Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care income support, GIFT, and whole and term life insurance products, as well as WAYS and child endowment plans under saving type insurance products in Japan. The Aflac U.S. segment provides cancer, accident, short-term disability, critical illness, hospital indemnity, dental, vision, long-term care and disability, and term and whole life insurance products in the United States. It sells its products through sales associates, brokers, independent corporate agencies, individual agencies, and affiliated corporate agencies. The company was founded in 1955 and is based in Columbus, Georgia.

Aflac Incorporated

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Revenue 1Y Growth

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Weighted Avg. Shares Outstanding 1Y Growth

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Operating Margin

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Effective Tax Rate

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Weighted Avg. Shares Outstanding

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Trailing Valuation	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Stock Price	111.7	105.5	111.2	103.4	111.8	89.3
Total Shares Outstanding	525.7	540.6	542.5	550	556.7	561.4
Market Cap	58,721.8	57,016.4	60,319.8	56,888.3	62,241	50,135.9
Total Enterprise Value (TEV)	58,721.8	57,016.4	60,319.8	56,888.3	62,241	50,135.9
Dividend Yield	1.9%	2%	1.8%	1.9%	1.7%	2%
Buyback Yield	5.9%	5.2%	4.9%	4.9%	4.4%	5.8%
Debt Paydown Yield	—	—	—	-1.1%	—	-3.1%
Shareholder Yield	5.9%	5.2%	4.9%	3.8%	4.4%	2.8%
P/S	3.3	3.6	3.6	3	3.6	2.6
P/E	14.6	23.9	17.4	10.7	16.8	9.5
Earnings Yield	6.9%	4.2%	5.8%	9.3%	5.9%	10.6%
P/OCF	22.8	22	24.7	21	21.1	16.9
P/FCF	22.8	22	24.7	21	21.1	16.9
FCF Yield	4.4%	4.5%	4.1%	4.8%	4.7%	5.9%
P/B	2	2.1	2.3	2.2	2.5	1.9
EV/Sales	3.3	3.6	3.6	3	3.6	2.6
EV/EBITDA	12.8	19.9	14.9	8.6	14.9	7.7
EV/EBIT	12.8	19.9	14.9	8.6	14.9	7.7
EV/OCF	22.8	22	24.7	21	21.1	16.9
EV/FCF	22.8	22	24.7	21	21.1	16.9

Dividends	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Dividend Yield	1.9%	2%	1.8%	1.9%	1.7%	2%
DPS	2.2	2.1	2	1.9	1.9	1.8
Payout Ratio	28.1%	46.9%	31%	20%	27.7%	18.7%

Margins	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Operating Margin	26%	18%	24%	34.9%	24.2%	33.6%
EBITDA Margin	26%	18%	24%	34.9%	24.2%	33.6%
Net Profit Margin	23.6%	15.3%	21.3%	28.8%	22%	28.3%
Effective Tax Rate	21.1%	28.4%	20.7%	15.2%	19.1%	12.9%
Pre-Tax Profit Margin	24.8%	16.8%	22.8%	33.9%	23%	32.6%
Free Cash Flow Margin	14.5%	16.3%	14.5%	14.3%	17.1%	15.3%
OCF / Sales	14.5%	16.3%	14.5%	14.3%	17.1%	15.3%
OCF / Net Income	61.7%	106.3%	68.1%	49.7%	77.6%	54.1%
FCF / OCF	100%	100%	100%	100%	100%	100%
FCF / Net Income	61.7%	106.3%	68.1%	49.7%	77.6%	54.1%
FCF / EBITDA	55.9%	90.4%	60.4%	40.9%	70.7%	45.7%

Capital Efficiency	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Return on Invested Capital	3%	1.7%	2.7%	4.6%	2.6%	4.6%
Return on Assets	3%	1.7%	2.7%	4.6%	2.6%	4.6%
Return on Equity	15.2%	9.1%	13.7%	22.6%	16.3%	22.8%
Return on Total Capital	2,671.3%	1,509.3%	2,359.2%	4,125.1%	2,485.2%	4,146.3%
Return on Capital Employed	3.8%	2.4%	3.4%	5.4%	3.3%	5.2%
Return on Tangible Assets	3.5%	2%	3%	4.5%	3%	4.4%
Asset Turnover	0.1	0.1	0.1	0.2	0.1	0.2
Fixed Asset Turnover	47	41	43.4	45.5	40	45.8

Financial Health	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Assets to Equity	4.3	4.6	4.6	4.5	5.2	4.6
Net Current Asset Value	-93,618	-97,536	-93,920	-91,468	-103,612	-94,121
EBIT / Interest Expense	22	14.2	20.2	33.6	21.5	33.6
EBITDA / Interest Expense	22	14.2	20.2	33.6	21.5	33.6
(EBITDA - Capex) / Interest Expense	22	14.2	20.2	33.6	21.5	33.6

Per Share	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Revenue per Share	32.6	28.9	30.3	33.5	30.2	33.2
Basic EPS	7.7	4.4	6.4	9.7	6.7	9.5
Diluted EPS	7.7	4.4	6.4	9.6	6.6	9.5
Book Value per Share	52.8	49.4	47.3	46.2	43.4	44.9
Tangible Book Value per Share	52.8	49.4	47.3	46.2	43.4	44.9
Operating Cash Flow per Share	4.7	4.7	4.4	4.8	5.2	5.1
Free Cash Flow per Share	4.7	4.7	4.4	4.8	5.2	5.1
Weighted Avg. Shares Outstanding	541.1	548	555	562.5	569.8	578.1
Weighted Avg. Shares Outstanding Diluted	543.2	550.3	557.4	565	572.4	580.7