Cincinnati Financial Corporation CINF

FinancialsInsuranceUnited States of America

Last close 183.78 USD on Nov 2, 2026, +14.5% year to date

Quant rating

Quant rating A Rank 43 of 799 in Financials

Growth B 262 of 799
Valuation A 115 of 799
Quality B 246 of 799
Revisions A 40 of 799
Momentum B 177 of 799

Wall Street consensus Hold (2.70)Average target 187.33 USD +1.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 28.2B
Enterprise value: 27.8B
52-week range: 152.17 – 194.76
3-year range: 99.09 – 194.76
Dividend yield: 2.08%
Beta (5 years): 0.48
Shares outstanding: 154M
Next earnings: Feb 8, 2027

About the company

Cincinnati Financial Corporation offers primarily business, home and auto insurance, its main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. Its segments include Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, Life insurance, and Investments. Commercial lines insurance segment’s business includes commercial casualty, commercial property, commercial auto, workers’ compensation, and other commercial lines. Personal Lines Insurance segment’s business includes personal auto, homeowner and other personal lines. Excess and Surplus Lines Insurance segment covers commercial casualty and commercial property. Life Insurance segment’s business includes term life insurance, worksite products, whole life insurance and universal life insurance. Investments segment invests the cash it generates from insurance operations in fixed-maturity investments, equity investments and short-term investments.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,051	8,946	8,017	7,260	6,508	–
Revenue growth	12.4%	11.6%	10.4%	11.6%	8.3%	10.8%
EPS (basic, normalized)	7.95	7.58	6.03	4.24	6.41	–
EPS growth	4.9%	25.7%	42.2%	−33.9%	–	–
Gross margin	–	–	–	–	–	–
Net margin	21.4%	22.8%	18.4%	−7.4%	30.8%	17.2%
ROE	8.4%	9.2%	8.4%	5.7%	8.7%	8.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	791
Net debt (mil)	–
Total equity (mil)	16,182
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	10,051	+12.4%	2.8x	102.39	+15.3%	1.8x	7.95	+4.9%	23.1x
2026	13,222	+31.5%	2.1x	109.64	+7.1%	1.7x	9.25	+16.3%	19.9x
2027	12,476	−5.6%	2.2x	114.48	+4.4%	1.6x	9.20	−0.5%	20.0x
2028	13,003	+4.2%	2.1x	118.43	+3.4%	1.6x	9.46	+2.8%	19.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,222	0.0%	0.0%	+12.9%	9.25	+10.2%	+10.1%	+7.0%
2027	12,476	−1.1%	−1.2%	−0.4%	9.20	+2.4%	+2.5%	+2.2%
2028	13,003	+0.6%	+0.6%	+1.1%	9.46	+2.8%	+2.8%	+8.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,935	2,544	3,320	2,538	2,566	3,248	3,726	3,091	2,863	4,274
Sales mean (mil)	2,478	2,449	2,526	2,629	2,706	2,797	2,866	2,910	2,858	2,920
Surprise	+18.5%	+3.9%	+31.4%	−3.5%	−5.2%	+16.1%	+30.0%	+6.2%	+0.2%	+46.4%
EPS reported	1.72	1.29	1.42	3.14	−0.24	1.97	2.85	3.37	2.10	1.43
EPS mean	1.69	0.96	1.46	1.90	−0.62	1.40	2.06	2.89	1.95	1.84
Surprise	+1.7%	+34.2%	−2.9%	+65.1%	+61.3%	+40.7%	+38.4%	+16.6%	+7.9%	−22.3%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
CINF Cincinnati Financial Corporation	28.2B	8.4%	21.4%	1.74x	19.9x	20.0x	1.7x	1.6x
CB Chubb Limited	141.0B	14.4%	17.4%	1.93x	12.7x	12.5x	1.8x	1.6x
PGR The Progressive Corporation	135.6B	38.2%	12.9%	3.96x	12.7x	14.4x	4.0x	3.5x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.7B	20.8%	12.8%	2.82x	10.8x	12.8x	2.6x	2.3x
AJG Arthur J. Gallagher & Co.	71.5B	12.8%	10.7%	2.97x	21.3x	18.8x	2.8x	2.6x
Mean		21.3%	15.1%	3.35x	16.2x	16.1x	3.2x	2.9x
Median		17.6%	14.2%	2.90x	16.1x	16.2x	2.7x	2.4x

Technical analysis

1M+13.5%
3M+4.0%
1Y+21.6%
3Y+97.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cincinnati Financial Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	10,051	8,946	8,017	7,260	6,508	6,009
Other revenue	1,132	1,116	1,996	−697	3,118	1,527
Total revenue	11,183	10,062	10,013	6,563	9,626	7,536
Losses, benefits and adjustments	9,564	8,394	7,658	7,181	5,855	5,963
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	34.0	32.0	25.0	23.0	20.0	20.0
Operating income	1,585	1,636	2,330	−641	3,751	1,553
Net interest income (expense)	1,395	1,222	−54.0	−53.0	−53.0	−54.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,980	2,858	2,276	−694	3,698	1,499
Provision for taxes	587	566	433	−207	730	283
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,393	2,292	1,843	−487	2,968	1,216
Extraordinary items	–	–	–	–	–	–
Net income	2,393	2,292	1,843	−487	2,968	1,216
Basic weighted average shares (mil)	156	156	157	159	161	161
Diluted weighted average shares (mil)	158	158	158	159	163	162
Basic EPS, normalized	7.95	7.58	6.03	4.24	6.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cincinnati Financial Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	219	214	208	202	205	213
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Insurance receivables	3,142	2,969	2,592	2,322	2,053	1,879
Long-term investments	31,783	28,378	25,357	22,425	24,666	21,542
Note receivable	381	342	300	252	242	231
Other long-term assets	–	–	–	–	–	–
Deferred policy acquisition costs	1,344	1,242	1,093	1,013	905	805
Other assets	2,702	2,373	2,312	2,254	2,177	1,972
Total assets	41,002	36,501	32,769	29,732	31,387	27,542
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	71.0	60.0	59.0	52.0	54.0	57.0
Policy liabilities	20,734	18,728	17,162	15,996	14,549	13,573
Short-term debt	25.0	25.0	25.0	50.0	54.0	54.0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	790	790	790	789	789	788
Minority interest	–	–	–	–	–	–
Other liabilities	3,471	2,963	2,635	2,283	2,836	2,281
Total liabilities	25,091	22,566	20,671	19,170	18,282	16,753
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	397	397	397	397	397	397
Additional paid-in capital	1,561	1,502	1,437	1,392	1,356	1,328
Retained earnings (accumulated deficit)	16,719	14,869	13,084	11,711	12,625	10,085
Treasury stock	−2,732	−2,524	−2,385	−2,324	−1,921	−1,790
Other equity	−34.0	−309	−435	−614	648	769
Total equity	15,911	13,935	12,098	10,562	13,105	10,789
Total liabilities & shareholders' equity	41,002	36,501	32,769	29,732	31,387	27,542

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cincinnati Financial Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,393	2,292	1,843	−486	2,946	1,216
Depreciation, depletion & amortization	168	130	112	127	93.0	81.0
Deferred taxes	283	117	223	−355	477	136
Non-cash items	44.0	44.0	45.0	43.0	78.0	74.0
Changes in working capital	224	66.0	−171	2,723	−1,613	−16.0
Cash from operations	3,112	2,649	2,052	2,052	1,981	1,491
Investing activities
Capital expenditures	−20.0	−22.0	−18.0	−15.0	−15.0	−20.0
Other investing cash flows	−1,671	−1,674	−1,590	−918	−1,042	−540
Cash from investing	−1,691	−1,696	−1,608	−933	−1,057	−560
Financing activities
Financing cash flow items	−253	−271	−264	−167	−159	−184
Cash dividends paid	−525	−490	−454	−423	−395	−375
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−195	−116	−83.0	−404	−131	−239
Cash from financing	−973	−877	−801	−994	−685	−798
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	448	76.0	−357	125	239	133
Free cash flow	3,092	2,627	2,034	2,037	1,966	1,471

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.