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Aflac (AFL) Financials

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$106.23 +0.70 (+0.66%)
As of 11:25 AM Eastern
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Annual Income Statements for Aflac

Annual Income Statements for Aflac

This table shows Aflac's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443
Consolidated Net Income / (Loss)		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443
Net Income / (Loss) Continuing Operations		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443
Total Pre-Tax Income 		3,862 4,067 4,018 3,983 4,445 4,159 5,208 4,869 5,262 6,417
Total Revenue		 19,280 20,923 20,111 20,216 22,079 20,589 21,316 19,140 17,649 18,927
Net Interest Income / (Expense)		 -289 -268 -240 -222 -228 -242 -238 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 289 268 240 222 228 242 238 0.00 0.00 0.00
Total Non-Interest Income		 19,569 21,191 20,351 20,438 22,307 20,831 21,554 19,140 17,649 18,927
Other Service Charges		 - - - - 84 - 173 220 177 100
Net Realized & Unrealized Capital Gains on Investments		 3,093 3,264 3,069 3,012 3,443 3,368 4,286 4,019 4,401 5,387
Premiums Earned		 17,570 19,225 18,531 18,677 18,780 18,622 17,095 14,901 14,123 13,440
Total Non-Interest Expense		 15,418 16,856 16,093 16,233 17,634 16,430 16,108 14,271 12,387 12,510
Salaries and Employee Benefits		 - - - - 1,321 - 1,256 1,117 - 998
Property & Liability Insurance Claims		 11,746 12,919 12,181 12,000 11,942 11,796 10,476 8,887 8,211 7,450
Other Operating Expenses		 2,606 2,796 2,780 2,988 3,089 3,420 3,541 3,475 3,360 3,211
Amortization Expense		 1,066 1,141 1,132 1,245 1,282 1,214 835 792 816 851
Income Tax Expense		 1,329 1,408 -586 1,063 1,141 -619 977 451 603 974
Basic Earnings per Share		 $5.88 $3.23 $5.81 $3.79 $4.45 $6.69 $6.28 $6.96 $7.81 $9.68
Weighted Average Basic Shares Outstanding		 430.65M 822.94M 792.04M 769.59M 742.41M 713.70M 673.62M 634.82M 596.17M 562.49M
Diluted Earnings per Share		 $5.85 $3.21 $5.77 $3.77 $4.43 $6.67 $6.25 $6.93 $7.78 $9.63
Weighted Average Diluted Shares Outstanding		 433.17M 827.84M 797.86M 774.65M 746.43M 716.19M 676.73M 637.66M 598.75M 565.02M
Weighted Average Basic & Diluted Shares Outstanding		 430.80M 401.43M 792.40M 750.33M 722.52M 688.59M 649.86M 612.21M 577.01M 546.59M
Cash Dividends to Common per Share		 - - - - $1.08 $1.12 $1.32 $1.60 $1.68 $2.00

Quarterly Income Statements for Aflac

This table shows Aflac's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1,781 196 1,188 1,634 1,569 268 1,879 1,755 -93 1,902
Consolidated Net Income / (Loss)		 1,781 196 1,188 1,634 1,569 268 1,879 1,755 -93 1,902
Net Income / (Loss) Continuing Operations		 1,781 196 1,188 1,634 1,569 268 1,879 1,755 -93 1,902
Total Pre-Tax Income 		1,329 538 1,342 1,825 1,805 290 2,170 2,019 92 2,136
Total Revenue		 4,378 4,385 4,752 5,121 4,950 2,826 5,134 5,088 2,949 5,756
Net Interest Income / (Expense)		 -59 170 -48 -51 0.00 99 -47 -50 0.00 97
Total Interest Expense		 59 -170 48 51 0.00 -99 47 50 0.00 -97
Total Non-Interest Income		 4,437 4,215 4,800 5,172 4,950 2,727 5,181 5,138 2,949 5,659
Other Service Charges		 50 51 46 45 47 39 29 22 23 26
Net Realized & Unrealized Capital Gains on Investments		 1,119 374 1,066 1,554 1,427 354 1,951 1,791 -402 2,047
Premiums Earned		 3,535 3,523 3,688 3,573 3,476 3,386 3,456 3,325 3,328 3,331
Total Non-Interest Expense		 3,049 3,847 3,410 3,296 3,145 2,536 2,964 3,069 2,857 3,620
Property & Liability Insurance Claims		 2,076 2,054 2,150 2,098 1,860 2,103 2,010 1,921 2,003 1,516
Other Operating Expenses		 779 1,061 775 728 834 1,023 739 694 389 1,389
Amortization Expense		 194 194 205 202 201 208 215 208 214 214
Income Tax Expense		 -452 342 154 191 236 22 291 264 185 234
Basic Earnings per Share		 $2.83 $0.34 $1.94 $2.72 $2.65 $0.50 $3.27 $3.11 ($0.17) $3.47
Weighted Average Basic Shares Outstanding		 629.35M 634.82M 611.21M 600.74M 591.25M 596.17M 574.89M 564.57M 557.90M 562.49M
Diluted Earnings per Share		 $2.82 $0.34 $1.94 $2.71 $2.64 $0.49 $3.25 $3.10 ($0.17) $3.45
Weighted Average Diluted Shares Outstanding		 631.95M 637.66M 613.95M 602.93M 593.60M 598.75M 577.48M 566.84M 560.41M 565.02M
Weighted Average Basic & Diluted Shares Outstanding		 621.79M 612.21M 604.23M 594.06M 584.38M 577.01M 568.22M 560.03M 555.53M 546.59M
Cash Dividends to Common per Share		 $0.40 $0.40 $0.42 $0.42 $0.42 $0.42 $0.50 $0.50 $0.50 $0.50

Annual Cash Flow Statements for Aflac

This table details how cash moves in and out of Aflac's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -308 509 -1,368 846 559 245 -90 -1,108 363 1,923
Net Cash From Operating Activities		 6,776 5,987 6,128 6,014 5,455 5,958 5,051 3,879 3,190 2,707
Net Cash From Continuing Operating Activities		 6,776 5,987 6,128 6,014 5,455 5,958 5,051 3,879 3,190 2,707
Net Income / (Loss) Continuing Operations		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443
Consolidated Net Income / (Loss)		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443
Amortization Expense		 1,066 1,141 1,132 1,245 1,282 1,214 835 792 816 851
Non-Cash Adjustments to Reconcile Net Income		 -458 -1,093 -1,167 -503 -959 -696 -957 -1,553 -633 -2,943
Changes in Operating Assets and Liabilities, net		 3,635 3,280 1,559 2,352 1,828 662 942 222 -1,652 -644
Net Cash From Investing Activities		 -4,897 -3,855 -5,431 -3,582 -3,171 -4,619 -2,378 -1,540 817 2,781
Net Cash From Continuing Investing Activities		 -4,897 -3,855 -5,431 -3,582 -3,171 -4,619 -2,378 -1,540 817 2,781
Purchase of Investment Securities		 -8,392 -13,495 -13,528 -15,029 -11,541 -10,667 -10,902 -8,721 -5,042 -7,644
Sale and/or Maturity of Investments		 3,495 9,738 8,097 11,271 8,370 6,048 8,524 7,181 5,859 10,425
Net Cash From Financing Activities		 -2,187 -1,619 -2,065 -1,616 -1,713 -1,115 -2,739 -3,551 -3,723 -3,486
Net Cash From Continuing Financing Activities		 -2,187 -1,619 -2,065 -1,616 -1,713 -1,115 -2,739 -3,551 -3,723 -3,486
Issuance of Debt		 998 986 1,040 1,020 615 1,545 1,153 1,277 204 823
Issuance of Common Equity		 36 46 33 58 49 34 26 17 17 14
Repayment of Debt		 -1,272 -610 -1,161 -569 0.00 -350 -700 -1,416 0.00 -194
Repurchase of Common Equity		 -1,315 -1,422 -1,351 -1,301 -1,627 -1,537 -2,301 -2,401 -2,801 -2,800
Payment of Dividends		 -656 -658 -661 -793 -771 -769 -855 -979 -966 -1,087
Other Financing Activities, Net		 22 39 35 -31 21 -38 -62 -49 -177 -242
Effect of Exchange Rate Changes		 0.00 -4.00 0.00 30 -12 21 -24 104 79 -79
Cash Interest Paid		 236 211 196 181 190 210 213 211 185 180
Cash Income Taxes Paid		 996 1,526 780 998 1,384 800 880 961 1,569 1,367

Quarterly Cash Flow Statements for Aflac

This table details how cash moves in and out of Aflac's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -463 -767 -134 911 782 -1,196 792 962 -448 617
Net Cash From Operating Activities		 1,076 1,033 890 442 1,276 582 849 255 1,270 333
Net Cash From Continuing Operating Activities		 1,076 1,033 890 442 1,276 582 849 255 1,270 333
Net Income / (Loss) Continuing Operations		 1,781 196 1,188 1,634 1,569 268 1,879 1,755 -93 1,902
Consolidated Net Income / (Loss)		 1,781 196 1,188 1,634 1,569 268 1,879 1,755 -93 1,902
Amortization Expense		 193 194 205 202 201 208 215 209 214 213
Non-Cash Adjustments to Reconcile Net Income		 -595 657 -632 -773 -640 1,412 -1,527 -1,182 1,199 -1,433
Changes in Operating Assets and Liabilities, net		 -303 -14 129 -621 146 -1,306 282 -527 -50 -349
Net Cash From Investing Activities		 -930 -693 -77 1,565 490 -1,161 227 2,067 -1,030 1,517
Net Cash From Continuing Investing Activities		 -930 -693 -77 1,565 490 -1,161 227 2,067 -1,030 1,517
Purchase of Investment Securities		 -2,619 -2,509 -2,846 1,812 -731 -3,277 -2,705 -102 -2,953 -1,884
Sale and/or Maturity of Investments		 1,689 1,816 2,769 -247 1,221 2,116 2,932 2,169 1,923 3,401
Net Cash From Financing Activities		 -612 -1,295 -933 -1,011 -992 -787 -256 -1,320 -826 -1,084
Net Cash From Continuing Financing Activities		 -612 -1,295 -933 -1,011 -992 -787 -256 -1,320 -826 -1,084
Issuance of Common Equity		 5.00 2.00 2.00 3.00 4.00 8.00 6.00 6.00 9.00 -7.00
Repurchase of Common Equity		 -651 -600 -700 -700 -700 -701 -750 -800 -500 -750
Payment of Dividends		 -242 -239 -248 -243 -239 -236 -278 -272 -270 -267
Other Financing Activities, Net		 -35 -8.00 13 -71 -57 -62 -57 -60 -65 -60
Effect of Exchange Rate Changes		 3.00 188 -14 -85 8.00 170 -28 -40 138 -149
Cash Interest Paid		 49 58 37 57 38 53 34 53 40 53
Cash Income Taxes Paid		 95 361 0.00 765 105 699 0.00 777 28 562

Annual Balance Sheets for Aflac

This table presents Aflac's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 118,256 129,819 137,217 140,406 152,768 165,086 157,542 131,738 126,724 117,566
Cash and Due from Banks		 4,350 4,859 3,491 4,337 4,896 5,141 5,051 3,943 4,306 6,229
Trading Account Securities		 106,398 110,052 115,743 114,200 122,149 130,346 122,299 95,888 92,197 82,031
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 10,554 11,786 13,496 12,527 10,869
Loans and Leases		 - - - - - 10,554 11,786 13,496 12,527 10,869
Accrued Investment Income		 768 754 769 773 772 780 737 745 731 710
Premises and Equipment, Net		 427 433 434 443 581 601 538 530 445 387
Unearned Premiums Asset		 705 669 827 851 828 796 672 647 848 779
Deferred Acquisition Cost		 8,511 8,993 9,505 9,875 10,128 10,441 9,525 9,239 9,132 8,758
Other Assets		 2,242 4,059 6,448 3,008 3,845 5,144 6,934 7,250 6,538 7,803
Total Liabilities & Shareholders' Equity		 118,256 129,819 137,217 140,406 152,768 165,086 157,542 131,738 126,724 117,566
Total Liabilities		 100,548 109,337 112,619 116,944 123,809 131,527 124,289 111,598 104,739 91,468
Long-Term Debt		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498
Claims and Claim Expense		 3,802 4,045 4,392 4,584 4,659 5,187 4,836 201 261 381
Future Policy Benefits		 69,687 76,106 81,857 86,368 90,335 97,783 90,588 88,241 83,718 70,381
Unearned Premiums Liability		 7,857 6,916 5,959 5,090 4,243 3,597 2,576 1,825 1,451 1,286
Participating Policy Holder Equity		 6,285 6,659 6,939 7,146 7,317 7,824 7,072 6,643 6,169 5,460
Other Long-Term Liabilities		 7,005 10,251 8,183 7,978 8,810 8,273 11,261 7,246 5,776 6,462
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 17,708 20,482 24,598 23,462 28,959 33,559 33,253 20,140 21,985 26,098
Total Preferred & Common Equity		 17,708 20,482 24,598 23,462 28,959 33,559 33,253 20,140 21,985 26,098
Total Common Equity		 17,708 20,482 24,598 23,462 28,959 33,593 33,283 20,140 21,985 26,098
Common Stock		 1,895 2,043 2,187 2,312 2,448 2,545 2,664 2,776 2,907 3,030
Retained Earnings		 24,007 25,981 29,895 31,788 34,291 37,984 41,381 44,367 47,993 52,277
Treasury Stock		 -8,819 -10,172 -11,512 -12,789 -14,395 -15,904 -18,185 -20,574 -23,395 -26,231
Accumulated Other Comprehensive Income / (Loss)		 625 2,630 4,028 2,151 6,615 8,968 7,423 -6,429 -5,520 -2,978

Quarterly Balance Sheets for Aflac

This table presents Aflac's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Total Assets		 128,100 131,738 134,966 130,626 125,111 126,724 124,742 120,168 128,442 117,566
Cash and Due from Banks		 4,710 3,943 3,809 4,720 5,502 4,306 5,098 6,060 5,612 6,229
Trading Account Securities		 92,173 95,888 78,099 74,505 87,690 92,197 87,581 82,672 90,798 82,031
Loans and Leases, Net of Allowance		 13,459 13,496 33,351 18,401 12,873 12,527 12,360 11,795 11,544 10,869
Loans and Leases		 13,459 13,496 33,351 18,401 12,873 12,527 12,360 11,795 11,544 10,869
Accrued Investment Income		 684 745 701 719 687 731 693 726 696 710
Premises and Equipment, Net		 488 530 528 500 445 445 418 398 421 387
Unearned Premiums Asset		 655 647 789 755 712 848 1,038 880 814 779
Deferred Acquisition Cost		 8,155 9,239 9,267 8,860 8,771 9,132 8,819 8,550 9,232 8,758
Other Assets		 7,776 7,250 8,422 22,166 8,431 6,538 8,735 9,087 9,325 7,803
Total Liabilities & Shareholders' Equity		 128,100 131,738 134,966 130,626 125,111 126,724 124,742 120,168 128,442 117,566
Total Liabilities		 103,948 111,598 115,182 110,187 102,442 104,739 101,205 94,121 103,612 91,468
Long-Term Debt		 7,518 7,442 7,420 7,087 6,961 7,364 7,912 7,430 7,978 7,498
Claims and Claim Expense		 4,516 201 229 244 249 261 344 359 381 381
Future Policy Benefits		 74,629 88,241 91,293 85,904 78,448 83,718 77,867 70,339 79,672 70,381
Unearned Premiums Liability		 1,763 1,825 1,743 1,544 1,447 1,451 1,322 1,216 1,406 1,286
Participating Policy Holder Equity		 5,632 6,643 6,668 6,115 5,884 6,169 5,831 5,439 6,095 5,460
Other Long-Term Liabilities		 9,890 7,246 7,829 9,293 9,453 5,776 7,929 9,338 8,080 6,462
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 24,152 20,140 19,784 20,439 22,669 21,985 23,537 26,047 24,830 26,098
Total Preferred & Common Equity		 24,152 20,140 19,784 20,439 22,669 21,985 23,537 26,047 24,830 26,098
Total Common Equity		 24,152 20,140 19,784 20,439 22,669 21,985 23,537 26,047 24,850 26,098
Common Stock		 2,750 2,776 2,800 2,833 2,865 2,907 2,942 2,971 3,012 3,030
Retained Earnings		 44,892 44,367 45,555 46,937 48,257 47,993 49,872 51,345 50,972 52,277
Treasury Stock		 -19,979 -20,574 -21,293 -21,993 -22,693 -23,395 -24,175 -24,977 -25,477 -26,231
Accumulated Other Comprehensive Income / (Loss)		 -3,511 -6,429 -7,278 -7,338 -5,760 -5,520 -5,102 -3,292 -3,657 -2,978

Annual Metrics and Ratios for Aflac

This table displays calculated financial ratios and metrics derived from Aflac's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -8.08% 8.52% -3.88% 0.52% 9.22% -6.75% 3.53% -10.21% -7.79% 7.24%
EBITDA Growth		 -11.98% 5.68% -1.11% 1.51% 9.54% -6.18% 12.47% -6.32% 7.37% 19.58%
EBIT Growth		 -14.01% 5.31% -1.20% -0.87% 11.60% -6.43% 25.22% -6.51% 8.07% 21.95%
NOPAT Growth		 -14.16% 4.97% 73.15% -36.58% 13.15% 44.61% -11.45% 4.42% 5.46% 16.83%
Net Income Growth		 -14.16% 4.97% 73.15% -36.58% 13.15% 44.61% -11.45% 4.42% 5.46% 16.83%
EPS Growth		 -10.00% 4.97% 73.15% -34.66% 17.51% 50.56% -6.30% 10.88% 12.27% 23.78%
Operating Cash Flow Growth		 3.45% -11.64% 2.36% -1.86% -9.30% 9.22% -15.22% -23.20% -17.76% -15.14%
Free Cash Flow Firm Growth		 241.17% -90.77% 27.92% 538.10% -236.25% 114.90% 518.78% 302.79% -83.97% -58.64%
Invested Capital Growth		 -8.53% 9.41% 15.65% -2.16% 27.92% 10.84% -0.60% -33.07% 6.41% 14.47%
Revenue Q/Q Growth		 -2.49% 4.73% -2.43% -1.41% 8.78% -4.67% -1.78% -3.80% -7.02% 12.30%
EBITDA Q/Q Growth		 0.92% 0.95% -2.87% -4.51% 6.23% 134.94% -35.83% -5.87% -3.71% 34.17%
EBIT Q/Q Growth		 0.94% 1.04% -3.67% -6.48% 8.12% 293.10% -36.86% -10.66% -4.50% 40.39%
NOPAT Q/Q Growth		 1.08% 0.80% 66.09% -41.33% 8.40% 3.67% -0.14% -14.50% 1.57% 42.90%
Net Income Q/Q Growth		 1.08% 0.80% 66.09% -41.33% 8.40% 3.67% -0.14% -14.50% 1.57% 42.90%
EPS Q/Q Growth		 0.00% 0.80% 66.09% -41.91% 7.52% 185.04% 1.79% -13.70% 1.97% 44.38%
Operating Cash Flow Q/Q Growth		 0.49% -2.27% -5.18% -2.86% -2.90% 2.85% -8.79% 4.39% -12.39% -8.42%
Free Cash Flow Firm Q/Q Growth		 78.48% 111.98% -86.36% -3.31% -18.25% 147.66% 185.53% 0.45% -56.36% 89.54%
Invested Capital Q/Q Growth		 6.09% -9.49% 9.78% 2.55% 4.86% -0.82% -7.33% -12.91% -0.95% 2.40%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 25.56% 24.89% 25.61% 25.86% 25.94% 26.10% 28.35% 29.58% 34.44% 38.40%
EBIT Margin		 20.03% 19.44% 19.98% 19.70% 20.13% 20.20% 24.43% 25.44% 29.81% 33.90%
Profit (Net Income) Margin		 13.14% 12.71% 22.89% 14.44% 14.96% 23.21% 19.85% 23.08% 26.40% 28.76%
Tax Burden Percent		 65.59% 65.38% 114.58% 73.31% 74.33% 114.88% 81.24% 90.74% 88.54% 84.82%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 34.41% 34.62% -14.58% 26.69% 25.67% -14.88% 18.76% 9.26% 11.46% 15.18%
Return on Invested Capital (ROIC)		 10.25% 10.75% 16.52% 9.88% 9.92% 12.12% 10.24% 12.84% 16.37% 17.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.25% 10.75% 16.52% 9.88% 9.92% 12.12% 10.24% 12.84% 16.37% 17.29%
Return on Net Nonoperating Assets (RNNOA)		 3.80% 3.17% 3.90% 2.27% 2.69% 3.17% 2.43% 3.70% 5.75% 5.35%
Return on Equity (ROE)		 14.05% 13.93% 20.43% 12.15% 12.61% 15.29% 12.67% 16.55% 22.12% 22.64%
Cash Return on Invested Capital (CROIC)		 19.15% 1.77% 2.01% 12.07% -14.59% 1.84% 10.84% 52.46% 10.16% 3.80%
Operating Return on Assets (OROA)		 3.25% 3.28% 3.01% 2.87% 3.03% 2.62% 3.23% 3.37% 4.07% 5.25%
Return on Assets (ROA)		 2.13% 2.14% 3.45% 2.10% 2.25% 3.01% 2.62% 3.05% 3.61% 4.46%
Return on Common Equity (ROCE)		 14.05% 13.93% 20.43% 12.15% 12.61% 15.29% 12.68% 16.56% 22.12% 22.64%
Return on Equity Simple (ROE_SIMPLE)		 14.30% 12.98% 18.72% 12.45% 11.41% 14.24% 12.72% 21.94% 21.19% 20.86%
Net Operating Profit after Tax (NOPAT)		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443
NOPAT Margin		 13.14% 12.71% 22.89% 14.44% 14.96% 23.21% 19.85% 23.08% 26.40% 28.76%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 5.98% 0.00% 5.89% 5.84% 0.00% 5.27%
Operating Expenses to Revenue		 79.97% 80.56% 80.02% 80.30% 79.87% 79.80% 75.57% 74.56% 70.19% 66.10%
Earnings before Interest and Taxes (EBIT)		 3,862 4,067 4,018 3,983 4,445 4,159 5,208 4,869 5,262 6,417
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,928 5,208 5,150 5,228 5,727 5,373 6,043 5,661 6,078 7,268
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.17 1.15 1.19 1.29 1.19 0.85 1.09 2.11 2.13 2.19
Price to Tangible Book Value (P/TBV)		 1.17 1.15 1.19 1.29 1.19 0.85 1.09 2.11 2.13 2.19
Price to Revenue (P/Rev)		 1.08 1.13 1.46 1.49 1.56 1.39 1.70 2.22 2.66 3.02
Price to Earnings (P/E)		 8.19 8.89 6.38 10.34 10.45 5.97 8.55 9.63 10.07 10.50
Dividend Yield		 3.25% 2.87% 2.33% 2.62% 2.30% 2.76% 2.41% 2.34% 2.09% 1.94%
Earnings Yield		 12.21% 11.25% 15.67% 9.67% 9.57% 16.74% 11.70% 10.38% 9.93% 9.53%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.93 1.04 1.08 1.02 0.76 0.95 1.67 1.70 1.74
Enterprise Value to Revenue (EV/Rev)		 1.16 1.15 1.55 1.57 1.72 1.52 1.83 2.41 2.83 3.09
Enterprise Value to EBITDA (EV/EBITDA)		 4.53 4.63 6.05 6.05 6.65 5.83 6.47 8.13 8.22 8.04
Enterprise Value to EBIT (EV/EBIT)		 5.78 5.93 7.76 7.95 8.57 7.53 7.50 9.46 9.50 9.10
Enterprise Value to NOPAT (EV/NOPAT)		 8.81 9.08 6.77 10.84 11.52 6.55 9.24 10.42 10.73 10.73
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.29 4.03 5.09 5.26 6.98 5.25 7.74 11.87 15.67 21.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.71 55.23 55.77 8.87 0.00 43.24 8.72 2.55 17.29 48.84
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.33 0.26 0.22 0.25 0.29 0.24 0.24 0.37 0.34 0.29
Long-Term Debt to Equity		 0.33 0.26 0.22 0.25 0.29 0.24 0.24 0.37 0.34 0.29
Financial Leverage		 0.37 0.30 0.24 0.23 0.27 0.26 0.24 0.29 0.35 0.31
Leverage Ratio		 6.60 6.50 5.92 5.78 5.59 5.08 4.83 5.42 6.14 5.08
Compound Leverage Factor		 6.60 6.50 5.92 5.78 5.59 5.08 4.83 5.42 6.14 5.08
Debt to Total Capital		 25.03% 20.74% 17.70% 19.76% 22.58% 19.05% 19.31% 26.98% 25.09% 22.32%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 25.03% 20.74% 17.70% 19.76% 22.58% 19.05% 19.31% 26.98% 25.09% 22.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 74.97% 79.26% 82.30% 80.24% 77.42% 81.03% 80.77% 73.02% 74.91% 77.68%
Debt to EBITDA		 1.20 1.03 1.03 1.11 1.47 1.47 1.32 1.31 1.21 1.03
Net Debt to EBITDA		 0.32 0.10 0.35 0.28 0.62 0.51 0.48 0.62 0.50 0.17
Long-Term Debt to EBITDA		 1.20 1.03 1.03 1.11 1.47 1.47 1.32 1.31 1.21 1.03
Debt to NOPAT		 2.33 2.02 1.15 1.98 2.56 1.65 1.88 1.68 1.58 1.38
Net Debt to NOPAT		 0.62 0.19 0.39 0.49 1.07 0.58 0.69 0.79 0.66 0.23
Long-Term Debt to NOPAT		 2.33 2.02 1.15 1.98 2.56 1.65 1.88 1.68 1.58 1.38
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.05% -0.10% -0.06% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,735 437 559 3,567 -4,860 724 4,480 18,045 2,892 1,196
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 16.38 1.63 2.33 16.07 -21.32 2.99 18.82 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 23.45 22.34 25.53 27.09 23.93 24.62 21.22 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 23.45 22.34 25.53 27.09 23.93 24.62 21.22 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.16 0.17 0.15 0.15 0.15 0.13 0.13 0.13 0.14 0.16
Fixed Asset Turnover		 45.05 48.66 46.39 46.10 43.12 34.84 37.43 35.84 36.20 45.50
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 23,620 25,842 29,887 29,240 37,404 41,458 41,209 27,582 29,349 33,596
Invested Capital Turnover		 0.78 0.85 0.72 0.68 0.66 0.52 0.52 0.56 0.62 0.60
Increase / (Decrease) in Invested Capital		 -2,202 2,222 4,045 -647 8,164 4,054 -249 -13,627 1,767 4,247
Enterprise Value (EV)		 22,312 24,135 31,174 31,646 38,075 31,305 39,078 46,047 49,989 58,413
Market Capitalization		 20,750 23,634 29,376 30,205 34,526 28,547 36,173 42,548 46,931 57,144
Book Value per Share		 $41.50 $50.19 $62.57 $30.82 $39.45 $47.82 $50.31 $32.39 $37.62 $46.98
Tangible Book Value per Share		 $41.50 $50.19 $62.57 $30.82 $39.45 $47.82 $50.31 $32.39 $37.62 $46.98
Total Capital		 23,620 25,842 29,887 29,240 37,404 41,458 41,209 27,582 29,349 33,596
Total Debt		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498
Total Long-Term Debt		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498
Net Debt		 1,562 501 1,798 1,441 3,549 2,758 2,905 3,499 3,058 1,269
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498
Total Depreciation and Amortization (D&A)		 1,066 1,141 1,132 1,245 1,282 1,214 835 792 816 851
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.94 $3.23 $5.82 $0.00 $4.45 $6.69 $6.42 $6.62 $7.81 $9.68
Adjusted Weighted Average Basic Shares Outstanding		 861.31M 822.94M 792.04M 0.00 742.41M 713.70M 673.62M 634.82M 596.17M 562.49M
Adjusted Diluted Earnings per Share		 $2.93 $3.21 $5.77 $0.00 $4.43 $6.67 $6.39 $6.59 $7.78 $9.63
Adjusted Weighted Average Diluted Shares Outstanding		 866.34M 827.84M 797.86M 0.00 746.43M 716.19M 676.73M 637.66M 598.75M 565.02M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $4.45 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 840.00M 802.85M 779.37M 0.00 722.52M 688.59M 649.86M 612.21M 577.01M 546.59M
Normalized Net Operating Profit after Tax (NOPAT)		 2,533 2,659 2,813 2,920 3,304 2,911 4,231 4,418 4,659 5,443
Normalized NOPAT Margin		 13.14% 12.71% 13.99% 14.44% 14.96% 14.14% 19.85% 23.08% 26.40% 28.76%
Pre Tax Income Margin		 20.03% 19.44% 19.98% 19.70% 20.13% 20.20% 24.43% 25.44% 29.81% 33.90%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 13.36 15.18 16.74 17.94 19.50 17.19 21.88 0.00 0.00 0.00
NOPAT to Interest Expense		 8.76 9.92 19.18 13.15 14.49 19.74 17.78 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 13.36 15.18 16.74 17.94 19.50 17.19 21.88 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 8.76 9.92 19.18 13.15 14.49 19.74 17.78 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 25.90% 24.75% 14.36% 27.16% 23.34% 16.09% 20.21% 22.16% 20.73% 19.97%
Augmented Payout Ratio		 77.81% 78.22% 43.70% 71.71% 72.58% 48.26% 74.59% 76.51% 80.85% 71.41%

Quarterly Metrics and Ratios for Aflac

This table displays calculated financial ratios and metrics derived from Aflac's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -15.48% -14.72% -7.13% -2.64% 13.07% -35.55% 8.04% -0.64% -40.42% 103.68%
EBITDA Growth		 9.50% -32.53% 3.06% 6.35% 31.80% -31.97% 54.17% 9.92% -84.75% 371.69%
EBIT Growth		 19.41% -51.92% 3.71% 6.85% 35.82% -46.10% 61.70% 10.63% -94.90% 636.55%
NOPAT Growth		 100.56% -79.26% 13.47% 17.22% -11.90% 36.73% 58.17% 7.41% -105.93% 609.70%
Net Income Growth		 100.56% -79.26% 13.47% 17.22% -11.90% 36.73% 58.17% 7.41% -105.93% 609.70%
EPS Growth		 113.64% -76.39% 21.25% 24.88% -6.38% 44.12% 67.53% 14.39% -106.44% 604.08%
Operating Cash Flow Growth		 -41.93% 18.74% -29.37% -13.33% 18.59% -43.66% -4.61% -42.31% -0.47% -42.78%
Free Cash Flow Firm Growth		 918.99% 1,057.71% 93.17% -37.11% -75.24% -110.84% -120.98% -153.04% -190.63% -56.44%
Invested Capital Growth		 -28.78% -33.07% -27.06% -18.57% -6.44% 6.41% 15.60% 21.62% 10.73% 14.47%
Revenue Q/Q Growth		 -16.77% 0.16% 14.26% 7.77% -3.34% -42.91% 37.57% -0.90% -42.04% 95.18%
EBITDA Q/Q Growth		 -20.15% -51.91% 111.34% 31.03% -1.04% -75.17% 378.92% -6.58% -86.27% 667.65%
EBIT Q/Q Growth		 -22.19% -59.52% 149.44% 35.99% -1.10% -83.93% 648.28% -6.96% -95.44% 2,221.74%
NOPAT Q/Q Growth		 27.76% -88.99% 506.12% 37.54% -3.98% -82.92% 601.12% -6.60% -105.30% 2,145.16%
Net Income Q/Q Growth		 27.76% -88.99% 506.12% 37.54% -3.98% -82.92% 601.12% -6.60% -105.30% 2,145.16%
EPS Q/Q Growth		 29.95% -87.94% 470.59% 39.69% -2.58% -81.44% 563.27% -4.62% -105.48% 2,129.41%
Operating Cash Flow Q/Q Growth		 110.98% -4.00% -13.84% -50.34% 188.69% -54.39% 1.92% -69.96% 398.04% -73.78%
Free Cash Flow Firm Q/Q Growth		 15.88% -5.18% -18.40% -29.86% -54.38% -141.54% -57.84% -77.35% 22.04% 28.31%
Invested Capital Q/Q Growth		 -6.31% -12.91% -1.37% 1.18% 7.64% -0.95% 7.16% 6.45% -2.00% 2.40%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 34.76% 16.69% 32.55% 39.58% 40.53% 17.62% 46.46% 43.79% 10.38% 40.81%
EBIT Margin		 30.36% 12.27% 28.24% 35.64% 36.46% 10.26% 42.27% 39.68% 3.12% 37.11%
Profit (Net Income) Margin		 40.68% 4.47% 25.00% 31.91% 31.70% 9.48% 36.60% 34.49% -3.15% 33.04%
Tax Burden Percent		 134.01% 36.43% 88.52% 89.53% 86.93% 92.41% 86.59% 86.92% -101.09% 89.04%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 -34.01% 63.57% 11.48% 10.47% 13.07% 7.59% 13.41% 13.08% 201.09% 10.96%
Return on Invested Capital (ROIC)		 21.26% 2.49% 14.38% 19.16% 19.63% 5.88% 23.57% 21.32% -1.70% 19.87%
ROIC Less NNEP Spread (ROIC-NNEP)		 21.26% 2.49% 14.38% 19.16% 19.63% 5.88% 23.57% 21.32% -1.70% 19.87%
Return on Net Nonoperating Assets (RNNOA)		 6.79% 0.72% 4.43% 5.93% 6.07% 2.07% 8.34% 6.66% -0.54% 6.14%
Return on Equity (ROE)		 28.05% 3.20% 18.81% 25.09% 25.70% 7.95% 31.91% 27.98% -2.24% 26.01%
Cash Return on Invested Capital (CROIC)		 47.19% 52.46% 45.43% 36.12% 21.62% 10.16% 3.77% -1.57% 2.02% 3.80%
Operating Return on Assets (OROA)		 4.18% 1.62% 3.72% 4.93% 5.47% 1.40% 6.15% 5.97% 0.41% 5.75%
Return on Assets (ROA)		 5.61% 0.59% 3.29% 4.41% 4.75% 1.30% 5.32% 5.19% -0.42% 5.12%
Return on Common Equity (ROCE)		 28.05% 3.21% 18.82% 25.09% 25.70% 7.95% 31.91% 27.98% -2.24% 26.01%
Return on Equity Simple (ROE_SIMPLE)		 21.39% 0.00% 23.04% 23.48% 20.23% 0.00% 22.73% 21.00% 15.34% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,781 196 1,188 1,634 1,569 268 1,879 1,755 -93 1,902
NOPAT Margin		 40.68% 4.47% 25.00% 31.91% 31.70% 9.48% 36.60% 34.49% -3.15% 33.04%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 5.89% 5.23% 5.05% 0.00% 0.00% 4.83% 8.51% 0.00%
Operating Expenses to Revenue		 69.64% 87.73% 71.76% 64.36% 63.54% 89.74% 57.73% 60.32% 96.88% 62.89%
Earnings before Interest and Taxes (EBIT)		 1,329 538 1,342 1,825 1,805 290 2,170 2,019 92 2,136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,522 732 1,547 2,027 2,006 498 2,385 2,228 306 2,349
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.40 2.11 1.93 2.01 1.97 2.13 2.11 1.94 2.52 2.19
Price to Tangible Book Value (P/TBV)		 1.40 2.11 1.93 2.01 1.97 2.13 2.11 1.94 2.52 2.19
Price to Revenue (P/Rev)		 1.71 2.22 2.06 2.23 2.35 2.66 2.63 2.68 3.71 3.02
Price to Earnings (P/E)		 6.57 9.63 8.37 8.55 9.72 10.07 9.28 9.23 16.44 10.50
Dividend Yield		 2.85% 2.34% 2.60% 2.42% 2.21% 2.09% 2.07% 2.07% 1.72% 1.94%
Earnings Yield		 15.23% 10.38% 11.94% 11.70% 10.28% 9.93% 10.78% 10.83% 6.08% 9.53%
Enterprise Value to Invested Capital (EV/IC)		 1.16 1.67 1.54 1.58 1.55 1.70 1.67 1.55 1.98 1.74
Enterprise Value to Revenue (EV/Rev)		 1.85 2.41 2.25 2.36 2.43 2.83 2.78 2.75 3.86 3.09
Enterprise Value to EBITDA (EV/EBITDA)		 6.11 8.13 7.32 7.45 7.30 8.22 7.59 7.29 12.00 8.04
Enterprise Value to EBIT (EV/EBIT)		 6.74 9.46 8.50 8.62 8.36 9.50 8.61 8.26 14.22 9.10
Enterprise Value to NOPAT (EV/NOPAT)		 7.11 10.42 9.17 9.04 10.04 10.73 9.81 9.48 17.06 10.73
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.88 11.87 11.91 12.61 12.65 15.67 16.66 17.51 21.98 21.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.04 2.55 2.85 3.92 6.95 17.29 47.48 0.00 102.97 48.84
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.31 0.37 0.38 0.35 0.31 0.34 0.34 0.29 0.32 0.29
Long-Term Debt to Equity		 0.31 0.37 0.38 0.35 0.31 0.34 0.34 0.29 0.32 0.29
Financial Leverage		 0.32 0.29 0.31 0.31 0.31 0.35 0.35 0.31 0.31 0.31
Leverage Ratio		 5.00 5.42 5.72 5.69 5.41 6.14 6.00 5.40 5.34 5.08
Compound Leverage Factor		 5.00 5.42 5.72 5.69 5.41 6.14 6.00 5.40 5.34 5.08
Debt to Total Capital		 23.74% 26.98% 27.28% 25.75% 23.49% 25.09% 25.16% 22.19% 24.32% 22.32%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 23.74% 26.98% 27.28% 25.75% 23.49% 25.09% 25.16% 22.19% 24.32% 22.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 76.26% 73.02% 72.72% 74.25% 76.51% 74.91% 74.84% 77.81% 75.74% 77.68%
Debt to EBITDA		 1.25 1.31 1.30 1.22 1.10 1.21 1.14 1.04 1.47 1.03
Net Debt to EBITDA		 0.47 0.62 0.63 0.41 0.23 0.50 0.41 0.19 0.44 0.17
Long-Term Debt to EBITDA		 1.25 1.31 1.30 1.22 1.10 1.21 1.14 1.04 1.47 1.03
Debt to NOPAT		 1.46 1.68 1.63 1.48 1.52 1.58 1.48 1.36 2.09 1.38
Net Debt to NOPAT		 0.54 0.79 0.79 0.49 0.32 0.66 0.53 0.25 0.62 0.23
Long-Term Debt to NOPAT		 1.46 1.68 1.63 1.48 1.52 1.58 1.48 1.36 2.09 1.38
Noncontrolling Interest Sharing Ratio		 0.00% -0.06% -0.06% 0.00% 0.00% 0.00% 0.00% 0.00% -0.04% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 14,578 13,823 11,279 7,911 3,609 -1,499 -2,366 -4,196 -3,271 -2,345
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 247.08 0.00 234.98 155.12 0.00 0.00 -50.34 -83.92 0.00 0.00
Operating Cash Flow to Interest Expense		 18.24 0.00 18.54 8.67 0.00 0.00 18.06 5.10 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 18.24 0.00 18.54 8.67 0.00 0.00 18.06 5.10 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.14 0.13 0.13 0.14 0.15 0.14 0.15 0.15 0.13 0.16
Fixed Asset Turnover		 38.64 35.84 34.80 36.38 40.69 36.20 39.93 41.99 38.92 45.50
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 31,670 27,582 27,204 27,526 29,630 29,349 31,449 33,477 32,808 33,596
Invested Capital Turnover		 0.52 0.56 0.58 0.60 0.62 0.62 0.64 0.62 0.54 0.60
Increase / (Decrease) in Invested Capital		 -12,797 -13,627 -10,091 -6,277 -2,040 1,767 4,245 5,951 3,178 4,247
Enterprise Value (EV)		 36,732 46,047 41,789 43,392 46,062 49,989 52,465 51,876 64,977 58,413
Market Capitalization		 33,924 42,548 38,178 41,025 44,603 46,931 49,651 50,506 62,611 57,144
Book Value per Share		 $38.22 $32.39 $32.32 $33.83 $38.16 $37.62 $40.94 $45.84 $44.37 $46.98
Tangible Book Value per Share		 $38.22 $32.39 $32.32 $33.83 $38.16 $37.62 $40.94 $45.84 $44.37 $46.98
Total Capital		 31,670 27,582 27,204 27,526 29,630 29,349 31,449 33,477 32,808 33,596
Total Debt		 7,518 7,442 7,420 7,087 6,961 7,364 7,912 7,430 7,978 7,498
Total Long-Term Debt		 7,518 7,442 7,420 7,087 6,961 7,364 7,912 7,430 7,978 7,498
Net Debt		 2,808 3,499 3,611 2,367 1,459 3,058 2,814 1,370 2,366 1,269
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 7,518 7,442 7,420 7,087 6,961 7,364 7,912 7,430 7,978 7,498
Total Depreciation and Amortization (D&A)		 193 194 205 202 201 208 215 209 214 213
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.54 $0.34 $1.94 $2.72 $2.65 $0.50 $3.27 $3.11 ($0.17) $3.47
Adjusted Weighted Average Basic Shares Outstanding		 629.35M 634.82M 611.21M 600.74M 591.25M 596.17M 574.89M 564.57M 557.90M 562.49M
Adjusted Diluted Earnings per Share		 $2.53 $0.34 $1.94 $2.71 $2.64 $0.49 $3.25 $3.10 ($0.17) $3.45
Adjusted Weighted Average Diluted Shares Outstanding		 631.95M 637.66M 613.95M 602.93M 593.60M 598.75M 577.48M 566.84M 560.41M 565.02M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 621.79M 612.21M 604.23M 594.06M 584.38M 577.01M 568.22M 560.03M 555.53M 546.59M
Normalized Net Operating Profit after Tax (NOPAT)		 930 377 1,188 1,634 1,569 268 1,879 1,755 64 1,902
Normalized NOPAT Margin		 21.25% 8.59% 25.00% 31.91% 31.70% 9.48% 36.60% 34.49% 2.18% 33.04%
Pre Tax Income Margin		 30.36% 12.27% 28.24% 35.64% 36.46% 10.26% 42.27% 39.68% 3.12% 37.11%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 22.53 0.00 27.96 35.78 0.00 0.00 46.17 40.38 0.00 0.00
NOPAT to Interest Expense		 30.19 0.00 24.75 32.04 0.00 0.00 39.98 35.10 0.00 0.00
EBIT Less CapEx to Interest Expense		 22.53 0.00 27.96 35.78 0.00 0.00 46.17 40.38 0.00 0.00
NOPAT Less CapEx to Interest Expense		 30.19 0.00 24.75 32.04 0.00 0.00 39.98 35.10 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 18.35% 22.16% 21.43% 20.25% 21.12% 20.73% 18.62% 18.74% 27.72% 19.97%
Augmented Payout Ratio		 65.30% 76.51% 78.48% 75.49% 79.99% 80.85% 71.91% 72.67% 99.95% 71.41%

Frequently Asked Questions About Aflac's Financials

When does Aflac's financial year end?

According to the most recent income statement we have on file, Aflac's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Aflac's net income changed over the last 9 years?

Aflac's net income appears to be on an upward trend, with a most recent value of $5.44 billion in 2024, rising from $2.53 billion in 2015. The previous period was $4.66 billion in 2023. Find out what analysts predict for Aflac in the coming months.

How has Aflac revenue changed over the last 9 years?

Over the last 9 years, Aflac's total revenue changed from $19.28 billion in 2015 to $18.93 billion in 2024, a change of -1.8%.

How much debt does Aflac have?

Aflac's total liabilities were at $91.47 billion at the end of 2024, a 12.7% decrease from 2023, and a 9.0% decrease since 2015.

How much cash does Aflac have?

In the past 9 years, Aflac's cash and equivalents has ranged from $3.49 billion in 2017 to $6.23 billion in 2024, and is currently $6.23 billion as of their latest financial filing in 2024.

How has Aflac's book value per share changed over the last 9 years?

Over the last 9 years, Aflac's book value per share changed from 41.50 in 2015 to 46.98 in 2024, a change of 13.2%.


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This page (NYSE:AFL) was last updated on 5/5/2025 by MarketBeat.com Staff
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