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American Financial Group, Inc.(AFGD)Earnings, Financials & Key Ratios
AFGD•NYSE•Insurance & Managed Care
$20.45
$1.7B mkt cap·2.0× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryProperty & Casualty InsuranceSub-IndustrySpecialty and excess surplus insurers
AboutAmerican Financial Group, Inc. is an insurance holding company, which engages in property and casualty insurance, focusing on commercial products for businesses, and in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Its Property and Casualty Insurance Products include Property and Transportation, Specialty Casualty, and Specialty Financial. The company was founded by Carl Henry Lindner Jr. in 1959 and is headquartered in Cincinnati, OH.Show more
- Revenue$8.12B+1.3%
- Combined Ratio86.78%+16854.0%
- Net Income$842M-5.1%
- Return on Equity18.13%-10.8%
- Medical Cost Ratio54.06%
- Operating Margin97.72%-1.8%
- Net Margin10.37%-6.3%
- ROA2.65%-17.1%
- Equity / Assets14.76%+1.9%
- Book Value per Share57.72+8.4%
- Tangible BV/Share53.81+14.1%
- Debt/Equity0.38-11.2%
AFGD Key Insights
American Financial Group, Inc. (AFGD) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Profitable underwriting: 86.8% combined ratio
- ✓Momentum leader: RS Rating 94 (top 6%)
- ✓Low loss ratio of 54.1%
- ✓Good 3Y average ROE of 19.7%
- ✓Trading at only 0.4x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
AFGD Price & Volume
American Financial Group, Inc. (AFGD) stock price & volume — 10-year historical chart
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AFGD Growth Metrics
American Financial Group, Inc. (AFGD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years2.6%
5 Years7.79%
3 Years6.03%
TTM-1.65%
Profit CAGR
10 Years9.11%
5 Years2.84%
3 Years-2.12%
TTM-5.07%
EPS CAGR
10 Years9.85%
5 Years4.19%
3 Years-1.45%
TTM-4.54%
Return on Capital
10 Years19.01%
5 Years33.06%
3 Years39.86%
Last Year24.98%
AFGD Recent Earnings
American Financial Group, Inc. (AFGD) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (50%)●Beat Revenue 3/12 qtrs (75%)
Q1 2026Latest
Feb 3, 2026EPS
$3.65
Est $3.27
+11.6%
Revenue
$1.8B
Est $1.9B
-4.8%
Q4 2025
Nov 4, 2025EPS
$2.58
Est $2.52
+2.4%
Revenue
$2.3B
Est $2.0B
+14.8%
Q3 2025
Aug 5, 2025EPS
$2.08
Est $2.08
+0.0%
Revenue
$1.9B
Est $1.7B
+12.4%
Q2 2025
May 6, 2025EPS
$1.84
Est $2.03
-9.4%
Revenue
$1.9B
Est $1.7B
+9.3%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 3, 2026 | $3.65vs $3.27+11.6% | $1.8Bvs $1.9B-4.8% |
| Q4 2025 | Nov 4, 2025 | $2.58vs $2.52+2.4% | $2.3Bvs $2.0B+14.8% |
| Q3 2025 | Aug 5, 2025 | $2.08vs $2.08+0.0% | $1.9Bvs $1.7B+12.4% |
| Q2 2025 | May 6, 2025 | $1.84vs $2.03-9.4% | $1.9Bvs $1.7B+9.3% |
Based on last 12 quarters of dataView full earnings history →
AFGD Peer Comparison
American Financial Group, Inc. (AFGD) competitors in Specialty and excess surplus insurers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MKL | 22.08B | 1764.81 | 10.43 | -0.96% | 10.7% | 9.56% | 11.57% | 0.23 |
 RLI | 4.6B | 50.09 | 11.49 | 6.33% | 20.8% | 22% | 13.22% | 0.06 |
 HIG | 36.89B | 134.15 | 10.07 | 7.1% | 14.13% | 22.01% | 15.59% | 0.23 |
 WRB | 24.9B | 66.49 | 14.94 | 7.82% | 12.1% | 18.86% | 13.93% | 0.29 |
 CINF | 24.96B | 160.35 | 10.57 | 11.41% | 21.34% | 17.98% | 12.39% | 0.06 |
 ERIE | 10.22B | 221.24 | 20.83 | 7.17% | 13.2% | 25.03% | 5.59% | |
 AIG | 42.1B | 78.47 | 14.45 | -1.82% | 11.86% | 7.7% | 7.87% | 0.22 |
 TRV | 65.17B | 301.39 | 10.99 | 5.17% | 12.88% | 19.12% | 0.28 |
Compare AFGD vs Peers
American Financial Group, Inc. (AFGD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AFGD Income Statement
American Financial Group, Inc. (AFGD) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6.8B | 6.99B | 5.97B | 5.58B | 6.23B | 6.81B | 7.45B | 8.01B | 8.12B |
| Revenue Growth % | 5.41% | 2.76% | -14.52% | -6.61% | 11.62% | 9.36% | 9.43% | 7.49% | 1.34% |
| Medical Costs & Claims | -64M | -161M | 0 | 0 | 0 | 0 | 0 | 0 | 4.39B |
| Medical Cost Ratio % | -0.94% | -2.3% | 0% | 0% | 0% | 0% | 0% | 0% | 54.06% |
| Gross Profit | 6.87B▲ 0% | 7.15B▲ 4.2% | 5.97B▼ 16.4% | 5.58B▼ 6.6% | 6.39B▲ 14.6% | 6.81B▲ 6.5% | 7.45B▲ 9.4% | 8.01B▲ 7.5% | 3.73B▼ 53.4% |
| Gross Margin % | 100.94% | 102.3% | 100% | 100% | 102.67% | 100% | 100% | 100% | 45.94% |
| Gross Profit Growth % | 5.65% | 4.15% | -16.45% | -6.61% | 14.59% | 6.52% | 9.43% | 7.49% | -53.45% |
| Operating Expenses | 776M | 825M | 47M | 47M | 41M | 36M | 36M | 41M | 2.66B |
| OpEx / Revenue % | 11.41% | 11.8% | 0.79% | 0.84% | 0.66% | 0.53% | 0.48% | 0.51% | 32.72% |
| Depreciation & Amortization | 107M | 210M | 0 | 0 | 187M | 0 | 0 | 0 | 0 |
| Combined Ratio % | 10.47% | 9.5% | 0.79% | 0.84% | 0.66% | 0.53% | 0.48% | 0.51% | 86.78% |
| Operating Income | 955M▲ 0% | 728M▼ 23.8% | 5.93B▲ 714.1% | 5.53B▼ 6.7% | 1.1B▼ 80.0% | 6.77B▲ 513.6% | 7.42B▲ 9.5% | 7.97B▲ 7.5% | 7.93B▼ 0.5% |
| Operating Margin % | 14.04% | 10.42% | 99.21% | 99.16% | 17.73% | 99.47% | 99.52% | 99.49% | 97.72% |
| Operating Income Growth % | -1.34% | -23.77% | 714.15% | -6.66% | -80.04% | 513.59% | 9.48% | 7.46% | -0.46% |
| EBITDA | 1.06B | 938M | 5.93B | 5.53B | 1.29B | 1.21B | 1.15B | 1.2B | 1.15B |
| EBITDA Margin % | 15.62% | 13.42% | 99.21% | 99.16% | 20.73% | 17.74% | 15.42% | 14.98% | 14.2% |
| Interest Expense | 85M | 62M | 68M | 88M | 94M | 85M | 76M | 76M | 80M |
| Non-Operating Income | 146M | 27M | 5.93B | 5.53B | -325M | -267M | -95M | -46M | -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▼ 4.9% |
| Pretax Margin % | 10.65% | 9.14% | 10.61% | 6.08% | 21.44% | 16.49% | 14.4% | 14.03% | 13.17% |
| 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% | 21.61% |
| Net Income | 475M▲ 0% | 530M▲ 11.6% | 897M▲ 69.2% | 732M▼ 18.4% | 1.34B▲ 82.9% | 898M▼ 32.9% | 852M▼ 5.1% | 887M▲ 4.1% | 842M▼ 5.1% |
| Net Margin % | 6.98% | 7.58% | 15.02% | 13.12% | 21.5% | 13.19% | 11.43% | 11.07% | 10.37% |
| Net Income Growth % | -26.81% | 11.58% | 69.25% | -18.39% | 82.92% | -32.93% | -5.12% | 4.11% | -5.07% |
| EPS (Diluted) | 5.29▲ 0% | 5.85▲ 10.6% | 9.86▲ 68.5% | 8.21▼ 16.7% | 12.62▲ 53.7% | 10.53▼ 16.6% | 10.05▼ 4.6% | 10.57▲ 5.2% | 10.08▼ 4.6% |
| EPS Growth % | -27.83% | 10.59% | 68.55% | -16.73% | 53.72% | -16.56% | -4.56% | 5.17% | -4.64% |
| EPS (Basic) | 5.41 | 5.96 | 9.98 | 8.25 | 12.70 | 10.55 | 10.06 | 10.57 | 10.10 |
| Diluted Shares Outstanding | 89.8M | 90.6M | 91M | 89.2M | 85.6M | 85.3M | 84.8M | 83.9M | 83.5M |
AFGD Balance Sheet
American Financial Group, Inc. (AFGD) 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 | 73.71B | 24.89B | 24.09B | 24.62B | 30.84B | 32.66B |
| Asset Growth % | 9.42% | 4.55% | 11.44% | 10.23% | -66.24% | -3.19% | 2.18% | 25.27% | 5.91% |
| Total Investment Assets | 1.8B | 1.78B | 2.84B | 0 | 1.67B | 1.83B | 1.94B | 0 | 0 |
| Long-Term Investments | 1.8B | 1.78B | 2.84B | 0 | 1.67B | 1.83B | 1.94B | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 5.27B | 5.16B | 6.42B | 1.67B | 5.49B | 3.53B | 17.66B | 2.53B | 18.39B |
| Cash & Equivalents | 2.34B | 1.51B | 2.31B | 1.67B | 2.13B | 872M | 1.23B | 1.41B | 17.18B |
| Receivables | 1.03B | 1.09B | 975M | 0 | 857M | 886M | 0 | 1.12B | 1.21B |
| Other Current Assets | 0 | 0 | 6.42B | 0 | 5.49B | 3.53B | 21.99B | 0 | 0 |
| Goodwill & Intangibles | 1.44B | 1.94B | 1.29B | 454M | 552M | 642M | 518M | 508M | 327M |
| Goodwill | 199M | 207M | 207M | 176M | 246M | 246M | 305M | 305M | 327M |
| Intangible Assets | 1.24B | 1.74B | 1.08B | 278M | 306M | 396M | 213M | 203M | 0 |
| PP&E (Net) | 39.55B | 41.67B | 158M | 139M | 118M | 103M | 176M | 212M | 0 |
| Other Assets | 8.48B | 8.58B | 55.16B | 71.07B | 16.67B | 17.61B | 17.5B | -878M | 0 |
| Total Liabilities | 52.06B | 55.03B | 60.6B | 1.96B | 19.87B | 20.04B | 20.36B | 26.37B | 27.84B |
| Total Debt | 1.3B | 1.3B | 1.65B | 2.12B | 2.1B | 1.61B | 1.67B | 1.9B | 1.82B |
| Net Debt | -1.04B | -213M | -661M | 457M | -31M | 740M | 448M | 69M | -15.36B |
| Long-Term Debt | 1.3B | 1.3B | 2.58B | 1.96B | 1.96B | 1.5B | 1.48B | 1.67B | 1.82B |
| Short-Term Debt | 0 | 0 | 46M | 0 | 38M | 36M | 37M | 40M | 0 |
| Total Current Liabilities | 7.05B | 7.14B | 7.68B | 5.21B | 8.51B | 9.03B | 9.8B | 10.19B | 0 |
| Accounts Payable | 0 | 0 | 814M | 807M | 920M | 1.03B | 1.19B | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.31B | 6.39B | 6.82B | 4.4B | 7.55B | 7.96B | 8.57B | 10.15B | 0 |
| Deferred Taxes | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 0 | 0 |
| Other Liabilities | 43B | 46.08B | 0 | -116M | 8.99B | 9.24B | 8.62B | 24.88B | 26.02B |
| 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 | 1M | 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% | 22.69% | 19.81% | 20.51% | 20.33% | 18.13% |
| Return on Assets (ROA) | 0.86% | 0.9% | 1.41% | 1.04% | 2.72% | 3.67% | 3.5% | 3.2% | 2.65% |
| Equity / Assets | 9.29% | 8.29% | 9.37% | 9.21% | 20.14% | 16.82% | 17.3% | 14.48% | 14.76% |
| Debt / Equity | 0.24x | 0.26x | 0.26x | 0.31x | 0.42x | 0.40x | 0.39x | 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 | 43.32 | 33.43 | 54.75 | 71.02 | 52.10 | 39.98 | 44.10 | 47.18 | 53.81 |
AFGD Cash Flow Statement
American Financial Group, Inc. (AFGD) 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 % | 26.53% | 29.8% | 41.11% | 39.13% | 27.53% | 16.93% | 26.44% | 14.38% | 18.89% |
| Net Income | 475M | 530M | 897M | 325M | 1.08B | 898M | 852M | 887M | 842M |
| Depreciation & Amortization | 107M | 210M | 0 | 299M | 187M | 0 | 78M | 81M | 0 |
| Stock-Based Compensation | 30M | 23M | 0 | 20M | 16M | 0 | 18M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -618M | -390M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 877M | 1.52B | 883M | 1.74B | 431M | 208M | -11M | -26M | 81M |
| Working Capital Changes | 559M | 245M | 676M | 418M | 389M | 47M | 1.03B | 210M | 610M |
| Cash from Investing | -3.29B | -5.35B | -3.06B | -1.56B | -436M | -1.05B | 414M | 95M | -835M |
| Capital Expenditures | -109M | -80M | -44M | -60M | -62M | -86M | -72M | 0 | 0 |
| Acquisitions | 55M | -20M | 4M | -420M | 1.45B | 21M | -208M | 21M | 0 |
| Purchase of Investments | -13.73B | -14.01B | -11.33B | -13.51B | -10.94B | -6.55B | 0 | -1.91B | 0 |
| Sale/Maturity of Investments | 10.49B | 8.73B | 8.31B | 12.43B | 9.08B | 5.57B | 0 | 2.36B | 0 |
| Other Investing | 2M | 30M | -3M | -1M | 32M | -4M | 694M | -384M | -835M |
| 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% | -649M▼ 181.2% | 466M▲ 171.8% | -1.26B▼ 370.2% | 353M▲ 128.0% | 181M▼ 48.7% | 321M▲ 77.3% |
| Exchange Rate Effect | -3.27B | -5.62B | 0 | -1.15B | 1.15B | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.11B | 2.34B | 1.51B | 2.31B | 1.67B | 2.13B | 872M | 1.23B | 1.41B |
| Cash at End | 2.34B | 1.51B | 2.31B | 1.67B | 2.13B | 872M | 1.23B | 1.41B | 1.73B |
| Free Cash Flow | 1.7B▲ 0% | 2B▲ 18.2% | 2.41B▲ 20.4% | 2.12B▼ 12.0% | 1.65B▼ 22.2% | 1.07B▼ 35.4% | 1.9B▲ 77.9% | 1.02B▼ 46.3% | 1.4B▲ 37.2% |
| FCF Growth % | 53.95% | 18.17% | 20.42% | -11.98% | -22.19% | -35.41% | 77.88% | -46.31% | 37.19% |
| FCF Margin % | 24.92% | 28.66% | 40.37% | 38.05% | 26.53% | 15.67% | 25.47% | 12.72% | 17.22% |
| FCF per Share | 18.88 | 22.11 | 26.51 | 23.8 | 19.3 | 12.51 | 22.38 | 12.15 | 16.74 |
AFGD Key Ratios
American Financial Group, Inc. (AFGD) 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 | 9.98% | 10.47% | 9.5% | 0.79% | 0.84% | 0.66% | 0.53% | 0.48% | 0.51% | 86.78% |
| Medical Cost Ratio | -0.71% | -0.94% | -2.3% | 0% | 0% | 0% | 0% | 0% | 0% | 54.06% |
| Return on Equity (ROE) | 13.4% | 9.27% | 10.29% | 15.96% | 11.21% | 22.69% | 19.81% | 20.51% | 20.33% | 18.13% |
| Return on Assets (ROA) | 1.3% | 0.86% | 0.9% | 1.41% | 1.04% | 2.72% | 3.67% | 3.5% | 3.2% | 2.65% |
| Equity / Assets | 9.38% | 9.29% | 8.29% | 9.37% | 9.21% | 20.14% | 16.82% | 17.3% | 14.48% | 14.76% |
| 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 | 0.26x | 0.31x | 0.42x | 0.40x | 0.39x | 0.43x | 0.38x |
| Revenue Growth | 2.76% | 5.41% | 2.76% | -14.52% | -6.61% | 11.62% | 9.36% | 9.43% | 7.49% | 1.34% |
AFGD SEC Filings & Documents
American Financial Group, Inc. (AFGD) SEC filings — annual & quarterly reports (10-K, 10-Q)
AFGD Frequently Asked Questions
American Financial Group, Inc. (AFGD) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
American Financial Group, Inc. (AFGD) grew revenue by 1.3% over the past year. Growth has been modest.
Yes, American Financial Group, Inc. (AFGD) is profitable, generating $842.0M in net income for fiscal year 2025 (10.4% net margin).
Dividend & Returns
Yes, American Financial Group, Inc. (AFGD) pays a dividend with a yield of 35.49%. This makes it attractive for income-focused investors.
American Financial Group, Inc. (AFGD) has a return on equity (ROE) of 18.1%. This is reasonable for most industries.
Industry Metrics
American Financial Group, Inc. (AFGD) has a combined ratio of 86.8%. A ratio below 100% indicates underwriting profitability.
Explore More AFGD
American Financial Group, Inc. (AFGD) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates