Aflac Inc. (AFL) intrinsic value & 10-year financials
Aflac Inc. (AFL) has a Graham intrinsic value of $144.16 per share. At $119.97 on Oct 17, 2026, the stock trades 17% below that value. Over the last 10 fiscal years revenue shrank 3.0% a year to $17.2B, with an average return on invested capital of 14.3%.
- Graham intrinsic value
- $144.16
- Share price (Oct 17, 2026)
- $119.97
- Price vs Graham value
- 17% below
- Market cap
- $64.2B
- Revenue (FY2025)
- $17.2B
- Revenue growth (10-yr CAGR)
- -3.0%
- ROIC (10-yr avg)
- 14.3%
- Free cash flow (FY2025)
- —
AFL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $17.2B | $3.6B | $6.82 | — | — | 12.4% |
| FY2024 | $18.9B | $5.4B | $9.63 | — | — | 20.8% |
| FY2023 | $18.7B | $4.7B | $7.78 | — | — | 18.3% |
| FY2022 | $19.5B | $4.2B | $6.59 | — | 21.3% | 12.2% |
| FY2021 | $22.1B | $4.3B | $6.39 | — | 22.3% | 11.1% |
| FY2020 | $22.1B | $4.8B | $6.67 | — | 19.9% | 13.2% |
| FY2019 | $22.3B | $3.3B | $4.43 | — | 20.0% | 11.9% |
| FY2018 | $21.8B | $2.9B | $3.77 | — | 20.0% | 12.4% |
| FY2017 | $21.7B | $4.6B | $5.77 | — | 18.9% | 17.3% |
| FY2016 | $22.6B | $2.7B | $3.21 | — | 19.1% | 13.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Aflac is facing top-line stagnation, with revenue contracting over the decade.
Aflac returns on capital have been average, hovering around 14.3% ROIC over the decade.
Over the decade, Aflac shows that management has aggressively returned capital to shareholders by retiring 35.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Aflac is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $144.16 per share.