American Financial Group
AFG · Multi-line Insurance
$150.62
1.9%Loews
L · Multi-line Insurance
$112.01
1.5%The short version
- Loews is the larger business, with $18.5B of revenue in fiscal 2025 against $8.2B for American Financial Group, about 2.3 times as much.
- Loews grew revenue faster (5.4%, against −1.8%).
- American Financial Group earned a higher return on the capital invested in it (17.8%, against 9.5%).
- Investors pay more for each dollar of Loews’s earnings: a P/E of 13.7x against 13.2x for American Financial Group.
| Latest fiscal year | AFG · FY25 | L · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.5B | $23.0B |
| Revenue | $8.2B | $18.5B |
| Free cash flow | — | $2.7B |
| Net income | $842M | $1.7B |
| Growth | ||
| Revenue growth | −1.8% | 5.4% |
| 5-year growth | 7.2% | 8.0% |
| Share count change | −0.5% | −5.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.1% | — |
| Net margin | 10.3% | 9.0% |
| FCF margin | — | 14.6% |
| Return on capital | 17.8% | 9.5% |
| Return on equity | 18.1% | 9.3% |
| Balance sheet | ||
| Net debt | $93.0M | $3.0B |
| Net debt / EBITDA | 0.1x | 0.9x |
| Dividends and buybacks | $705M | $858M |
| Valuation & quality | ||
| P/E | 13.2x | 13.7x |
| Piotroski F-score | — | — |
FY16
AFG $6.5B
L $13.1B
FY17
AFG $6.9B
L $13.7B
FY18
AFG $7.2B
L $14.1B
FY19
AFG $6.2B
L $14.9B
FY20
AFG $5.8B
L $12.6B
FY21
AFG $6.6B
L $14.7B
FY22
AFG $7.0B
L $14.0B
FY23
AFG $7.8B
L $15.9B
FY24
AFG $8.3B
L $17.5B
FY25
AFG $8.2B
L $18.5B
AFG
L
FY16
AFG 12.1%
L —
FY17
AFG 10.6%
L —
FY18
AFG 8.9%
L —
FY19
AFG 10.2%
L —
FY20
AFG 5.9%
L —
FY21
AFG 20.4%
L —
FY22
AFG 16.0%
L —
FY23
AFG 13.7%
L —
FY24
AFG 13.5%
L —
FY25
AFG 13.1%
L —
AFG
L
FY16
AFG —
L $803M
FY17
AFG —
L $1.6B
FY18
AFG —
L $3.2B
FY19
AFG —
L $700M
FY20
AFG —
L $1.0B
FY21
AFG —
L $2.1B
FY22
AFG —
L $2.7B
FY23
AFG —
L $3.2B
FY24
AFG —
L $2.4B
FY25
AFG —
L $2.7B
AFG
L
FY16
AFG —
L 3.9%
FY17
AFG —
L 6.6%
FY18
AFG —
L 4.0%
FY19
AFG —
L 4.7%
FY20
AFG —
L −3.0%
FY21
AFG 19.9%
L 9.4%
FY22
AFG 18.9%
L 6.0%
FY23
AFG 18.6%
L 9.3%
FY24
AFG 19.6%
L 8.7%
FY25
AFG 17.8%
L 9.5%
AFG
L
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.