Aflac (AFL) stock
Financials · Life & Health Insurance
Aflac (AFL) is a Life & Health Insurance company in the Financials sector, headquartered in Columbus, Georgia. As of October 23, 2026, AFL closed at $120.51, a market capitalization of $60.42 billion, the 199th largest company in the S&P 500. Over the last twelve months it generated $18.07 billion in revenue (-1% year over year) and $2.65 billion in free cash flow. The stock trades at 13.0x trailing earnings and 15.8x forward earnings.
- 1-year total return: +14.4% (dividends reinvested)
- 5-year return: +19.0% a year
- 52-week range: $105.43 – $130.22
- Gross margin 50.9%, operating margin 25.7%
- Dividend yield: 2.02%, 41 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 34th largest of 76 Financials stocks in the S&P 500
AFL price chart
1Y price change: +12.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| AFL | +4.6% | +11.0% | +14.4% | +18.5% | +19.0% | +15.9% | +17.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
AFL key statistics
- Market cap
- $60.4B
- #199 in S&P 500
- P/E (TTM)
- 13.0x
- Forward P/E
- 15.8x
- EPS (TTM)
- $9.30
- Revenue (TTM)
- $18.1B
- -1%
- Free cash flow
- $2.6B
- Gross margin
- 50.9%
- Operating margin
- 25.7%
- Return on equity
- 16.9%
- Dividend yield
- 2.02%
- 52-week range
- $105.43 – $130.22
- Beta
- 0.56
- Price / sales
- 3.3x
- EV / EBITDA
- 11.2x
- Debt / equity
- 0.53x
- Employees
- 12,716
AFL report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth-1.0%F
- Gross margin50.9%B
- Operating margin25.7%B
- FCF margin14.6%C
- Return on equity16.9%B
- Net debt / EBITDA1.2xC
- Forward P/E15.8xB
- PEG ratio1.2xB
- Shareholder yield7.9%A
- Share count change / yr-5.7%A
AFLAC financials
Revenue went from $22.6B in fiscal 2016 to $17.2B in fiscal 2025, shrinking 3.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6B | $21.7B | $21.8B | $22.3B | $22.1B | $21.6B | $19.1B | $18.7B | $18.9B | $17.2B |
| Operating income | $4.1B | $4.1B | $4.4B | $4.5B | $4.4B | $4.9B | $4.2B | — | — | — |
| Net income | $2.7B | $4.6B | $2.9B | $3.3B | $4.8B | $4.2B | $4.4B | $4.7B | $5.4B | $3.6B |
| EPS (diluted) | $3.21 | $5.77 | $3.77 | $4.43 | $6.67 | $6.25 | $6.93 | $7.78 | $9.63 | $6.82 |
| Buybacks | $1.4B | $1.4B | $1.3B | $1.6B | $1.5B | $2.3B | $2.4B | $2.8B | $2.8B | $3.5B |
| Dividends paid | $658.0M | $661.0M | $793.0M | $771.0M | $769.0M | $855.0M | $979.0M | $966.0M | $1.1B | $1.2B |
| Diluted shares | 827.8M | 797.9M | 774.6M | 746.4M | 716.2M | 676.7M | 637.7M | 598.7M | 565.0M | 534.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into AFL?
A reverse DCF asks what growth the current price requires. With an enterprise value of $67.7B and $2.6B of trailing free cash flow, AFLAC needs to grow free cash flow about 16.8% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 17.7x vs. median 11.1x (10th–90th percentile 8.1x–16.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
AFL dividend
- Dividend yield
- 2.02%
- Annual dividend
- $2.44
- Years of increases
- 41
- 5-yr dividend growth
- 15.7%
- per year
- Payout ratio
- 26%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
AFL analyst price targets
15 analysts' average 12-month target is $117.33 (-3% vs. $120.51). Targets range from $101.00 to $138.00. 20% rate it a buy.
AFL earnings
Next report: November 4, 2026. Last quarter's revenue was $4.2B (-1% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 6, 2026 | $1.76 | $1.75 | -0.5% |
| Apr 29, 2026 | $1.80 | $1.75 | -2.5% |
| Feb 4, 2026 | $1.69 | $1.57 | -7.3% |
| Nov 4, 2025 | $1.78 | $2.49 | +40.2% |
| Aug 5, 2025 | $1.71 | $1.78 | +4.3% |
| Apr 30, 2025 | $1.67 | $1.66 | -0.8% |
| Feb 5, 2025 | $1.62 | $1.56 | -3.5% |
| Oct 30, 2024 | $1.68 | $2.16 | +28.3% |
Stocks like AFL
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 MET MetLife | -4.59% | +30% | $62.8B | 18.9x | Compare |
 PRU Prudential Financial | -2.69% | +19% | $39.7B | 10.4x | Compare |
 PFG Principal Financial | -1.40% | +41% | $23.2B | 15.5x | Compare |
 GL Globe Life | -8.09% | +15% | $11.9B | 10.4x | Compare |
 BRK-B Berkshire Hathaway | -0.87% | +11% | $1.2T | 13.6x | Compare |
 JPM JP Morgan Chase | -1.47% | +15% | $880.5B | 13.9x | Compare |
 V Visa | -1.55% | +19% | $765.8B | 34.7x | Compare |
 MA Mastercard | -1.52% | +9% | $546.3B | 34.3x | Compare |
AFL news
- Beloved Sports Figure Brian Jordan Joins Aflac in Bringing Comfort to Young Patients at St. Louis Children's Hospital · Oct 20, 2026
- Aflac’s Q3 2026 Earnings: What to Expect · Oct 17, 2026
- AM Best Affirms Credit Ratings of Aflac Incorporated and Its Subsidiaries · Oct 14, 2026
- Aflac (AFL) Rolls Out AI With bswift, Is The Stock Fairly Valued? · Oct 8, 2026
- Aflac Strengthens Benefits Tech With bswift's AI-Powered Tools · Oct 7, 2026
AFL stock FAQ
What is AFL's market cap?
Aflac's market capitalization is $60.42 billion as of October 23, 2026, ranking 199th in the S&P 500.
What is AFL's P/E ratio?
AFL trades at a trailing price-to-earnings ratio of 13.0x and a forward P/E of 15.8x. Its median P/E over the period we track is 11.1x.
Does AFL pay a dividend?
Yes. Aflac pays $2.44 per share a year, a 2.02% yield. It has raised its dividend 41 years in a row. Dividends grew 15.7% a year over the last five years.
How much has AFL stock returned?
Including reinvested dividends, AFL returned +14.4% over one year, +19.0% a year over five years, +15.9% a year over ten years through October 23, 2026.
Is AFL stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Aflac must grow free cash flow about 17% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the AFL price target?
15 analysts cover AFL with an average 12-month price target of $117.33, -3% from the current price. 20% of them rate it a buy.
When does AFL report earnings?
Aflac is expected to report earnings on November 4, 2026.
How many employees does Aflac have?
Aflac has about 12,716 full-time employees, or $1.4 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology