 8.5% | 12.8% | 18.7% | 13.8% | 17.0% | 17.5% | 20.8% |
| Dividend yield | 2.0% | 1.9% | 2.0% | 2.1% | 2.2% | 2.4% | 2.0% | 2.2% | 1.9% | 2.3% |
| Shareholder yield (dividends + buybacks) | 8.1% | 6.7% | 7.6% | 7.4% | 8.0% | 7.2% | 6.1% | 5.9% | 5.7% | 7.2% |
| Share price at fiscal year-end | $110.27 | $103.44 | $82.50 | $71.94 | $58.39 | $44.47 | $52.90 | $45.56 | $43.89 | $34.80 |
| Per share | ||||||||||
| Revenue per share | $32.78 | $33.85 | $31.47 | $30.03 | $32.67 | $30.92 | $29.88 | $28.09 | $27.16 | $27.25 |
| Earnings per share | $6.85 | $9.63 | $7.78 | $6.93 | $6.39 | $6.67 | $4.43 | $3.77 | $5.48 | $3.21 |
| Operating cash flow per share | $4.80 | $4.79 | $5.33 | $6.08 | $7.46 | $8.32 | $7.31 | $7.76 | $7.68 | $7.23 |
| Free cash flow per share | $4.80 | $4.79 | $5.33 | $6.08 | $7.46 | $8.32 | $7.31 | $7.76 | $7.68 | $7.23 |
| Cash per share | $132.32 | $126.54 | $129.60 | $124.96 | $153.31 | $155.02 | $128.82 | $112.61 | $111.33 | $98.52 |
| Book value per share | $55.43 | $46.19 | $36.72 | $31.58 | $49.14 | $219.48 | $38.80 | $30.29 | $30.54 | $24.74 |
| Tangible book value per share | $37.96 | $30.22 | $21.02 | $17.69 | $34.67 | $204.52 | $25.23 | $17.54 | $18.62 | $13.88 |
| Dividends per share | $2.25 | $1.92 | $1.61 | $1.54 | $1.26 | $1.07 | $1.03 | $1.02 | $0.83 | $0.79 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $15.81 | $13.27 | $12.30 | $11.76 | $23.36 | $11.11 | $8.80 | $7.46 | $6.63 | $6.47 |
| Shares outstanding | 532.0M | 565.0M | 598.7M | 637.7M | 676.7M | 716.2M | 746.4M | 774.6M | 797.9M | 827.8M |
| Change in shares outstanding | −5.8% | −5.6% | −6.1% | −5.8% | −5.5% | −4.1% | −3.6% | −2.9% | −3.6% | −4.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.1% | 22.6% | 22.1% | 16.5% | 4.5% | 5.1% | 12.6% | 12.2% | 19.5% | 14.0% |
| Return on assets (ROA) | 3.1% | 4.5% | 3.6% | 3.1% | 2.7% | 3.0% | 2.3% | 2.1% | 3.3% | 2.1% |
| Return on tangible assets | 3.4% | 5.0% | 4.0% | 3.6% | 2.9% | 3.1% | 2.3% | 2.2% | 3.4% | 2.2% |
| Free cash flow margin | 14.7% | 14.2% | 16.9% | 20.3% | 22.8% | 26.9% | 24.5% | 27.6% | 28.3% | 26.5% |
| Income quality (OCF / net income) | 0.70 | 0.50 | 0.68 | 0.88 | 1.17 | 1.25 | 1.65 | 2.06 | 1.40 | 2.25 |
| Financial health | ||||||||||
| Total debt | $8.41B | $7.50B | $7.36B | $7.50B | $15.81B | $7.96B | $6.57B | $5.78B | $5.29B | $5.36B |
| Cash & short-term investments | $70.40B | $71.50B | $77.60B | $79.68B | $103.75B | $111.02B | $96.16B | $87.23B | $88.83B | $81.56B |
| Net debt | −$61.99B | −$64.00B | −$70.23B | −$72.19B | −$87.94B | −$103.07B | −$89.59B | −$81.45B | −$83.54B | −$76.20B |
| Debt / equity | 0.29 | 0.29 | 0.33 | 0.37 | 0.48 | 0.05 | 0.23 | 0.25 | 0.22 | 0.26 |
| Debt / assets | 0.07 | 0.06 | 0.06 | 0.06 | 0.10 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 |
| Net debt / EBITDA | −11.15 | −9.97 | −13.35 | −14.83 | −13.55 | −19.18 | −20.16 | −19.37 | −19.62 | −17.58 |
| Current ratio | 12.39 | 7.02 | 13.15 | 61.98 | 18.06 | 23.99 | 18.06 | 21.91 | 18.89 | 15.26 |
| Quick ratio | 12.39 | 7.02 | 48.65 | 67.56 | 19.00 | 25.67 | 19.43 | 23.65 | 19.97 | 16.50 |
| Interest coverage | 21.1 | 32.6 | 27.0 | 21.5 | 22.4 | 17.2 | 19.5 | 18.9 | 17.7 | 16.2 |
| Working capital | $66.14B | $3.45B | $26.86B | $79.03B | $135.72B | $107.16B | $91.62B | $84.06B | $84.91B | $76.84B |
| Invested capital | −$32.50B | −$37.90B | −$48.25B | −$52.05B | −$54.69B | $54.12B | −$60.63B | −$57.99B | −$59.17B | −$55.72B |
| Tangible asset value | $20.20B | $17.08B | $12.59B | $11.28B | $23.46B | $146.48B | $18.83B | $13.59B | $14.86B | $11.49B |
| Net current asset value | −$15.03B | −$87.45B | −$75.67B | −$31.27B | $19.38B | $103.92B | −$26.82B | −$28.86B | −$23.20B | −$27.11B |
| Graham number | $92.45 | $100.06 | $80.18 | $70.17 | $84.06 | $181.51 | $62.16 | $50.68 | $61.35 | $42.29 |
| Graham net-net per share | −$28.98 | −$34.31 | −$109.78 | −$54.96 | −$35.13 | $139.35 | −$41.15 | −$42.05 | −$32.52 | −$36.98 |
| Capital allocation | ||||||||||
| Dividends paid | $1.20B | $1.09B | $966.0M | $979.0M | $855.0M | $769.0M | $771.0M | $793.0M | $661.0M | $658.0M |
| Share buybacks (net) | $3.53B | $2.80B | $2.80B | $2.40B | $2.30B | $1.54B | $1.63B | $1.30B | $1.35B | $1.42B |
| Dividend payout ratio | 32.9% | 20.0% | 20.7% | 22.2% | 19.8% | 16.1% | 23.3% | 27.2% | 15.1% | 24.7% |
| Dividends + buybacks / free cash flow | 185.0% | 143.6% | 118.1% | 87.1% | 62.5% | 38.7% | 44.0% | 34.8% | 32.8% | 34.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.0% | 0.3% | 0.3% | 0.3% | — | — | — |
| SG&A / revenue | 14.1% | 14.6% | 16.5% | 16.7% | 1.3% | 1.1% | 1.2% | 1.3% | 1.3% | 1.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 24.4 | 15.5 | 14.5 | 12.8 | 12.3 | 13.4 | 13.7 | 14.1 | 12.6 | 11.1 |
| Days of inventory on hand | — | — | — | -9,772.0 | — | — | -180.5 | -151.5 | -146.7 | -78.9 |
| Days payables outstanding | — | — | — | 3,739.6 | — | — | 117.8 | 109.8 | 126.4 | 115.1 |
| Cash conversion cycle (days) | — | — | — | -13,498.9 | — | — | -284.5 | -247.3 | -260.5 | -182.9 |
| Receivables turnover | 14.96 | 23.51 | 25.21 | 28.58 | 29.69 | 27.27 | 26.57 | 25.93 | 28.97 | 32.84 |
| Payables turnover | — | — | — | 0.10 | 0.00 | 0.00 | 3.10 | 3.32 | 2.89 | 3.17 |
| Asset turnover | 0.15 | 0.16 | 0.15 | 0.13 | 0.14 | 0.14 | 0.15 | 0.16 | 0.16 | 0.18 |
| Average receivables | $1.17B | $813.5M | $747.5M | $670.0M | $744.5M | $812.0M | $839.5M | $839.0M | $748.0M | $687.0M |
| Average payables | — | — | — | $2.82B | $4.50B | $5.02B | $4.70B | $4.38B | $5.07B | $4.86B |
| Average inventory | — | — | −$42.84B | −$7.36B | −$7.67B | −$7.61B | −$7.19B | −$6.05B | −$5.88B | −$3.34B |
| Intangibles / total assets | 8.0% | 7.7% | 7.4% | 6.7% | 6.2% | 6.5% | 6.6% | 7.0% | 6.9% | 6.9% |
Computed from AFL's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AFL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Aflac traded at 16.1 times earnings, against a 10-year median of 10.7. Based on the latest twelve months, the trailing P/E is 12.9 and the forward P/E is 15.2. Aflac earned a return on equity of 13.1% in fiscal 2025. It ended the year with $8.4 billion of debt and $70.4 billion in cash and short-term investments, a net cash position of $62.0 billion. It returned $4.7 billion to shareholders: $1.2 billion in dividends and $3.5 billion in share buybacks, 185% of free cash flow. The share count fell 35.7% from 827.8M to 532.0M over 9 years.
See the AFL income statement, the AFL chart for price history, or the AFL stock overview for the latest quote and news.
AFL key metrics FAQ
What is Aflac's P/E ratio?
Aflac's trailing P/E ratio is 12.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.2. At the end of fiscal 2025 it was 16.1, compared with a 10-year median of 10.7.
What is Aflac's return on equity?
Aflac's return on equity (ROE) was 13.1% in fiscal 2025: net income of $3.6 billion on average shareholders' equity of $27.8 billion.
How much debt does Aflac have?
Aflac had total debt of $8.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.29 and more cash than debt.
What is Aflac's dividend yield?
Aflac's forward dividend yield is 2.03%. Aflac paid $1.2 billion in dividends in fiscal 2025 ($2.25 per share), a payout ratio of 32.9%.
Does Aflac buy back its shares?
Yes. Aflac spent $3.5 billion on net share repurchases in fiscal 2025 Shares outstanding changed −5.8% over the year, to 532.0M..
What is Aflac's free cash flow yield?
Aflac generated $2.6 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.4% on its market value at year-end ($58.7 billion).
What is Aflac's current ratio?
Aflac's current ratio was 12.39 at the end of fiscal 2025: current assets were 12.39 times current liabilities.