AFL EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
AFL's ev/ebitda is right around its 10-year median of 8.9.
EV/EBITDA History
AFL EV/EBITDA by year
Yearly range of AFL’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 4.6 to 19.4, averaging 9.2.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 8.8 | 9.9 | 11.7 | 8.8 |
| 2025 | 9.1 | 13.0 | 19.4 | 11.0 |
| 2024 | 8.0 | 10.4 | 14.6 | 9.3 |
| 2023 | 8.4 | 9.2 | 10.2 | 9.2 |
| 2022 | 6.8 | 8.1 | 9.4 | 8.7 |
| 2021 | 7.0 | 7.9 | 9.3 | 7.8 |
| 2020 | 4.6 | 7.6 | 9.2 | 8.1 |
| 2019 | 8.8 | 9.9 | 10.9 | 9.2 |
| 2018 | 8.0 | 8.8 | 9.5 | 9.0 |
| 2017 | 6.8 | 7.9 | 8.6 | 8.4 |
| 2016 | 7.1 | 7.4 | 8.1 | 7.2 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is AFL EV/EBITDA High or Low Right Now?
Aflac Incorporated's EV/EBITDA is currently 8.8, which is around average relative to its 10-year historical range. The 10-year median EV/EBITDA for AFL is approximately 8.9. See all AFL valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.