American Financial Group vs American International Group
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The short version
- American International Group is the larger business, with $26.8B of revenue in fiscal 2025 against $8.2B for American Financial Group, about 3.3 times as much.
- American Financial Group earned a higher return on the capital invested in it (17.8%, against 9.3%).
- Investors pay more for each dollar of American International Group’s earnings: a P/E of 14.9x against 13.2x for American Financial Group.
| Latest fiscal year | AFG · FY25 | AIG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.5B | $43.4B |
| Revenue | $8.2B | $26.8B |
| Free cash flow | — | — |
| Net income | $842M | $3.1B |
| Growth | ||
| Revenue growth | −1.8% | −1.8% |
| 5-year growth | 7.2% | −9.4% |
| Share count change | −0.5% | −13.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.1% | — |
| Net margin | 10.3% | 11.6% |
| FCF margin | — | — |
| Return on capital | 17.8% | 9.3% |
| Return on equity | 18.1% | 7.4% |
| Balance sheet | ||
| Net debt | $93.0M | −$3.3B |
| Net debt / EBITDA | 0.1x | −0.4x |
| Dividends and buybacks | $705M | $6.8B |
| Valuation & quality | ||
| P/E | 13.2x | 14.9x |
| Piotroski F-score | — | — |
Revenue
FY16
AFG $6.5B
AIG $52.4B
FY17
AFG $6.9B
AIG $49.5B
FY18
AFG $7.2B
AIG $47.4B
FY19
AFG $6.2B
AIG $49.7B
FY20
AFG $5.8B
AIG $43.7B
FY21
AFG $6.6B
AIG $52.2B
FY22
AFG $7.0B
AIG $30.0B
FY23
AFG $7.8B
AIG $27.9B
FY24
AFG $8.3B
AIG $27.3B
FY25
AFG $8.2B
AIG $26.8B
AFG
AIG
Operating margin
FY16
AFG 12.1%
AIG —
FY17
AFG 10.6%
AIG —
FY18
AFG 8.9%
AIG —
FY19
AFG 10.2%
AIG —
FY20
AFG 5.9%
AIG —
FY21
AFG 20.4%
AIG —
FY22
AFG 16.0%
AIG —
FY23
AFG 13.7%
AIG —
FY24
AFG 13.5%
AIG —
FY25
AFG 13.1%
AIG —
AFG
AIG
Free cash flow
FY16
AFG —
AIG $2.4B
FY17
AFG —
AIG −$8.3B
FY18
AFG —
AIG −$762M
FY19
AFG —
AIG −$2.1B
FY20
AFG —
AIG $685M
FY21
AFG —
AIG $5.9B
FY22
AFG —
AIG $3.9B
FY23
AFG —
AIG $6.0B
FY24
AFG —
AIG —
FY25
AFG —
AIG —
AFG
AIG
Return on capital
FY16
AFG —
AIG 0.9%
FY17
AFG —
AIG 1.5%
FY18
AFG —
AIG 1.0%
FY19
AFG —
AIG 6.3%
FY20
AFG —
AIG −5.4%
FY21
AFG 19.9%
AIG 14.4%
FY22
AFG 18.9%
AIG 4.7%
FY23
AFG 18.6%
AIG —
FY24
AFG 19.6%
AIG 7.3%
FY25
AFG 17.8%
AIG 9.3%
AFG
AIG
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.