American Financial Group, Inc.AFG
NYSE•Financial Services•Insurance - Property & Casualty
American Financial Group, Inc., an insurance holding company, provides property and casualty insurance products in the United States. It operates through Property and Casualty Insurance and Other segments. The company offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, other specialty transportation niches, inland and ocean marine, agricultural-related products, and other commercial property coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance. It sells its property and casualty insurance products through independent insurance agents and brokers. American Financial Group, Inc. was formerly known as American Financial Group Holdings Inc and changed its name to American Financial Group, Inc. in July 1997. The company was founded in 1872 and is headquartered in Cincinnati, Ohio.
American Financial Group, Inc. (AFG) reported trailing twelve months revenue of $8.17B as of March 2026, a 1.2% decline year-over-year. Quarterly revenue reached $1.85B, reflecting a contraction in sales.
American Financial Group, Inc. generated $879.00M in TTM net income, with quarterly EBITDA of $264.00M. The operating margin expanded from 10.6% to 12.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (12.9%) and net margin (10.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 8.3% a year ago, signaling stronger bottom-line efficiency.
AFG trades at a P/E of 12.0x (below the broader market average) and a P/S of 1.3x. The price-to-book ratio of 2.3x reflects a moderate premium to book value.
The company generated $457.00M in free cash flow over the trailing twelve months, a 44.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $32.35B in total assets with $1.82B in long-term debt against $4.68B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~13.0%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 18.4% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has grown modestly overall (~1.5%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~13.7% — no sign of cost or pricing stress.
FCF covers net income by 1.6x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.