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American Financial Group, Inc.

AFG Financial Insurance Property & Casualty

American Financial Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, down 1.80% from fiscal 2024.

Revenue
+10.8%
EPS
+31.8%
Free cash flow
+134.1%
Total debt
+0.05%

Quarter to September 2026, against a year earlier

155.86 1.09 +0.70%
Market cap
$13.0B
P/E
12.7×
Fwd P/E
12.4×
Dividend yield
2.32%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2011

  • Property and casualty insurance
  • Annuity and Supplemental Insurance
  • Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 15.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — 2 — 2 2 — —
Insider Ownership 17.31%

Capital & Financial Ratios $m

Size
Market Cap 12,960.00
Revenue ttm 8,530.00
Net income ttm 1,020.00
Free cash flow ttm 1,755.00
Net debt Q 473.00
Valuation
P/E 12.71
Forward P/E 12.40
Price / sales 1.52
Forward P/S Powerpack
Price / FCF 7.95
Price / book 2.68
Financial health
Current ratio Q 0.49
Debt / equity Q 0.39
Interest coverage Q 16.61
Growth
Revenue growth Q +10.81% (above 0%: growing)
Operating income growth Q +33.96% (above 0%: growing)
EPS, this year +22.70% (at or above 15%: strong)
EPS, next year A −3.63% (below 0%: weak)
Revenue, next year A −11.54% (below 0%: weak)
EPS, past 5 yrs +4.21%
EPS, next 5 yrs A +7.18%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 48.55%
10-year low 10-year high
P/S against its own 10 years 77.34%
10-year low 10-year high
P/B against its own 10 years 94.17%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.32%
Annual rate
3.61
Payout ratio
29.4%
Growth, 2017–25
+12.4%/yr
  1. 1.29 ’17
  2. 1.45 ’18 +13
  3. 1.65 ’19 +14
  4. 1.85 ’20 +12
  5. 2.06 ’21 +11
  6. 2.31 ’22 +12
  7. 2.60 ’23 +13
  8. 2.93 ’24 +13
  9. 3.28 ’25 +12
  10. 6.98 ’26e +113
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,225 1,406 1,727 1,438
Receivables 2,642 2,655 2,853 8,430
Inventory — — — —
Other — — — —
3,867 4,061 4,580 9,868
2023 2024 2025 Q'26
Payables 17,724 18,954 20,025 20,272
ST’ Debt — — — —
Other — — — —
17,724 18,954 20,025 20,272

Compound Annual Growth %

10y 5y 3y
Sales 2.89% 7.22% 5.10%
Cash Flow 1.26% (6.83%) 9.96%
Earnings 9.11% 2.84% (2.12%)
Book Value 0.10% (6.62%) 5.96%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.50 Actual 3.97

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.18 3.65 Beat by 0.47
Q1 FY26 2.55 2.47 Miss by 0.08
Q2 FY26 2.41 2.82 Beat by 0.41
Q3 FY26 3.50 3.97 Beat by 0.47
Q4 FY26 3.38 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.29 2.99 3.40 — —
’25 1.84 2.07 2.58 3.58 10.08
’24 2.89 2.49 2.16 3.03 10.57
’23 2.49 2.34 2.09 3.13 10.05
’22 3.40 1.96 1.93 3.24 10.53
’21 4.84 11.70 2.56 4.18 23.30
’20 (3.34) 1.97 1.86 7.93 8.20
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,854 2,030 2,583 — —
’25 1,856 1,924 2,331 2,063 8,174
’24 1,906 1,900 2,369 2,149 8,324
’23 1,740 1,840 2,164 2,083 7,827
’22 1,588 1,539 1,984 1,929 7,040
’21 1,509 1,531 1,754 1,758 6,552
’20 1,055 1,445 1,556 1,713 5,769
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 474 92 — — —
’25 342 191 216 784 1,533
’24 107 (88) 459 674 1,152
’23 403 115 696 756 1,970
’22 503 11 529 110 1,153
’21 627 343 455 289 1,714
’20 532 555 609 487 2,183
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 464 51 405 — —
’25 317 160 173 750 1,400
’24 69 (96) 405 671 1,049
’23 391 96 689 725 1,901
’22 480 0 522 96 1,098
’21 614 331 452 301 1,698
’20 524 547 591 466 2,128
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.9% a year for ten years. It grew 13.9% a year over the last ten.

Implied
18.9%
10 years, reported
13.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,498 6,865 7,150 6,213 5,769 6,552 7,040 7,827 8,324 8,174 8,530 +2.6% 7,231 7,661 7,911 (1.1%)
Gross margin, % 21.05 20.57 18.25 19.59 15.13 28.21 24.05 23.75 22.31 21.13 22.74 +0.1 pt
EBT 787 724 639 634 339 1,335 1,123 1,073 1,124 1,073 1,293 +3.5%
EBT margin, % 12.11 10.55 8.94 10.20 5.88 20.38 15.95 13.71 13.50 13.13 15.16 +1.0 pt
Net income 668 477 517 869 721 1,995 898 852 887 842 1,020 +2.6%
Per share, $
Per share, $ Revenue 74.78 78.19 80.34 69.11 65.04 76.99 82.73 92.41 99.21 97.89 0.00 +3.0%
Earnings 7.33 5.28 5.85 9.85 8.20 23.30 10.53 10.05 10.57 10.08 12.26 +3.6%
Cash flow 13.23 20.55 23.40 27.32 24.61 20.14 13.55 23.26 13.73 18.36 0.00 +3.7%
Capex 0.07 (0.61) (0.87) (0.44) (0.62) (0.19) (0.65) (0.81) (1.23) (1.59) 0.00 n/m
Free cash flow 13.30 19.93 22.54 26.87 23.99 19.95 12.90 22.44 12.50 16.77 0.00 +2.6%
Book value 56.61 60.72 55.87 69.73 76.54 58.90 47.61 50.27 53.23 57.72 57.02 +0.2%
Shares, m 87 88 89 90 89 85 85 85 84 84 83 (0.4%)
Valuation, ×
Valuation, × P/E 12.00 20.15 15.50 11.11 10.41 5.90 13.00 11.88 12.95 13.57 12.71 12.6
P/S 1.18 1.37 1.13 1.59 1.35 1.78 1.65 1.29 1.38 1.40 1.52 1.4
P/B 1.55 1.76 1.62 1.57 1.14 2.33 2.87 2.37 2.57 2.37 2.68 2.0
EV/Sales 1.05 1.21 1.10 1.45 1.40 1.76 1.74 1.32 1.39 1.41 — 1.4
EV/FCF 5.89 4.76 3.91 3.73 3.79 6.78 11.18 5.45 11.02 8.22 — 6.5
Cash, $m
Cash, $m Operating cash flow 1,150 1,804 2,083 2,456 2,183 1,714 1,153 1,970 1,152 1,533 1,755 +3.2%
Capex 6 (54) (77) (40) (55) (16) (55) (69) (103) (133) (128) n/m
Free cash flow 1,156 1,750 2,006 2,416 2,128 1,698 1,098 1,901 1,049 1,400 1,755 +2.2%
Balance, $m
Balance, $m Working capital (35,217) (38,922) (43,151) (50,270) (7,142) (7,263) (9,181) (13,857) (14,893) (15,445) (10,404) (8.8%)
Net debt (824) (1,037) (213) (841) 298 (167) 624 250 69 93 473 n/m
Shareholders’ equity 4,919 5,331 4,972 6,269 6,789 5,012 4,052 4,258 4,466 4,820 4,821 (0.2%)
Returns, %
Returns, % ROA 1.24 0.82 0.85 1.34 1.02 3.89 3.11 2.91 2.93 2.65 2.93 +1.4 pt
ROIC 12.01 10.54 8.39 7.30 2.99 17.22 15.01 14.88 15.49 13.65 0.00 +1.6 pt
ROE 13.40 9.27 10.29 15.96 11.21 33.81 19.81 20.51 20.33 18.13 21.57 +4.7 pt
People
People Employees 7,600 7,600 7,600 7,600 7,600 6,600 6,900 8,500 8,700 8,500 — +1.3%
Revenue/emp, $m 0.86 0.90 0.94 0.82 0.76 0.99 1.02 0.92 0.96 0.96 — +1.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

American Financial Group, Inc. (AFG) is an insurance holding company based in Cincinnati. Founded in 1872, it operates primarily through Great American Insurance Group, selling specialized property and casualty insurance to businesses. Carl H. Lindner III and S. Craig Lindner are co-chief executive officers.

Property and casualty insurance protects customers against specified losses involving property, legal liabilities and other risks. AFG’s policies cover risks as varied as damaged crops, commercial vehicles, workplace injuries, professional mistakes and losses suffered by lenders. Its customers include farms, transportation companies, contractors, financial institutions and nonprofit organizations.

Where the money comes from and where it goes Fiscal 2011

Fiscal 2011: revenue by segment, and margins
Property and casualty insurance 3,217 69.29%
Annuity and Supplemental Insurance 1,455 31.34%
Other 78 1.68%
Gross margin 21.52%
Operating margin 12.02%
Pre-tax margin 12.02%

Revenue by segment since 2009

American Financial Group, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MKL Markel Group Inc. $23.9B 13.8× 12.3× −11.22% (below 0%: shrinking) −69.36% (below 0%: shrinking) −27.15% (below 0%: shrinking) 46.51% 9.88% Compare
L Loews Corporation $22.5B 15.2× 16.0× +1.88% (above 0%: growing) −35.20% (below 0%: shrinking) −9.55% (below 0%: shrinking) 50.68% 10.65% Compare
AIZ Assurant, Inc. $15.1B 14.2× 14.0× +9.22% (above 0%: growing) +6.97% (above 0%: growing) +99.03% (above 0%: growing) 77.83% 10.73% Compare
CNA CNA Financial Corporation $13.0B 12.6× 11.8× +0.10% (above 0%: growing) −51.11% (below 0%: shrinking) −9.94% (below 0%: shrinking) 38.58% 7.04% Compare
AFG American Financial Group, Inc. $13.0B 12.7× 12.4× +10.81% (above 0%: growing) +31.78% (above 0%: growing) +134.10% (above 0%: growing) 20.98% 14.79%
ORI Old Republic International Corporation $9.7B 8.8× 8.9× +5.21% (above 0%: growing) −11.55% (below 0%: shrinking) −23.85% (below 0%: shrinking) 11.68% 11.68% Compare
KNSL Kinsale Capital Group, Inc. $8.9B 17.2× 16.2× −8.58% (below 0%: shrinking) −28.76% (below 0%: shrinking) −9.58% (below 0%: shrinking) 27.99% 27.89% Compare
THG The Hanover Insurance Group, Inc. $8.6B 11.7× 11.6× +4.23% (above 0%: growing) +1.22% (above 0%: growing) −6.06% (below 0%: shrinking) 42.97% 13.27% Compare
RLI RLI Corp. $6.4B 16.2× 16.0× −6.34% (below 0%: shrinking) −34.81% (below 0%: shrinking) +8.17% (above 0%: growing) 29.66% 22.52% Compare
Median of peers $11.4B 14.0× 13.2× +0.99% −31.78% −9.56% 40.78% 11.21%

All 46 Insurance Property & Casualty stocks →

From the latest earnings call

Updated

  • Carl Lindner III said renewal rates rose across AFG’s property and casualty group, while the company was largely through its reset of businesses exposed to social inflation.
  • Craig Lindner said higher alternative investment returns lifted investment income and that AFG expected excess capital to support options including acquisitions, special dividends or repurchases.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 69.68%
Held by the ten largest 41.47%
Holder Shares Stake Change
BlackRock 7.71m 9.30% +877.72k
Vanguard 7.16m 8.64% −586.16k
Fidelity (FMR) 5.47m 6.59% −906.57k
State Street 3.08m 3.71% +68.99k
Charles Schwab 2.31m 2.79% +214.17k
AMERICAN FINANCIAL GROUP INC 401(K) RETIREMENT & SAVINGS PLAN 2.25m 2.71% −121.45k
Geode Capital Management 1.74m 2.10% +64.41k
Victory Capital 1.62m 1.95% −418.81k
Dimensional Fund Advisors 1.61m 1.94% +104.98k
AQR Capital Management 1.44m 1.73% +761.33k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Ownership

Directors and executive officers, together 16.90%
The Vanguard Group 8.70%
BlackRock, Inc. 8.50%
FMR, LLC 7.90%
Carl H. Lindner III 6.80%
S. Craig Lindner 6.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Financial Group, Inc. (AFG) Latest News

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AFG metrics, ten years each

stockrow.com/AFG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com