Aflac Inc (AFL) is slightly undervalued and Unum Group (UNM) is overvalued.
Against our estimates of intrinsic value, AFL trades at the wider discount: a margin of safety of +19%, against -65% for UNM.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 16.9% return on equity justifies, blended with earnings, values the shares at $140.75; the price of $114.60 is 19% below that value.
Leak Score 62/100 on 9 of 12 signals
Book value at 0.78x, the multiple a 6.3% return on equity justifies, blended with earnings, values the shares at $56.68; the price of $93.32 is 65% above that value.
Leak Score 27/100 on 3 of 12 signals
| Metric | AFL | UNM |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $114.60 | $93.32 |
| Intrinsic value | $140.75 | $56.68 |
| Margin of safety | +19% | -65% |
| Leak Score | 62/100 (9/12) | 27/100 (3/12) |
| Market cap | $57.5B | $14.8B |
| Revenue growth, 5 years | -5.0% | -0.2% |
| Operating margin | 33.4% | 8.7% |
| Net margin | 26.9% | 5.3% |
| Return on equity | 16.9% | 6.3% |
| Debt to equity | 0.29 | 0.35 |
| P/E | 12.3x | 21.8x |
| Forward P/E | 15.2x | 9.9x |
| P/B | 1.9x | 1.4x |
| Dividend yield | 2.1% | 2.1% |