Aflac Incorporated

AFL

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.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

32.72%

Operating Income = $1.60B

Revenue = $4.90B

Pre-tax Profit Margini

32.11%

Income Before Tax = $1.57B

Revenue = $4.90B

Net Profit Margini

28.17%

Net Income = $1.38B

Revenue = $4.90B

Tax Metrics

Effective Tax Ratei

12.28%

Income Tax Expense = $0.19B

Income Before Tax = $1.57B

Cash Tax Rate (TTM)i

13.28%

Income Taxes Paid = $0.60B

Income Before Tax = $4.53B

Financial Sector PPNR Metrics

PPNRi

$3.50B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $0.91B | non interest income: $3.92B | non interest expense: $1.33B

PPNR Margini

71.57%

PPNR = $3.50B

Revenue = $4.90B

PPNR / Avg Assetsi

2.99%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $3.50B | avg total assets: $117.02B

Cost Efficiency Metrics

Efficiency Ratioi

27.19%

Non-Interest Expense = $1.33B

Revenue = $4.90B

Cost-to-Incomei

27.19%

Operating Expenses = $1.33B

Revenue = $4.90B

Cost-to-Assetsi

1.14%

Operating Expenses = $1.33B

Avg Total Assets = $117.02B

Operating Leverage Metrics

Operating JAWSi

-250.49%

Revenue Growth = -10.95%

Expense Growth = 239.54%

Operating Margin Expansioni

-6.11pp

Current Operating Margin = 32.72%

Prior Operating Margin = 38.83%

Earnings Quality Metrics

Earnings Qualityi

1.07x

Operating Cash Flow = $1.47B

Net Income = $1.38B

Accruals / Avg Assetsi

-0.08%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.38B | operating cash flow: $1.47B | avg total assets: $117.02B

Volatility Metrics

PPNR Volatilityi

10.98x

Core Revenue Volatilityi

0.19x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $17.36B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $2.15B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

$20.46B

Tangible Assets (TA)i

$107.44B

TCE / TA Ratioi

19.04%

✅ Healthy

TCE = $20.46B

TA = $107.44B

Leverage

Equity / Assets (E/A)i

25.32%

Total Equity = $29.49B

Total Assets = $116.47B

Assets / Equity (A/E)i

3.95x

Total Assets = $116.47B

Total Equity = $29.49B

Capital Quality

AOCI / TCEi

7.10%

✅ Healthy

AOCI = $1.45B

TCE = $20.46B

(Goodwill + Intangibles) / Equityi

30.63%

✅ Healthy

GW+Intangibles = $9.03B

Total Equity = $29.49B

Liquidity

Liquidity Buffer (HQLA proxy)i

5.36%

🔴 Risk

Cash+ST Inv = $6.25B

Total Assets = $116.47B

Funding Structure

Wholesale Funding Ratio (Core)i

9.67%

✅ Healthy

ST+LT Debt = $8.41B

Total Liabilities = $86.98B

Securities / Assetsi

83.73%

🔴 Risk

ST+LT Inv = $97.52B

Total Assets = $116.47B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

$20.46B

ATCE / TAi

19.04%

TCE ATCE = $20.46B

TA = $107.44B

ATCE Scissor Spreadi

0 bps

✅ Healthy

TCE/TA = 1904.00%

ATCE/TA = 1904.00%

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Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

1.02x

TTM Operating Cash Flow = $3.71B

TTM Net Income = $3.65B

Cash Flow ROA (CFROA)i

3.11%

TTM Operating Cash Flow = $3.71B

Average Total Assets = $119.30B

Liquidity / Solvency

Cash Flow Adequacyi

0.95x

TTM Operating Cash Flow = $3.71B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $3.91B

OCF / Short-Term Debti

N/A

TTM Operating Cash Flow = $3.71B

Short-Term Debt = $0.00B

Sustainability / Stability

OCF Growth Rate (YoY)i

341.44%

Current Quarter OCF = $1.47B

Same Quarter Last Year OCF = $0.33B

OCF Volatility (CV)i

0.49x

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profitability Margins

Operating Income Margini

32.72%

Operating Income = $1.60B

Revenue = $4.90B

Pre-tax Profit Margini

32.11%

Income Before Tax = $1.57B

Revenue = $4.90B

Net Profit Margini

28.17%

Net Income = $1.38B

Revenue = $4.90B

Tax Metrics

Effective Tax Ratei

12.28%

Income Tax Expense = $0.19B

Income Before Tax = $1.57B

Cash Tax Rate (TTM)i

13.28%

Income Taxes Paid = $0.60B

Income Before Tax = $4.53B

Financial Sector PPNR Metrics

PPNRi

$3.50B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $0.91B | non interest income: $3.92B | non interest expense: $1.33B

PPNR Margini

71.57%

PPNR = $3.50B

Revenue = $4.90B

PPNR / Avg Assetsi

2.99%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $3.50B | avg total assets: $117.02B

Cost Efficiency Metrics

Efficiency Ratioi

27.19%

Non-Interest Expense = $1.33B

Revenue = $4.90B

Cost-to-Incomei

27.19%

Operating Expenses = $1.33B

Revenue = $4.90B

Cost-to-Assetsi

1.14%

Operating Expenses = $1.33B

Avg Total Assets = $117.02B

Operating Leverage Metrics

Operating JAWSi

-250.49%

Revenue Growth = -10.95%

Expense Growth = 239.54%

Operating Margin Expansioni

-6.11pp

Current Operating Margin = 32.72%

Prior Operating Margin = 38.83%

Earnings Quality Metrics

Earnings Qualityi

1.07x

Operating Cash Flow = $1.47B

Net Income = $1.38B

Accruals / Avg Assetsi

-0.08%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.38B | operating cash flow: $1.47B | avg total assets: $117.02B

Volatility Metrics

PPNR Volatilityi

10.98x

Core Revenue Volatilityi

0.19x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $17.36B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $2.15B | employee count: N/A

Capital Adequacy

Tangible Common Equity (TCE)i

$20.46B

Tangible Assets (TA)i

$107.44B

TCE / TA Ratioi

19.04%

✅ Healthy

TCE = $20.46B

TA = $107.44B

Leverage

Equity / Assets (E/A)i

25.32%

Total Equity = $29.49B

Total Assets = $116.47B

Assets / Equity (A/E)i

3.95x

Total Assets = $116.47B

Total Equity = $29.49B

Capital Quality

AOCI / TCEi

7.10%

✅ Healthy

AOCI = $1.45B

TCE = $20.46B

(Goodwill + Intangibles) / Equityi

30.63%

✅ Healthy

GW+Intangibles = $9.03B

Total Equity = $29.49B

Liquidity

Liquidity Buffer (HQLA proxy)i

5.36%

🔴 Risk

Cash+ST Inv = $6.25B

Total Assets = $116.47B

Funding Structure

Wholesale Funding Ratio (Core)i

9.67%

✅ Healthy

ST+LT Debt = $8.41B

Total Liabilities = $86.98B

Securities / Assetsi

83.73%

🔴 Risk

ST+LT Inv = $97.52B

Total Assets = $116.47B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

$20.46B

ATCE / TAi

19.04%

TCE ATCE = $20.46B

TA = $107.44B

ATCE Scissor Spreadi

0 bps

✅ Healthy

TCE/TA = 1904.00%

ATCE/TA = 1904.00%

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Aflac Incorporated

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)