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Aflac Incorporated

AFL
55
Insurance - Life · Financial Services
Also trades as: 0H68.L GBP 1.21 (-1.96%)
Price
$120.51
-2.76 (-2.24%)
Market Cap
$60.42B
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Good
11/20
Cash Flow
Good
5/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Good
3/5

55 of 100 counted points = Winston Score 55.

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Share count falling — buybacks

−21.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 676.7M (2021) → 532.0M (2025)

§Winston Score History

The full picture

Aflac sells supplemental insurance, which means it pays cash directly to people when they get sick or injured — on top of whatever their regular health insurance covers. Its most popular products include cancer insurance, accident coverage, and hospital indemnity plans, sold mainly to individuals and employees at small and mid-sized businesses. Aflac is the largest provider of supplemental insurance in both the United States and Japan.

The company earns money by collecting premiums from policyholders and investing that float, with Japan accounting for roughly 70% of total revenue and the U.S. making up the rest. Its brand recognition — especially the famous duck mascot — and its deep distribution network through workplaces give it a durable competitive position that is hard for smaller rivals to replicate. The biggest risk Aflac faces is currency exposure, since a weaker Japanese yen reduces the value of its Japan earnings when converted back to U.S. dollars.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.2% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

+46.4% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.12

30 Jun 2026: $1.64

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$103.0B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Aflac Incorporated's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
54.6%
Healthy — 54.6% gross margin
Profit after running costs
Operating Margin
24.4%
Excellent — 24.4% operating margin
Return on the money invested
ROCE
14.9%
Good — 14.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+11.6%
Steady sales growth (+11.6% YoY)
Profit growth
EPS YoY
+109.8%
Earnings growing fast (+109.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
54%
Weak — only 54% of profit becomes cash
Spare cash per sale
FCF Margin
14.6%
Converts sales into free cash efficiently (14.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.29
Conservative — low debt load (0.29)
Covers its interest
Interest Cover
24.03x
Comfortably covers interest (24.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.9x
Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-2.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.12%
Moderate income — 2.12% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+7.6%
Dividend growing modestly (7.6% YoY)
Payout Ratio
25%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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