AFL
Aflac Incorporated
AFL's outlook is improving despite an expensive valuation.
JPM
JPMorgan Chase & Co.
JPM has the edge over AFL overall, supported by stronger modeled upside and stronger fundamentals.
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.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
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.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM 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.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
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.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM 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.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM has the edge over AFL on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM 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 has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM's free cash flow was −$84.2B over the past year, against −$120B the year before. Free cash flow isn't a meaningful measure for financial services companies like JPM.
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 JPM 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.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has 2.7B diluted shares, down 3.1% from a year ago, with $24.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
AFL Net Leverage
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like JPM.
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).
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
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.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM 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 JPM on trend strength, trading above more of its moving averages.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM's trend is mixed: it's above four of its five weekly moving averages, and 45% 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 JPM on returns for 2026, with the stronger performance.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has finished higher in four of the last six years. It's up 4.5% so far in 2026.