Explain this page
Arphra AIPlain-English read on American Financial Group, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +102.67% | +100.00% | +100.00% | +100.00% | +45.94% | +81.48% | +79.66% | +81.07% |
| Operating margin | +17.73% | +99.47% | +99.52% | +99.49% | +97.72% | +80.05% | +80.62% | +81.80% |
| EBITDA margin | +25.95% | 0.00% | 0.00% | 0.00% | +14.20% | +82.60% | +81.31% | +83.40% |
| EBIT margin | +22.95% | 0.00% | 0.00% | 0.00% | +14.20% | +4.74% | +4.68% | +4.70% |
| Pre-tax margin | +21.44% | +16.49% | +14.40% | +14.03% | +13.17% | +14.21% | +13.65% | +13.45% |
| Net margin | +21.50% | +13.19% | +11.43% | +11.07% | +10.37% | +11.25% | +10.66% | +10.90% |
| Cost structure | ||||||||
| Cost of revenue / sales | 0.00% | 0.00% | 0.00% | 0.00% | +54.06% | +18.22% | +17.51% | +17.94% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +19.03% | +20.04% | +20.60% | +21.09% | +21.61% | +20.60% | +20.82% | +21.34% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +26.72% | +22.16% | +20.01% | +19.86% | +17.47% | +20.07% | +18.68% | +18.70% |
| Return on assets (ROA) | +5.38% | +3.73% | +2.86% | +2.88% | +2.58% | +2.84% | +2.70% | +2.78% |
| Return on capital (ROC) | +15.52% | +119.60% | +128.86% | +129.09% | +119.46% | +103.85% | +102.21% | +103.09% |
| Return on invested capital (ROIC) | +18.83% | +15.85% | +14.80% | +14.37% | +12.68% | +14.59% | +13.52% | +13.74% |
| Asset turnover | +25.02% | +28.27% | +25.02% | +25.98% | +24.85% | +25.24% | +25.34% | +25.46% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +21.50% | +13.19% | +11.43% | +11.07% | +10.37% | +11.25% | +10.66% | +10.90% |
| Asset turnover (× revenue / assets) | +25.02% | +28.27% | +25.02% | +25.98% | +24.85% | +25.24% | +25.34% | +25.46% |
| Equity multiplier (× assets / equity) | +496.51% | +594.52% | +699.55% | +690.46% | +677.57% | +707.01% | +691.34% | +673.80% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.25 | 0.28 | 0.25 | 0.26 | 0.25 | 0.25 | 0.25 | 0.25 |
| Fixed-asset turnover | 52.77 | 66.12 | 42.34 | 37.78 | — | — | — | — |
| Inventory turnover | 0.00 | 0.00 | 0.00 | — | — | — | — | — |
| Receivables turnover | — | — | 6.36 | 7.13 | 6.70 | — | — | — |
| Payables turnover | 0.00 | 0.00 | 0.00 | — | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | — | — | 57.36 | 51.17 | 54.50 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — |
| Cash conversion cycle | — | — | — | — | 54.50 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.28 | 1.28 | 2.31 | 1.30 | 1.82 | 1.78 | 1.89 | 1.83 |
| FCF / Net income | 1.23 | 1.19 | 2.23 | 1.15 | 1.66 | 1.62 | 1.76 | 1.67 |
| FCF margin | +26.53% | +15.67% | +25.47% | +12.72% | +17.22% | +18.25% | +18.75% | +18.25% |
| OCF margin | +27.53% | +16.93% | +26.44% | +14.38% | +18.89% | +20.04% | +20.18% | +19.98% |
| CapEx / Revenue | +1.00% | +1.26% | +0.97% | +1.66% | +1.66% | +1.45% | +1.43% | +1.41% |
| CapEx / D&A | — | 0.86 | — | 1.64 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.28% | 0.00% | 0.00% | 0.00% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 12.62 | 10.53 | 10.05 | 10.57 | 10.08 | 11.07 | 12.10 | 12.97 |
| EPS · basic | 12.70 | 10.55 | 10.06 | 10.57 | 10.08 | 11.19 | 12.21 | 12.79 |
| Book value / share | 58.55 | 47.50 | 50.21 | 53.23 | 57.72 | 50.19 | 53.78 | 58.93 |
| Tangible BV / share | 52.10 | 39.98 | 44.10 | 47.18 | 53.81 | 50.19 | 53.78 | 58.93 |
| Sales / share | 72.75 | 79.84 | 87.88 | 95.47 | 97.21 | 89.57 | 94.22 | 101.10 |
| Operating CF / share | 20.02 | 13.52 | 23.23 | 13.73 | 18.36 | 17.95 | 19.02 | 20.20 |
| Free cash flow / share | 19.30 | 12.51 | 22.38 | 12.15 | 16.74 | 16.34 | 17.67 | 18.45 |
| Dividends / share | 27.73 | 2.26 | 8.07 | 2.90 | 7.26 | 6.05 | 6.08 | 6.55 |
| Payout ratio | +177.30% | +21.49% | +80.28% | +27.40% | +71.97% | +60.02% | +60.51% | +59.44% |
| Retention ratio | -77.30% | +78.51% | +19.72% | +72.60% | +28.03% | +39.98% | +39.49% | +40.56% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +9.36% | +9.43% | +7.49% | +1.34% | -8.26% | +4.76% | +8.01% | +4.41% |
| Gross profit · YoY | — | +6.52% | +9.43% | +7.49% | -53.45% | +62.71% | +2.42% | +9.93% | +0.95% |
| Profit | |||||||||
| Operating income · YoY | — | +513.59% | +9.48% | +7.46% | -0.46% | -24.85% | +5.51% | +9.59% | +29.91% |
| EBITDA · YoY | — | -100.00% | — | — | — | +433.47% | +3.13% | +10.78% | +23.36% |
| Net income · YoY | — | -32.94% | -5.12% | +4.11% | -5.07% | -0.54% | -0.66% | +10.39% | -5.24% |
| Operating | |||||||||
| EBIT · YoY | — | -100.00% | — | — | — | -69.36% | +3.46% | +8.30% | -16.76% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -16.56% | -4.56% | +5.17% | -4.64% | +9.86% | +9.23% | +7.27% | +0.40% |
| EPS · basic · YoY | — | -16.93% | -4.64% | +5.07% | -4.64% | +11.01% | +9.10% | +4.78% | +0.10% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $2.1B | $1.61B | $1.5B | $1.71B | $1.82B | $1.57B | $1.7B | $1.77B |
| Net debt | -$31M | $740M | $272M | $301M | -$15.36B | -$4.53B | -$4.65B | -$5.26B |
| Net debt / EBITDA | -0.02 | — | — | — | -13.32 | -0.74 | -0.73 | -0.75 |
| Debt / equity | 0.42 | 0.40 | 0.35 | 0.38 | 0.38 | 0.38 | 0.38 | 0.36 |
| Debt / assets | +8.44% | +6.69% | +5.03% | +5.54% | +5.57% | +5.31% | +5.52% | +5.36% |
| Equity / assets | +20.14% | +16.82% | +14.29% | +14.48% | +14.76% | +14.14% | +14.46% | +14.84% |
| Coverage | ||||||||
| EBITDA / interest expense | 17.19 | 0.00 | 0.00 | 0.00 | 14.41 | 83.62 | 83.58 | 84.14 |
| Operating income / interest | 11.74 | 79.69 | 97.58 | 104.86 | 99.15 | 81.04 | 82.86 | 82.53 |
| Interest expense | $94M | $85M | $76M | $76M | $80M | $73.55M | $75.9M | $83.52M |
| Liquidity | ||||||||
| Current ratio | 0.65 | 0.39 | 0.45 | 0.25 | — | — | — | — |
| Quick ratio | 0.25 | 0.10 | 0.24 | 0.25 | — | — | — | — |
| Cash ratio | 0.25 | 0.10 | 0.13 | 0.14 | — | — | — | — |
| Working capital | -$3.02B | -$5.51B | -$5.41B | -$7.67B | $18.39B | — | — | — |
| Working capital / revenue | -48.50% | -80.85% | -72.57% | -95.69% | +226.61% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).