American Financial Group Inc key statistics and ratios
In fiscal 2025, American Financial Group Inc had return on equity of 18.1%, an operating margin of 13.1% and debt equal to 38.3% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 18.8% | 15.4% | 12.0% | 10.8% | 13.5% | 10.9% | 9.2% | 12.1% | 10.5% | 8.9% | 10.2% | 5.9% | 20.4% | 16.0% | 13.7% | 13.5% | 13.1% | 14.5% |
| Net margin | 12.0% | 10.7% | 7.4% | 9.8% | 9.2% | 7.9% | 5.7% | 10.0% | 6.9% | 7.4% | 14.4% | 12.7% | 30.4% | 12.8% | 10.9% | 10.7% | 10.3% | 11.5% |
| Return on equity | 13.7% | 11.7% | 7.7% | 10.9% | 10.3% | 9.5% | 7.4% | 13.7% | 9.3% | 10.3% | 16.0% | 11.2% | 33.8% | 19.8% | 20.5% | 20.3% | 18.1% | 19.8% |
| Return on assets | 1.9% | 1.6% | 1.0% | 1.3% | 1.2% | 1.0% | 0.7% | 1.2% | 0.8% | 0.9% | 1.3% | 1.0% | 3.9% | 3.1% | 2.9% | 2.9% | 2.7% | 2.9% |
| Asset turnover | 0.16 | 0.15 | 0.14 | 0.13 | 0.13 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.09 | 0.08 | 0.13 | 0.24 | 0.27 | 0.27 | 0.26 | 0.25 |
| Debt to equity | 21.9% | 21.3% | 21.2% | 20.8% | 19.9% | 21.7% | 22.2% | 26.6% | 24.7% | 26.5% | 23.8% | 29.4% | 39.8% | 37.5% | 35.2% | 33.5% | 38.3% | 38.3% |
| Interest cover (operating income ÷ interest) | 12.1x | 8.9x | 7.5x | 7.2x | 9.7x | 8.5x | 7.5x | 10.2x | 8.5x | 10.3x | 9.3x | 3.9x | 14.2x | 13.2x | 14.1x | 14.8x | 13.4x | 13.5x |
| Effective tax rate | 34.7% | 38.6% | 42.8% | 25.1% | 34.3% | 35.1% | 34.5% | 15.1% | 34.1% | 19.1% | 12.9% | 2.9% | — | — | — | — | — | — |
| SG&A as % of revenue | — | — | — | — | — | — | — | — | — | — | — | 28.2% | 23.6% | 24.4% | 24.7% | 24.1% | 25.2% | 25.5% |
| Dividends ÷ net income | 11.6% | 13.1% | 19.6% | 18.4% | 34.0% | 36.9% | 50.0% | 28.5% | 87.8% | 74.3% | 49.5% | 45.6% | 119.0% | 135.1% | 80.3% | 88.8% | 72.0% | 60.4% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 9.7% | 14.9% | 10.6% | 11.9% | 11.5% | 18.4% | 12.9% | 15.6% |
| Net margin | 7.6% | 11.9% | 8.3% | 9.0% | 9.2% | 14.5% | 10.3% | 12.2% |
| Debt to equity | 31.3% | 33.0% | 33.6% | 32.7% | 38.5% | 37.8% | 38.9% | 37.8% |
| SG&A as % of revenue | 21.9% | 22.3% | 28.6% | 27.8% | 22.7% | 22.6% | 30.0% | 27.6% |
Moat
Moderate moat
How hard American Financial Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 20 / 20
Net income has been a median 2.7% of total assets over 10 years.
- Durability 4 / 20
Operating margin has been a median 13.9%; its worst year was -1.2%.
- Discipline 18 / 20
The diluted share count fell 4.3% over five years; stock-based pay has been a median 0.3% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (70 before it).
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