Aflac Incorporated (AFL) Stock

Aflac Incorporated (AFL) is a Healthcare stock trading at $118.20 (as of 2026-08-24), with a market capitalization of $60.16B and a trailing P/E of 13.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Aflac Incorporated, through its subsidiaries, offers supplemental health and life insurance products. It operates in Aflac Japan and Aflac U.S., providing products such as cancer, medical, nursing care income, and life and savings-type plans in Japan, and a range of health and life coverages in the United States sold via sales associates, brokers, independent corporate and individual agencies, and affiliated corporate agencies.

Understand Aflac Incorporated: how it makes money

Aflac provides supplemental health and life insurance products in Japan and the United States, making money by collecting premiums from policyholders.

Aflac earns from insurance premiums and investment income, while claims and operating expenses are the main costs that determine profit.

Business quality (Solid): Solid, with strong profitability but modest top-line contraction.

Valuation: At 13× earnings, AFL trades in line with the Insurance average (13×).

Bull case

  • Strong operating profitability: An operating margin of 24% shows the insurance model is converting revenue into substantial operating profit, which can help Aflac absorb claims or expense pressure.
  • Valuation is broadly reasonable: At P/E 13.1× versus the Insurance industry 13× (1% above), Aflac is priced close to peers, so the investment case does not require a large valuation re-rating.

Bear case

  • Top line is slightly shrinking: Quarterly revenue $4.1B (-1% YoY) points to modest contraction, which could limit earnings growth if premium growth does not recover.
Valuation — source: SEC EDGAR (first-party)
Price$118.20
Market Cap$60.16B
P/E Ratio13.4
EV / EBITDA9.9
Price / Book1.98
Price / Sales3.43
DCF Value (model)$103.33
DCF Upside vs Price-12.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$17.16B
Net Margin21.2%
Revenue Growth (YoY)-9.3%
EPS Growth (YoY)-29.3%
Valuation vs Sector & Industry
Stock P/E13.4
Sector P/E (Healthcare)21.7
Industry P/E (Insurance)13.1
vs Sector-38.4%
vs Industry2.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($6.30B)
Institutional Holders Tracked10
Congressional Trades (recent)8
Company
SectorHealthcare
IndustryInsurance
CEODaniel Paul Amos
Employees12,694
CountryUS
IPO Date1980-03-17

Related Companies (Insurance; 8 comparable insurers)

  • Unum Group (UNM)
  • Principal Financial Group, Inc. (PFG)
  • CNO Financial Group, Inc. (CNO)
  • Lincoln National Corporation (LNC)
  • Corebridge Financial, Inc. (CRBG)
  • Reinsurance Group of America, Incorporated (RGA)
  • Voya Financial, Inc. (VOYA)
  • Assurant, Inc. (AIZ)
AFL earnings history · AFL institutional & insider holders · AFL KPIs & operating metrics · AFL financials · AFL investor presentations & press releases · AFL SEC filings · AFL peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.