Latest Ratios: P/E Ratio 17.6x · EV/EBITDA 11.5x · ROE 13.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $61.3B | $58.7B | $58.4B | $49.4B | $45.9B | $39.5B | $31.8B | $39.5B | $35.3B | $35.0B | $28.8B |
| Enterprise Value | $63.5B | $60.8B | $59.7B | $52.5B | $49.4B | $42.4B | $34.6B | $41.2B | $36.7B | $36.8B | $29.3B |
| P/E Ratio → | 17.64 | 16.14 | 10.74 | 10.60 | 10.38 | 9.14 | 6.67 | 11.94 | 12.08 | 8.01 | 10.84 |
| P/S Ratio | 3.52 | 3.36 | 3.06 | 2.62 | 2.40 | 1.83 | 1.43 | 1.78 | 1.63 | 1.62 | 1.28 |
| P/B Ratio | 2.17 | 1.99 | 2.24 | 2.25 | 2.28 | 1.19 | 0.95 | 1.36 | 1.50 | 1.44 | 1.41 |
| P/FCF | 24.00 | 22.96 | 21.59 | 15.48 | 11.83 | 7.82 | 5.35 | 7.24 | 5.87 | 5.71 | 4.81 |
| P/OCF | 24.00 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 11.51 | 11.03 | 9.31 | 9.97 | 10.14 | 8.15 | 8.32 | 9.26 | 9.22 | 9.16 | 7.21 |
| EV / EBIT | 13.68 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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 | 4.2% | 4.2% | 5.3% | 4.1% | 3.4% | 3.2% | 2.6% | 3.0% | 2.9% | 3.0% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
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 | 12.39 | 12.39 | — | — | — | — | — | — | — | 161.74 | 126.70 |
| Quick Ratio | 12.39 | 12.39 | — | — | — | — | — | — | — | 161.74 | 126.70 |
| Cash Ratio | 12.12 | 12.12 | — | — | — | — | — | — | — | 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.9% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 6.2% | 9.3% | 9.4% | 9.6% | 10.9% | 15.0% | 8.4% | 8.3% | 12.5% | 9.2% |
| FCF Yield | 4.2% | 4.4% | 4.6% | 6.5% | 8.5% | 12.8% | 18.7% | 13.8% | 17.0% | 17.5% | 20.8% |
| Buyback Yield | 5.8% | 6.0% | 4.8% | 5.7% | 5.2% | 5.8% | 4.8% | 4.1% | 3.7% | 3.9% | 4.9% |
| Total Shareholder Yield | 7.6% | 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 |
Yen volatility and claims
Based on current market data, Aflac trades at a P/B of 2.17, which appears to command a premium relative to peers like Prudential Financial, suggesting investors are pricing in the durability of the Japanese franchise despite the significant headwinds posed by ongoing Yen-to-Dollar exchange rate fluctuations.
The valuation multiple reflects a market willingness to pay for the company's sticky, recurring revenue stream, yet the premium over book value warrants caution given the volatility in reported ROE. Investors should monitor whether this valuation can be sustained if the Japanese segment continues to face margin pressure from competitive medical insurance pricing.
As reported in quarterly financial filings, the combined ratio has exhibited extreme instability, swinging from a 95.8% peak in 2025Q1 to a more favorable 71.6% in 2026Q1, indicating that underwriting profitability remains highly sensitive to periodic spikes in claims activity and shifting actuarial assumptions.
The wide variance in the combined ratio suggests that Aflac's core underwriting engine is not as predictable as its recurring premium model might imply. This instability may indicate that the company is struggling to price its supplemental products effectively against rising medical inflation in its primary Japanese market.
According to recent financial statements, Aflac maintains a debt-to-equity ratio of approximately 0.29, which appears to provide a robust buffer for the company's underwriting operations and suggests a disciplined approach to capital management despite the inherent volatility in its global insurance reserve requirements.
This low leverage profile is a key strength that allows the company to navigate periods of earnings compression without jeopardizing its solvency. However, the reliance on this capital base to support aggressive share buybacks may limit the company's flexibility if future underwriting losses require a significant infusion of capital.
Investors frequently misapply the Return on Equity metric to Aflac, as reported figures often obscure the impact of non-operating currency translation effects and volatile reserve adjustments, which can artificially inflate or deflate the perceived profitability of the core insurance business in any given quarter.
Relying on headline ROE without adjusting for foreign exchange volatility and DAC amortization trends may lead to a distorted view of the company's true operational efficiency. Analysts should instead focus on constant-currency underwriting margins to better gauge the underlying health of the supplemental insurance franchise.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AFL stock.
Aflac Incorporated's current P/E ratio is 17.6x. The historical average is 14.4x. This places it at the 77th percentile of its historical range.
Aflac Incorporated's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
Aflac Incorporated's return on equity (ROE) is 13.1%. The historical average is 16.9%.
Based on historical data, Aflac Incorporated is trading at a P/E of 17.6x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aflac Incorporated's current dividend yield is 1.87% with a payout ratio of 32.9%.
Aflac Incorporated has 38.9% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Aflac Incorporated's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.