American Financial Group, Inc. (AFG) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Property & Casualty
EV/EBITDA
↑
9.52
+1% vs avg
5yr avg: 9.43
30Y Low0.8·High13.2
P/FCF
↑
7.82
-7% vs avg
5yr avg: 8.39
30Y Low2.1·High11.0
P/B Ratio
↑
2.28
-9% vs avg
5yr avg: 2.51
30Y Low0.7·High2.9
ROE
↓
18.1%
-19% vs avg
5yr avg: 22.5%
30Y Low-3%·High34%
Debt/EBITDA
↑
1.57
+4% vs avg
5yr avg: 1.51
30Y Low0.2·High3.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AFG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
American Financial Group, Inc. trades at 13.1x earnings, 14% above its 5-year average of 11.5x, sitting at the 68th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.3x. On a free-cash-flow basis, the stock trades at 7.8x P/FCF, 7% below the 5-year average of 8.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.9B | $11.4B | $11.5B | $10.1B | $11.7B | $11.8B | $7.8B | $10.0B | $8.2B | $9.7B | $7.8B |
| Enterprise Value | $11.0B | $11.5B | $12.0B | $10.7B | $12.5B | $11.8B | $8.4B | $9.5B | $8.0B | $8.7B | $7.0B |
| P/E Ratio → | 13.06 | 13.56 | 12.95 | 11.83 | 13.04 | 5.89 | 10.67 | 11.12 | 15.48 | 20.56 | 12.02 |
| P/S Ratio | 1.34 | 1.40 | 1.39 | 1.30 | 1.73 | 1.89 | 1.38 | 1.63 | 1.17 | 1.42 | 1.20 |
| P/B Ratio | 2.28 | 2.37 | 2.57 | 2.37 | 2.89 | 2.35 | 1.15 | 1.59 | 1.65 | 1.83 | 1.59 |
| P/FCF | 7.82 | 8.16 | 9.97 | 5.31 | 10.97 | 7.52 | 4.25 | 4.14 | 4.02 | 5.75 | 7.08 |
| P/OCF | 7.13 | 7.44 | 9.97 | 5.12 | 10.16 | 6.86 | 3.58 | 4.06 | 3.94 | 5.40 | 6.78 |
P/E links to full P/E history page with 30-year chart
AFG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
American Financial Group, Inc.'s enterprise value stands at 9.5x EBITDA, roughly in line with its 5-year average of 9.4x. The Financial Services sector median is 11.4x, placing the stock at a 17% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.41 | 1.45 | 1.38 | 1.85 | 1.90 | 1.49 | 1.55 | 1.14 | 1.27 | 1.07 |
| EV / EBITDA | 9.52 | 9.93 | 9.94 | 9.29 | 10.25 | 7.77 | 13.22 | 10.58 | 9.41 | 10.48 | 7.57 |
| EV / EBIT | 10.28 | 9.98 | 9.98 | 9.30 | 10.37 | 8.27 | 19.75 | 13.46 | 11.40 | 10.77 | 8.07 |
| EV / FCF | — | 8.23 | 10.40 | 5.63 | 11.74 | 7.56 | 4.58 | 3.92 | 3.92 | 5.14 | 6.33 |
AFG Profitability
Margins and return-on-capital ratios measuring operating efficiency
American Financial Group, Inc. earns an operating margin of 13.1%, below the Financial Services sector average of 21.4%. ROE of 18.1% indicates solid capital efficiency, compared to the sector median of 9.5%. ROIC of 16.3% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.3% | 46.3% | 17.8% | 17.5% | 17.7% | 22.0% | 5.3% | 10.3% | 13.3% | 17.9% | 18.7% |
| Operating Margin | 13.1% | 13.1% | 13.6% | 13.9% | 16.6% | 21.4% | 6.0% | 10.4% | 9.1% | 10.5% | 12.1% |
| Net Profit Margin | 10.3% | 10.3% | 10.7% | 11.0% | 13.3% | 32.0% | 12.9% | 14.7% | 7.6% | 6.9% | 10.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.1% | 18.1% | 20.3% | 20.5% | 19.8% | 33.8% | 11.2% | 16.0% | 10.3% | 9.3% | 13.4% |
| ROA | 2.9% | 2.9% | 3.6% | 3.5% | 3.7% | 4.2% | 1.1% | 1.4% | 0.9% | 0.9% | 1.3% |
| ROIC | 16.3% | 16.3% | 17.2% | 16.5% | 16.9% | 16.0% | 3.9% | 9.1% | 10.6% | 12.9% | 13.7% |
| ROCE | 6.9% | 6.9% | 5.1% | 4.9% | 5.1% | 3.0% | 0.5% | 1.0% | 1.1% | 1.4% | 1.6% |
AFG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
American Financial Group, Inc. carries a Debt/EBITDA ratio of 1.6x, which is manageable (62% below the sector average of 4.1x). Net debt stands at $93M ($1.8B total debt minus $1.7B cash). Interest coverage of 14.4x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.43 | 0.43 | 0.42 | 0.44 | 0.34 | 0.29 | 0.26 | 0.24 | 0.26 |
| Debt / EBITDA | 1.57 | 1.57 | 1.58 | 1.59 | 1.38 | 1.44 | 3.58 | 2.00 | 1.53 | 1.57 | 1.39 |
| Net Debt / Equity | — | 0.02 | 0.11 | 0.14 | 0.20 | 0.01 | 0.09 | -0.08 | -0.04 | -0.19 | -0.17 |
| Net Debt / EBITDA | 0.08 | 0.08 | 0.41 | 0.53 | 0.67 | 0.04 | 0.97 | -0.59 | -0.25 | -1.25 | -0.89 |
| Debt / FCF | — | 0.07 | 0.43 | 0.32 | 0.77 | 0.04 | 0.33 | -0.22 | -0.10 | -0.61 | -0.75 |
| Interest Coverage | 14.41 | 14.41 | 15.79 | 15.12 | 14.21 | 15.20 | 4.85 | 10.32 | 11.31 | 9.52 | 11.22 |
AFG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.50x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.7B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 1.07x to 0.50x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.50 | 0.50 | 1.13 | 1.07 | 0.93 | 1.51 | 1.42 | 1.66 | 1.38 | 1.92 | 1.90 |
| Quick Ratio | 0.50 | 0.50 | 1.13 | 1.07 | 0.93 | 1.51 | 1.42 | 1.66 | 1.38 | 1.92 | 1.90 |
| Cash Ratio | 0.10 | 0.10 | 0.54 | 0.48 | 0.37 | 0.95 | 0.82 | 1.05 | 0.76 | 1.29 | 1.29 |
| Asset Turnover | — | 0.25 | 0.33 | 0.31 | 0.28 | 0.25 | 0.08 | 0.09 | 0.12 | 0.12 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
AFG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
American Financial Group, Inc. returns 6.4% to shareholders annually — split between a 5.5% dividend yield and 0.9% buyback yield. The payout ratio of 72.0% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 7.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.5% | 5.3% | 6.9% | 6.8% | 10.4% | 20.2% | 4.3% | 4.4% | 4.8% | 4.3% | 2.4% |
| Payout Ratio | 72.0% | 72.0% | 88.8% | 80.3% | 135.1% | 119.0% | 45.6% | 49.5% | 74.3% | 87.8% | 28.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 7.4% | 7.7% | 8.5% | 7.7% | 17.0% | 9.4% | 9.0% | 6.5% | 4.9% | 8.3% |
| FCF Yield | 12.8% | 12.2% | 10.0% | 18.8% | 9.1% | 13.3% | 23.5% | 24.2% | 24.9% | 17.4% | 14.1% |
| Buyback Yield | 0.9% | 0.9% | 0.0% | 2.1% | 0.1% | 2.7% | 4.0% | 0.0% | 0.1% | 0.0% | 1.7% |
| Total Shareholder Yield | 6.4% | 6.2% | 6.9% | 8.9% | 10.5% | 22.9% | 8.3% | 4.4% | 4.9% | 4.3% | 4.1% |
| Shares Outstanding | — | $84M | $84M | $85M | $85M | $86M | $89M | $91M | $91M | $90M | $89M |
Peer Comparison
Compare AFG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AFGYou | $11B | 13.1 | 9.5 | 7.8 | 46.3% | 13.1% | 18.1% | 16.3% | 1.6 |
 MKL | $22B | 10.4 | 7.6 | 8.6 | 69.4% | 16.5% | 11.5% | 10.7% | 1.5 |
 RLI | $5B | 11.5 | 8.8 | 7.6 | 29.8% | 27.5% | 24.4% | 22.8% | 0.2 |
 HIG | $37B | 10.1 | 8.0 | 6.4 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
 WRB | $25B | 14.9 | 10.9 | 7.2 | 19.8% | 15.9% | 19.6% | 18.2% | 1.2 |
 CINF | $25B | 10.6 | 7.8 | 8.1 | 50.1% | 23.6% | 16.0% | 15.3% | 0.3 |
 ERIE | $10B | 20.8 | 12.4 | 17.9 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 AIG | $42B | 14.5 | 6.8 | 12.7 | 34.5% | 14.5% | 7.4% | 5.9% | 1.3 |
 TRV | $65B | 11.0 | 8.7 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
 CNA | $12B | 9.5 | 8.8 | 5.0 | 30.7% | 11.0% | 11.5% | 8.8% | 1.9 |
 HCI | $2B | 6.2 | — | 4.5 | — | — | 42.3% | — | — |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full AFG Stock Analysis
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Start ComparisonAFG — Frequently Asked Questions
Quick answers to the most common questions about buying AFG stock.
What is American Financial Group, Inc.'s P/E ratio?
American Financial Group, Inc.'s current P/E ratio is 13.1x. The historical average is 13.8x. This places it at the 68th percentile of its historical range.
What is American Financial Group, Inc.'s EV/EBITDA?
American Financial Group, Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
What is American Financial Group, Inc.'s ROE?
American Financial Group, Inc.'s return on equity (ROE) is 18.1%. The historical average is 11.6%.
Is AFG stock overvalued?
Based on historical data, American Financial Group, Inc. is trading at a P/E of 13.1x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is American Financial Group, Inc.'s dividend yield?
American Financial Group, Inc.'s current dividend yield is 5.51% with a payout ratio of 72.0%.
What are American Financial Group, Inc.'s profit margins?
American Financial Group, Inc. has 46.3% gross margin and 13.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does American Financial Group, Inc. have?
American Financial Group, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.