American Financial Group Inc. (AFGD) intrinsic value & 10-year financials
American Financial Group Inc. (AFGD) has a Graham intrinsic value of $136.53 per share. Over the last 10 fiscal years revenue grew 2.6% a year to $8.2B, with an average return on invested capital of 16.6%.
- Graham intrinsic value
- $136.53
- Revenue (FY2025)
- $8.2B
- Revenue growth (10-yr CAGR)
- 2.6%
- ROIC (10-yr avg)
- 16.6%
- Free cash flow (FY2025)
- —
AFGD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.2B | $842.0M | $10.08 | — | 13.1% | 17.8% |
| FY2024 | $8.3B | $887.0M | $10.57 | — | 13.5% | 19.6% |
| FY2023 | $7.8B | $852.0M | $10.05 | — | 13.7% | 18.6% |
| FY2022 | $7.0B | $898.0M | $10.53 | — | 16.0% | 18.9% |
| FY2021 | $6.6B | $2.0B | $23.30 | — | 20.4% | 22.0% |
| FY2020 | $7.9B | $732.0M | $8.20 | — | 10.7% | 12.7% |
| FY2019 | $8.2B | $897.0M | $9.85 | — | 13.5% | 17.2% |
| FY2018 | $7.2B | $530.0M | $5.85 | — | 8.9% | 11.5% |
| FY2017 | $6.9B | $475.0M | $5.28 | — | 10.5% | 11.4% |
| FY2016 | $6.5B | $649.0M | $7.33 | — | 12.1% | 16.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AMERICAN FINANCIAL GROUP INC has demonstrated mature, steady growth, with revenue compounding at 2.6% annually over the past decade.
AMERICAN FINANCIAL GROUP INC has earned high returns on invested capital, averaging 16.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, AMERICAN FINANCIAL GROUP INC shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AMERICAN FINANCIAL GROUP INC is modeled at 3.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $136.53 per share.