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Wednesday 4 November 2026 Export AFG’s income statement to Excel — free account

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
+5.51%
EPS
+44.4%
Free cash flow
−68.1%
Total debt
+23.4%

Quarter to June 2026, against a year earlier

153.73 0.73 +0.48%
Market cap
$12.7B
P/E
13.4×
Fwd P/E
12.4×
Dividend yield
2.36%
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

American Financial Group, Inc. (AFG) valuation and DCF model

What the price implies · reverse DCF

At $153.73 the price implies 7.0% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 13.9% a year over the last ten years, 14.2% over the last five. The price asks for less than its ten-year rate. Return on equity averaged 17.3% over ten years; the price implies 19.7% for good.

In December 2017 the price assumed 11.0% a year; American Financial Group, Inc. went on to grow the dividend a share −2.8% a year to FY2025.

Price implies
7.0%
Last 5 years, reported
14.2%
Last 10 years, reported
13.9%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
7.0% a year for ten years
$153.73
today’s price
Its base case
13.9% a year for five years, then 8.4%
$214.09
39.3% above today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record American Financial Group, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 7.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against American Financial Group, Inc.’s own cost of capital: risk-free 4.3% + beta 0.55 × equity premium 4.5% = 6.8% cost of equity; after-tax cost of debt 3.9%; weighted, 6.4%.

Use 6.4%
Base case value per share $214.09 ten years discounted, and what follows
Current price $153.73 market price per share
Above today’s price 39.3% upside at the base case’s assumptions

How we got there$81.96 10 years of dividends+$132.13 terminal value=$214.09 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Property & Casualty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 13.40× 12.96× 12.79× 5% above 11.87× 13% above
P/FCF 8.85× 8.78× 6.79× 30% above 8.12× 9% above
P/B 2.64× 2.57× 2.13× 24% above 1.99× 33% above
EV/EBITDA — 8.65× 8.83× — 3.38× —
EV/Sales — 1.52× 1.38× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
1.07×1.29×1.52×1.74×10Y avg 1.38×2016201720182019202020212022202320242025

EV/Sales has no reading today; its 10-year average is 1.38×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.