AFGAMERICAN FINANCIAL GROUP INC

Fire, Marine & Casualty Insurance

Revenue: $8.2B; 1.8% YoY
Operating margin: 13.1%; 2.8% YoY
EBITDA: $1.1B; 4.5% YoY
Market cap: $12.8B
Employees: 8,500; $962K revenue each
Net debt / EBITDA: 0.4×; $383M net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
182% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
46% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$962K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 67th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.6B	$7.0B	$7.8B	$8.3B	$8.2B	1.8%
Operating income	$1.3B	$1.1B	$1.1B	$1.1B	$1.1B	4.5%
Net income	$2.0B	$898M	$852M	$887M	$842M	5.1%
Operating cash flow	$1.7B	$1.2B	$2.0B	$1.2B	$1.5B	33%
Stock-based comp	$16M	$19M	$18M	$18M	$18M	0.0%
Buybacks	$319M	$11M	$213M	$0	$99M
Dividends	$2.4B	$1.2B	$684M	$788M	$606M	23%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 15, 2026	LINDNER CARL H III	SCHEDULE 13D/A	6.8%	Passive
Apr 15, 2026	LINDNER S CRAIG	SCHEDULE 13D/A	6.2%	Passive
May 12, 2022	Lindner Edyth B	SC 13D/A	3.9%	Passive
Mar 31, 2020	LINDNER S CRAIG	SC 13D/A	5.5%	Passive
Mar 31, 2020	LINDNER CARL H III	SC 13D/A	6.1%	Passive
Apr 25, 2019	LINDNER CARL H III	SC 13D/A	5.3%	Passive
Apr 25, 2019	LINDNER S CRAIG	SC 13D/A	4.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 9
Net: −$16M

Pay vs performance

No pay-versus-performance disclosure yet.