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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Unlevered Free Cash Flow 1Y Growth

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Revenue 1Y Growth

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Net Income 1Y Growth

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Total Assets 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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NOPAT

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Basic EPS

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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	0.5%	0.5%	0.5%	0.5%	0.4%	0.5%
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	0.5%	0.5%	0.5%	0.5%	0.4%	0.5%
DPS	0.6	0.6	0.6	0.5	0.5	0.5
Payout Ratio	18.2%	50.3%	1,055.2%	14%	-290.3%	15.5%

Margins	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Operating Margin	31%	21%	5.7%	39.6%	-9%	40.3%
EBITDA Margin	31%	21%	5.7%	39.6%	-9%	40.3%
Net Profit Margin	34.6%	14.4%	0.9%	35.2%	-3.2%	34.2%
Effective Tax Rate	25.1%	27.1%	80%	10.9%	-58.5%	13.1%
Pre-Tax Profit Margin	29.8%	19.8%	4.3%	39.5%	-10.7%	39.3%
Free Cash Flow Margin	26.4%	9.6%	17.3%	6.2%	43.1%	5%
OCF / Sales	26.4%	9.6%	17.3%	6.2%	43.1%	5%
OCF / Net Income	76.4%	66.6%	2,031%	17.5%	-1,365.6%	14.5%
FCF / OCF	100%	100%	100%	100%	100%	100%
FCF / Net Income	76.4%	66.6%	2,031%	17.5%	-1,365.6%	14.5%
FCF / EBITDA	85.1%	45.7%	302.1%	15.5%	-477.4%	12.3%

Capital Efficiency	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Return on Invested Capital	0.9%	0.5%	0%	1.6%	-0.3%	1.4%
Return on Assets	0.9%	0.5%	0%	1.6%	-0.3%	1.4%
Return on Equity	6.1%	2.2%	0.1%	7.9%	-0.4%	7.6%
Return on Total Capital	810.1%	468.3%	57.3%	1,403.1%	-310.1%	1,322.4%
Return on Capital Employed	1.2%	0.7%	0.2%	1.8%	-0.2%	1.6%
Return on Tangible Assets	1.3%	0.5%	0%	1.6%	-0.1%	1.4%
Asset Turnover	0	0	0	0	0	0
Fixed Asset Turnover	12	10.6	8.4	13	6.8	11.4

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	25.8	16.8	3.9	42.8	-5.3	41.4
EBITDA / Interest Expense	25.8	16.8	3.9	42.8	-5.3	41.4
(EBITDA - Capex) / Interest Expense	25.8	16.8	3.9	42.8	-5.3	41.4

Per Share	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Revenue per Share	8.9	7.7	6.2	9.7	5.3	9.1
Basic EPS	3.1	1.1	0.1	3.4	-0.2	3.1
Diluted EPS	3.1	1.1	0.1	3.4	-0.2	3.1
Book Value per Share	53.9	50.5	48.2	47	44.3	46
Tangible Book Value per Share	53.9	50.5	48.2	47	44.3	46
Operating Cash Flow per Share	2.4	0.7	1.1	0.6	2.3	0.4
Free Cash Flow per Share	2.4	0.7	1.1	0.6	2.3	0.4
Weighted Avg. Shares Outstanding	530.1	536.7	544.7	552.8	557.9	564.6
Weighted Avg. Shares Outstanding Diluted	532	538.4	546.9	555.5	560.4	566.8