US · USD

AFL

Aflac Incorporated

$111.18-0.54% (-$0.60)Updated 10/1/26, 5:00 PM

Day's range: $110.66 – $112.01
Day's volume: $162.9M
52-week range: $103.54 – $128.90

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AFL in numbers

Market cap: $55.7B

P/E: 11.46

P/B: 1.84

Dividend yield (12m): 2.17%

The 12-month dividend yield of AFL is 2.17%, above its 5-year average of 2.11%.

AFL price history

10/02/202510/01/2026

Compare with

AFL risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+2.16%	+55.22%	+140.10%
Volatility (annualized)	16.06%	18.87%	20.65%
Largest drawdown	-11.87%	-11.87%	-13.45%
Positive months	6/12	21/36	38/60

How much did investing in AFL return?

Amount invested

$1,000.00 invested on 09/01/2021 would be worth $2,401.04 today.

Value today in AFL: $2,401.04

Return over the period: +140.10%

Return per year: +19.15%

In the S&P 500: $1,776.31

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

AFL fundamentals

Valuation

P/E
11.46
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
$9.70
Book value per share
$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 $111.18.

Graham's fair price: $114.86; 3.31% above the price

√(22.50 × $9.70 × $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: $29.73; 73.26% below the price

$1.78 (5-year average) ÷ 6%

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

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

AFL's indicators by year

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

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	15.62	10.39	10.22	9.97	8.97	6.41	11.57	11.71
P/B	1.93	2.17	2.17	2.19	2.23	0.91	1.32	1.46
EV/EBITDA	—	—	—	10.48	7.62	6.87	8.49	7.76
Dividend yield	2.10%	1.93%	2.04%	2.22%	2.26%	2.52%	2.04%	2.28%
Earnings per share	$7.06	$9.96	$8.07	$7.22	$6.51	$6.94	$4.57	$3.89
Book value per share	$57.11	$47.75	$38.10	$32.90	$26.21	$48.74	$40.08	$31.27
ROE	12.36%	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 margin	21.24%	28.76%	24.91%	23.08%	19.63%	21.57%	14.81%	13.42%

AFL's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	$17.2B	$18.9B	$18.7B	$19.1B	$21.6B	$22.1B
Cost of revenue	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—
EBITDA	—	—	—	$4.2B	$5B	$4.5B
EBIT	—	—	—	$4.2B	$4.9B	$4.4B
Financial result	—	—	—	—	—	—
Income before tax	$4.5B	$6.4B	$5.3B	$4.9B	$5.2B	$4.2B
Income tax	-$887M	-$974M	-$603M	-$451M	-$977M	$619M
Net income	$3.6B	$5.4B	$4.7B	$4.4B	$4.2B	$4.8B

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
Type	Last day to own	Payment	Per share
Dividend	08/18/2026	09/01/2026	$0.61
Dividend	05/19/2026	06/01/2026	$0.61
Dividend	02/17/2026	03/02/2026	$0.61
Dividend	11/18/2025	12/01/2025	$0.58
Dividend	08/19/2025	09/02/2025	$0.58
Dividend	05/20/2025	06/02/2025	$0.58
Dividend	02/18/2025	03/03/2025	$0.58
Dividend	11/19/2024	12/02/2024	$0.50
Dividend	08/20/2024	09/02/2024	$0.50
Dividend	05/20/2024	06/03/2024	$0.50
Dividend	02/19/2024	03/01/2024	$0.50
Dividend	11/13/2023	12/01/2023	$0.42

See all 40 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Dividend	08/21/2023	09/01/2023	$0.42
Dividend	05/15/2023	06/01/2023	$0.42
Dividend	02/13/2023	03/01/2023	$0.42
Dividend	11/14/2022	12/01/2022	$0.40
Dividend	08/22/2022	09/01/2022	$0.40
Dividend	05/16/2022	06/01/2022	$0.40
Dividend	02/14/2022	03/01/2022	$0.40
Dividend	11/15/2021	12/01/2021	$0.33
Dividend	08/16/2021	09/01/2021	$0.33
Dividend	05/17/2021	06/01/2021	$0.33
Dividend	02/15/2021	03/01/2021	$0.33
Dividend	11/16/2020	12/01/2020	$0.28
Dividend	08/17/2020	09/01/2020	$0.28
Dividend	05/18/2020	06/01/2020	$0.28
Dividend	02/17/2020	03/02/2020	$0.28
Dividend	11/18/2019	12/02/2019	$0.27
Dividend	08/19/2019	09/03/2019	$0.27
Dividend	05/20/2019	06/03/2019	$0.27
Dividend	02/18/2019	03/01/2019	$0.27
Dividend	11/19/2018	12/03/2018	$0.26
Dividend	08/20/2018	09/01/2018	$0.26
Dividend	05/21/2018	06/01/2018	$0.26
Dividend	02/19/2018	03/01/2018	$0.26
Dividend	11/13/2017	12/01/2017	$0.23
Dividend	08/18/2017	09/01/2017	$0.22
Dividend	05/19/2017	06/01/2017	$0.22
Dividend	02/10/2017	03/01/2017	$0.22
Dividend	11/11/2016	12/01/2016	$0.22

About Aflac Incorporated

Sector: Finance, insurance and real estate

Questions about AFL

How much is AFL today?

AFL is at $111.18 (-0.54% on the day), last traded on 10/01/2026.

How much did AFL pay in dividends in 2025?

AFL paid $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 11.46 and a P/B of 1.84.

How much did AFL return in 12 months?

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