American Financial Group
AFG on NYSE. American Financial Group sells property and casualty insurance to businesses and individuals. Market value $11.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 20 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.41.
Profit per $100 you pay: $8.21.
Quality score: 66 of 100. Price score: 64 of 100. Our list needs 70 on quality and 60 on price.
$140.07 a share, 14% above its 1-year low
Over the past year the price has ranged from $123.09 to $148.99.
Dividend: 5.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $6.6bn | $7.0bn | $7.8bn | $8.3bn | $8.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 7.2% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 billion last quarter, up 6% on a year ago.
- Profit: $248 million, up 43% on a year ago.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.4bn |
| December 2024 | $2.1bn |
| March 2025 | $1.9bn |
| June 2025 | $1.9bn |
| September 2025 | $2.3bn |
| December 2025 | $2.1bn |
| March 2026 | $1.9bn |
| June 2026 | $2.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $181m |
| December 2024 | $255m |
| March 2025 | $154m |
| June 2025 | $174m |
| September 2025 | $215m |
| December 2025 | $299m |
| March 2026 | $191m |
| June 2026 | $248m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 515 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $31m | <0.1% | Cut |
Largest holders overall
- BlackRock$1.1bnAdded
- FMR$765mCut
- Vanguard Portfolio Management$501mCut
- State Street$431mAdded
- Vanguard Capital Management$424mCut
- Charles Schwab Investment Management$324mAdded
- American Financial Group INC 401(k) Retirement & Savings Plan$314mCut
- Geode Capital Management$243mAdded
- Victory Capital Management$227mCut
- Dimensional Fund Advisors LP$226mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor8.5%Since 30 September 2025
- Carl H. Lindner IIIInsider or founder6.8%Since 3 April 2026
What they said
The Reporting Person is the Co-Chief Executive Officer of AFG and also serves on the Board of Directors. In these capacities, Mr. Lindner has responsibility for AFG's management and strategic direction. Additionally, in his capacity as a shareholder of the Company, Mr. Lindner…
Read the filing - FMR LLCPassive investorat least 6.5%−1.4 pts(filed with 1 related holder)Since 30 June 2026
- S. Craig LindnerInsider or founder6.2%Since 3 April 2026
What they said
The Reporting Person is the Co-Chief Executive Officer of AFG and also serves on the Board of Directors. In these capacities, Mr. Lindner has responsibility for AFG's management and strategic direction. Additionally, in his capacity as a shareholder of the Company, Mr. Lindner…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.5% | 30 September 2025 | |
Carl H. Lindner III Insider or founder | 6.8% | 3 April 2026 | What they saidThe Reporting Person is the Co-Chief Executive Officer of AFG and also serves on the Board of Directors. In these capacities, Mr. Lindner has responsibility for AFG's management and strategic direction. Additionally, in his capacity as a shareholder of the Company, Mr. Lindner… Read the filing |
FMR LLC Passive investor | at least 6.5%−1.4 pts (filed with 1 related holder) | 30 June 2026 | |
S. Craig Lindner Insider or founder | 6.2% | 3 April 2026 | What they saidThe Reporting Person is the Co-Chief Executive Officer of AFG and also serves on the Board of Directors. In these capacities, Mr. Lindner has responsibility for AFG's management and strategic direction. Additionally, in his capacity as a shareholder of the Company, Mr. Lindner… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $16m.
- VON LEHMAN JOHN IDirectorSold
- Date
- 14 September 2026
- Shares
- 1,279
- Price
- $143.84
- Value
- $183,971
- Hertzman Brian S.SVP, CFOSold
- Date
- 2 September 2026
- Shares
- 950
- Price
- $142.87
- Value
- $135,727
- LINDNER CARL H IIICo-CEO, DirectorSold
- Date
- 26 August 2026
- Shares
- 81,373
- Price
- $144.28
- Value
- $12m
- LINDNER CARL H IIICo-CEO, DirectorSold
- Date
- 24 August 2026
- Shares
- 8,627
- Price
- $144.66
- Value
- $1m
- Weiss Mark ASr. VP & General CounselSold
- Date
- 6 August 2026
- Shares
- 2,813
- Price
- $144.76
- Value
- $407,210
- Gillis Michelle ASenior Vice PresidentSold
- Date
- 24 June 2026
- Shares
- 2,247
- Price
- $139.00
- Value
- $312,333
- Thompson David Lawrence JrPresident of Subsidiary, DirectorSold
- Date
- 23 June 2026
- Shares
- 11,370
- Price
- $135.05
- Value
- $2m
- Hertzman Brian S.SVP, CFOSold
- Date
- 27 February 2026
- Shares
- 1,663
- Price
- $133.70
- Value
- $222,343
- Hertzman Brian S.SVP, CFOSold
- Date
- 7 November 2025
- Shares
- 1,777
- Price
- $142.51
- Value
- $253,240
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | VON LEHMAN JOHN I Director | Sold | 1,279 | $143.84 | $183,971 |
| 2 September 2026 | Hertzman Brian S. SVP, CFO | Sold | 950 | $142.87 | $135,727 |
| 26 August 2026 | LINDNER CARL H III Co-CEO, Director | Sold | 81,373 | $144.28 | $12m |
| 24 August 2026 | LINDNER CARL H III Co-CEO, Director | Sold | 8,627 | $144.66 | $1m |
| 6 August 2026 | Weiss Mark A Sr. VP & General Counsel | Sold | 2,813 | $144.76 | $407,210 |
| 24 June 2026 | Gillis Michelle A Senior Vice President | Sold | 2,247 | $139.00 | $312,333 |
| 23 June 2026 | Thompson David Lawrence Jr President of Subsidiary, Director | Sold | 11,370 | $135.05 | $2m |
| 27 February 2026 | Hertzman Brian S. SVP, CFO | Sold | 1,663 | $133.70 | $222,343 |
| 7 November 2025 | Hertzman Brian S. SVP, CFO | Sold | 1,777 | $142.51 | $253,240 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.