CNA Financial Corp CNA

FinancialsInsuranceUnited States of America

Last close 47.92 USD on Nov 2, 2026, +12.4% year to date

Quant rating

Quant rating C Rank 464 of 799 in Financials

Growth C 450 of 799
Valuation A 76 of 799
Quality C 527 of 799
Revisions D 575 of 799
Momentum C 412 of 799

Wall Street consensus Hold (3.00)Average target 36.19 USD −24.5%

Historical valuation

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

Key data

Market cap: 13.0B
Enterprise value: 15.6B
52-week range: 41.53 – 55.64
3-year range: 34.36 – 55.64
Dividend yield: 3.94%
Beta (5 years): 0.20
Shares outstanding: 271M
Next earnings: Nov 2, 2026

About the company

CNA Financial Corporation is an insurance holding company. The Company’s segments include Specialty, Commercial, International, Life & Group and Corporate & Other. The Specialty segment provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters. The Commercial segment works with a network of brokers and independent agents to market a range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle markets and other commercial customers. The International segment underwrites property and casualty coverage on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the United Kingdom and Luxembourg and Hardy, its Lloyd's syndicate. The Life & Group segment includes the results of its long-term care business that is in run-off.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,513	11,854	11,134	10,273	9,629	–
Revenue growth	5.6%	6.5%	8.4%	6.7%	7.9%	7.0%
EPS (basic, normalized)	4.93	4.83	4.71	3.84	4.06	–
EPS growth	2.1%	2.5%	22.7%	−5.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	8.5%	6.7%	9.1%	5.7%	9.9%	8.0%
ROE	12.1%	10.5%	13.1%	9.7%	8.9%	10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	2,973
Net debt (mil)	–
Total equity (mil)	11,186
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	12,513	+5.6%	1.2x	42.93	+16.6%	1.1x	4.93	+2.1%	9.7x
2026	2,145	−82.9%	7.3x	6.76	−84.2%	7.1x	4.00	−18.8%	12.0x
2027	2,389	+11.4%	6.5x	8.02	+18.6%	6.0x	3.74	−6.6%	12.8x
2028	–	–	–	–	–	–	5.00	+33.7%	9.6x

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	2,145	0.0%	−5.2%	−5.2%	4.00	−7.5%	−4.7%	−0.6%
2027	2,389	0.0%	–	–	3.74	0.0%	−21.7%	−21.7%
2028	–	–	–	–	5.00	0.0%	–	–

Earnings surprises EPS beat in 2 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)	2,441	2,498	2,593	2,679	–	–	–	–	–	–
Sales mean (mil)	2,997	3,550	2,567	2,619	–	–	–	–	–	–
Surprise	−18.6%	−29.6%	+1.0%	+2.3%	–	–	–	–	–	–
EPS reported	1.30	1.19	1.08	1.25	1.03	1.23	1.50	1.16	0.83	1.19
EPS mean	1.40	1.19	1.07	1.23	1.14	0.96	1.32	1.34	1.25	1.07
Surprise	−6.8%	−0.2%	+0.6%	+1.6%	−9.6%	+27.5%	+13.6%	−13.4%	−33.6%	+10.7%

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
CNA CNA Financial Corp	13.0B	12.1%	8.5%	1.16x	12.0x	12.8x	7.1x	6.0x
8766 Tokio Marine Holdings, Inc.	106.0B	18.7%	7.3%	2.00x	17.5x	15.9x	2.2x	2.1x
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
TRV The Travelers Companies, Inc.	81.7B	20.8%	12.8%	2.82x	10.8x	12.8x	2.6x	2.3x
ALL Allstate Corp	66.8B	37.2%	15.0%	1.99x	7.4x	9.4x	2.0x	1.7x
Mean		23.6%	12.3%	2.31x	12.2x	13.0x	3.3x	2.9x
Median		19.8%	12.8%	2.00x	12.3x	12.8x	2.4x	2.2x

Technical analysis

1M+3.4%
3M−7.8%
1Y+21.6%
3Y+64.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CNA Financial Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	12,513	11,854	11,134	10,273	9,629	8,927
Other revenue	2,476	2,416	2,165	1,606	2,279	1,881
Total revenue	14,989	14,270	13,299	11,879	11,908	10,808
Losses, benefits and adjustments	8,294	7,738	7,068	6,653	6,371	6,170
Amortization of policy acquisition costs	1,898	1,798	1,644	1,490	1,443	1,410
Selling, general & administrative expenses	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	–	1.0
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	3,042	3,390	2,942	2,810	2,519	2,284
Operating income	1,755	1,344	1,645	926	1,575	943
Net interest income (expense)	−135	−133	−127	−112	−113	−122
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,620	1,211	1,518	814	1,462	821
Provision for taxes	342	252	313	132	278	131
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,278	959	1,205	682	1,184	690
Extraordinary items	–	–	–	–	–	–
Net income	1,278	959	1,205	682	1,184	690
Basic weighted average shares (mil)	271	272	271	272	272	272
Diluted weighted average shares (mil)	272	273	272	272	273	272
Basic EPS, normalized	4.93	4.83	4.71	3.84	4.06	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CNA Financial Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	430	453	393	381	401	451
Goodwill	148	145	146	144	148	148
Intangibles	–	77.0	78.0	71.0	67.0	69.0
Insurance receivables	3,739	3,671	3,442	3,158	2,945	2,607
Long-term investments	50,447	47,482	46,562	43,177	50,328	50,293
Note receivable	–	–	–	–	–	–
Other long-term assets	575	850	1,016	1,251	142	66.0
Deferred policy acquisition costs	986	959	896	806	737	708
Other assets	12,693	12,383	11,833	11,537	11,335	9,265
Total assets	69,443	66,492	64,711	61,000	66,639	64,026
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	218	239	215	220	248	279
Policy liabilities	47,682	45,480	44,196	41,974	43,171	41,143
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0	550	243	0	0
Long-term debt	2,971	2,973	2,481	2,538	2,779	2,776
Minority interest	–	–	–	–	–	–
Other liabilities	6,951	7,287	7,376	7,477	7,632	7,121
Total liabilities	57,822	55,979	54,818	52,452	53,830	51,319
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	683	683	683	683	683	683
Additional paid-in capital	2,229	2,229	2,221	2,220	2,215	2,211
Retained earnings (accumulated deficit)	9,915	9,686	9,755	9,336	9,663	9,081
Treasury stock	−108	−94.0	−94.0	−93.0	−72.0	−71.0
Other equity	−1,098	−1,991	−2,672	−3,598	320	803
Total equity	11,621	10,513	9,893	8,548	12,809	12,707
Total liabilities & shareholders' equity	69,443	66,492	64,711	61,000	66,639	64,026

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CNA Financial Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,278	959	1,205	894	1,202	690
Depreciation, depletion & amortization	70.0	67.0	73.0	51.0	54.0	60.0
Deferred taxes	75.0	−45.0	2.0	−34.0	47.0	−49.0
Non-cash items	−242	−301	−198	127	−188	−80.0
Changes in working capital	1,309	1,891	1,203	1,464	882	1,154
Cash from operations	2,490	2,571	2,285	2,502	1,997	1,775
Investing activities
Capital expenditures	−86.0	−95.0	−90.0	−52.0	−26.0	−23.0
Other investing cash flows	−1,363	−1,222	−1,753	−1,460	−1,202	−682
Cash from investing	−1,449	−1,317	−1,843	−1,512	−1,228	−705
Financing activities
Financing cash flow items	−18.0	−12.0	−14.0	−11.0	−9.0	−10.0
Cash dividends paid	−1,047	−1,025	−787	−982	−621	−950
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−39.0	−80.0	224	−39.0	−18.0	58.0
Cash from financing	−1,104	−1,117	−577	−1,032	−648	−902
Foreign exchange effects	16.0	−10.0	5.0	−19.0	−4.0	9.0
Net change in cash	−47.0	127	−130	−61.0	117	177
Free cash flow	2,404	2,476	2,195	2,450	1,971	1,752

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.