AFLAC INC vs CENTENE CORPORATION. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Aflac's balance sheet is unusually solid for an insurer, 0.26 of debt to equity beneath a 25.6% net margin from supplemental policies; Centene's carries 0.76 turns against a business currently running a negative 3.3% net margin, Medicaid rate resets colliding with utilization. The multiples split accordingly, 13.7 times for Aflac's steady earnings, none for Centene's losses. Centene's eye-catching 21.8% free-cash figure is insurance-float arithmetic, premium cash arriving ahead of claims, not distributable yield. Aflac pays a 2% dividend from earnings that exist. One page shows underwriting discipline priced modestly; the other shows a turnaround priced as one, with the recovery still ahead of the accounting.
Comparison updated 2026-07-10.
| Metric | AFL | CNC |
|---|---|---|
| Price | $125.63 | $63.40 |
| Market cap | $64.7B | $31.4B |
| Sector | Financial Services | Managed Care |
| Stage | Mature | Growth |
| P/E | 14.4 | — |
| P/B | 2.16 | 1.46 |
| P/S | 3.57 | 0.16 |
| Revenue growth | +14.9% | +17.4% |
| Gross margin | — | 11.3% |
| Operating margin | — | 3.7% |
| Net margin | 25.6% | -3.3% |
| Return on equity | 15.5% | -30.0% |
| Return on assets | 4.0% | -7.9% |
| Return on invested capital | — | -14.1% |
| FCF yield | — | 22.6% |
| Dividend yield | 1.9% | — |
| Debt / equity | 0.26 | 0.76 |
| Current ratio | — | 1.12 |
| Altman Z (solvency) | — | 3.08 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.