NASDAQ: CINF · Property & Casualty Insurance
Cincinnati Financial
Cincinnati Financial is an Ohio-based property casualty insurer that sells commercial, personal, and excess and surplus lines insurance only through independent insurance agencies in 46 states. It also has life insurance, a reinsurance business (Cincinnati Re), and a Lloyd's syndicate (Cincinnati Global). A distinctive feature is its large stock portfolio: $12.7 billion of equities at year-end 2025, so market swings move reported net income. FY2025 revenue was $12.6 billion and net income $2.39 billion. It has raised its annual dividend for 65 consecutive years.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-2310-Q (quarter ended 2026-09-30) · filed 2026-10-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 10.9%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.9%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 16.0%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 38.8%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.30x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 10.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.59
Higher than 66% of 44 financial companies
Average yearly growth over the years shown
Higher than 49% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 67% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 93% of 45 financial companies
Equity ÷ total assets
Higher than 52% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$186.30close on 2026-11-04
Market cap$28.95B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 10.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.9%
At FY2025 year-end: 10.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 12.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.73B → $3.05B (vs. a year earlier)↓ −18.2%$3.73B → $3.05B (vs. a year earlier)
- Net income$1.12B → $459M (vs. a year earlier)↓ −59.1%$1.12B → $459M (vs. a year earlier)
- Diluted EPS$7.11 → $2.96 (vs. a year earlier)↓ −58.4%$7.11 → $2.96 (vs. a year earlier)
- Cash$1.75B → $1.24B (vs. previous quarter-end)↓ −29.2%$1.75B → $1.24B (vs. previous quarter-end)
- Long-term debt$791M → $791M (vs. previous quarter-end)→ +0.0%$791M → $791M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 26, 2026.
Key changes
Q3 net income $459M versus $1.122B. Source sentence
Third-quarter 2026 net income of $459 million, or $2.96 per share, compared with $1.122 billion, or $7.11 per share, in the third quarter of 2025, after recognizing a less than $1 million third-quarter 2026 after-tax increase in the fair value of equity securities still held.
Combined ratio 90.9% versus 88.2%. Source sentence
90.9% third-quarter 2026 property casualty combined ratio, increased from 88.2% for the third quarter of 2025.
Pretax investment income up 10%. Source sentence
10% or $30 million increase in third-quarter 2026 pretax investment income, including an 11% increase in bond interest income and a 4% decrease in stock portfolio dividends.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CINCINNATI FINANCIAL CORP
- Headquarters
- FAIRFIELD, OH
- Incorporated in
- Ohio
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CINF
- Industry
- Property & Casualty Insurance
- CIK
- 20286
- Website
- https://www.cinfin.com/ ↗
Workforce (as of FY2025 year-end)
Employees
5,705
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 37–41 days after quarter end (Feb 9, 2026; Feb 10, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–41 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 26, 2026 (+26 days) | Oct 26, 2026 10-Q (+26 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 27, 2026 (+27 days) | Jul 27, 2026 10-Q (+27 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 27, 2026 (+27 days) | Apr 27, 2026 10-Q (+27 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 9, 2026 (+40 days) | Feb 23, 2026 10-K (+54 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 27, 2025 (+27 days) | Oct 27, 2025 10-Q (+27 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 28, 2025 (+28 days) | Jul 28, 2025 10-Q (+28 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 28, 2025 (+28 days) | Apr 28, 2025 10-Q (+28 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 10, 2025 (+41 days) | Feb 24, 2025 10-K (+55 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Oct 24, 2024 10-Q (+24 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 26, 2024 10-K (+57 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Commercial lines
Business insurance
Examples: Commercial casualty, property, auto, workers' compensation
For key accounts and small businesses.
Personal lines
Personal insurance
Examples: Homeowner, personal auto, umbrella
Marketed in 45 states.
E&S
Cincinnati Specialty Underwriters
Examples: Excess and surplus lines
Coverage for harder-to-place risks.
Life
Cincinnati Life
Examples: Term life, fixed annuities
Sold through the same agencies.
Other
Cincinnati Re and Cincinnati Global
Examples: Assumed reinsurance; Lloyd's Syndicate 318
Diversifying specialty businesses.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Property casualty insurance (The Cincinnati Insurance Company)
U.S. property casualty insurers, net written premiums, first nine months of 2025
U.S. share
Top 25
Company-disclosedOne of the 25 largest among more than 2,000 U.S. stock and mutual companies, per the 10-K (A.M. Best data).
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
2026 results and capital actions, from 8-Ks.
Q3 2026
Net income was $459M ($2.96 per share) vs $1.122B a year earlier, as equity investment gains shrank; non-GAAP operating income was $443M ($2.86). The property casualty combined ratio rose to 90.9% from 88.2%, and net written premiums grew 2% (4% for nine months).
Source: 8-K filed 2026-10-26 (Exhibit 99.1)
Q2 2026
Net income was $1.26B ($8.05 per share), including an $882M after-tax rise in the fair value of equities still held; non-GAAP operating income fell to $224M as catastrophe losses rose.
Source: 8-K filed 2026-07-27 (Exhibit 99.1)
Bigger buyback authorization
In August 2026 the board authorized the repurchase of up to an additional 15 million shares.
Source: 8-K filed 2026-08-25
Credit facility extended
The credit agreement with Fifth Third and others was extended to October 10, 2031.
Source: 8-K filed 2026-09-28
Capex ÷ D&A (FY2025)
0.56x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$20M ÷ $36M = 0.56x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $20M in FY2020 to $20M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$12.63B
As reported in the 10-K
Revenue CAGR (5 years)
+10.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($12,631M ÷ $7,536M) ^ (1÷5) − 1 = 10.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
16.0%▲favorable
6-year average: 13.7%
As reported in the 10-K
- ▲
Revenue grew +10.9% a year over 5 years (strong growth)
From $7.54B in FY2020 to $12.63B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 13.7% over 6 years (latest: 16.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Commercial lines
Underwriting business risks- Handling claims
Personal lines
Underwriting personal risksExcess & surplus, life, and other
Specialty underwriting- Reinsurance
Investments
Investing in fixed maturities and equities
06 · what it draws on
Key resources
Commercial lines
Select independent agencies- Field claims and underwriting associates
Personal lines
Independent agenciesExcess & surplus, life, and other
CSU Producer Resources brokerage- Lloyd's Syndicate 318
Investments
Premiums held before claims are paid- Capital
02 · why customers buy
Value propositions
- Property casualty insurance with strong A.M. Best ratings, which Cincinnati Financial calls an important competitive advantage.
04 · how it keeps them
Customer relationships
- Ongoing relationships with its independent agencies, and policy renewals.
03 · how it reaches them
Channels
- Exclusively independent insurance agencies in 46 states.
01 · who it serves
Customer segments
Commercial lines
Businesses served through independent agentsPersonal lines
Individuals and familiesExcess & surplus, life, and other
Agencies' clients; ceding insurers
09 · where money goes
Cost structure
FY2025, share of revenue ($12.63B)
- Interest expense0.4%
- Operating expenses (as reported)76.4%
Depreciation & amortization (inside the costs above): $36M. Capital spending: $20M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Commercial lines
PremiumsPersonal lines
PremiumsExcess & surplus, life, and other
PremiumsInvestments
Investment income- Investment gains
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Commercial lines
Commercial casualty, property, auto, workers' compensation, and other business insurance for key accounts and small businesses.
01 what it draws on
Inputs & resources
- Select independent agencies
- Field claims and underwriting associates
02 what it does
Activities
- Underwriting business risks
- Handling claims
03 who it serves
Customers
- Businesses served through independent agents
04 how money comes in
How it earns
- Premiums
Commercial lines: how it makes money
- Net written premiums $5.0B (48% of the total) and pre-tax income $439M in FY2025.
Personal lines
Homeowner, auto, and other personal coverage, including for high-net-worth clients.
01 what it draws on
Inputs & resources
- Independent agencies
02 what it does
Activities
- Underwriting personal risks
03 who it serves
Customers
- Individuals and families
04 how money comes in
How it earns
- Premiums
Personal lines: how it makes money
- Net written premiums $3.4B (+14%), but a pre-tax loss of $111M in FY2025 as January wildfires in the West cost $325M.
Excess & surplus, life, and other
E&S coverage through Cincinnati Specialty Underwriters; term and other life insurance and annuities; Cincinnati Re assumed reinsurance; and Cincinnati Global at Lloyd's.
01 what it draws on
Inputs & resources
- CSU Producer Resources brokerage
- Lloyd's Syndicate 318
02 what it does
Activities
- Specialty underwriting
- Reinsurance
03 who it serves
Customers
- Agencies' clients; ceding insurers
04 how money comes in
How it earns
- Premiums
Excess & surplus, life, and other: how it makes money
- E&S pre-tax income $85M; life $65M in FY2025.
Investments
A portfolio of bonds and a large allocation to common stocks, held by the insurance subsidiaries and the parent company.
01 what it draws on
Inputs & resources
- Premiums held before claims are paid
- Capital
02 what it does
Activities
- Investing in fixed maturities and equities
03 who it serves
Customers
04 how money comes in
How it earns
- Investment income
- Investment gains
Investments: how it makes money
- Investment income $1.17B and net investment gains $1.44B in FY2025.
- Apple was the largest stock holding (7.7% of publicly traded common stocks); the top five were Apple, Microsoft, Broadcom, JPMorgan, and Lam Research.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Cincinnati Financial is state-regulated and has an executive overseeing government relations.
Approvals & licenses
State insurance regulation
Insurance subsidiaries are licensed and supervised by state insurance regulators, which also oversee premium rates and capital.
Constrains the businessTouches: Activities · How it earnsSource: Form 10-K (FY2025)
Political engagement
Government relations
A named executive oversees regulatory compliance and government relations.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Commercial lines
4,868 (42%)profit 439 · margin 9.0%
Personal lines
3,204 (27%)profit -111 · margin -3.5%
Excess and surplus lines
702 (6%)profit 85 · margin 12.1%
Life insurance
336 (3%)profit 65 · margin 19.3%
Investments
2,607 (22%)profit 2,480 · margin 95.1%
Source: Form 10-K (FY2025) — Note 18, Segment Information Profit is income before income taxes. Cincinnati Re, Cincinnati Global, and parent operations are reported as Other (earned premiums of $893M).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Policies are sold through a select group of independent agencies; the largest single agency relationship was about 0.5% of property casualty earned premiums in 2025. The company invests the premiums it holds before paying claims.
Net written premiums by segment
Commercial 48%, personal 33%, E&S 7%, life 3%, other 9% (FY2025)
Typical term: Mostly annual policies
Total $10.4B.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Businesses and individuals served through independent agencies in 46 states.
Named by the company
No customer is named.
What the filings disclose
- Ohio was 12.8% of property casualty earned premiums in 2025, the largest state. (Form 10-K (FY2025), Item 1)
- The largest single agency relationship was about 0.5% of property casualty earned premiums. (Form 10-K (FY2025), Item 1)
Suppliers
Reinsurers and the independent agencies that distribute its products.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Cincinnati Financial's 10-K says it competes mainly with standard market insurers selling through independent agents, as well as carriers using captive agents or direct sales; no competitor is named.
Competitors named in the 10-K
Cincinnati Financial's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation and performance peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Nine U.S. insurers that sell through independent agencies and write commercial and personal lines.
- Allstatesite ↗
- CNA Financialsite ↗
- The Hanover Insurance Groupsite ↗
- The Hartfordsite ↗
- Markel Groupsite ↗
- Selective Insurance Groupsite ↗
- Travelerssite ↗
- United Fire Groupsite ↗
- W. R. Berkleysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 7,536 | 9,626 | 6,563 | 10,013 | 11,337 | 12,631 |
| Pretax income | 1,499 | 3,698 | -694 | 2,276 | 2,858 | 2,980 |
| Net income (attributable) | 1,216 | 2,968 | -487 | 1,843 | 2,292 | 2,393 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 27.7% | -31.8% | 52.6% | 13.2% | 11.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 16.1% | 30.8% | -7.4% | 18.4% | 20.2% | 18.9% |
| Balance sheet ($M) | ||||||
| Total assets | 27,542 | 31,387 | 29,732 | 32,769 | 36,501 | 41,002 |
| Total equity | 10,789 | 12,764 | 10,562 | 12,098 | 13,935 | 15,911 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 845 | 843 | 841 | 849 | 850 | 861 |
| Equity ratio | 39.2% | 40.7% | 35.5% | 36.9% | 38.2% | 38.8% |
| ROE | 11.3% | 25.2% | -4.2% | 16.3% | 17.6% | 16.0% |
| Cash flow ($M) | ||||||
| Operating CF | 1,491 | 1,981 | 2,052 | 2,052 | 2,649 | 3,112 |
| Investing CF | -560 | -1,057 | -933 | -1,608 | -1,696 | -1,691 |
| Financing CF | -798 | -685 | -994 | -801 | -877 | -973 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,471 | 1,966 | 2,037 | 2,034 | 2,627 | 3,092 |
| Cash and equivalents | 900 | 1,139 | 1,264 | 907 | 983 | 1,431 |
| Per share & other | ||||||
| EPS ($) | 7.49 | 18.24 | -3.06 | 11.66 | 14.53 | 15.17 |
| BVPS ($) | 67.05 | 79.63 | 67.23 | 77.06 | 89.10 | 102.39 |
| Dividend per share ($) | 2.40 | 2.52 | 2.76 | 3.00 | 3.24 | 3.48 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 32.0% | 13.8% | — | 25.7% | 22.3% | 22.9% |
| P/E (x) | 11.7 | 6.3 | — | 8.9 | 9.9 | 10.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.30 | 1.43 | 1.52 | 1.34 | 1.61 | 1.60 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $3.05B-18.2% | $459M-59.1% | $2.96 |
| 2026-06-30 | $4.27B+31.6% | $1.26B+83.2% | $8.05 |
| 2026-03-31 | $2.86B+11.6% | $274M | $1.75 |
| 2025-12-31 † | $3.09B+21.8% | $676M+66.9% | — |
| 2025-09-30 | $3.73B | $1.12B | $7.11 |
| 2025-06-30 | $3.25B | $685M | $4.34 |
| 2025-03-31 | $2.57B | −$90M | $-0.57 |
| 2024-12-31 † | $2.54B | $405M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an insurer, so these are the usual yardsticks instead.
- Statutory combined ratio
- 94.7%
2025 (92.9% in 2024)
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 11.3% | 25.2% | -4.2% | 16.3% | 17.6% | 16.0% |
| Premiums earned growthChange from the prior year. | — | 8.3% | 11.5% | 10.1% | 11.7% | 12.3% |
| Claims and benefits ÷ premiums earnedNot a combined ratio: underwriting expenses are excluded, and life insurers’ benefits run higher by design. | 69.1% | 60.3% | 69.5% | 66.3% | 64.5% | 66.5% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 39.2% | 40.7% | 35.5% | 36.9% | 38.2% | 38.8% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 72.7%
- Directors & officers (shares)
- 2.9%
- Everyone else (est.)
- 24.4%
- Directors & officers (voting power)
- 2.9%
- Institutional-ownership rank
- 371 of 416
- Beta (adjusted)
- 0.59
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 89% of covered companies have more
above 1 = swings more than the market
- 111.6M shares reported by 953 13F filers ÷ 153.5M shares outstanding on 2026-07-22. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-18 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)
19
Strengths & weaknessesSite analysis
Strengths
1. Dividend record
The annual dividend has risen for 65 consecutive years; the quarterly rate rose 8% to $0.94 in January 2026.
Evidence: Form 10-K (FY2025) Item 1; 8-K filed 2026-01-30
2. Low debt
Interest-bearing debt was only $861M against $15.9B of equity at year-end 2025.
Evidence: SEC EDGAR XBRL
3. Agency relationships
Focused entirely on the independent agency channel, which handles about 80% of U.S. commercial property casualty premiums per IIABA studies cited in the 10-K.
Evidence: Form 10-K (FY2025) Item 1
4. Growing book value
Book value per share was $108.64 at June 30, 2026 and $105.42 at September 30, 2026, up $3.07 from year-end 2025.
Evidence: 8-K filed 2026-07-27 (Exhibit 99.1); 8-K filed 2026-10-26 (Exhibit 99.1)
Weaknesses
1. Earnings swing with stocks
Net income was −$487M in 2022, when stocks fell, and $2.39B in 2025, which included $1.44B of investment gains.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) Note 18
2. Catastrophe exposure
Catastrophe losses added 10.1 points to the 2025 combined ratio (industry estimate 8.0), including $448M from the January wildfires.
Evidence: Form 10-K (FY2025) Item 7
3. Personal lines losses
Personal lines lost $111M before tax in 2025 and $4M in 2023.
Evidence: Form 10-K (FY2025) Note 18
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
10.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.13%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
23%
Dividends per share ÷ diluted EPS
1. Long dividend growth
Dividends per share rose from $2.52 (2021) to $3.48 (2025), with 65 straight years of increases.
- What has to hold
- Underwriting and investment income stay healthy.
- The other side
- The company says its first priority is financial strength, not the dividend record.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) Item 7
2. Equity exposure
Rising stock prices boost book value and net income.
- What has to hold
- Equity markets rise over time.
- The other side
- A market downturn hits earnings and capital, as in 2022.
Evidence: Form 10-K (FY2025) Item 7A
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. Revenue includes investment gains and losses.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -31.8% in FY2022 ($9.63B → $6.56B) | Yes, by FY2023 |
| Net income | -116.4% in FY2022 ($2.97B → −$487M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Parent liquidity
$5.6B of cash and invested assets at the parent company at year-end 2025.
Source: Form 10-K (FY2025), Item 7
Low leverage
Debt of $861M versus $15.9B of shareholders' equity.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Cincinnati Financial reports only ordinary, routine litigation incidental to insurance.
Company statement: Neither the company nor its subsidiaries are involved in litigation believed to be material, other than routine litigation.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Catastrophes
- Company disclosure (summarized from the 10-K)
- Weather and wildfire catastrophes cost $978M in 2025; the five-year average contribution to the combined ratio is 9.0 points.
- Company’s stated mitigation
- Geographic diversification of property casualty risks and growth of Cincinnati Re and Cincinnati Global.
- This site’s assessment
- Impact High / Likelihood High
- 2FX & interest rates
Equity market risk
- Company disclosure (summarized from the 10-K)
- Its $12.7B equity portfolio means market declines reduce net income and capital directly.
- Company’s stated mitigation
- No single security above 7.8% of publicly traded common stocks and no sector above 36%.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with more than 2,000 carriers, including those using captive agents or selling directly to consumers.
- Company’s stated mitigation
- Commitment to independent agencies and field service.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Insurance regulation
- Company disclosure (summarized from the 10-K)
- Regulated by state insurance departments and, for Cincinnati Global, U.K. regulators and Lloyd's.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cybersecurity
- Company disclosure (summarized from the 10-K)
- Cybersecurity is among the emerging risks managed through the enterprise risk management program.
- Company’s stated mitigation
- An ERM committee and quarterly risk reporting.
- This site’s assessment
- Impact Med / Likelihood Med
24
What to watch going forwardSite analysis
- Catastrophe losses and personal lines profitability.
- Stock market moves and their effect on net income.
- Premium growth through agencies.
- Share repurchases under the expanded authorization.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-23
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Cincinnati Financial’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.