Explain this page
Arphra AIPlain-English read on Aflac Incorporated’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
B+Solid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin38.9%
Operating margin26.6%
Net margin20.9%
ROE12.4%
ROA3.1%
ROIC11.8%
Liquidity & leverage
Current ratio—
Quick ratio—
Debt / equity0.29×
Net debt / EBITDA0.39×
Interest coverage21×
Efficiency & per-share
Asset turnover0.15×
Inventory days0
Days sales out.17
FCF / share$4.80
Book value / share$55.43
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $57.71B | $58.45B | — | — | — | — |
| Enterprise value | — | — | — | $58.98B | $60.61B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.08 | 3.48 | — | — | — | — |
| EV / FCF | — | — | — | 21.79 | 23.72 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +9.43% | +6.24% | — | — | — | — |
| Free cash flow yield | — | — | — | +4.69% | +4.37% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +100.00% | +100.00% | +100.00% | +35.63% | +38.93% | +58.93% | +57.48% | +56.88% | +56.97% |
| Operating margin | +24.17% | +25.42% | +27.93% | +33.55% | +26.61% | +29.02% | +28.87% | +29.50% | +29.75% |
| EBITDA margin | +24.17% | +25.42% | +27.93% | +33.55% | +31.68% | +31.18% | +31.62% | +31.64% | +31.36% |
| EBIT margin | +24.17% | +25.42% | +27.93% | +33.55% | +26.67% | +29.91% | +29.06% | +29.38% | +29.82% |
| Pre-tax margin | +24.17% | +25.42% | +27.93% | +33.55% | +25.99% | +28.75% | +28.73% | +29.36% | +28.93% |
| Net margin | +19.64% | +23.07% | +24.73% | +28.46% | +20.91% | +24.98% | +25.21% | +25.11% | +25.37% |
| Cost structure | |||||||||
| Cost of revenue / sales | 0.00% | 0.00% | 0.00% | +64.37% | +61.07% | +42.09% | +41.27% | +42.73% | +42.40% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | 0.00% | +15.47% | +5.06% | +5.26% | +5.05% | +5.13% |
| Effective tax rate | +18.76% | +9.26% | +11.46% | +15.18% | +19.57% | +15.68% | +15.94% | +15.03% | +15.63% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +12.72% | +21.94% | +21.19% | +20.86% | +12.36% | +17.22% | +18.10% | +18.32% | +18.06% |
| Return on assets (ROA) | +2.69% | +3.35% | +3.68% | +4.63% | +3.13% | +3.74% | +3.91% | +3.81% | +3.93% |
| Return on capital (ROC) | +12.64% | +17.65% | +17.93% | +19.10% | +12.25% | +15.55% | +15.92% | +16.48% | +16.22% |
| Return on invested capital (ROIC) | +10.27% | +16.02% | +15.87% | +16.20% | +9.62% | +13.39% | +13.90% | +14.03% | +13.83% |
| Asset turnover | +13.68% | +14.54% | +14.87% | +16.27% | +14.97% | +14.97% | +15.51% | +15.18% | +15.50% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +19.64% | +23.07% | +24.73% | +28.46% | +20.91% | +24.98% | +25.21% | +25.11% | +25.37% |
| Asset turnover (× revenue / assets) | +13.68% | +14.54% | +14.87% | +16.27% | +14.97% | +14.97% | +15.51% | +15.18% | +15.50% |
| Equity multiplier (× assets / equity) | +473.77% | +654.11% | +576.41% | +450.48% | +394.95% | +460.55% | +462.89% | +480.62% | +459.23% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.14 | 0.15 | 0.15 | 0.16 | 0.15 | 0.15 | 0.16 | 0.15 | 0.15 |
| Fixed-asset turnover | 40.05 | 36.13 | 42.34 | 49.43 | 49.68 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 32.06 | 29.60 | 22.22 | 24.55 | 20.88 | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 11.38 | 12.33 | 16.43 | 14.86 | 17.48 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — | — |
| Cash conversion cycle | — | — | — | 14.86 | 17.48 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.19 | 0.88 | 0.68 | 0.50 | 0.70 | 0.60 | 0.59 | 0.61 | 0.59 |
| FCF / Net income | 1.19 | 0.88 | 0.68 | 0.50 | 0.70 | 0.63 | 0.60 | 0.60 | 0.60 |
| FCF margin | +23.44% | +20.25% | +16.93% | +14.15% | +14.65% | +15.66% | +15.11% | +15.05% | +15.12% |
| OCF margin | +23.44% | +20.25% | +16.93% | +14.15% | +14.65% | +14.99% | +14.87% | +15.28% | +14.89% |
| CapEx / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| CapEx / D&A | — | — | — | — | — | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 6.39 | 6.93 | 7.78 | 9.63 | 6.83 | 7.06 | 7.60 | 7.98 | 8.20 |
| EPS · basic | 6.42 | 6.96 | 7.81 | 9.68 | 6.86 | 7.19 | 7.63 | 8.05 | 8.32 |
| Book value / share | 49.14 | 31.58 | 36.72 | 46.19 | 55.43 | 45.81 | 44.64 | 44.59 | 46.21 |
| Tangible BV / share | 49.14 | 31.58 | 36.72 | 30.22 | 38.45 | 45.81 | 44.64 | 44.59 | 46.21 |
| Sales / share | 31.84 | 30.03 | 31.47 | 33.85 | 32.78 | 31.59 | 32.05 | 32.53 | 32.89 |
| Operating CF / share | 7.46 | 6.08 | 5.33 | 4.79 | 4.80 | 4.74 | 4.76 | 4.97 | 4.90 |
| Free cash flow / share | 7.46 | 6.08 | 5.33 | 4.79 | 4.80 | 4.95 | 4.84 | 4.90 | 4.97 |
| Dividends / share | 1.26 | 1.54 | 1.61 | 1.92 | 2.25 | 1.85 | 1.85 | 1.97 | 1.95 |
| Payout ratio | +20.21% | +22.16% | +20.73% | +19.97% | +32.86% | +23.42% | +22.94% | +24.15% | +23.39% |
| Retention ratio | +79.79% | +77.84% | +79.27% | +80.03% | +67.14% | +76.58% | +77.06% | +75.85% | +76.61% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -11.12% | -1.62% | +1.52% | -8.84% | -3.73% | +0.71% | +1.54% | +1.51% | -2.62% |
| Gross profit · YoY | — | -11.12% | -1.62% | -63.83% | -0.40% | +45.73% | -1.76% | +0.48% | +1.67% | -9.23% |
| Profit | ||||||||||
| Operating income · YoY | — | -6.51% | +8.07% | +21.95% | -27.68% | +4.97% | +0.19% | +3.74% | +2.39% | -0.06% |
| EBITDA · YoY | — | -6.51% | +8.07% | +21.95% | -13.90% | -5.25% | +2.11% | +1.61% | +0.61% | +0.60% |
| Net income · YoY | — | +4.42% | +5.45% | +16.83% | -33.01% | +15.00% | +1.66% | +1.13% | +2.57% | +0.55% |
| Operating | ||||||||||
| EBIT · YoY | — | -6.51% | +8.07% | +21.95% | -27.52% | +7.94% | -2.15% | +2.68% | +3.02% | -0.03% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +8.45% | +12.27% | +23.78% | -29.08% | +3.43% | +7.59% | +5.03% | +2.75% | +3.17% |
| EPS · basic · YoY | — | +8.41% | +12.21% | +23.94% | -29.13% | +4.78% | +6.14% | +5.51% | +3.31% | +3.29% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $7.96B | $7.44B | $7.36B | $7.5B | $8.41B | $6.98B | $7.12B | $7.2B | $7.48B |
| Net debt | $2.91B | $3.5B | $3.06B | $1.27B | $2.16B | $1.73B | $1.95B | $1.89B | $2.09B |
| Net debt / EBITDA | 0.56 | 0.72 | 0.58 | 0.20 | 0.39 | 0.33 | 0.36 | 0.35 | 0.38 |
| Debt / equity | 0.24 | 0.37 | 0.33 | 0.29 | 0.29 | 0.29 | 0.30 | 0.31 | 0.31 |
| Debt / assets | +5.05% | +5.65% | +5.81% | +6.38% | +7.22% | +6.23% | +6.53% | +6.36% | +6.65% |
| Equity / assets | +21.11% | +15.29% | +17.35% | +22.20% | +25.32% | +21.71% | +21.60% | +20.81% | +21.78% |
| Coverage | |||||||||
| EBITDA / interest expense | 21.88 | 21.54 | 26.98 | 32.57 | 25.11 | 27.30 | 28.39 | 28.47 | 28.09 |
| Operating income / interest | 21.88 | 21.54 | 26.98 | 32.57 | 21.10 | 25.41 | 25.92 | 26.54 | 26.66 |
| Interest expense | $238M | $226M | $195M | $197M | $220M | $191.72M | $188.29M | $190.79M | $194.5M |
| Liquidity | |||||||||
| Current ratio | — | — | — | — | — | — | — | — | — |
| Quick ratio | — | — | — | — | — | — | — | — | — |
| Cash ratio | — | — | — | — | — | — | — | — | — |
| Working capital | $0 | $0 | $0 | $0 | $7.8B | — | — | — | — |
| Working capital / revenue | 0.00% | 0.00% | 0.00% | 0.00% | +44.72% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 3.48x | 3.08x |
| Earnings yield | 6.2% | 9.4% |
| FCF yield | 4.4% | 4.7% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 12.4% | 20.9% |
| ROA | 3.1% | 4.6% |
| ROIC | 3.2% | 0.0% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.39 | 0.20 |
| Interest coverage | — | — |
| Current ratio | 0.00x | 0.00x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).