NYSE: AFL
Aflac
Financials · Accident & Health Insurance
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$58.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $27.9B |
| FY2017, ended Dec 31, 2017 | $34.2B |
| FY2018, ended Dec 31, 2018 | $34.2B |
| FY2019, ended Dec 31, 2019 | $38.2B |
| FY2020, ended Dec 31, 2020 | $30.6B |
| FY2021, ended Dec 31, 2021 | $37.9B |
| FY2022, ended Dec 31, 2022 | $44.0B |
| FY2023, ended Dec 31, 2023 | $47.6B |
| FY2024, ended Dec 31, 2024 | $56.5B |
| FY2025, ended Dec 31, 2025 | $56.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $58.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $22.6B |
| FY2017, ended Dec 31, 2017 | $21.7B |
| FY2018, ended Dec 31, 2018 | $21.8B |
| FY2019, ended Dec 31, 2019 | $22.3B |
| FY2020, ended Dec 31, 2020 | $22.1B |
| FY2021, ended Dec 31, 2021 | $21.6B |
| FY2022, ended Dec 31, 2022 | $19.1B |
| FY2023, ended Dec 31, 2023 | $18.7B |
| FY2024, ended Dec 31, 2024 | $18.9B |
| FY2025, ended Dec 31, 2025 | $17.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.86B
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| Period | Net income |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.66B |
| FY2017, ended Dec 31, 2017 | $4.60B |
| FY2018, ended Dec 31, 2018 | $2.92B |
| FY2019, ended Dec 31, 2019 | $3.30B |
| FY2020, ended Dec 31, 2020 | $4.78B |
| FY2021, ended Dec 31, 2021 | $4.23B |
| FY2022, ended Dec 31, 2022 | $4.42B |
| FY2023, ended Dec 31, 2023 | $4.66B |
| FY2024, ended Dec 31, 2024 | $5.44B |
| FY2025, ended Dec 31, 2025 | $3.65B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.86B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$6.12B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.86B |
| FY2017, ended Dec 31, 2017 | $3.49B |
| FY2018, ended Dec 31, 2018 | $4.34B |
| FY2019, ended Dec 31, 2019 | $4.90B |
| FY2020, ended Dec 31, 2020 | $5.14B |
| FY2021, ended Dec 31, 2021 | $5.05B |
| FY2022, ended Dec 31, 2022 | $3.94B |
| FY2023, ended Dec 31, 2023 | $4.31B |
| FY2024, ended Dec 31, 2024 | $6.23B |
| FY2025, ended Dec 31, 2025 | $6.25B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.12B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 37.6% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.501M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 803M |
| FY2017, ended Dec 31, 2017 | 779M |
| FY2018, ended Dec 31, 2018 | 750M |
| FY2019, ended Dec 31, 2019 | 723M |
| FY2020, ended Dec 31, 2020 | 689M |
| FY2021, ended Dec 31, 2021 | 650M |
| FY2022, ended Dec 31, 2022 | 612M |
| FY2023, ended Dec 31, 2023 | 577M |
| FY2024, ended Dec 31, 2024 | 547M |
| FY2025, ended Dec 31, 2025 | 516M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 501M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.79B
Net: $3.79B more bought back than issued
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| Period | Bought back |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.42B |
| FY2017, ended Dec 31, 2017 | $1.35B |
| FY2018, ended Dec 31, 2018 | $1.30B |
| FY2019, ended Dec 31, 2019 | $1.63B |
| FY2020, ended Dec 31, 2020 | $1.54B |
| FY2021, ended Dec 31, 2021 | $2.30B |
| FY2022, ended Dec 31, 2022 | $2.40B |
| FY2023, ended Dec 31, 2023 | $2.80B |
| FY2024, ended Dec 31, 2024 | $2.80B |
| FY2025, ended Dec 31, 2025 | $3.53B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.79B |
Revenue (TTM)
$18.1B
+13.6% YoY
Net income (TTM)
$4.86B
+99.5% YoY
Cash
$6.12B
−12.1% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $62.1B
- P/E
- 12.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.4×
- Price / Book
- 2.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $18.1B
- Revenue Growth YoY
- 13.6%
- Revenue CAGR 3Y
- −3.6%
- Revenue CAGR 5Y
- −5.0%
- EPS Growth YoY
- 109%
- Net Income Growth YoY
- 99.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 26.9%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 16.9%
Earnings
Trailing 12 months- Net Income
- $4.86B
- EPS (diluted)
- $9.27
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $6.12B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $116B
- Total Liabilities
- $85.6B
- Shareholders' Equity
- $30.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.65B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 1.9%
- Dividend / Share
- $2.41
- Beta (5Y)
- 0.56
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 13.6% year over year, at $18.1B.
Note
Net margin of 26.9% over the last 12 months.
Strength
Share count is down 6.3% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K58Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- The sections provided do not include full-year revenue or profit figures, so we can't judge 2024 results from them.
- Japan's share of Aflac's adjusted revenue fell to 55% in 2024, from 60% in 2023 and 64% in 2022.
- Aflac now names its low U.S. claims payouts (benefit ratios) as a possible source of lawsuits or regulatory action. It also flags new risks from its use of AI.
- There are no auditor changes, control weaknesses or major new lawsuits. Management still expects pending lawsuits not to materially hurt results.
Business momentum
Stable
Outlook
Not discussed
Financial stress
Low
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Less reliance on Japan
“Aflac Japan's adjusted revenues accounted for 55% of the Company's total adjusted revenues in 2024, compared with 60% in 2023 and 64% in 2022.”
Clean controls and no auditor issues
“There have been no changes in, or disagreements with, accountants on accounting and financial disclosure matters during the years ended December 31, 2024 and 2023.”
Pending lawsuits not expected to be material
“the Company believes the outcome of pending litigation will not have a material adverse effect on its financial position, results of operations, or cash flows.”
Concerns
Reserves very sensitive to interest rates
“If interest rates decreased by 100 basis points, the Company's LFPB balance as of December 31, 2024 would increase by $9.6 billion”
A stronger yen could strain parent company cash
“Based on the timing and severity of exchange rate fluctuations combined with the level of outstanding activity in this program, the cash strain at the Parent Company could be significant.”
U.S. staff turnover and labor costs
“it has experienced elevated levels of workforce turnover and there has been an overall tightening of, and increased competition within, the U.S. labor market.”
New risks since the previous report
Legal scrutiny of low U.S. claims payouts
“the low level of Aflac U.S. benefit ratios in recent financial periods”
AI use raises cyber and disruption risk
“The Company’s development of new technology, including the use of AI by the Company and third-party vendors, could lead to an increased risk of a business interruption or a cybersecurity breach.”
Less currency hedging means more earnings swings
“In recent years, the Company has reduced the proportion of U.S. dollar-denominated investments that are subject to a currency hedge, and this proportion continues to be subject to change at the Company’s discretion.”
Internal reinsurer Aflac Re is thinly capitalized
“Aflac Japan has entered into reinsurance transactions with Aflac Re, which has less capital than external counterparties with which the Company has conducted reinsurance transactions in the past.”
Biggest risks named
- Heavy reliance on Japan and swings in the yen/dollar exchange rate
- Interest rate changes affecting the bond portfolio and reserves
- Currency hedging costs and parent company cash strain
- Agent misclassification and U.S. sales staffing
- Cybersecurity, AI and IT system risks
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 58 | |
Written by AI (Claude Opus 5.5) from the report’s text. 10 of 10 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 58 | Stable | None | |
| 10-K | Feb 22, 2024 | 61 | Stable | None | |
| 10-K | Feb 24, 2023 | 58 | Stable | None | |
| 10-K | Feb 23, 2022 | 52 | Weakening | None | |
| 10-K | Feb 23, 2021 | 58 | Improving | 1 medium | |
| 10-K | Feb 21, 2020 | 58 | Stable | None | |
| 10-K | Feb 25, 2019 | 58 | Stable | None | |
| 10-K | Feb 23, 2018 | 53 | Mixed | 1 medium | |
| 10-K | Feb 24, 2017 | 64 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 7, 2026. View filings on SEC EDGAR