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CNA Financial Corporation

CNA Financial Insurance Property & Casualty

CNA Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $15.0 billion, up 5.04% from fiscal 2024.

Revenue
+0.10%
EPS
−51.1%
Free cash flow
−9.94%
Total debt
−14.3%

Quarter to September 2026, against a year earlier

47.97 0.05 −0.10%
Market cap
$13.0B
P/E
12.6×
Fwd P/E
11.8×
Dividend yield
2.96%
F-score
7/9
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 2016

  • Specialty
  • Commercial
  • Life and Group Non-Core
  • International
  • Other, not broken out
  • Corporate & Other

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 3.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 — 1 — — — — 2 — — 1
Insider Ownership 0.70%

Capital & Financial Ratios $m

Size
Market Cap 13,020.00
Revenue ttm 15,155.00
Net income ttm 1,030.00
Free cash flow ttm 2,197.00
Net debt Q 2,614.00
Valuation
P/E 12.65
Forward P/E 11.80
Price / sales 0.86
Forward P/S Powerpack
Price / FCF 5.91
Price / book 1.27
Financial health
Current ratio Q 0.22
Debt / equity Q 0.29
Interest coverage Q 8.41
Growth
Revenue growth Q +0.10% (above 0%: growing)
Operating income growth Q −51.00% (below 0%: shrinking)
EPS, this year −22.38% (below 0%: weak)
EPS, next year A +22.22% (at or above 15%: strong)
Revenue, next year A +7.50%
EPS, past 5 yrs +13.14%
EPS, next 5 yrs A +0.48%

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 42.57%
10-year low 10-year high
P/S against its own 10 years 16.24%
10-year low 10-year high
P/B against its own 10 years 89.51%
10-year low 10-year high

Dividends

Yield
2.96%
Annual rate
1.42
Payout ratio
37.5%
Growth, 2017–25
+6.24%/yr
  1. 0.85 ’17
  2. 1.30 ’18 +53
  3. 1.05 ’19 −19
  4. 1.11 ’20 +6
  5. 1.14 ’21 +3
  6. 1.20 ’22 +5
  7. 1.68 ’23 +40
  8. 1.76 ’24 +5
  9. 1.38 ’25 −22
  10. 3.92 ’26e +184
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 345 472 425 360
Receivables 8,854 9,722 10,120 10,310
Inventory — — — —
Other — — — —
9,199 10,194 10,545 10,670
2023 2024 2025 Q'26
Payables 44,196 45,480 47,682 48,068
ST’ Debt 550 — — 499
Other — — — —
44,746 45,480 47,682 48,567

Compound Annual Growth %

10y 5y 3y
Sales 5.12% 6.76% 8.06%
Cash Flow 6.03% 7.00% (0.16%)
Earnings 10.31% 13.12% 23.29%
Book Value (0.12%) (1.77%) 10.78%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.16 Actual 0.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.20 1.16 Miss by 0.04
Q1 FY26 1.49 0.83 Miss by 0.66
Q2 FY26 1.04 1.19 Beat by 0.15
Q3 FY26 1.16 0.75 Miss by 0.41
Q4 FY26 0.94 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.78 1.18 0.72 — —
’25 1.00 1.10 1.48 1.11 4.69
’24 1.24 1.17 1.04 0.07 3.52
’23 1.09 1.04 0.95 1.35 4.43
’22 1.15 0.75 (0.15) 0.91 2.50
’21 1.14 1.35 0.94 0.98 4.41
’20 (0.22) 0.55 0.79 1.42 2.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,677 3,829 3,821 — —
’25 3,627 3,717 3,817 3,828 14,989
’24 3,444 3,519 3,618 3,689 14,270
’23 3,152 3,304 3,336 3,507 13,299
’22 2,885 2,926 2,957 3,111 11,879
’21 2,866 3,029 2,959 3,054 11,908
’20 2,291 2,766 2,820 2,931 10,808
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 393 649 654 — —
’25 638 562 720 570 2,490
’24 504 616 748 703 2,571
’23 436 501 828 520 2,285
’22 645 608 737 512 2,502
’21 82 603 669 643 1,997
’20 212 438 758 367 1,775
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 380 629 634 — —
’25 620 538 704 554 2,416
’24 484 597 730 665 2,476
’23 416 478 804 497 2,195
’22 633 595 721 501 2,450
’21 79 601 658 633 1,971
’20 209 431 752 360 1,752
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing −0.9% a year for ten years. It grew 2.5% a year over the last ten.

Implied
−0.9%
10 years, reported
2.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.7
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 9,366 9,542 10,134 10,767 10,808 11,908 11,879 13,299 14,270 14,989 15,155 +5.4% 16,113 — — +7.5%
Gross margin, % 43.59 44.35 45.02 46.08 42.91 46.50 43.99 46.85 45.77 44.67 41.66 +1.1 pt
EBT 1,137 1,310 964 1,223 821 1,462 814 1,518 1,211 1,620 1,287 +4.0%
EBT margin, % 12.14 13.73 9.51 11.36 7.60 12.28 6.85 11.41 8.49 10.81 8.49 (1.3) pt
Net income 859 899 813 1,000 690 1,184 682 1,205 959 1,278 1,030 +4.5%
Per share, $
Per share, $ Revenue 34.64 35.20 37.33 39.64 39.79 43.81 43.74 49.02 52.56 55.27 55.94 +5.3%
Earnings 3.17 3.32 2.99 3.68 2.54 4.42 2.51 4.44 3.53 4.71 3.79 +4.5%
Cash flow 5.24 4.63 4.52 4.20 6.54 7.35 9.21 8.42 9.47 9.18 8.36 +6.4%
Capex (0.14) (0.38) (0.36) (0.10) (0.08) (0.10) (0.19) (0.33) (0.35) (0.27) (0.25) +7.3%
Free cash flow 5.09 4.25 4.15 4.10 6.45 7.25 9.02 8.09 9.12 8.91 8.11 +6.4%
Book value 44.26 45.16 41.31 44.97 46.79 47.13 31.47 36.47 38.72 42.85 37.76 (0.4%)
Shares, m 270 271 272 272 272 272 272 271 272 271 271 0.0%
Valuation, ×
Valuation, × P/E 13.12 15.84 14.82 12.18 15.34 10.00 15.96 9.65 13.74 10.18 12.65 13.1
P/S 1.20 1.49 1.18 1.13 0.98 1.01 0.97 0.87 0.92 0.86 0.86 1.1
P/B 0.94 1.16 1.07 1.00 0.83 0.94 1.35 1.17 1.25 1.11 1.27 1.1
EV/Sales 1.50 1.75 1.42 1.36 1.20 1.20 1.16 1.07 1.13 1.07 — 1.3
EV/FCF 10.19 14.51 12.75 13.14 7.40 7.23 5.64 6.51 6.54 6.62 — 9.1
Cash, $m
Cash, $m Operating cash flow 1,416 1,254 1,227 1,140 1,775 1,997 2,502 2,285 2,571 2,490 2,266 +6.5%
Capex (39) (102) (99) (26) (23) (26) (52) (90) (95) (74) (69) +7.4%
Free cash flow 1,377 1,152 1,128 1,114 1,752 1,971 2,450 2,195 2,476 2,416 2,197 +6.4%
Balance, $m
Balance, $m Working capital (29,535) (30,454) (29,705) (31,744) (33,660) (34,227) (33,168) (35,547) (35,286) (37,137) (37,897) +2.6%
Net debt 2,439 2,503 2,370 2,437 2,357 2,243 2,306 2,686 2,501 2,546 2,614 +0.5%
Shareholders’ equity 11,969 12,244 11,217 12,215 12,707 12,809 8,548 9,893 10,513 11,621 10,229 (0.3%)
Returns, %
Returns, % ROA 1.56 1.61 1.43 1.70 1.11 1.81 1.07 1.92 1.46 1.88 1.50 +0.3 pt
ROIC 5.62 6.23 5.07 5.78 3.91 6.54 5.33 8.17 6.45 7.74 6.92 +2.1 pt
ROE 7.24 7.43 6.93 8.54 5.54 9.28 6.39 13.07 9.40 11.55 9.56 +4.3 pt
People
People Employees 6,700 6,300 6,100 5,900 5,800 5,600 6,100 6,300 6,500 6,600 — (0.2%)
Revenue/emp, $m 1.40 1.51 1.66 1.82 1.86 2.13 1.95 2.11 2.20 2.27 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

CNA Financial Corporation is an insurance holding company that primarily sells commercial property and casualty insurance. These policies help businesses and other customers manage risks involving property damage and liability to others. Its products also include surety, and its services include warranties, risk-management information and claims administration.

CNA serves small, medium and large businesses, as well as insurance companies, associations, professionals and other groups. It generally reaches them through independent agents, retail and wholesale brokers, and managing general underwriters. Its insurance subsidiaries underwrite policies and handle claims through operations in the United States and abroad.

Where the money comes from and where it goes Fiscal 2016

Fiscal 2016: revenue by segment, and margins
Specialty 3,602 38.46%
Commercial 3,529 37.68%
Life and Group Non-Core 1,301 13.89%
International 857 9.15%
Other, not broken out 49 0.52%
Corporate & Other 28 0.30%
Gross margin 43.59%
Operating margin 13.84%
Pre-tax margin 12.14%

Revenue by segment since 2011

CNA 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
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%
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
ORI Old Republic International Corporation $9.7B 8.8× 8.9× +5.21% (above 0%: growing) −11.55% (below 0%: shrinking) −23.85% (below 0%: shrinking) 11.68% 11.68% Compare
KNSL Kinsale Capital Group, Inc. $8.9B 17.2× 16.2× −8.58% (below 0%: shrinking) −28.76% (below 0%: shrinking) −9.58% (below 0%: shrinking) 27.99% 27.89% Compare
THG The Hanover Insurance Group, Inc. $8.6B 11.7× 11.6× +4.23% (above 0%: growing) +1.22% (above 0%: growing) −6.06% (below 0%: shrinking) 42.97% 13.27% Compare
RLI RLI Corp. $6.4B 16.2× 16.0× −6.34% (below 0%: shrinking) −34.81% (below 0%: shrinking) +8.17% (above 0%: growing) 29.66% 22.52% Compare
Median of peers $11.3B 14.0× 13.2× +3.06% −20.15% −7.81% 36.32% 12.48%

All 46 Insurance Property & Casualty stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 100.63%
Held by the ten largest 95.70%
Holder Shares Stake Change
Loews Corp 248.41m 91.80% 0.00
AQR Capital Management 2.82m 1.04% −209.61k
BlackRock 1.65m 0.61% −133.42k
First Trust 1.04m 0.39% −1.06m
Morgan Stanley 975.79k 0.36% +530.04k
Quantinno Capital Management LP 867.25k 0.32% +182.00k
Charles Schwab 820.49k 0.30% +63.36k
Two Sigma 811.62k 0.30% −70.41k
River Road Asset Management, LLC 802.36k 0.30% −45.84k
CORDA Investment Management, LLC. 753.71k 0.28% +23.49k
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 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.62m 12.61m 175.00
2024 16.08m 18.81m 164.00
2023 16.08m 17.52m 132.00
2022 15.07m 14.95m 124.00
2021 14.25m 16.18m 119.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

CNA Financial Corporation (CNA) Latest News

3 Nov

Impact 3 · · Zacks

2 Nov

Impact 3 · · InvestorsHub
Impact 3 · · InvestorsHub
Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

29 Oct

Impact 4 · · Simply Wall St.

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks

1 Oct

Impact 3 ·

28 Sep

Impact 3 · · Zacks

7 Sep

Impact 3 ·

2 Sep

Impact 3 ·

10 Aug

Impact 4 · · The Motley Fool transcript

4 Aug

Impact 3 ·
Impact 3 · · Moby

3 Aug

Impact 3 · · InvestorsHub
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27 Jul

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21 Jul

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2 Jul

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13 May

Impact 3 · · StockStory

5 May

Impact 4 · · Moby
Impact 3 · · Zacks
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4 May

Impact 3 · · Proactive Investors
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · PR Newswire

CNA metrics, ten years each

stockrow.com/CNA · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com