8-K Announcements
6Apr 30, 2026·SEC
Feb 18, 2026·SEC
Feb 4, 2026·SEC
American Financial Group, Inc. (AFG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
American Financial Group, Inc. (AFG) stock price & volume — 10-year historical chart
American Financial Group, Inc. (AFG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
American Financial Group, Inc. (AFG) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $2.47vs $2.55-3.1% | $1.7Bvs $1.7B-2.2% |
| Q1 2026 | Feb 3, 2026 | $3.65vs $3.18+14.8% | $1.4Bvs $1.9B-23.9% |
| Q4 2025 | Nov 4, 2025 | $2.69vs $2.52+6.7% | $2.3Bvs $2.0B+16.5% |
| Q3 2025 | Aug 5, 2025 | $2.14vs $2.08+2.9% | $1.9Bvs $1.9B+1.9% |
American Financial Group, Inc. (AFG) competitors in Specialty and excess surplus insurers — business model, growth, and fundamentals comparison
American Financial Group, Inc. (AFG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
American Financial Group, Inc. (AFG) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6.87B | 6.99B | 6.12B | 5.67B | 6.23B | 6.77B | 7.73B | 8.28B | 8.17B |
| Revenue Growth % | 5.65% | 1.81% | -12.49% | -7.29% | 9.89% | 8.7% | 14.1% | 7.12% | -1.26% |
| Medical Costs & Claims | 5.63B | 6.06B | 5.49B | 5.37B | 4.86B | 5.58B | 6.37B | 6.8B | 4.39B |
| Medical Cost Ratio % | 82.07% | 86.65% | 89.73% | 94.69% | 77.98% | 82.34% | 82.47% | 82.21% | 53.68% |
| Gross Profit | 1.23B▲ 0% | 933M▼ 24.2% | 628M▼ 32.7% | 301M▼ 52.1% | 1.37B▲ 355.8% | 1.2B▼ 12.8% | 1.35B▲ 13.3% | 1.47B▲ 8.7% | 3.79B▲ 157.0% |
| Gross Margin % | 17.93% | 13.35% | 10.27% | 5.31% | 22.02% | 17.66% | 17.53% | 17.79% | 46.32% |
| Gross Profit Growth % | 1.15% | -24.21% | -32.69% | -52.07% | 355.81% | -12.83% | 13.29% | 8.71% | 157.03% |
| Operating Expenses | 507M | 294M | -6M | -38M | 37M | 73M | 282M | 349M | 2.71B |
| OpEx / Revenue % | 7.39% | 4.21% | -0.1% | -0.67% | 0.59% | 1.08% | 3.65% | 4.22% | 33.19% |
| Depreciation & Amortization | 107M | 210M | 259M | 299M | 187M | 100M | 78M | 81M | 86M |
| Combined Ratio % | 89.45% | 90.86% | 89.63% | 94.02% | 78.57% | 83.42% | 86.12% | 86.42% | 86.87% |
| Operating Income | 724M▲ 0% | 639M▼ 11.7% | 634M▼ 0.8% | 339M▼ 46.5% | 1.33B▲ 293.8% | 1.12B▼ 15.9% | 1.07B▼ 4.5% | 1.12B▲ 4.8% | 1.07B▼ 4.5% |
| Operating Margin % | 10.55% | 9.14% | 10.37% | 5.98% | 21.43% | 16.58% | 13.88% | 13.58% | 13.13% |
| Operating Income Growth % | -8.01% | -11.74% | -0.78% | -46.53% | 293.81% | -15.88% | -4.45% | 4.75% | -4.54% |
| EBITDA | 831M | 849M | 893M | 638M | 1.52B | 1.22B | 1.15B | 1.21B | 1.16B |
| EBITDA Margin % | 12.1% | 12.15% | 14.6% | 11.25% | 24.43% | 18.06% | 14.89% | 14.56% | 14.18% |
| Interest Expense | 85M | 62M | 68M | 88M | 94M | 85M | 76M | 76M | 80M |
| Non-Operating Income | -85M | -62M | -68M | -88M | -94M | -85M | -76M | -76M | -80M |
| Pretax Income | 724M▲ 0% | 639M▼ 11.7% | 634M▼ 0.8% | 339M▼ 46.5% | 1.33B▲ 293.8% | 1.12B▼ 15.9% | 1.07B▼ 4.5% | 1.12B▲ 4.8% | 1.07B▼ 4.5% |
| Pretax Margin % | 10.55% | 9.14% | 10.37% | 5.98% | 21.43% | 16.58% | 13.88% | 13.58% | 13.13% |
| Income Tax | 247M | 122M | 143M | 25M | 254M | 225M | 221M | 237M | 231M |
| Effective Tax Rate % | 34.12% | 19.09% | 22.56% | 7.37% | 19.03% | 20.04% | 20.6% | 21.09% | 21.53% |
| Net Income | 475M▲ 0% | 530M▲ 11.6% | 897M▲ 69.2% | 732M▼ 18.4% | 2B▲ 172.5% | 898M▼ 55.0% | 852M▼ 5.1% | 887M▲ 4.1% | 842M▼ 5.1% |
| Net Margin % | 6.92% | 7.58% | 14.67% | 12.91% | 32.02% | 13.26% | 11.02% | 10.72% | 10.3% |
| Net Income Growth % | -26.81% | 11.58% | 69.25% | -18.39% | 172.54% | -54.99% | -5.12% | 4.11% | -5.07% |
| EPS (Diluted) | 5.28▲ 0% | 5.85▲ 10.8% | 9.86▲ 68.5% | 8.21▼ 16.7% | 23.30▲ 183.8% | 10.53▼ 54.8% | 10.05▼ 4.6% | 10.57▲ 5.2% | 10.08▼ 4.6% |
| EPS Growth % | -27.97% | 10.8% | 68.55% | -16.73% | 183.8% | -54.81% | -4.56% | 5.17% | -4.64% |
| EPS (Basic) | 5.38 | 5.96 | 9.98 | 8.25 | 23.49 | 10.55 | 10.06 | 10.57 | 10.05 |
| Diluted Shares Outstanding | 89.8M | 90.6M | 91M | 89.2M | 85.6M | 85.3M | 84.8M | 83.9M | 83.5M |
American Financial Group, Inc. (AFG) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 57.4B | 60B | 66.87B | 69.89B | 24.89B | 24.09B | 24.62B | 25.01B | 32.64B |
| Asset Growth % | 9.42% | 4.55% | 11.44% | 4.52% | -64.4% | -3.19% | 2.18% | 1.58% | 30.54% |
| Total Investment Assets | 44.35B | 47.54B | 53.57B | 11.83B | 13.61B | 13.64B | 14.04B | 14.45B | 15.46B |
| Long-Term Investments | 44.35B | 47.54B | 53.57B | 11.83B | 13.61B | 13.64B | 14.04B | 14.45B | 14.74B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 717M |
| Total Current Assets | 3.48B | 2.75B | 3.65B | 2.89B | 3.4B | 2.21B | 2.7B | 2.94B | 11.91B |
| Cash & Equivalents | 2.34B | 1.51B | 2.31B | 1.67B | 2.13B | 872M | 1.23B | 1.41B | 1.73B |
| Receivables | 1.15B | 1.23B | 1.33B | 1.23B | 1.26B | 1.34B | 1.47B | 1.53B | 8.38B |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 225M | 261M | 250M | 210M | 352M | 354M | 518M | 508M | 660M |
| Goodwill | 199M | 207M | 207M | 176M | 246M | 246M | 305M | 305M | 327M |
| Intangible Assets | 26M | 54M | 43M | 34M | 106M | 108M | 213M | 203M | 333M |
| PP&E (Net) | 0 | 0 | 158M | 139M | 118M | 103M | 176M | 212M | 0 |
| Other Assets | 8.48B | 8.58B | 8.24B | 54.43B | 7.02B | 7.4B | 6.79B | 6.44B | 5.33B |
| Total Liabilities | 52.06B | 55.03B | 60.6B | 63.1B | 19.87B | 20.04B | 20.36B | 20.54B | 27.82B |
| Total Debt | 1.3B | 1.3B | 1.79B | 2.28B | 2.2B | 1.69B | 1.83B | 1.9B | 1.82B |
| Net Debt | -1.04B | -213M | -527M | 616M | 67M | 820M | 609M | 493M | 93M |
| Long-Term Debt | 1.3B | 1.3B | 1.61B | 2.12B | 2.06B | 1.58B | 1.64B | 1.67B | 1.82B |
| Short-Term Debt | 0 | 0 | 46M | 0 | 38M | 36M | 37M | 40M | 0 |
| Total Current Liabilities | 1.81B | 1.99B | 2.2B | 2.04B | 2.25B | 2.37B | 2.53B | 2.61B | 23.93B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2B |
| Deferred Revenue | 1.81B | 1.99B | 2.15B | 2.04B | 2.21B | 2.33B | 2.49B | 2.57B | 3.74B |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | 48.24B | 51.24B | 55.83B | 58.55B | 15.16B | 15.86B | 15.77B | 15.71B | 2.07B |
| Total Equity | 5.33B▲ 0% | 4.97B▼ 6.7% | 6.27B▲ 26.1% | 6.79B▲ 8.3% | 5.01B▼ 26.2% | 4.05B▼ 19.2% | 4.26B▲ 5.1% | 4.47B▲ 4.9% | 4.82B▲ 7.9% |
| Equity Growth % | 8.38% | -6.73% | 26.09% | 8.29% | -26.17% | -19.15% | 5.08% | 4.88% | 7.93% |
| Shareholders Equity | 5.33B | 4.97B | 6.27B | 6.79B | 5.01B | 4.05B | 4.26B | 4.47B | 4.82B |
| Minority Interest | 4M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 3.25B | 3.59B | 4.01B | 4.15B | 3.48B | 3.14B | 3.12B | 3.21B | 3.36B |
| Common Stock | 88M | 89M | 90M | 86M | 85M | 85M | 84M | 84M | 83M |
| Accumulated OCI | 813M | 48M | 863M | 1.27B | 119M | -543M | -319M | -240M | -50M |
| Return on Equity (ROE) | 9.27% | 10.29% | 15.96% | 11.21% | 33.81% | 19.81% | 20.51% | 20.33% | 18.13% |
| Return on Assets (ROA) | 0.86% | 0.9% | 1.41% | 1.07% | 4.21% | 3.67% | 3.5% | 3.57% | 2.92% |
| Equity / Assets | 9.29% | 8.29% | 9.37% | 9.71% | 20.14% | 16.82% | 17.3% | 17.86% | 14.77% |
| Debt / Equity | 0.24x | 0.26x | 0.29x | 0.34x | 0.44x | 0.42x | 0.43x | 0.43x | 0.38x |
| Book Value per Share | 59.37 | 54.88 | 68.89 | 76.11 | 58.55 | 47.50 | 50.21 | 53.23 | 57.72 |
| Tangible BV per Share | 56.86 | 52.00 | 66.14 | 73.76 | 54.44 | 43.35 | 44.10 | 47.18 | 49.82 |
American Financial Group, Inc. (AFG) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.8B | 2.08B | 2.46B | 2.18B | 1.71B | 1.15B | 1.97B | 1.15B | 1.53B |
| Operating CF Growth % | 56.87% | 15.47% | 17.91% | -11.12% | -21.48% | -32.73% | 70.86% | -41.52% | 33.07% |
| Operating CF / Revenue % | 26.28% | 29.8% | 40.16% | 38.5% | 27.51% | 17.02% | 25.49% | 13.92% | 18.75% |
| Net Income | 477M | 530M | 869M | 721M | 2B | 898M | 852M | 887M | 842M |
| Depreciation & Amortization | 107M | 210M | 259M | 299M | 187M | 100M | 78M | 81M | 86M |
| Stock-Based Compensation | 30M | 23M | 23M | 20M | 16M | 19M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -23M | -20M | -16M | -19M | 0 | 0 | 0 |
| Other Non-Cash Items | 668M | 993M | 542M | 779M | -1.27B | -31M | 7M | -54M | -5M |
| Working Capital Changes | 522M | 327M | 786M | 384M | 805M | 186M | 1.03B | 238M | 610M |
| Cash from Investing | -3.29B | -5.35B | -3.06B | -1.56B | -436M | -1.05B | 414M | 95M | -835M |
| Capital Expenditures | -109M | -43M | -44M | -343M | -150M | -86M | 0 | -133M | -135M |
| Acquisitions | -205M | -23M | 4M | -425M | 1.4B | -10M | -205M | -9M | 0 |
| Purchase of Investments | -2.98B | -13.84B | -10.89B | -13.14B | -10.72B | -6.28B | -2.3B | -4.64B | -5.59B |
| Sale/Maturity of Investments | 0 | 8.53B | 8.13B | 12.34B | 9B | 5.46B | 2.2B | 4.85B | 4.88B |
| Other Investing | 1M | 30M | -261M | -1M | 32M | -128M | 718M | 25M | 5M |
| Cash from Financing | 1.72B | 2.44B | 1.41B | -123M | -1.96B | -1.36B | -2.03B | -1.07B | -377M |
| Dividends Paid | -417M | -394M | -444M | -334M | -2.37B | -1.21B | -684M | -788M | -606M |
| Share Repurchases | 0 | -6M | 0 | -313M | -319M | -11M | -213M | 0 | -99M |
| Stock Issued | 37M | 33M | 36M | 22M | 66M | 16M | 15M | 17M | 12M |
| Debt Issuance (Net) | -1000K | 0 | 1000K | 1000K | 0 | -1000K | -1000K | 0 | 1000K |
| Other Financing | 2.13B | 2.81B | 1.65B | 18M | 670M | 324M | -1.13B | -295M | -28M |
| Net Change in Cash | 231M▲ 0% | -823M▼ 456.3% | 799M▲ 197.1% | 496M▼ 37.9% | -679M▼ 236.9% | -1.26B▼ 85.4% | 353M▲ 128.0% | 181M▼ 48.7% | 321M▲ 77.3% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.11B | 2.34B | 1.51B | 2.31B | 2.81B | 2.13B | 872M | 1.23B | 1.41B |
| Cash at End | 2.34B | 1.51B | 2.31B | 2.81B | 2.13B | 872M | 1.23B | 1.41B | 1.73B |
| Free Cash Flow | 1.7B▲ 0% | 2.04B▲ 20.4% | 2.41B▲ 18.2% | 1.84B▼ 23.7% | 1.56B▼ 15.0% | 1.07B▼ 31.8% | 1.9B▲ 77.9% | 1.15B▼ 39.3% | 1.4B▲ 21.4% |
| FCF Growth % | 53.95% | 20.35% | 18.24% | -23.71% | -15% | -31.78% | 77.88% | -39.3% | 21.35% |
| FCF Margin % | 24.69% | 29.19% | 39.44% | 32.45% | 25.1% | 15.75% | 24.56% | 13.92% | 17.1% |
| FCF per Share | 18.88 | 22.52 | 26.51 | 20.63 | 18.27 | 12.51 | 22.38 | 13.73 | 16.74 |
American Financial Group, Inc. (AFG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Combined Ratio | 87.89% | 89.45% | 90.86% | 89.63% | 94.02% | 78.57% | 83.42% | 86.12% | 86.42% | 86.87% |
| Medical Cost Ratio | 81.27% | 82.07% | 86.65% | 89.73% | 94.69% | 77.98% | 82.34% | 82.47% | 82.21% | 53.68% |
| Return on Equity (ROE) | 13.4% | 9.27% | 10.29% | 15.96% | 11.21% | 33.81% | 19.81% | 20.51% | 20.33% | 18.13% |
| Return on Assets (ROA) | 1.3% | 0.86% | 0.9% | 1.41% | 1.07% | 4.21% | 3.67% | 3.5% | 3.57% | 2.92% |
| Equity / Assets | 9.38% | 9.29% | 8.29% | 9.37% | 9.71% | 20.14% | 16.82% | 17.3% | 17.86% | 14.77% |
| Book Value / Share | 55.58 | 59.37 | 54.88 | 68.89 | 76.11 | 58.55 | 47.5 | 50.21 | 53.23 | 57.72 |
| Debt / Equity | 0.26x | 0.24x | 0.26x | 0.29x | 0.34x | 0.44x | 0.42x | 0.43x | 0.43x | 0.38x |
| Revenue Growth | 5.74% | 5.65% | 1.81% | -12.49% | -7.29% | 9.89% | 8.7% | 14.1% | 7.12% | -1.26% |
American Financial Group, Inc. (AFG) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 30, 2026·SEC
Feb 18, 2026·SEC
Feb 4, 2026·SEC
American Financial Group, Inc. (AFG) stock FAQ — growth, dividends, profitability & financials explained
American Financial Group, Inc. (AFG) saw revenue decline by 1.3% over the past year.
Yes, American Financial Group, Inc. (AFG) is profitable, generating $842.0M in net income for fiscal year 2025 (10.3% net margin).
Yes, American Financial Group, Inc. (AFG) pays a dividend with a yield of 5.49%. This makes it attractive for income-focused investors.
American Financial Group, Inc. (AFG) has a return on equity (ROE) of 18.1%. This is reasonable for most industries.
American Financial Group, Inc. (AFG) has a combined ratio of 86.9%. A ratio below 100% indicates underwriting profitability.
American Financial Group, Inc. (AFG) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates