American Financial Group, Inc.

Fire, Marine & Casualty Insurance

AFGMixed8 of 11 basics passed

$141.08

-0.63%

Market cap $11.7B

$141.08

-0.63%

Market cap $11.7B

American Financial Group Inc is an insurance holding company. Through its subsidiaries, it is engaged in the property and casualty insurance business, focusing on specialized commercial products for businesses.

It is a $11.7B financial services company. Revenue shrank 0.2% over the last year, and it keeps 12¢ of every dollar of sales as profit. It trades at 12.3× earnings — around the middle of its own history.

Website: afginc.com
Location: Cincinnati, OH
Employees: 8 500
Sector: Financial Services

Share price · 3 years

$110.76 → $141.08+27.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $8.28B
Profit: keeps 12¢ of every $1 sold; $953M
Free cash flow: cash left after running the business; $1.57B
Net debt: debt minus cash on hand; $93.0M
P/E: years of profit in the price; 12.3
EPS: earnings per share, TTM; $11.41
Dividend: pays out 60% of profit · 37% of FCF; 4.92%
Shares: down 6% since 2016 — buybacks; 83.5M
Volatility: beta vs the market — under 1 swings less; 0.56

Revenue, last 10 years

52-week range

Low $124.18$141.08High $146.73

Today's price is 75% of the way from the year's low to its high.

P/E vs its history5y

12.3×median 12.1×

Higher than 55% of past days — around the middle of its own history.

Valuation vs own history

P/E

12.3×

45%

P/S

1.4×

39%

EV/EBITDA

9.8×

57%

P/B

2.4×

56%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$13.7Mnet selling

Purchases$0

Sales$13.7M

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$11.7Btop 77%
Revenue growth+5%top 68%
Net margin12%top 67%
Return on equity20%top 26%
P/E12.3×top 40%
Dividend yield4.92%top 8%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Quality and Moat lag behind.

Valuation87

P/E vs own history55th pct · 12/25
FCF yield13.4% · 25/25
P/S1.4x · 25/25
EV/EBITDA9.5x · 25/25

Growth30

Revenue CAGR5.7% · 12/25
Net income CAGR-19.4% · 0/25
EPS CAGR ~5Y4.2% · 6/25
Fwd implied growth6.9% · 12/25

Profitability72

ROIC18.4% · 20/25
ROE20.0% · 20/25
Net margin11.5% · 20/25
Operating margin14.4% · 12/25

Health70

Altman Zn/a · 0/25
Current ratio5.32 · 25/25
Interest coverage1074.0x · 25/25
Net cash / debtD/A 0% · 20/25

Quality47

Piotroski F4/9 · 10/25
Beneish M-2.64 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 8.3% · 12/25

Moat38

ROIC >12% years8/10 yrs · 20/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 6.9% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$2.00B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$6.50B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
Dec 6, 2006Acquisition
American Financial sold assets acquired from successors to the dissolution of the Penn Central…
1968Acquisition
National General Corporation, run by Gene Klein, acquired Great American in 1968

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 734 today — price return only

$8.2B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

8 500 employees

ROIC of 18.4%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strong cash conversion — FCF is 18.9% of revenue
Interest covered 1074.0× by operating earnings
High returns on invested capital (ROIC 18.4%)

Watch-outs

Revenue shrinking 0.2% year over year

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago-0.2% YoY
Profitable — makes more than it spends$953M TTM
Profit growing — earnings are higher than last year-1.4% YoY
Generates cash — cash left after running and investing$1.57B TTM
Debt under control — could handle its obligations~0.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.7B market cap
Not printing shares — share count not ballooning — you keep your slice-6.4% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersyield 4.92%
Valuation not extreme — price not wildly above earningsP/E 12.3

Peer comparisonAmerican Financial Group, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AFG this company	$11.7B	12.3	-0.2%	11.5%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: AFG vs BRK.A · AFG vs BRK.B · AFG vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 4Hold 7

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $8.28B · net income $953M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$8.28B

YoY -0.2%

Net income (TTM)

$953M

Margin 11.5%

Operating margin

14.4%

P/E ratio

12.3

Dividend yield

4.92%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.9	6.6	7.0	7.8	8.3	8.2
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.8	1.3	1.1	1.1	1.1	1.1
Net income	0.7	2.0	0.9	0.9	0.9	0.8
EPS (diluted)	8.21	23.31	10.53	10.05	10.57	10.08

Cash flowFree cash flow $1.57B · operating cash flow $1.57B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.57B

Margin 18.9%

Operating cash flow (TTM)

$1.57B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	2.2	1.7	1.2	2.0	1.2	1.5
Capital expenditure	—	—	—	—	—	—
Free cash flow	2.2	1.7	1.2	2.0	1.2	1.5
FCF margin	27.6%	26.2%	16.4%	25.2%	13.8%	18.8%

Balance sheetAssets $32.6B · net debt $93.0M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $32.6B of assets is financed

85%

15%

Liabilities $27.8B — borrowed moneyEquity $4.82B — owners' stake

Cash vs debt

Total debt $1.82B − cash $1.73B = net debt $93.0M

Cash on hand covers 95% of debt.

Interest coverage

1074.0x

EBIT ÷ interest expense

ROE

20.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.8	2.1	0.9	1.2	1.4	1.7
Total assets	73.6	28.9	28.8	29.8	30.8	32.6
Total liabilities	66.8	23.9	24.8	25.5	26.4	27.8
Total debt	2.0	2.0	1.5	1.5	1.5	1.8
Equity	6.8	5.0	4.1	4.3	4.5	4.8
Net debt	-0.8	-0.2	0.6	0.3	0.1	0.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AFG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $141.08 · market cap $11.7B.