AFGE

MKT CAP:$1B

American Financial Group, Inc.

Market Cap

$1B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$16.60-$0.47 (-2.75%)

Apr 23, 2026

Company Details

American 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 ...

CEO

Carl H. Lindner III and S. Craig Lindner (Co-CEOs)

IPO Date

Sep 18, 2020

Website

www.afginc.com

Key Metrics TTM

Revenue

$8.0B

-2.2% YoY

Net Income

$842M

EPS (Diluted)

$10.09

Free Cash Flow

$1.5B

Revenue / Share

$96.14

Gross Margin

58.0%

Operating Margin

53.5%

Net Margin

10.5%

FCF Margin

18.2%

P/S

0.2x

P/E

1.7x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$8.2B+2.0%EPS $10.08

Q4 2025

Feb 25, 2026

$2.1B-3.5%EPS $3.59

Q3 2025

Nov 6, 2025

$2.3B+0.6%EPS $2.58

Q2 2025

Aug 7, 2025

$1.9B-1.2%EPS $2.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.5B	$1.5B	$1.5B
Q2 22	$1.5B	$1.5B	$1.5B
Q3 22	$1.9B	$1.9B	$1.9B
Q4 22	$1.9B	$1.9B	$181M
Q1 23	$1.6B	$1.6B	$1.6B
Q2 23	$1.7B	$1.7B	$1.7B
Q3 23	$2.1B	$2.1B	$2.1B
Q4 23	$2.0B	$2.0B	$2.0B
Q1 24	$1.9B	$1.9B	$302M
Q2 24	$1.9B	$1.8B	$280M
Q3 24	$2.3B	$2.3B	$2.3B
Q4 24	$2.1B	$2.2B	$332M
Q1 25	$1.8B	$1.8B	$1.8B
Q2 25	$1.9B	$1.9B	$1.9B
Q3 25	$2.3B	$0	$259M
Q4 25	$2.1B	$1.0B	$379M

Valuation

Quarter	P/S	P/E
Q1 22	0.3x	1.9x
Q2 22	0.3x	1.7x
Q3 22	0.3x	1.7x
Q4 22	0.2x	1.9x
Q1 23	0.2x	1.9x
Q2 23	0.2x	1.8x
Q3 23	0.2x	1.7x
Q4 23	0.2x	1.9x
Q1 24	0.2x	2.1x
Q2 24	0.2x	1.8x
Q3 24	0.2x	1.9x
Q4 24	0.2x	1.7x
Q1 25	0.2x	1.8x
Q2 25	0.2x	1.9x
Q3 25	0.2x	2.0x
Q4 25	0.2x	1.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$503M	$480M
Q2 22	$11M	-$24M
Q3 22	$529M	$515M
Q4 22	$110M	$96M
Q1 23	$403M	$403M
Q2 23	$115M	$95M
Q3 23	$696M	$689M
Q4 23	$756M	$724M
Q1 24	$107M	$69M
Q2 24	-$88M	-$121M
Q3 24	$459M	$530M
Q4 24	$674M	$641M
Q1 25	$342M	$342M
Q2 25	$191M	$191M
Q3 25	$216M	$175M
Q4 25	$784M	$748M

Capital Expenditures

Quarter	CapEx
Q1 22	$23M
Q2 22	$35M
Q3 22	$14M
Q4 22	$14M
Q1 23	$0
Q2 23	$20M
Q3 23	$7M
Q4 23	$32M
Q1 24	$38M
Q2 24	$33M
Q3 24	$71M
Q4 24	$33M
Q1 25	$0
Q2 25	$0
Q3 25	$41M
Q4 25	$36M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-27.3%	-100.0%
Q2 22	-23.5%	-100.0%
Q3 22	+23.8%	—
Q4 22	+12.3%	+4163.4%
Q1 23	+6.2%	—
Q2 23	+17.2%	—
Q3 23	+7.7%	—
Q4 23	+3.1%	-97.9%
Q1 24	+14.3%	—
Q2 24	+7.8%	—
Q3 24	+10.6%	—
Q4 24	+7.5%	+4916.7%
Q1 25	-4.9%	-100.0%
Q2 25	-1.2%	-100.0%
Q3 25	+0.6%	—
Q4 25	-3.5%	-6.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$5M	0.3%
Q2 23	$0	0.0%
Q3 23	$5M	0.2%
Q4 23	$4M	0.2%
Q1 24	$4M	0.2%
Q2 24	$5M	0.3%
Q3 24	-$9M	-0.4%
Q4 24	$0	0.0%
Q1 25	$4M	0.2%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$8M	0.4%

OpEx Breakdown

Quarter	SG&A
Q4 22	$36M
Q4 24	$41M

Revenue Segments

Quarter	Corporate and Other	Property and Casualty Insurance
Q1 24	$139M	$1.8B
Q2 24	$126M	$1.8B
Q3 24	$119M	$2.3B
Q4 24	$112M	$2.0B
Q1 25	$100M	$1.8B
Q2 25	—	$1.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$0	$1.2B
Q2 22	$967M	$0	$967M
Q3 22	$794M	$0	$794M
Q4 22	$872M	$0	$872M
Q1 23	$857M	$0	$857M
Q2 23	$988M	$0	$988M
Q3 23	$1.2B	$0	$1.2B
Q4 23	$1.2B	$0	$1.2B
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.1B	$0	$1.1B
Q3 24	$1.3B	$0	$1.3B
Q4 24	$1.4B	$0	$1.4B
Q1 25	$1.3B	$0	$1.3B
Q2 25	$1.3B	$0	$1.3B
Q3 25	$1.8B	$0	$1.8B
Q4 25	$17.2B	$0	$17.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	85M	0.0%	-6.7%
Q2 22	85M	+0.1%	-5.2%
Q3 22	85M	+0.1%	-3.5%
Q4 22	85M	-0.1%	+0.1%
Q1 23	85M	+0.1%	+0.2%
Q2 23	85M	-0.2%	-0.1%
Q3 23	85M	-0.6%	-0.8%
Q4 23	84M	-1.1%	-1.8%
Q1 24	84M	0.0%	-1.9%
Q2 24	84M	+0.1%	-1.5%
Q3 24	84M	0.0%	-0.9%
Q4 24	84M	+0.1%	+0.2%
Q1 25	84M	-0.2%	0.0%
Q2 25	84M	-0.4%	-0.5%
Q3 25	83M	-0.1%	-0.6%
Q4 25	83M	0.0%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$234.7K	7K
Q2 22	$226.1K	7K
Q3 22	$291.2K	7K
Q4 22	$279.6K	7K
Q1 23	$238.4K	7K
Q2 23	$253.5K	7K
Q3 23	$300.0K	7K
Q4 23	$233.9K	9K
Q1 24	$221.3K	9K
Q2 24	$221.9K	9K
Q3 24	$269.4K	9K
Q4 24	$245.7K	9K
Q1 25	$205.5K	9K
Q2 25	$214.3K	9K
Q3 25	$264.7K	9K
Q4 25	$242.7K	9K

Revenue / Employee