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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

190.50 6.16 +3.34%
Market cap
$28.3B
P/E
10.7×
Fwd P/E
11.6×
Dividend yield
2.00%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
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Cincinnati Financial Corporation (CINF) valuation and DCF model

What the price implies · reverse DCF

At $190.50 the price implies 18.9% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 4.2% a year over the last ten years, 7.6% over the last five. The price asks for more than four times its ten-year rate. Return on equity averaged 13.1% over ten years; the price implies 14.2% for good.

In December 2017 the price assumed 14.6% a year; Cincinnati Financial Corporation went on to grow the dividend a share 15.0% a year to FY2025.

Price implies
18.9%
Last 5 years, reported
7.6%
Last 10 years, reported
4.2%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
18.9% a year for ten years
$190.50
today’s price
Its base case
4.2% a year for five years, then 2.5%
$59.75
68.6% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Cincinnati Financial Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 18.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Cincinnati Financial Corporation’s own cost of capital: risk-free 4.3% + beta 0.48 × equity premium 4.5% = 6.5% cost of equity; weighted, 6.5%.

Use 6.5%
Base case value per share $59.75 ten years discounted, and what follows
Current price $190.50 market price per share
Below today’s price 68.6% downside at the base case’s assumptions

How we got there$27.15 10 years of dividends+$32.61 terminal value=$59.75 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Property & Casualty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 10.70× 9.29× 14.31× 25% below 11.87× 10% below
P/FCF 9.20× 8.46× 9.81× 6% below 8.12× 13% above
P/B 1.75× 1.58× 1.54× 13% above 1.99× 12% below
EV/EBITDA — 7.02× 11.63× — 3.38× —
EV/Sales — 1.99× 2.08× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
1.28×1.44×1.60×1.76×10Y avg 1.54×2017201820192020202120222023202420252026

CINF trades at 1.75× P/B, against a 10-year average of 1.54× (range 1.31×–1.75×). That is dearer than 100% of the last 9 year-end readings; re-rating to the average implies $167.90 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.