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Held by 500 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 40% of free cash flow, leaving room to grow it and fund buybacks. Last year: $606.0M dividends + $99.0M buybacks = $705.0M returned on $1.53B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.73B (at 2025-12-31) covers the $0 due within a year 1727000000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest is easily covered by operating profit. Effective rate ~4.4% on $1.82B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.17B 100.0% | $8.32B 100.0% | $7.83B 100.0% | $7.04B 100.0% | $6.55B 100.0% | $5.77B 100.0% | $6.21B 100.0% | $7.15B 100.0% | $6.87B 100.0% | $6.50B 100.0% |
| Selling, General & Admin | $2.06B 25.2% | $2.01B 24.1% | $1.94B 24.7% | $1.72B 24.4% | $1.55B 23.6% | $1.63B 28.2% | — | — | — | — |
| Operating Income | $1.07B 13.1% | $1.12B 13.5% | $1.07B 13.7% | $1.12B 16.0% | $1.33B 20.4% | $339.0M 5.9% | $634.0M 10.2% | $639.0M 8.9% | $724.0M 10.5% | $787.0M 12.1% |
| Interest Expense | $80.0M 1.0% | $76.0M 0.9% | $76.0M 1.0% | $85.0M 1.2% | $94.0M 1.4% | $88.0M 1.5% | $68.0M 1.1% | $62.0M 0.9% | $85.0M 1.2% | $77.0M 1.2% |
| Pretax Income | — | — | — | — | — | $848.0M 14.7% | $1.11B 17.8% | $639.0M 8.9% | $724.0M 10.5% | $787.0M 12.1% |
| Income Tax Expense | $231.0M 2.8% | $237.0M 2.8% | $221.0M 2.8% | $225.0M 3.2% | $254.0M 3.9% | $25.0M 0.4% | $143.0M 2.3% | $122.0M 1.7% | $247.0M 3.6% | $119.0M 1.8% |
| Net Income | $842.0M 10.3% | $887.0M 10.7% | $852.0M 10.9% | $898.0M 12.8% | $2.00B 30.4% | $732.0M 12.7% | $897.0M 14.4% | $530.0M 7.4% | $475.0M 6.9% | $649.0M 10.0% |
| Per Share | ||||||||||
| EPS (Basic) | $10.08 | $10.57 | $10.06 | $10.55 | $23.44 | $8.25 | $9.98 | $5.95 | $5.40 | $7.47 |
| EPS (Diluted) | $10.08 | $10.57 | $10.05 | $10.53 | $23.30 | $8.20 | $9.85 | $5.85 | $5.28 | $7.33 |
| Weighted Avg Shares (Basic) | 83.5M | 83.9M | 84.7M | 85.1M | 85.1M | 88.7M | 89.9M | 89.0M | 87.8M | 86.9M |
| Weighted Avg Shares (Diluted) | 83.5M | 83.9M | 84.8M | 85.3M | 85.6M | 89.2M | 91.0M | 90.6M | 89.8M | 88.5M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MKL | $21.8B | 10.4× | — | 1.4× | 4.7% | — | 13.6% | 11.3% | 9.2% | — | 896 |
| L | $21.8B | 13.4× | — | 1.2× | 5.4% | — | 9.0% | 8.9% | 8.9% | — | 765 |
| EG | $14.1B | 9.8× | — | 0.8× | 1.2% | — | 9.1% | 10.3% | 10.3% | — | — |
| RNR | $13.8B | 5.9× | — | 1.1× | 9.9% | — | 20.9% | 23.1% | 19.2% | — | — |
| CNA | $12.5B | 9.8× | — | 0.8× | 5.0% | — | 8.5% | 11.0% | 8.8% | — | 304 |
| AFG | $11.7B | 14.0× | — | 1.4× | -1.8% | — | 10.3% | 17.5% | 12.7% | — | 500 |
| KNSL | $7.7B | 15.6× | — | 4.1× | 18.0% | — | 26.9% | 25.7% | 23.1% | — | 574 |
| THG | $7.6B | 12.1× | — | 1.2× | 5.7% | — | 10.0% | 18.5% | 13.8% | — | 521 |
| AXS | $7.1B | 7.8× | — | 1.1× | 10.2% | — | 15.4% | 15.9% | 15.9% | — | — |
| MCY | $5.7B | 10.5× | — | 0.9× | 9.4% | 99.7% | 9.0% | 22.4% | 18.1% | — | 341 |
| RLI | $5.1B | 12.8× | — | 2.7× | 6.3% | — | 21.4% | 22.7% | 21.5% | — | 403 |
| SIGI | $5.0B | 11.2× | — | 0.9× | 9.8% | — | 8.7% | 12.9% | 12.9% | — | 353 |
| WTM | $4.9B | 4.8× | — | 1.3× | 66.8% | 95.9% | 29.6% | 20.4% | 17.7% | — | 337 |
| PLMR | $3.4B | 18.2× | — | 3.9× | 58.2% | — | 22.5% | 20.9% | 20.9% | — | 329 |
| HG | $3.4B | 6.2× | — | 1.2× | 24.7% | — | 28.9% | 29.8% | 28.3% | — | 236 |
Peers = companies sharing AFG's sector (Fire, Marine & Casualty Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-09
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 17% against ROIC 13% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | — | — | 28.2 | 23.6 | 24.4 | 24.7 | 24.1 | 25.2 |
| Operating Income | 8.9 | 10.2 | 5.9 | 20.4 | 16.0 | 13.7 | 13.5 | 13.1 |
| Income Tax | 1.7 | 2.3 | 0.4 | 3.9 | 3.2 | 2.8 | 2.8 | 2.8 |
| Net Income | 7.4 | 14.4 | 12.7 | 30.4 | 12.8 | 10.9 | 10.7 | 10.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AFG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 12.1% | 10.0% |
| FY2017 | not reported | 10.5% | 6.9% |
| FY2018 | not reported | 8.9% | 7.4% |
| FY2019 | not reported | 10.2% | 14.4% |
| FY2020 | not reported | 5.9% | 12.7% |
| FY2021 | not reported | 20.4% | 30.4% |
| FY2022 | not reported | 16.0% | 12.8% |
| FY2023 | not reported | 13.7% | 10.9% |
| FY2024 | not reported | 13.5% | 10.7% |
| FY2025 | not reported | 13.1% | 10.3% |
Leverage and buybacks account for 5 points of the 17% return on equity in FY2025. The business earns 13% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.51x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Leverage is not measurable this way for a insurer.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $141.08, free cash flow must compound -5.79%/yr for 10 years. It has done -7.55%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −11.1% | −5.8% |
| FY2021 | −21.5% | −5.8% |
| FY2022 | −32.7% | −5.8% |
| FY2023 | 70.9% | −5.8% |
| FY2024 | −41.5% | −5.8% |
| FY2025 | 33.1% | −5.8% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $842M | $842M |
| Share-based comp | $18M | $860M |
| Other non-cash & working capital | $673M | $1.53B |
| Operating cash flow | $1.53B | $1.53B |
| Capex | $0 | $1.53B |
| Free cash flow | $1.53B | $1.53B |
| FCF after SBC | $1.51B | $1.51B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -7.2% | not reported | not reported |
| FY2021 | 13.6% | not reported | not reported |
| FY2022 | 7.5% | not reported | not reported |
| FY2023 | 11.2% | not reported | not reported |
| FY2024 | 6.3% | not reported | not reported |
| FY2025 | -1.8% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.2 percent |
| FY2020 | -2.0 percent |
| FY2021 | 1.0 percent |
| FY2022 | -0.9 percent |
| FY2023 | -3.8 percent |
| FY2024 | -0.9 percent |
| FY2025 | -2.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.