Aflac IncorporatedAFL
NYSE•Financial Services•Insurance - Life
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.
AFLAC Incorporated (AFL) reported trailing twelve months revenue of $18.11B as of March 2026, a 7.2% increase year-over-year. Quarterly revenue reached $4.35B, reflecting continued top-line momentum.
AFLAC Incorporated generated $4.64B in TTM net income, with quarterly EBITDA of $1.20B. The operating margin expanded from 3.5% to 27.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (27.5%) and net margin (23.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 0.9% a year ago, signaling stronger bottom-line efficiency.
AFL trades at a P/E of 12.0x (below the broader market average) and a P/S of 3.1x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company generated $968.00M in free cash flow over the trailing twelve months, a 64.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $116.28B in total assets with no in long-term debt against $29.96B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~25.4%, suggesting durable pricing power and cost discipline.
ROE averages 15.3% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~29.9% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 1.2x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 9.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation