Aflac vs Athene Holding
Athene Holding is the larger business, with $25.68bn of revenue in fiscal 2025 against $17.16bn for Aflac (1.5 times as much). Athene Holding grew faster (24.1% against -9.3%). Aflac kept more of each dollar of sales as profit: a net margin of 21.2% against 10.6%. Aflac carries less debt relative to equity (28.5% against 38.3%).
| Latest fiscal year | AflacAFL, 2025 | Athene HoldingATHS, 2025 |
|---|---|---|
| Revenue | $17.16bn | $25.68bn |
| Revenue growth | -9.3% | 24.1% |
| Net income | $3.65bn | $2.71bn |
| Operating margin | — | — |
| Net margin | 21.2% | 10.6% |
| Return on equity | 13.1% | 14.7% |
| Free cash flow | — | — |
| Cash | $6.25bn | $16.89bn |
| Total debt | $8.41bn | $7.85bn |
| Debt to equity | 28.5% | 38.3% |
| Dividend per share | $2.35 | — |
| Dividend yield | — | — |
| Share buybacks | $3.53bn | — |
| Employees | 6,996 | 1,970 |
| Market value | $62.58bn | $4.7m |
| Price vs our value range | — | — |
| Moat score | 80 (Strong) | — |
| Insider trades, 12 months | 0 buys, 233 sales | 0 buys, 0 sales |