Skip to content
stoqly

American Financial Group

AFG NYSE Multi-line Insurance Financials FY2016–FY2025

American Financial Group's revenue fell 1.8% to $8.2 billion in fiscal 2025. Its operating margin was 13.1%, down from 13.5% a year earlier. It paid out $705 million in dividends and buybacks. The diluted share count fell 0.5%.

Last close · Oct 23, 2026

$150.62

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$8.2B
1.8% vs prior year
Operating margin Operating income as a share of revenue.
13.1%
0.4 pts
Net income Profit after all expenses, interest and tax.
$842M
5.1%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.8%
1.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
13.2x
On $11.44 EPS (TTM)

What American Financial Group does

No business description yet.

Legal name
AMERICAN FINANCIAL GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001042046-26-000010
0001042046

Revenue and margins

American Financial Group had $8.2B of revenue in fiscal 2025, down 1.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 3.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

American Financial Group returned $705M to shareholders in fiscal 2025. The diluted share count fell 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value American Financial Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$93.0M and divides by 83.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 13.2x · peers 14.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably American Financial Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.1B$872M$1.2B$1.4B$1.7B
Debt incl. finance leases $2.0B$1.5B$1.5B$1.5B$1.8B
Net debt / EBITDA −0.1x0.5x0.2x0.1x0.1x
Debt / equity 0.4x0.4x0.4x0.3x0.4x
Interest coverage 14.2x13.2x14.1x14.8x13.4x
Total assets $28.9B$28.8B$29.8B$30.8B$32.6B
Total liabilities $23.9B$24.8B$25.5B$26.4B$27.8B
Shareholders' equity $5.0B$4.1B$4.3B$4.5B$4.8B
Net debt (− = net cash) −$167M$624M$250M$69.0M$93.0M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$16.0M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Lehman John I VonDirector Sold 1,279 $143.84 $0.2M Form 4
Sep 2, 2026 Brian S. HertzmanSVP, CFO Sold 950 $142.87 $0.1M Form 4
Aug 26, 2026 Carl H Lindner IIICo-CEO, Director Sold 81,373 $144.28 $11.7M Form 4
Aug 24, 2026 Carl H Lindner IIICo-CEO, Director Sold 8,627 $144.66 $1.2M Form 4
Aug 6, 2026 Mark A WeissSr. VP & General Counsel Sold 2,813 $144.76 $0.4M Form 4
Jun 24, 2026 Michelle A GillisSenior Vice President Sold 2,247 $139.00 $0.3M Form 4
Jun 23, 2026 David Lawrence Thompson JrPresident of Subsidiary, Director Sold 11,370 $135.05 $1.5M Form 4
Feb 27, 2026 Brian S. HertzmanSVP, CFO Sold 1,663 $133.70 $0.2M Form 4
Nov 7, 2025 Brian S. HertzmanSVP, CFO Sold 1,777 $142.51 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −3.8%−0.9%−2.2%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
American Financial Group AFG $12.5B −1.8% 13.1% — 17.8% 13.2x —
Assurant AIZ $14.2B 7.9% — 12.5% 17.5% 13.6x — Compare →
Loews L $23.0B 5.4% — 14.6% 9.5% 13.7x — Compare →
American International Group AIG $43.4B −1.8% — — 9.3% 14.9x — Compare →
Voya Financial VOYA $8.8B 1.7% 12.7% — — 16.2x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.5B $6.9B $7.2B $6.2B $5.8B $6.6B $7.0B $7.8B $8.3B $8.2B
Operating income $787M $724M $639M $634M $339M $1.3B $1.1B $1.1B $1.1B $1.1B
Interest expense $77.0M $85.0M $62.0M $68.0M $88.0M $94.0M $85.0M $76.0M $76.0M $80.0M
Pretax income $787M $724M $639M $1.1B $848M $2.2B $1.1B $1.1B $1.1B $1.1B
Income tax $119M $247M $122M $143M $25.0M $254M $225M $221M $237M $231M
Net income $649M $475M $530M $897M $732M $2.0B $898M $852M $887M $842M
Diluted EPS $7.33 $5.28 $5.85 $9.85 $8.20 $23.30 $10.53 $10.05 $10.57 $10.08
Diluted shares 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $1.2B $1.8B $2.1B $2.5B $2.2B $1.7B $1.2B $2.0B $1.2B $1.5B
Depreciation and amortization $134M $107M $210M $259M $299M $187M $100M $78.0M $81.0M $86.0M
Stock-based compensation $28.0M $30.0M $23.0M $23.0M $20.0M $16.0M $19.0M $18.0M $18.0M $18.0M
Acquisitions $0.0M $0.0M $36.0M $0.0M $3.0M $123M $10.0M $234M $9.0M $7.0M
Share buybacks $133M $0.0M $6.0M $0.0M $313M $319M $11.0M $213M $0.0M $99.0M
Dividends paid $185M $417M $394M $444M $334M $2.4B $1.2B $684M $788M $606M
Dividends and buybacks $318M $417M $400M $444M $647M $2.7B $1.2B $897M $788M $705M
Balance sheet
Cash and short-term investments $2.1B $2.3B $1.5B $2.3B $1.7B $2.1B $872M $1.2B $1.4B $1.7B
Total debt $1.3B $1.3B $1.3B $1.5B $2.0B $2.0B $1.5B $1.5B $1.5B $1.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $55.1B $60.7B $63.5B $70.1B $73.7B $28.9B $28.8B $29.8B $30.8B $32.6B
Total liabilities $50.2B $55.3B $58.5B $63.9B $66.9B $23.9B $24.8B $25.5B $26.4B $27.8B
Shareholders' equity $4.9B $5.3B $5.0B $6.3B $6.8B $5.0B $4.1B $4.3B $4.5B $4.8B
Margins
Operating margin 12.1% 10.6% 8.9% 10.2% 5.9% 20.4% 16.0% 13.7% 13.5% 13.1%
EBITDA margin 14.2% 12.1% 11.9% 14.4% 11.1% 23.2% 17.4% 14.7% 14.5% 14.2%
Net margin 10.0% 6.9% 7.4% 14.4% 12.7% 30.5% 12.8% 10.9% 10.7% 10.3%
Returns
Return on capital — — — — — 19.9% 18.9% 18.6% 19.6% 17.8%
Return on equity 13.7% 9.3% 10.3% 16.0% 11.2% 33.8% 19.8% 20.5% 20.3% 18.1%
Return on assets 1.2% 0.8% 0.9% 1.3% 1.0% 3.9% 3.1% 2.9% 2.9% 2.7%
Growth
Revenue growth 5.7% 5.7% 4.2% −13.1% −7.2% 13.6% 7.5% 11.2% 6.4% −1.8%
Net income growth 84.4% −26.8% 11.6% 69.3% −18.4% 172.5% −55.0% −5.1% 4.1% −5.1%
EPS growth 86.0% −28.0% 10.8% 68.4% −16.8% 184.2% −54.8% −4.6% 5.2% −4.6%
Share count change −1.0% 1.5% 0.9% 0.4% −2.0% −4.0% −0.4% −0.6% −1.1% −0.5%
Financial health
Net debt / EBITDA −0.9x −1.3x −0.3x −0.9x 0.5x −0.1x 0.5x 0.2x 0.1x 0.1x
Debt / equity 0.3x 0.2x 0.3x 0.2x 0.3x 0.4x 0.4x 0.4x 0.3x 0.4x
Interest coverage 10.2x 8.5x 10.3x 9.3x 3.9x 14.2x 13.2x 14.1x 14.8x 13.4x
Capital allocation
Stock comp / revenue 0.4% 0.4% 0.3% 0.4% 0.4% 0.2% 0.3% 0.2% 0.2% 0.2%
Quality scores
Accruals ratio −1.0% −2.3% −2.5% −2.3% −2.0% 0.6% −0.9% −3.8% −0.9% −2.2%

Source: SEC EDGAR XBRL filings (CIK 0001042046). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open