Aflac Incorporated Financial Ratios — AFL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	13.14	17.55	16.88	13.99	10.94	10.61	16.42	9.43	9.96	13.17	10.63	10.27	10.06	10.83	6.8
Return on Assets (%)	1.78	2.32	2.5	2.45	2.13	2.14	3.45	2.1	2.25	3.01	2.62	3.05	3.61	4.46	3.12
Return on Capital (%)	11.54	15.08	14.36	12.07	9.63	9.38	- -	8.44	8.83	- -	9.27	9.12	8.99	9.72	6.21
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	13.35	17.02	20.21	19.87	18.56	18.08	18.6	18.35	19.99	18.68	24.17	25.42	27.93	33.55	26.12
Profit Margin (%)	8.77	11.34	13.25	13.05	12.17	11.82	21.31	13.45	14.86	21.46	19.64	23.07	24.73	28.46	21.01
Net Income to Common Margin (%)	8.77	11.34	13.25	13.05	12.17	11.82	21.31	13.45	14.86	21.46	19.64	23.07	24.73	28.46	21.01
Effective Tax Rate (%)	34.34	33.38	34.43	34.29	34.41	34.62	- -	26.69	25.67	- -	18.76	9.26	11.46	15.18	19.57
Dvd Payout Ratio (%)	28.5	21.04	20.11	22.16	25.9	24.75	14.36	27.16	23.34	16.09	20.21	22.16	20.73	19.97	32.86
Sustainable Growth Rate (%)	9.4	13.85	13.49	10.89	8.11	7.98	14.06	6.87	7.64	11.05	8.48	8	7.97	8.67	4.57

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	3,285	4,352	4,897	5,282	4,971	5,360	5,289	5,778	6,569	7,899	7,956	7,442	7,364	7,498	8,409
ST Debt	- -	- -	- -	300	- -	649	548	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	3,285	4,352	4,897	4,982	4,971	4,711	4,741	5,778	6,569	7,899	7,956	7,442	7,364	7,498	8,409
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	196	261	293	317	289	268	240	222	228	242	238	226	195	197	220
Common Equity/Total Assets	13.09	13.31	16.45	18.56	20.36	20.06	21.89	22.74	22.53	23.09	26.35	33.78	37.98	44.58	47.07
Long-Term Debt/Equity (%)	25.37	27.24	33.5	27.15	28.07	23	19.27	24.63	22.68	23.54	23.93	36.95	33.5	28.73	28.51
Long-Term Debt/Capital (%)	17.76	19.96	19.71	18.11	17.11	15	13.42	15.33	16.02	17.17	16.08	14.33	13.27	12.52	13.3
Long-Term Debt/Total Assets (%)	2.83	3.32	4.04	4.16	4.2	3.63	3.46	4.12	4.3	4.78	5.05	5.65	5.81	6.38	7.22
Total Debt/Equity (%)	25.37	27.24	33.5	28.79	28.07	26.17	21.5	24.63	22.68	23.54	23.93	36.95	33.5	28.73	28.51
Total Debt/Capital (%)	17.76	19.96	19.71	19.2	17.11	17.07	14.97	15.33	16.02	17.17	16.08	14.33	13.27	12.52	13.3
Total Debt/Total Assets (%)	2.83	3.32	4.04	4.41	4.2	4.13	3.85	4.12	4.3	4.78	5.05	5.65	5.81	6.38	7.22
Net Debt to Equity	7.93	14.41	16.06	3.32	3.39	2.34	7.22	6.09	5.22	7.76	8.38	16.64	13.35	4.49	7.07
Net Debt/Capital (%)	6.31	11.65	10.53	2.67	2.43	1.81	5.58	4.28	4.19	6.37	6.28	6.98	5.73	2.19	3.66
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	13.09	13.31	16.45	18.56	20.36	20.06	21.89	22.74	22.53	23.09	26.35	33.78	37.98	44.58	47.07
Long-Term Debt/Equity (%)	25.37	27.24	33.5	27.15	28.07	23	19.27	24.63	22.68	23.54	23.93	36.95	33.5	28.73	28.51
Long-Term Debt/Capital (%)	17.76	19.96	19.71	18.11	17.11	15	13.42	15.33	16.02	17.17	16.08	14.33	13.27	12.52	13.3
Long-Term Debt/Total Assets (%)	2.83	3.32	4.04	4.16	4.2	3.63	3.46	4.12	4.3	4.78	5.05	5.65	5.81	6.38	7.22
Total Debt/Equity (%)	25.37	27.24	33.5	28.79	28.07	26.17	21.5	24.63	22.68	23.54	23.93	36.95	33.5	28.73	28.51
Total Debt/Capital (%)	17.76	19.96	19.71	19.2	17.11	17.07	14.97	15.33	16.02	17.17	16.08	14.33	13.27	12.52	13.3
Total Debt/Total Assets (%)	2.83	3.32	4.04	4.41	4.2	4.13	3.85	4.12	4.3	4.78	5.05	5.65	5.81	6.38	7.22
CFO/Total Liabilities	10.5	12.99	9.89	6.46	6.74	5.48	5.44	5.14	4.41	4.53	4.06	3.48	3.05	2.96	2.94
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.49	0.51	0.6	0.61	0.61	0.61	0.65	0.65	0.65	0.6	0.69	0.86	0.96	1.17	1.21

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	32.95	30.52	22.26	22.53	26.9	32.74	28.88	25.87	26.49	27.42	29.35	29.04	25.21	23.51	21.51
Days Sales Outstanding	11.08	11.96	16.4	16.2	13.57	11.15	12.64	14.11	13.78	13.31	12.43	12.57	14.48	15.52	16.97
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	20,182	24,800	31,029	27,569	25,796	28,638	34,763	35,062	39,274	31,738	39,332	45,669	49,184	58,184	58,761
- Cash & Cash Equivalents	2,249	2,041	2,543	4,658	4,350	4,859	3,491	4,337	4,896	5,141	5,051	3,943	4,306	6,229	6,245
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3,285	4,352	4,897	5,282	4,971	5,360	5,289	5,778	6,569	7,899	7,956	7,442	7,364	7,498	8,409
Enterprise Value	-32,818	-34,467	-27,655	-40,077	-41,377	-47,563	-47,752	-46,392	-50,315	-71,386	-56,459	-26,573	-21,048	-5,816	-3,228
Total Capital	18,499	21,806	24,849	27,505	29,045	31,408	35,319	37,701	40,995	46,018	49,472	51,944	55,493	59,911	63,227
Total Debt/Capital (%)	17.76	19.96	19.71	19.2	17.11	17.07	14.97	15.33	16.02	17.17	16.08	14.33	13.27	12.52	13.3
Total Debt / EV	-0.1	-0.13	-0.18	-0.13	-0.12	-0.11	-0.11	-0.12	-0.13	-0.11	-0.14	-0.28	-0.35	-1.29	-2.61
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	20,305	24,929	31,223	27,739	25,947	28,809	35,018	35,293	39,486	31,849	39,514	45,873	49,396	58,445	58,981
Diluted Enterprise Value	21,341	27,240	33,577	28,363	26,568	29,310	36,816	36,734	41,159	34,607	42,419	49,372	52,454	59,714	61,145
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	22,090	25,272	23,827	22,606	20,811	22,489	21,600	21,708	22,241	22,261	21,546	19,151	18,841	19,128	17,355
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	10,971	15,126	10,739	6,758	6,966	6,162	6,403	6,177	5,624	6,236	5,244	4,084	3,363	2,874	2,732
TTM Free Cash Flow to Firm	10,971	15,126	10,739	6,758	6,966	6,162	6,403	6,177	5,624	6,236	5,244	4,084	3,363	2,874	2,732

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	1.87	1.67	2.96	4.24	3.83	4.81	5.71	5.87	7.24	5.35	7.82	11.83	15.48	21.59	23.08
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-32,818	-34,467	-27,655	-40,077	-41,377	-47,563	-47,752	-46,392	-50,315	-71,386	-56,459	-26,573	-21,048	-5,816	-3,228
Low Price	15.63	19.07	24.09	27.5	25.71	27.29	33.25	41.41	44.28	23.07	42.96	52.07	60.2	75.08	96.95
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	10.42	8.65	9.83	9.34	10.18	10.77	7.55	12.01	11.89	6.64	9.3	10.34	10.56	10.69	16.12
Price/Earnings Average	11.31	7.55	8.53	9.39	10.5	10.49	6.71	11.82	11.56	5.94	8.5	8.89	9.29	9.8	15.58
Price/Earnings High	14.34	8.95	9.95	10.2	11.31	11.53	7.73	12.7	12.85	7.99	9.43	10.45	10.83	11.94	16.93
Price/Earnings Low	7.53	6.21	7.09	8.41	8.74	8.45	5.72	10.91	9.95	3.45	6.84	7.48	7.7	7.76	14.17
Price/Book Value	1.33	1.42	1.56	1.24	1.07	1.1	1.16	1.1	1.14	0.83	0.95	1.03	1.02	1.11	1.07
Price/Book Value Average	1.44	1.24	1.35	1.25	1.11	1.07	1.03	1.08	1.11	0.74	0.87	0.88	0.9	1.02	1.04
Price/Book Value High	1.83	1.47	1.57	1.35	1.19	1.18	1.18	1.16	1.23	1	0.96	1.04	1.05	1.24	1.13
Price/Book Value Low	0.96	1.02	1.12	1.12	0.92	0.86	0.88	1	0.95	0.43	0.7	0.74	0.75	0.81	0.94
Price/Tangible Book Value	1.56	1.55	2.12	1.5	1.46	1.4	1.41	1.49	1.36	0.95	1.18	2.27	2.24	2.23	1.99
Price/Tangible Book Value Average	1.69	1.35	1.84	1.51	1.5	1.36	1.26	1.47	1.32	0.85	1.08	1.95	1.97	2.04	1.93
Price/Tangible Book Value High	2.15	1.6	2.15	1.64	1.62	1.5	1.45	1.58	1.47	1.14	1.2	2.29	2.3	2.49	2.09
Price/Tangible Book Value Low	1.13	1.11	1.53	1.35	1.25	1.1	1.07	1.36	1.14	0.49	0.87	1.64	1.63	1.62	1.75
Price/Sales	0.91	0.98	1.3	1.22	1.24	1.27	1.61	1.62	1.77	1.43	1.83	2.38	2.61	3.04	3.39
Price/Sales Average	0.99	0.86	1.13	1.23	1.28	1.24	1.43	1.59	1.72	1.27	1.67	2.05	2.3	2.79	3.27
Price/Sales High	1.26	1.01	1.32	1.33	1.38	1.36	1.65	1.71	1.91	1.71	1.85	2.41	2.68	3.4	3.56
Price/Sales Low	0.66	0.7	0.94	1.1	1.06	1	1.22	1.47	1.48	0.74	1.34	1.73	1.9	2.21	2.98
Price/Cash Flow	1.86	1.66	2.94	4.21	3.81	4.78	5.67	5.83	7.2	5.33	7.79	11.77	15.42	21.49	23
Price/Cash Flow Average	2.02	1.45	2.55	4.23	3.93	4.66	5.04	5.74	7	4.76	7.12	10.12	13.57	19.71	22.23
Price/Cash Flow High	2.56	1.71	2.98	4.59	4.23	5.12	5.8	6.17	7.78	6.4	7.9	11.9	15.82	24	24.16
Price/Cash Flow Low	1.35	1.19	2.12	3.79	3.27	3.75	4.3	5.3	6.03	2.76	5.73	8.52	11.25	15.6	20.22
Price/Free Cash Flow Average	2.03	1.46	2.57	4.26	3.95	4.69	5.08	5.78	7.04	4.78	7.15	10.17	13.62	19.8	22.32
Price/Free Cash Flow High	2.58	1.72	3	4.62	4.25	5.15	5.85	6.21	7.82	6.43	7.93	11.95	15.89	24.11	24.25
Price/Free Cash Flow Low	1.35	1.2	2.14	3.81	3.29	3.77	4.33	5.33	6.06	2.77	5.76	8.56	11.3	15.67	20.3
EV/Sales Average	1.04	0.95	1.23	1.25	1.31	1.26	1.51	1.66	1.79	1.4	1.8	2.23	2.46	2.86	3.4
EV/Sales High	1.3	1.11	1.42	1.36	1.41	1.39	1.73	1.77	1.98	1.84	1.99	2.59	2.84	3.46	3.68
EV/Sales Low	0.71	0.8	1.04	1.13	1.09	1.02	1.3	1.53	1.55	0.86	1.48	1.91	2.07	2.27	3.1
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	21.63	26.56	33.4	30.55	29.95	34.8	43.89	45.56	52.9	44.47	58.39	71.94	82.5	103.44	110.27
High Price	29.77	27.46	33.81	33.35	33.27	37.25	44.91	48.19	57.18	53.46	59.22	72.7	84.64	115.5	115.84
Enterprise Value Average	22,942	23,955	29,277	28,348	27,223	28,405	32,691	35,959	39,865	31,137	38,851	42,765	46,334	54,617	58,971
Enterprise Value High	28,813	27,951	33,764	30,719	29,277	31,156	37,369	38,527	44,124	40,913	42,797	49,650	53,518	66,237	63,893
Enterprise Value Low	15,619	20,117	24,734	25,440	22,765	22,959	28,133	33,310	34,547	19,223	31,844	36,554	38,948	43,501	53,827

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	933	936	919	885	849	812	781	755	727	692	652	615	578	550	519
Diluted Weighted Avg Shares	939	939	935	908	866	828	798	775	746	716	677	638	599	565	535
Basic Weighted Avg Shares	933	934	929	902	861	823	792	770	742	714	674	635	596	562	533
Revenue per Share	23.68	27.07	25.65	25.05	24.16	27.33	27.27	28.21	29.96	31.19	31.99	30.17	31.6	34.01	32.57
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.08	3.07	3.4	3.27	2.94	3.23	5.81	3.79	4.45	6.69	6.28	6.96	7.81	9.68	6.84
Basic EPS from Cont Ops	2.08	3.07	3.4	3.27	2.94	3.23	5.81	3.79	4.45	6.69	6.28	6.96	7.81	9.68	6.84
Diluted EPS, GAAP	2.06	3.05	3.38	3.25	2.92	3.21	5.77	3.77	4.43	6.67	6.25	6.93	7.78	9.63	6.82
Diluted EPS from Cont Ops	2.06	3.05	3.38	3.25	2.92	3.21	5.77	3.77	4.43	6.67	6.25	6.93	7.78	9.63	6.82
Dividend per Share	0.59	0.65	0.68	0.72	0.76	0.8	0.83	1.03	1.04	1.08	1.27	1.54	1.62	1.93	2.25
Cash Flow per Share	11.62	16.01	11.35	7.26	7.87	7.28	7.74	7.81	7.35	8.35	7.5	6.11	5.35	4.81	4.79
Free Cash Flow per Basic Share	11.62	16.01	11.35	7.26	7.87	7.28	7.74	7.81	7.35	8.35	7.5	6.11	5.35	4.81	4.79
Cash & Equivalents per Share	60.32	68.13	68.44	80.81	83.76	99.11	110.86	113.35	129.52	155.56	154.01	125.52	130.16	127.11	132.11
Book Value per Share	16.31	18.69	21.48	24.63	27.95	31.65	37.91	41.48	46.37	53.41	61.63	70.1	80.73	93.18	102.87
Tangible Book Value per Share	13.88	17.11	15.74	20.33	20.56	24.89	31.06	30.49	39.01	47.02	49.36	31.73	36.88	46.4	55.34

Aflac Incorporated

Profitability (USD)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)