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Held by 1,653 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Ranked against 12 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| UNH | $340.5B | 28.7× | 19.8× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 2.7× | 3,258 |
| ELV | $91.5B | 16.7× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 2.9× | 1,560 |
| CI | $74.9B | 12.8× | 8.2× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 8.1% | 2.0× | 1,638 |
| AFL | $58.1B | 17.0× | — | 3.4× | -9.3% | — | 21.2% | 12.4% | 12.4% | — | 1,653 |
| HUM | $52.1B | 44.0× | 17.3× | 0.4× | 10.1% | — | 0.9% | 6.7% | 4.0% | 2.4× | 901 |
| CNC | $33.1B | — | — | 0.2× | 19.4% | 7.3% | -3.4% | -33.4% | -17.9% | — | 965 |
| PFG | $23.0B | 20.4× | — | 1.5× | -3.1% | — | 7.6% | 10.0% | 7.5% | — | 920 |
| UNM | $14.5B | 21.5× | — | 1.1× | 1.5% | — | 5.6% | 6.6% | 5.0% | — | 734 |
| MOH | $10.7B | 22.9× | 10.4× | 0.2× | 11.7% | 13.1% | 1.0% | 11.6% | 6.0% | -0.5× | 583 |
| CNO | $4.9B | 23.1× | 5.7× | 1.1× | 0.9% | — | 5.1% | 8.7% | 8.7% | 0.0× | — |
| ALHC | $1.7B | — | 31.6× | 0.4× | 46.1% | — | -0.0% | -0.4% | -0.1% | -5.6× | 317 |
| PREJF | $1.6B | — | — | 0.2× | 59.3% | 15.0% | 25.4% | 27.5% | 22.5% | — | — |
| TRUP | $1.1B | 57.9× | 37.4× | 0.8× | 11.9% | 16.1% | — | — | — | -0.9× | 196 |
Peers = companies sharing AFL's sector (Accident & Health Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 47% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.20B dividends + $3.53B buybacks = $4.73B returned on $2.56B FCF.
9 consecutive years of dividend increases · 12%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-12
Where each multiple sits in its own 14-yr range · 95th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 12% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 13.7 | 13.8 | 15.4 | 16.4 | 17.0 | 16.9 | 15.9 | 19.0 |
| Operating Income | 20.0 | 20.0 | 19.9 | 22.9 | 21.7 | — | — | — |
| Income Tax | 4.9 | 5.1 | -2.8 | 4.5 | 2.4 | 3.2 | 5.1 | 5.2 |
| Net Income | 13.4 | 14.8 | 21.6 | 19.6 | 23.1 | 24.9 | 28.8 | 21.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AFL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $6.25B covers the $700.0M due within a year 8.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-12
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.16B 100.0% | $18.93B 100.0% | $18.70B 100.0% | $19.14B 100.0% | $21.55B 100.0% | $22.15B 100.0% | $22.31B 100.0% | $21.76B 100.0% | $21.67B 100.0% | $22.56B 100.0% |
| Selling, General & Admin | $3.25B 19.0% | $3.01B 15.9% | $3.17B 16.9% | $3.25B 17.0% | $3.54B 16.4% | $3.42B 15.4% | $3.09B 13.8% | $2.99B 13.7% | $2.78B 12.8% | $2.80B 12.4% |
| Total Operating Expenses | $5.34B 31.1% | $5.06B 26.7% | $5.23B 28.0% | $5.38B 28.1% | $5.87B 27.2% | $6.19B 28.0% | $5.92B 26.5% | — | — | — |
| Operating Income | — | — | — | $4.16B 21.7% | $4.93B 22.9% | $4.42B 19.9% | $4.46B 20.0% | $4.35B 20.0% | $4.09B 18.9% | $4.12B 18.2% |
| Interest Expense | $217.0M 1.3% | $194.0M 1.0% | $195.0M 1.0% | $226.0M 1.2% | $238.0M 1.1% | $242.0M 1.1% | $228.0M 1.0% | $222.0M 1.0% | $240.0M 1.1% | $268.0M 1.2% |
| Other Income (Expense), net | — | — | $39.0M 0.2% | $0 0.0% | -$73.0M -0.3% | -$28.0M -0.1% | -$1.0M -0.0% | -$74.0M -0.3% | -$69.0M -0.3% | -$137.0M -0.6% |
| Pretax Income | $4.53B 26.4% | $6.42B 33.9% | $5.26B 28.1% | $4.87B 25.4% | $5.21B 24.2% | $4.16B 18.8% | $4.45B 19.9% | $3.98B 18.3% | $4.02B 18.5% | $4.07B 18.0% |
| Income Tax Expense | $887.0M 5.2% | $974.0M 5.1% | $603.0M 3.2% | $451.0M 2.4% | $977.0M 4.5% | -$619.0M -2.8% | $1.14B 5.1% | $1.06B 4.9% | -$586.0M -2.7% | $1.41B 6.2% |
| Net Income | $3.65B 21.2% | $5.44B 28.8% | $4.66B 24.9% | $4.42B 23.1% | $4.23B 19.6% | $4.78B 21.6% | $3.30B 14.8% | $2.92B 13.4% | $4.60B 21.2% | $2.66B 11.8% |
| Per Share | ||||||||||
| EPS (Basic) | $6.84 | $9.68 | $7.81 | $6.96 | $6.28 | $6.69 | $4.45 | $3.79 | $5.81 | $3.23 |
| EPS (Diluted) | $6.82 | $9.63 | $7.78 | $6.93 | $6.25 | $6.67 | $4.43 | $3.77 | $5.77 | $3.21 |
| Weighted Avg Shares (Basic) | 532.9M | 562.5M | 596.2M | 634.8M | 673.6M | 713.7M | 742.4M | 769.6M | 792.0M | 822.9M |
| Weighted Avg Shares (Diluted) | 534.9M | 565.0M | 598.7M | 637.7M | 676.7M | 716.2M | 746.4M | 774.6M | 797.9M | 827.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 18.2% | 11.8% |
| FY2017 | not reported | 18.9% | 21.2% |
| FY2018 | not reported | 20.0% | 13.4% |
| FY2019 | not reported | 20.0% | 14.8% |
| FY2020 | not reported | 19.9% | 21.6% |
| FY2021 | not reported | 22.9% | 19.6% |
| FY2022 | not reported | 21.7% | 23.1% |
| FY2023 | not reported | not reported | 24.9% |
| FY2024 | not reported | not reported | 28.8% |
| FY2025 | not reported | not reported | 21.2% |
Return on equity (12%) and return on invested capital (12%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 0.79x of reported profit into cash — adequate, without much margin.
Conversion has deteriorated: 0.63x over three years against 0.79x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a insurer.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $115.89, free cash flow must compound 6.58%/yr for 10 years. It has done -11.87%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 9.2% | 6.6% |
| FY2021 | −15.2% | 6.6% |
| FY2022 | −23.2% | 6.6% |
| FY2023 | −17.8% | 6.6% |
| FY2024 | −15.1% | 6.6% |
| FY2025 | −5.6% | 6.6% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.65B | $3.65B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$1.09B | $2.56B |
| Operating cash flow | $2.56B | $2.56B |
| Capex | $0 | $2.56B |
| Free cash flow | $2.56B | $2.56B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -0.7% | not reported | not reported |
| FY2021 | -2.7% | not reported | not reported |
| FY2022 | -11.2% | not reported | not reported |
| FY2023 | -2.3% | not reported | not reported |
| FY2024 | 1.2% | not reported | not reported |
| FY2025 | -9.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.4 percent |
| FY2020 | -0.7 percent |
| FY2021 | -0.5 percent |
| FY2022 | 0.4 percent |
| FY2023 | 1.2 percent |
| FY2024 | 2.3 percent |
| FY2025 | 0.9 percent |