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Cincinnati Financial Corporation

CINF Financial Insurance Property & Casualty

Cincinnati Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.6 billion, up 11.4% from fiscal 2024.

Revenue
−18.2%
EPS
−58.4%
Free cash flow
−29.0%
Total debt
−0.91%

Quarter to September 2026, against a year earlier

187.94 2.54 −1.33%
Market cap
$28.9B
P/E
10.9×
Fwd P/E
11.6×
Dividend yield
1.96%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Commercial Insurance
  • Personal Insurance
  • Investment Segment
  • Other, not broken out
  • Excess and Surplus Lines Insurance
  • Life Insurance Segment

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.36
Sold, $m 1.33
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — 1 — — — — — 1 — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 1.99%

Capital & Financial Ratios $m

Size
Market Cap 28,910.00
Revenue ttm 13,275.00
Net income ttm 2,664.00
Free cash flow ttm 3,078.00
Net debt Q (364.00)
Valuation
P/E 10.90
Forward P/E 11.60
Price / sales 2.17
Forward P/S Powerpack
Price / FCF 9.37
Price / book 1.78
Financial health
Current ratio Q 0.27
Debt / equity Q 0.05
Interest coverage Q 47.08
Growth
Revenue growth Q −18.22% (below 0%: shrinking)
Operating income growth Q −60.38% (below 0%: shrinking)
EPS, this year +15.58% (at or above 15%: strong)
EPS, next year A −0.22% (below 0%: weak)
Revenue, next year A +4.58%
EPS, past 5 yrs +15.16% (at or above 15%: strong)
EPS, next 5 yrs A +6.49%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 39.09%
10-year low 10-year high
P/S against its own 10 years 66.45%
10-year low 10-year high
P/B against its own 10 years 88.56%
10-year low 10-year high

Dividends

Yield
1.96%
Annual rate
3.69
Payout ratio
21.6%
Growth, 2017–25
+7.17%/yr
  1. 2.00 ’17
  2. 2.12 ’18 +6
  3. 2.24 ’19 +6
  4. 2.40 ’20 +7
  5. 2.52 ’21 +5
  6. 2.76 ’22 +10
  7. 3.75 ’23 +36
  8. 3.24 ’24 −14
  9. 3.48 ’25 +7
  10. 3.76 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 907 983 1,431 1,239
Receivables 3,543 3,834 4,178 4,460
Inventory — — — —
Other — — — —
4,450 4,817 5,609 5,699
2023 2024 2025 Q'26
Payables 16,237 17,776 19,753 21,254
ST’ Debt — — — —
Other — — — —
16,237 17,776 19,753 21,254

Compound Annual Growth %

10y 5y 3y
Sales 9.40% 10.88% 24.39%
Cash Flow 11.21% 15.85% 14.89%
Earnings 14.21% 14.50% 0.00%
Book Value 9.49% 8.08% 14.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.99 Actual 2.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.86 3.37 Beat by 0.51
Q1 FY26 1.93 2.10 Beat by 0.17
Q2 FY26 1.82 1.43 Miss by 0.39
Q3 FY26 1.99 2.86 Beat by 0.87
Q4 FY26 3.05 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.75 8.05 2.96 — —
’25 (0.57) 4.34 7.11 4.29 15.17
’24 4.78 1.98 5.20 2.56 14.53
’23 1.42 3.38 (0.63) 7.50 11.66
’22 (1.70) (5.06) (2.64) 6.40 (3.06)
’21 3.82 4.31 0.94 9.04 18.10
’20 (7.56) 5.63 2.99 6.47 7.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,863 4,274 3,047 — —
’25 2,566 3,248 3,726 3,091 12,631
’24 2,935 2,544 3,320 2,538 11,337
’23 2,241 2,605 1,811 3,356 10,013
’22 1,218 820 1,410 3,115 6,563
’21 2,227 2,295 1,785 3,319 9,626
’20 (99) 2,714 2,227 2,694 7,536
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 656 700 791 — —
’25 310 741 1,114 947 3,112
’24 353 742 912 642 2,649
’23 250 575 650 577 2,052
’22 198 557 666 631 2,052
’21 354 563 601 463 1,981
’20 167 447 505 372 1,491
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 654 698 787 — —
’25 307 737 1,109 939 3,092
’24 346 737 906 638 2,627
’23 246 571 648 569 2,034
’22 194 553 662 628 2,037
’21 349 559 598 460 1,966
’20 163 441 499 368 1,471
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.7% a year for ten years. It grew 4.2% a year over the last ten.

Implied
18.7%
10 years, reported
4.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,449 5,732 5,407 7,924 7,536 9,626 6,563 10,013 11,337 12,631 13,275 +9.8% 13,210 12,545 13,082 +1.2%
Gross margin, % 16.09 13.89 5.92 32.16 20.87 39.18 (9.42) 23.52 25.96 24.28 25.48 +8.2 pt
EBT 812 730 251 2,472 1,499 3,698 (694) 2,276 2,858 2,980 3,295 +15.5%
EBT margin, % 14.90 12.74 4.64 31.20 19.89 38.42 (10.57) 22.73 25.21 23.59 24.82 +8.7 pt
Net income 591 1,045 287 1,997 1,216 2,968 (487) 1,843 2,292 2,393 2,664 +16.8%
Per share, $
Per share, $ Revenue 33.12 34.91 33.13 48.55 46.75 59.79 41.33 63.78 72.49 80.92 86.48 +10.4%
Earnings 3.59 6.36 1.76 12.24 7.55 18.29 (3.06) 11.74 14.65 15.32 17.24 +17.5%
Cash flow 6.78 6.41 7.24 7.40 9.25 12.30 12.92 13.07 16.94 19.94 20.16 +12.7%
Capex (0.08) (0.10) (0.12) (0.15) (0.12) (0.09) (0.09) (0.11) (0.14) (0.13) (0.10) +5.5%
Free cash flow 6.70 6.31 7.11 7.25 9.13 12.21 12.83 12.96 16.80 19.81 20.05 +12.8%
Book value 42.92 50.20 48.00 60.44 66.93 81.40 66.51 77.06 89.10 101.93 105.42 +10.1%
Shares, m 165 164 163 163 161 161 159 157 156 156 155 (0.6%)
Valuation, ×
Valuation, × P/E 21.17 11.47 43.99 8.61 11.47 6.23 0.00 9.03 9.84 10.65 10.90 13.2
P/S 2.29 2.09 2.34 2.17 1.87 1.91 2.52 1.66 1.98 2.02 2.17 2.1
P/B 1.77 1.46 1.61 1.74 1.31 1.40 1.56 1.37 1.61 1.60 1.78 1.5
EV/Sales 2.30 2.13 2.35 2.18 1.87 1.88 2.46 1.66 1.97 1.98 — 2.1
EV/FCF 11.38 11.77 10.95 14.59 9.57 9.21 7.93 8.16 8.51 8.07 — 10.0
Cash, $m
Cash, $m Operating cash flow 1,115 1,052 1,181 1,208 1,491 1,981 2,052 2,052 2,649 3,112 3,094 +12.1%
Capex (13) (16) (20) (24) (20) (15) (15) (18) (22) (20) (16) +4.9%
Free cash flow 1,102 1,036 1,161 1,184 1,471 1,966 2,037 2,034 2,627 3,092 3,078 +12.1%
Balance, $m
Balance, $m Working capital (7,023) (7,533) (7,887) (8,406) (9,094) (9,586) (10,601) (11,787) (12,959) (14,144) (15,555) +8.1%
Net debt 69 194 82 118 (1) (242) (373) (33) (108) (545) (364) n/m
Shareholders’ equity 7,060 8,243 7,833 9,864 10,789 13,105 10,562 12,098 13,935 15,911 16,182 +9.4%
Returns, %
Returns, % ROA 3.01 4.95 1.31 8.44 4.59 10.07 (1.59) 5.90 6.62 6.18 6.41 +3.2 pt
ROIC 7.58 5.80 2.40 15.81 9.00 18.23 (3.93) 12.07 13.16 12.34 13.22 +4.8 pt
ROE 8.76 13.66 3.57 22.57 11.78 24.84 (4.12) 16.27 17.61 16.04 16.87 +7.3 pt
People
People Employees 4,754 4,925 4,999 5,148 5,266 5,166 5,148 5,426 5,624 5,705 — +2.0%
Revenue/emp, $m 1.15 1.16 1.08 1.54 1.43 1.86 1.27 1.85 2.02 2.21 — +7.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Cincinnati Financial Corporation is an insurance holding company founded in 1950 and headquartered in Fairfield. Steve Spray is president and chief executive officer. Its main business is property-casualty insurance: coverage that pays for specified damage, liability claims or other losses affecting businesses, vehicles, homes and individuals.

The company sells commercial insurance for businesses, including liability, property, auto, workers’ compensation, management liability, surety, machinery and equipment coverage. It also sells personal auto, homeowner and related personal coverages. These policies are primarily marketed through independent insurance agencies rather than through a captive sales force or direct-to-consumer channel.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Commercial Insurance 4,868 38.54%
Personal Insurance 3,204 25.37%
Investment Segment 2,607 20.64%
Other, not broken out 914 7.24%
Excess and Surplus Lines Insurance 702 5.56%
Life Insurance Segment 336 2.66%
Gross margin 24.28%
Operating margin 24.01%
Pre-tax margin 23.59%

Revenue by segment since 2009

Cincinnati Financial Corporation vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TRV The Travelers Companies, Inc. $82.6B 10.4× 10.9× −0.47% (below 0%: shrinking) +9.92% (above 0%: growing) −7.92% (below 0%: shrinking) 47.74% 20.04% Compare
ALL The Allstate Corporation $67.4B 6.0× 6.9× +0.54% (above 0%: growing) −42.32% (below 0%: shrinking) +14.99% (above 0%: growing) 0.00% 0.00% Compare
CINF Cincinnati Financial Corporation $28.9B 10.9× 11.6× −18.22% (below 0%: shrinking) −58.41% (below 0%: shrinking) −29.04% (below 0%: shrinking) 18.81% 18.54%
WRB W.R. Berkley Corporation $28.6B 16.2× 15.1× −0.78% (below 0%: shrinking) −10.85% (below 0%: shrinking) −31.31% (below 0%: shrinking) 46.55% 16.21% Compare
MKL Markel Group Inc. $23.9B 13.8× 12.3× −11.22% (below 0%: shrinking) −69.36% (below 0%: shrinking) −27.15% (below 0%: shrinking) 46.51% 9.88% Compare
L Loews Corporation $22.5B 15.2× 16.0× +1.88% (above 0%: growing) −35.20% (below 0%: shrinking) −9.55% (below 0%: shrinking) 50.68% 10.65% Compare
AIZ Assurant, Inc. $15.1B 14.2× 14.0× +9.22% (above 0%: growing) +6.97% (above 0%: growing) +99.03% (above 0%: growing) 77.83% 10.73% Compare
CNA CNA Financial Corporation $13.0B 12.6× 11.8× +0.10% (above 0%: growing) −51.11% (below 0%: shrinking) −9.94% (below 0%: shrinking) 38.58% 7.04% Compare
AFG American Financial Group, Inc. $13.0B 12.7× 12.4× +10.81% (above 0%: growing) +31.78% (above 0%: growing) +134.10% (above 0%: growing) 20.98% 14.79% Compare
Median of peers $23.2B 13.3× 12.4× +0.32% −23.02% −8.74% 46.53% 10.69%

All 46 Insurance Property & Casualty stocks →

From the latest earnings call

Updated

  • Steve Spray said property-casualty premium growth moderated as Cincinnati Financial maintained pricing discipline and selected risks policy by policy.
  • Spray said competition was most intense for larger commercial accounts and reiterated that the company would prioritize underwriting profit over growth.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Keefe, Bruyette & Woods Oct 27, 2026 Target cut — 171.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 72.26%
Held by the ten largest 41.33%
Holder Shares Stake Change
Vanguard 19.92m 12.98% +63.20k
BlackRock 12.61m 8.22% −1.07k
State Street 8.54m 5.56% +252.23k
Charles Schwab 5.48m 3.57% +440.14k
Geode Capital Management 4.21m 2.74% +8.86k
First Trust 4.14m 2.70% +2.04m
Invesco 2.67m 1.74% +569.90k
UBS 2.06m 1.34% +244.58k
Morgan Stanley 1.91m 1.25% +30.88k
Bank of America 1.88m 1.22% +19.16k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Ownership

Directors and executive officers, together 2.94%
100 Vanguard Blvd. 12.32%
50 Hudson Yards 7.81%
State Street Financial Center 6.24%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Cincinnati Financial Corporation (CINF) Latest News

2 Nov

Impact 3 · · StockStory

27 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · InvestorsHub
Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Moby

26 Oct

Impact 4 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

25 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

19 Oct

Impact 4 · · Zacks

12 Oct

Impact 3 · · Barchart

7 Oct

Impact 3 · · Zacks

2 Oct

Impact 4 · · Zacks

24 Sep

Impact 3 · · Simply Wall St.

23 Sep

Impact 3 · · GuruFocus.com

26 Aug

Impact 4 ·

7 Aug

Impact 3 ·

CINF metrics, ten years each

stockrow.com/CINF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com