AFL
Aflac Incorporated
AFL's outlook is improving despite an expensive valuation.
BAC
Bank of America Corporation
BAC has the edge over AFL overall, supported by stronger modeled upside and stronger valuation.
AFL Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
AFL's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like AFL.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
AFL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.5x | $57.77 | -54% |
| Fair | 10x | $68.92 | -46% |
| Expensive | 14x | $98.12 | -22% |
| Forward | 17x | $127 | — |
| Current | 19x | $127 | — |
Historical ranges are pointers, not guarantees.
AFL's PE is in its expensive range at 19x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC has the edge over AFL in the historical PE scenario, which offers more potential upside but is not a forecast.
AFL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect AFL's earnings to grow and its profitability to improve, with its revenue holding steady.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over AFL on the outlook, with more favorable revenue expectations.
AFL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.62 | +12% |
| Q3 2026 | $6.80 | -12% |
| Q2 2026 | $9.27 | +109% |
| Q1 2026 | $8.75 | +36% |
| Q4 2025 | $6.82 | -29% |
| Q3 2025 | $7.69 | +16% |
| Q2 2025 | $4.44 | -53% |
| Q1 2025 | $6.43 | -29% |
| Q4 2024 | $9.63 | +24% |
AFL's earnings per share have fallen from their peak: $6.80 over the past year, against $9.63 in late 2024.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC has the edge over AFL on earnings, with more consistent year-over-year improvement.
AFL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.3B | -31% |
| Q2 2026 | $4.1B | -1% |
| Q1 2026 | $4.3B | +28% |
| Q4 2025 | $4.9B | -9.9% |
| Q3 2025 | $4.7B | +61% |
| Q2 2025 | $4.2B | -19% |
| Q1 2025 | $3.4B | -37% |
| Q4 2024 | $5.4B | +43% |
AFL's revenue has slid since its 2020 peak: $3.3B last quarter, down 31% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -27 points |
| Q2 2026 | 24% | +4.4 points |
| Q1 2026 | 28% | +24 points |
| Q4 2025 | 32% | -7.2 points |
| Q3 2025 | 42% | +39 points |
| Q2 2025 | 20% | -20 points |
| Q1 2025 | 4.3% | -36 points |
| Q4 2024 | 40% | +32 points |
AFL's operating margin was 15% last quarter, down 27 points from the same quarter a year ago.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
BAC has the edge over AFL on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC has the edge over AFL on profitability, with a higher operating margin.
AFL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -4.4% |
| Q2 2026 | $112M | -72% |
| Q1 2026 | $968M | +64% |
| Q4 2025 | $315M | -5.4% |
| Q3 2025 | $1.3B | -1.4% |
| Q2 2025 | $399M | +56% |
| Q1 2025 | $589M | -31% |
| Q4 2024 | $333M | -60% |
AFL's free cash flow was $2.6B over the past year, about the same as the year before. Free cash flow isn't a meaningful measure for financial services companies like AFL.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC has the edge over AFL on cash flow, with more consistent year-over-year improvement.
AFL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.4% | -6.9M shares |
| 1 year | -6.3% | -33.3M shares |
| 3 years | -16% | -94.9M shares |
| 5 years | -26% | -173M shares |
| Available history | -33% | -248M shares |
AFL has the edge over BAC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $803M |
| Q2 2026 | $984M |
| Q1 2026 | $1B |
| Q4 2025 | $801M |
| Q3 2025 | $1B |
| Q2 2025 | $829M |
| Q1 2025 | $900M |
| Q4 2024 | $750M |
AFL spent $3.6B buying back its own shares over the past year, up 3.1% from the year before.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has 7.2B diluted shares, down 5.3% from a year ago, with $25.6B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
AFL Net Leverage
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
AFL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.7 | Neutral |
| Stochastic | 71.0 | Neutral |
AFL's weekly RSI is 64 (neutral) and its Stochastic is 71 (neutral).
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
AFL PE vs Financial Services Sector
| Metric | AFL | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 13x | 43% above |
| PE % | 96 | 63 | 33 pts above |
AFL is trading at 19x earnings, a 43% premium to the Financial Services sector's median of 13x.
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC has the edge over AFL on valuation relative to its sector.
AFL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $119.3 | 6% above |
| 20 week MA | $120.1 | 5.3% above |
| 50 week MA | $115.5 | 9.5% above |
| 100 week MA | $110.8 | 14% above |
| 200 week MA | $97.3 | 30% above |
AFL has the edge over BAC on trend strength, trading above more of its moving averages.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
BAC has fallen below most of its moving averages, though it's still 19% above its 200-week average.
AFL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $52.6 | $43.8 | -17% |
| 2021 | $43.8 | $57.7 | +32% |
| 2022 | $57.7 | $71.8 | +24% |
| 2023 | $71.8 | $82.5 | +15% |
| 2024 | $82.5 | $103.4 | +25% |
| 2025 | $103.4 | $109.9 | +6.3% |
| 2026 YTD | $109.9 | $126.5 | +15% |
AFL has the edge over BAC on returns for 2026, with the stronger performance.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has finished higher in four of the last six years. It's down 10% so far in 2026.