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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
−51.4%
Free cash flow
−9.94%
Total debt
−14.3%

Quarter to September 2026, against a year earlier

48.01 0.78 +1.65%
Market cap
$12.8B
P/E
12.4×
Fwd P/E
11.8×
Dividend yield
3.01%
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
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CNA Financial Corporation (CNA) valuation and DCF model

What the price implies · reverse DCF

At $48.01 the price implies −0.9% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 2.5% a year over the last ten years, 2.0% over the last five. The price asks for 3.4 points a year less than its ten-year rate. Return on equity averaged 8.5% over ten years; the price implies 10.8% for good.

In December 2017 the price assumed 3.8% a year; CNA Financial Corporation went on to grow the dividend a share 9.7% a year to FY2025.

Price implies
−0.9%
Last 5 years, reported
2.0%
Last 10 years, reported
2.5%

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
−0.9% a year for ten years
$48.01
today’s price
Its base case
2.5% a year for five years, then 1.5%
$60.04
25.1% above 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 CNA 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 −0.9% 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 CNA Financial Corporation’s own cost of capital: risk-free 4.3% + beta 0.20 × equity premium 4.5% = 5.2% cost of equity; weighted, 5.2%.

Use 5.2%
Base case value per share $60.04 ten years discounted, and what follows
Current price $48.01 market price per share
Above today’s price 25.1% upside at the base case’s assumptions

How we got there$28.12 10 years of dividends+$31.92 terminal value=$60.04 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 12.44× 12.39× 13.01× 4% below 11.87× 5% above
P/FCF 5.82× 5.29× 7.25× 20% below 8.12× 28% below
P/B 1.25× 1.23× 1.11× 12% above 1.99× 37% below
EV/EBITDA — 11.62× 11.73× — 3.38× —
EV/Sales — 1.13× 1.29× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
9.55×11.71×13.87×16.03×10Y avg 11.73×2016201720182019202020212022202320242025

EV/EBITDA has no reading today; its 10-year average is 11.73×.

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.