# Aflac (AFL.US)

Canonical: https://gigainvestors.com/s/AFL

Analysis as of: 2026-10-16T07:26:17.278Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $118.05 per share; close as of 2026-10-15.

Estimated value: low $81.73 per share, central $89.90 per share, high $99.89 per share. Buy at or below the central value $89.90 per share. Valuation as of 2026-10-16T07:26:17.278Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.37×

Chart: Net income; fiscal year observations.

- FY2016: $2.7B

- FY2017: $4.6B

- FY2018: $2.9B

- FY2019: $3.3B

- FY2020: $4.8B

- FY2021: $4.3B

- FY2022: $4.2B

- FY2023: $4.7B

- FY2024: $5.4B

- FY2025: $3.6B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 13.0%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 11.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 13.0%

- FY2017: 18.7%

- FY2018: 12.4%

- FY2019: 11.4%

- FY2020: 3.0%

- FY2021: 13.0%

- FY2022: 20.9%

- FY2023: 21.2%

- FY2024: 20.9%

- FY2025: 12.4%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 14.0%

- Book return interval: 10 years

- Starting book value per share: $20.44

- Ending book value per share: $55.13

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 24.9%

- FY2017: 28.0%

- FY2018: 1.6%

- FY2019: 31.5%

- FY2020: 468.5%

- FY2021: -77.0%

- FY2022: -32.6%

- FY2023: 21.4%

- FY2024: 31.0%

- FY2025: 24.2%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -4.7%

- Diluted shares, 5-year annual growth: -5.7%

- Share growth excluding flagged crisis recapitalisations: -4.7%

- Five-year share growth excluding flagged crisis recapitalisations: -5.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.33×

- Book value created per share: $34.69

- Earnings retained per share after dividends and buybacks: $14.92

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 96

- FY2017: 92

- FY2018: 89

- FY2019: 86

- FY2020: 83

- FY2021: 78

- FY2022: 74

- FY2023: 69

- FY2024: 65

- FY2025: 62

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 2.4% a year forever · "AFL Q1 Deep Dive: Missed Expectations as Japan Sales Offset by Premium Pressure" (finance.yahoo.com, May 2026) · net income -33%

Story as of 2026-10-16T09:58:15.208Z; price observation 2026-10-15.

The price assumes profits grow 2.4% a year forever

- 2025-05-01: Aflac Q1 Earnings Miss Estimates on Lower Japan Premiums ([finance.yahoo.com](https://finance.yahoo.com/news/aflac-q1-earnings-miss-estimates-135600971.html))

- 2025-08-13: AFL Q2 Deep Dive: Japan Cancer Product Launch Drives Growth, U.S. Margin Discipline Maintained ([finance.yahoo.com](https://finance.yahoo.com/news/afl-q2-deep-dive-japan-035755602.html))

- 2025-11-05: Aflac Q3 Earnings Beat Estimates on Strong Group Life Sales ([finance.yahoo.com](https://finance.yahoo.com/news/aflac-q3-earnings-beat-estimates-195500545.html))

- 2026-02-05: Aflac Q4 Earnings Miss Estimates on Lower Investment Income ([finance.yahoo.com](https://finance.yahoo.com/news/aflac-q4-earnings-miss-estimates-152600920.html))

- 2026-07-29: Aflac (AFL) Could Be 10% Above Fair Value On Shrinking Revenue Views ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/aflac-afl-could-10-above-160953231.html))

- 2026-08-06: Aflac (NYSE:AFL) Reports Sales Below Analyst Estimates In Q2 CY2026 Earnings ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/aflac-nyse-afl-reports-sales-201631235.html))

### Net income · FY2025

net income -33%; source https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm; observed 2026-02-25.

- FY2016: $2.7B 

- FY2017: $4.6B 

- FY2018: $2.9B 

- FY2019: $3.3B 

- FY2020: $4.8B 

- FY2021: $4.3B 

- FY2022: $4.2B 

- FY2023: $4.7B 

- FY2024: $5.4B 

- FY2025: $3.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance life; annual sales are USD 17.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm#000162828026011402 (filed 2026-02-25); FY2025: revenue 17164000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AFL.US: Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates in two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care, whole life, and GIFT insurance products, as well as WAYS and child endowment, and Tsumitasu insurance products in Japan. Its Aflac U.S. segment provides accident, disability, cancer, critical illness, hospital indemnity, dental, vision, and life insurance products in the United States. The company also provides hearing, final expense, pet, Medicare supplement, supplemental dental and vision, short-term disability, and absence management insurance products, as well as cafeteria plans. It sells its products to individuals, families, and business owners through individual, independent corporate, and affiliated corporate agencies; banks; independent associates/career agents; and brokers. Aflac Incorporated was founded in 1955 and is headquartered in Columbus, Georgia.

### Why customers stay

It earns 13% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on tangible equity observations [[2016,0.12982130651303583],[2017,0.1871696885925685],[2018,0.12445656806751343],[2019,0.11409233744259124],[2020,0.030396915775477616],[2021,0.13006345292154092],[2022,0.20858987090367428],[2023,0.2119172162838299],[2024,0.20856004291516592],[2025,0.12363513055272973]]; median 0.1299423797172884. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,658000000],[2017,661000000],[2018,793000000],[2019,771000000],[2020,769000000],[2021,855000000],[2022,979000000],[2023,966000000],[2024,1087000000],[2025,1198000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 3530000000 USD.

### What could break it

"The Company is exposed to significant interest rate risk" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm (filed 2026-02-25); The Company is exposed to significant interest rate risk

### What the price says

The price assumes profits grow 2.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Price 118.05; FX 1; original perpetual distributable cash 8.990332819460594; discount 0.1; growth 0.023843008729685783. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $34.44 per share

- 2016-11: $35.69 per share

- 2016-12: $34.80 per share

- 2017-01: $35.00 per share

- 2017-02: $36.18 per share

- 2017-03: $36.21 per share

- 2017-04: $37.44 per share

- 2017-05: $37.69 per share

- 2017-06: $38.84 per share

- 2017-07: $39.88 per share

- 2017-08: $41.28 per share

- 2017-09: $40.70 per share

- 2017-10: $41.95 per share

- 2017-11: $43.82 per share

- 2017-12: $43.89 per share

- 2018-01: $44.10 per share

- 2018-02: $44.44 per share

- 2018-03: $43.76 per share

- 2018-04: $45.57 per share

- 2018-05: $45.06 per share

- 2018-06: $43.02 per share

- 2018-07: $46.54 per share

- 2018-08: $46.24 per share

- 2018-09: $47.07 per share

- 2018-10: $43.07 per share

- 2018-11: $45.74 per share

- 2018-12: $45.56 per share

- 2019-01: $47.70 per share

- 2019-02: $49.14 per share

- 2019-03: $50.00 per share

- 2019-04: $50.38 per share

- 2019-05: $51.30 per share

- 2019-06: $54.81 per share

- 2019-07: $52.64 per share

- 2019-08: $50.18 per share

- 2019-09: $52.32 per share

- 2019-10: $53.16 per share

- 2019-11: $54.84 per share

- 2019-12: $52.90 per share

- 2020-01: $51.57 per share

- 2020-02: $42.85 per share

- 2020-03: $34.24 per share

- 2020-04: $37.24 per share

- 2020-05: $36.47 per share

- 2020-06: $36.03 per share

- 2020-07: $35.57 per share

- 2020-08: $36.32 per share

- 2020-09: $36.35 per share

- 2020-10: $33.95 per share

- 2020-11: $43.93 per share

- 2020-12: $44.47 per share

- 2021-01: $45.18 per share

- 2021-02: $47.89 per share

- 2021-03: $51.18 per share

- 2021-04: $53.73 per share

- 2021-05: $56.68 per share

- 2021-06: $53.66 per share

- 2021-07: $55.00 per share

- 2021-08: $56.68 per share

- 2021-09: $52.13 per share

- 2021-10: $53.67 per share

- 2021-11: $54.14 per share

- 2021-12: $58.39 per share

- 2022-01: $62.82 per share

- 2022-02: $61.09 per share

- 2022-03: $64.39 per share

- 2022-04: $57.28 per share

- 2022-05: $60.57 per share

- 2022-06: $55.33 per share

- 2022-07: $57.30 per share

- 2022-08: $59.42 per share

- 2022-09: $56.20 per share

- 2022-10: $65.11 per share

- 2022-11: $71.93 per share

- 2022-12: $71.94 per share

- 2023-01: $73.50 per share

- 2023-02: $68.15 per share

- 2023-03: $64.52 per share

- 2023-04: $69.85 per share

- 2023-05: $64.21 per share

- 2023-06: $69.80 per share

- 2023-07: $72.34 per share

- 2023-08: $74.57 per share

- 2023-09: $76.75 per share

- 2023-10: $78.11 per share

- 2023-11: $82.71 per share

- 2023-12: $82.50 per share

- 2024-01: $84.34 per share

- 2024-02: $80.74 per share

- 2024-03: $85.86 per share

- 2024-04: $83.65 per share

- 2024-05: $89.87 per share

- 2024-06: $89.31 per share

- 2024-07: $95.38 per share

- 2024-08: $110.36 per share

- 2024-09: $111.80 per share

- 2024-10: $104.79 per share

- 2024-11: $114.00 per share

- 2024-12: $103.44 per share

- 2025-01: $107.38 per share

- 2025-02: $109.47 per share

- 2025-03: $111.19 per share

- 2025-04: $108.68 per share

- 2025-05: $103.54 per share

- 2025-06: $105.46 per share

- 2025-07: $99.36 per share

- 2025-08: $106.86 per share

- 2025-09: $111.70 per share

- 2025-10: $107.19 per share

- 2025-11: $110.31 per share

- 2025-12: $110.27 per share

- 2026-01: $110.95 per share

- 2026-02: $112.93 per share

- 2026-03: $109.71 per share

- 2026-04: $113.67 per share

- 2026-05: $112.42 per share

- 2026-06: $117.25 per share

- 2026-07: $127.48 per share

- 2026-08: $115.85 per share

- 2026-09: $111.78 per share

- 2026-10: $116.44 per share

## Annual estimated value (USD per share)

- FY2016: low $28.63 per share, central $31.49 per share, high $34.99 per share

- FY2017: low $42.99 per share, central $47.29 per share, high $52.55 per share

- FY2018: low $56.13 per share, central $70.16 per share, high $93.54 per share

- FY2019: low $56.91 per share, central $62.60 per share, high $69.56 per share

- FY2020: low $654.47 per share, central $818.09 per share, high $1,090.78 per share

- FY2021: low $78.79 per share, central $86.67 per share, high $96.30 per share

- FY2022: low $40.21 per share, central $44.23 per share, high $49.15 per share

- FY2023: low $47.78 per share, central $52.56 per share, high $58.40 per share

- FY2024: low $68.69 per share, central $75.56 per share, high $83.96 per share

- FY2025: low $76.61 per share, central $84.27 per share, high $93.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/4977/000162828026011402/afl-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 236,216 AFL shares; USD 27,697,000 reported position value; 0.28% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 6,274 AFL shares; USD 701,000 reported position value; 0.06% of portfolio; add; quarter 2026 Q3.

# AFL — AFLAC Inc.

Held by 1 investor · USD 701,000 total · 2026 Q3 · reported price USD 111.73 (split-adjusted).
Page: https://gigainvestors.com/s/AFL

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 701,000 | 0.1% | add +0.16% |

## Total held by quarter

- 2020 Q1: USD 212,012 · 1 holder · USD 34.19
- 2020 Q2: USD 222,988 · 1 holder · USD 35.96
- 2020 Q3: USD 224,972 · 1 holder · USD 36.28
- 2020 Q4: USD 276,007 · 1 holder · USD 44.51
- 2021 Q1: USD 316,995 · 1 holder · USD 51.12
- 2021 Q2: USD 332,994 · 1 holder · USD 53.70
- 2021 Q3: USD 323,010 · 1 holder · USD 52.09
- 2021 Q4: USD 362,014 · 1 holder · USD 58.38
- 2022 Q1: USD 398,972 · 1 holder · USD 64.34
- 2022 Q2: USD 342,977 · 1 holder · USD 55.31
- 2022 Q3: USD 348,000 · 1 holder · USD 56.12
- 2022 Q4: USD 445,976 · 1 holder · USD 71.92
- 2023 Q1: USD 400,027 · 1 holder · USD 64.51
- 2023 Q2: USD 433,016 · 1 holder · USD 69.83
- 2023 Q3: USD 475,989 · 1 holder · USD 76.76
- 2023 Q4: USD 512,017 · 1 holder · USD 82.57
- 2024 Q1: USD 46,736,083 · 2 holders · USD 85.86
- 2024 Q2: USD 46,724,945 · 2 holders · USD 89.34
- 2024 Q3: USD 41,097,768 · 2 holders · USD 111.80
- 2024 Q4: USD 32,147,269 · 2 holders · USD 103.44
- 2025 Q1: USD 25,088,617 · 2 holders · USD 111.25
- 2025 Q2: USD 23,500,203 · 2 holders · USD 105.46
- 2025 Q3: USD 24,751,370 · 2 holders · USD 111.77
- 2025 Q4: USD 24,073,158 · 2 holders · USD 110.27
- 2026 Q1: USD 26,935,890 · 2 holders · USD 109.71
- 2026 Q2: USD 28,431,016 · 2 holders · USD 117.25
- 2026 Q3: USD 701,000 · 1 holder · USD 111.73