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AFL

Aflac Incorporated

US$111.54-0.21% (-US$0.24)
Day's range
US$110.66 – US$112.01
Day's volume
US$163.4m
52-week range
US$103.54 – US$128.90

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See how AFL weighs in your net worth, what it has paid you and how far it is from your target allocation.

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AFL in numbers

Market cap
US$55.7bn
P/E
11.50
P/B
1.84
Dividend yield (12m)
2.16%

The 12-month dividend yield of AFL is 2.16%, above its 5-year average of 2.11%.

AFL price history

03/10/202502/10/2026
Compare with

AFL risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+2.16%+55.22%+140.10%
Volatility (annualised)16.06%18.87%20.65%
Largest drawdown-11.87%-11.87%-13.45%
Positive months6/1221/3638/60

How much did investing in AFL return?

US$1,000.00 invested on 01/11/2021 would be worth US$2,293.72 today.

Value today in AFL
US$2,293.72
Return over the period
+129.37%
Return per year
+18.39%
In the S&P 500
US$1,690.98

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

AFL fundamentals

Valuation

  • P/E
    11.50
  • P/B
    1.84
  • EV/EBITDA
    —
  • EV/EBIT
    —
  • EV/Revenue
    3.08
  • P/EBIT
    —
  • P/S
    3.08
  • P/OCF
    21.06
  • P/FCF
    —
  • Earnings yield
    —
  • PEG ratio
    —
  • Earnings per share
    US$9.70
  • Book value per share
    US$60.46

Efficiency

  • Gross margin
    —
  • EBITDA margin
    —
  • Operating margin
    —
  • Net margin
    26.91%
  • Asset turnover
    0.16

Profitability

  • ROE
    16.04%
  • ROA
    4.19%
  • ROIC
    —
  • Payout
    24.85%

Growth

  • Revenue CAGR (5 years)
    -4.72%
  • Earnings CAGR (5 years)
    -3.49%
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is AFL's fair price?

Two classic value formulas, with today's numbers. The current price is US$111.54.

Graham's fair price
US$114.86
2.98% above the price

√(22.50 × US$9.70 × US$60.46)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$29.73
73.34% below the price

US$1.78 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

AFL indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E15.6210.3910.229.978.976.4111.5711.71
P/B1.932.172.172.192.230.911.321.46
EV/EBITDA———10.487.626.878.497.76
Dividend yield2.10%1.93%2.04%2.22%2.26%2.52%2.04%2.28%
Earnings per shareUS$7.06US$9.96US$8.07US$7.22US$6.51US$6.94US$4.57US$3.89
Book value per shareUS$57.11US$47.75US$38.10US$32.90US$26.21US$48.74US$40.08US$31.27
ROE12.36%20.86%21.19%21.94%24.84%14.24%11.41%12.45%
ROIC———18.73%23.54%13.16%11.45%13.60%
EBITDA margin———21.95%23.10%20.12%20.18%20.24%
Net margin21.24%28.76%24.91%23.08%19.63%21.57%14.81%13.42%

AFL financial statements

Line202520242023202220212020
Net revenueUS$17.2bnUS$18.9bnUS$18.7bnUS$19.1bnUS$21.6bnUS$22.1bn
Cost of sales——————
Gross profit——————
EBITDA———US$4.2bnUS$5bnUS$4.5bn
EBIT———US$4.2bnUS$4.9bnUS$4.4bn
Net finance result——————
Profit before taxUS$4.5bnUS$6.4bnUS$5.3bnUS$4.9bnUS$5.2bnUS$4.2bn
Income tax-US$887m-US$974m-US$603m-US$451m-US$977mUS$619m
Net incomeUS$3.6bnUS$5.4bnUS$4.7bnUS$4.4bnUS$4.2bnUS$4.8bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does AFL pay dividends?

Dividend yield per year

  • 1.98%2017
  • 2.28%2018
  • 2.04%2019
  • 2.52%2020
  • 2.26%2021
  • 2.22%2022
  • 2.04%2023
  • 1.93%2024
  • 2.10%2025
  • 1.65%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend18/08/202601/09/2026US$0.61
Dividend19/05/202601/06/2026US$0.61
Dividend17/02/202602/03/2026US$0.61
Dividend18/11/202501/12/2025US$0.58
Dividend19/08/202502/09/2025US$0.58
Dividend20/05/202502/06/2025US$0.58
Dividend18/02/202503/03/2025US$0.58
Dividend19/11/202402/12/2024US$0.50
Dividend20/08/202402/09/2024US$0.50
Dividend20/05/202403/06/2024US$0.50
Dividend19/02/202401/03/2024US$0.50
Dividend13/11/202301/12/2023US$0.42
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend21/08/202301/09/2023US$0.42
Dividend15/05/202301/06/2023US$0.42
Dividend13/02/202301/03/2023US$0.42
Dividend14/11/202201/12/2022US$0.40
Dividend22/08/202201/09/2022US$0.40
Dividend16/05/202201/06/2022US$0.40
Dividend14/02/202201/03/2022US$0.40
Dividend15/11/202101/12/2021US$0.33
Dividend16/08/202101/09/2021US$0.33
Dividend17/05/202101/06/2021US$0.33
Dividend15/02/202101/03/2021US$0.33
Dividend16/11/202001/12/2020US$0.28
Dividend17/08/202001/09/2020US$0.28
Dividend18/05/202001/06/2020US$0.28
Dividend17/02/202002/03/2020US$0.28
Dividend18/11/201902/12/2019US$0.27
Dividend19/08/201903/09/2019US$0.27
Dividend20/05/201903/06/2019US$0.27
Dividend18/02/201901/03/2019US$0.27
Dividend19/11/201803/12/2018US$0.26
Dividend20/08/201801/09/2018US$0.26
Dividend21/05/201801/06/2018US$0.26
Dividend19/02/201801/03/2018US$0.26
Dividend13/11/201701/12/2017US$0.23
Dividend18/08/201701/09/2017US$0.22
Dividend19/05/201701/06/2017US$0.22
Dividend10/02/201701/03/2017US$0.22
Dividend11/11/201601/12/2016US$0.22

About Aflac Incorporated

Sector
Finance, insurance and real estate

Questions about AFL

How much is AFL today?

AFL is at US$111.54 (-0.21% on the day), last traded on 02/10/2026.

How much did AFL pay in dividends in 2025?

AFL paid US$2.32 per share in 2025, a dividend yield of 2.10%.

What are the P/E and P/B of AFL?

AFL trades at a P/E of 11.50 and a P/B of 1.84.

How much did AFL return in 12 months?

AFL returned 2.16% in 12 months, with annualised volatility of 16.06% and a largest drawdown of -11.87%.