A Business at a Glance
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CINCINNATI FINANCIAL CORP
CINF
$28.8B
Mkt Cap
$182.81
+1.91%
CINCINNATI FINANCIAL CORP (CINF) has a current P/E ratio of 12.1, compared to its historical median P/E of 9.7. The stock is currently considered Fair based on its historical valuation range.
CINCINNATI FINANCIAL CORP (CINF) has a 5-year average return on invested capital (ROIC) of 13.3%. This indicates solid capital allocation.
CINCINNATI FINANCIAL CORP (CINF) has a market capitalization of $36.3B. It is classified as a large-cap stock.
Yes, CINCINNATI FINANCIAL CORP (CINF) pays a dividend with a trailing twelve-month yield of 1.47%. The company also returns capital through share buybacks, with a buyback yield of 0.94%.
Based on historical P/E analysis, CINCINNATI FINANCIAL CORP (CINF) appears fair. The current P/E of 12.1 is 24% above its historical median of 9.7. The estimated fair value CAGR (P/E method) is 9.8%.
CINCINNATI FINANCIAL CORP (CINF) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
CINCINNATI FINANCIAL CORP (CINF) reported annual revenue of $12.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Cincinnati Financial Corporation is an Ohio-based property casualty insurance holding company founded in 1968, with its lead subsidiary The Cincinnati Insurance Company established in 1950. The company operates through a network of independent insurance agencies in 46 states, marketing a broad range of standard market commercial, homeowner, and auto policies, as well as personal lines coverage in 45 states. Beyond standard market insurance, Cincinnati Financial operates specialized subsidiaries including Cincinnati Life (life insurance and fixed annuities), Cincinnati Specialty Underwriters (excess and surplus lines), Cincinnati Re (reinsurance assumed operations), and Cincinnati Global (Lloyd's specialty underwriting through London-based operations). The company also owns non-insurance subsidiaries: CSU Producer Resources, which provides excess and surplus lines brokerage services to independent agencies, and CFC Investment Company, offering commercial leasing and financing services. The business model centers on an agency-focused strategy emphasizing financial strength, local decision-making, and underwriting discipline, with competitive advantages rooted in commitment to independent agents, strong capital position, and an operating structure that supports claims excellence and balanced growth. The company maintains a diversified fixed-maturity investment portfolio exceeding $18 billion and manages capital to support consistent, stable market presence for agents' business across diverse geographic and product segments.
【Strong profitability momentum continuing】 Management expects 2026 ceded premiums for reinsurance treaties to reach approximately $204 million, reflecting additional coverage and subject premium growth. The company anticipates continued investment income growth as it deploys capital into fixed-maturity securities, with longer-term interest rates expected to remain relatively stable, supporting consistent deployment of insurance-generated cash flow. Commercial auto pricing is expected to hold firm, and management remains focused on balancing expense control with strategic business investments, including integration of generative AI capabilities to enhance profitability and growth. The company maintains its long-term combined ratio target of 92%-98% and continues to pursue underwriting and pricing discipline on a risk-by-risk basis while seeking to expand agency appointments and market penetration through service enhancements and product diversification.
| Metric | Target | Period |
|---|---|---|
| Ceded premiums for reinsurance treaties | approximately $204 million | FY2026 |
Ceded premiums for reinsurance treaties (FY2026): “We expect 2026 ceded premiums for these treaties in total to be approximately $204 million, with the increase from the actual $192 million in 2025, driven by additional coverage and subject premium growth.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q4 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.9B | 12.6B | 11.3B | 10.0B | 6.6B | 9.6B |
| Net Income | 2.8B | 2.4B | 2.3B | 1.8B | -487M | 3.0B |
| EPS | $13.90 | $15.17 | $14.53 | $11.66 | $-3.06 | $18.24 |
| Free Cash Flow | 3.4B | 3.1B | 2.6B | 2.0B | 2.0B | 2.0B |
| ROIC | 0.0% | 15.2% | 16.5% | 15.1% | -3.9% | 23.5% |
| Gross Margin | - | 23.6% | 25.2% | 22.7% | -10.6% | 38.4% |
| Debt/Equity | 0.05 | 0.05 | 0.06 | 0.09 | 0.11 | 0.09 |
| Dividends/Share | $2.69 | $3.48 | $3.24 | $3.00 | $2.76 | $2.52 |
| Operating Income | 0 | 3.0B | 2.9B | 2.3B | -694M | 3.7B |
| Operating Margin | 0.0% | 23.6% | 25.2% | 22.7% | -10.6% | 38.4% |
| ROE | 17.5% | 16.0% | 17.6% | 16.3% | -4.2% | 25.2% |
| Shares Outstanding | 198M | 158M | 158M | 158M | 159M | 163M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.9B | 5.1B | 5.4B | 5.7B | 5.4B | 7.9B | 7.5B | 9.6B | 6.6B | 10.0B | 11.3B | 12.6B | 12.9B |
| Gross Margin | 14.6% | 17.1% | 14.9% | 12.7% | 4.6% | 31.2% | 19.9% | 38.4% | -10.6% | 22.7% | 25.2% | 23.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 721M | 881M | 812M | 730M | 251M | 2.5B | 1.5B | 3.7B | -694M | 2.3B | 2.9B | 3.0B | 0 |
| Op. Margin | 14.6% | 17.1% | 14.9% | 12.7% | 4.6% | 31.2% | 19.9% | 38.4% | -10.6% | 22.7% | 25.2% | 23.6% | 0.0% |
| Net Income | 525M | 634M | 591M | 1.0B | 287M | 2.0B | 1.2B | 3.0B | -487M | 1.8B | 2.3B | 2.4B | 2.8B |
| Net Margin | 10.6% | 12.3% | 10.8% | 18.2% | 5.3% | 25.2% | 16.1% | 30.8% | -7.4% | 18.4% | 20.2% | 18.9% | 21.3% |
| Non-Recurring | 0 | 0 | 124M | 148M | -408M | 1.6B | 851M | 2.4B | -1.5B | 1.1B | 1.4B | 1.4B | 1.4B |
| Returns on Capital | |||||||||||||
| ROIC | 7.3% | 8.7% | 7.8% | 12.3% | 3.2% | 20.6% | 10.9% | 23.5% | -3.9% | 15.1% | 16.5% | 15.2% | 0.0% |
| ROE | 8.3% | 9.8% | 8.8% | 13.7% | 3.6% | 22.6% | 11.8% | 25.2% | -4.2% | 16.3% | 17.6% | 16.0% | 17.5% |
| ROA | 2.9% | 3.4% | 3.0% | 4.9% | 1.3% | 8.4% | 4.6% | 10.1% | -1.6% | 5.9% | 6.6% | 6.2% | 6.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 873M | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B | 1.5B | 2.0B | 2.1B | 2.1B | 2.6B | 3.1B | 3.5B |
| Free Cash Flow | 864M | 1.1B | 1.1B | 1.0B | 1.2B | 1.2B | 1.5B | 2.0B | 2.0B | 2.0B | 2.6B | 3.1B | 3.4B |
| Owner Earnings | 817M | 1.0B | 1.1B | 998M | 1.1B | 1.2B | 1.4B | 1.9B | 2.0B | 2.0B | 2.6B | 3.0B | 3.0B |
| CapEx | 9.0M | 10M | 13M | 16M | 20M | 24M | 20M | 15M | 15M | 18M | 22M | 20M | 19M |
| Maint. CapEx | 37M | 36M | 30M | 28M | 31M | 25M | 33M | 33M | 33M | 30M | 34M | 36M | 386M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 37M | 36M | 30M | 28M | 31M | 25M | 33M | 33M | 33M | 30M | 34M | 36M | 386M |
| CapEx/OCF | 1.0% | 0.9% | 1.2% | 1.5% | 1.7% | 2.0% | 1.3% | 0.8% | 0.7% | 0.9% | 0.8% | 0.6% | 0.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 278M | 366M | 306M | 400M | 336M | 355M | 375M | 395M | 423M | 454M | 490M | 525M | 533M |
| Dividend Yield | 4.8% | 5.5% | 3.4% | 4.1% | 3.3% | 2.6% | 3.3% | 2.4% | 2.6% | 2.9% | 2.6% | 2.3% | 1.5% |
| Share Buybacks | 21M | 53M | 39M | 92M | 125M | 67M | 261M | 144M | 410M | 67M | 126M | 205M | 342M |
| Buyback Yield | 0.3% | 0.7% | 0.4% | 0.9% | 1.2% | 0.5% | 2.1% | 0.9% | 2.7% | 0.4% | 0.6% | 0.8% | 0.9% |
| Stock-Based Comp | 19M | 20M | 23M | 26M | 28M | 30M | 31M | 33M | 29M | 32M | 37M | 37M | 37M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -9.0B | -9.1B | -9.8B | -10.3B | -10.4B | -11.3B | -12.1B | -13.0B | -12.3B | 242M | -431M | -718M | -400M |
| Cash & Equiv. | 591M | 544M | 777M | 657M | 784M | 767M | 900M | 1.1B | 1.3B | 907M | 983M | 1.4B | 1.3B |
| Long-Term Debt | 822M | 821M | 826M | 827M | 834M | 846M | 845M | 843M | 841M | 849M | 850M | 861M | 859M |
| Debt/Equity | 0.16 | 0.16 | 0.15 | 0.13 | 0.14 | 0.12 | 0.11 | 0.09 | 0.11 | 0.09 | 0.06 | 0.05 | 0.05 |
| Interest Coverage | 13.6 | 16.6 | 15.3 | 13.8 | 4.7 | 46.6 | 27.8 | 69.8 | -13.1 | 42.1 | 53.9 | 56.2 | 56.2 |
| Equity | 6.6B | 6.4B | 7.1B | 8.2B | 7.8B | 9.9B | 10.8B | 12.8B | 10.6B | 12.1B | 13.9B | 15.9B | 15.7B |
| Total Assets | 18.7B | 18.9B | 20.4B | 21.8B | 21.9B | 25.4B | 27.5B | 31.4B | 29.7B | 32.8B | 36.5B | 41.0B | 41.2B |
| Total Liabilities | 12.2B | 12.5B | 13.3B | 13.6B | 14.1B | 15.5B | 16.8B | 18.3B | 19.2B | 20.7B | 22.6B | 25.1B | 25.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 4.5B | 4.8B | 5.0B | 5.2B | 7.6B | 9.3B | 10.1B | 12.6B | 11.7B | 13.1B | 14.9B | 16.7B | 16.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 3.18 | 3.83 | 3.55 | 6.29 | 1.75 | 12.10 | 7.49 | 18.24 | -3.06 | 11.66 | 14.53 | 15.17 | 13.90 |
| Owner EPS | 4.95 | 6.16 | 6.38 | 6.01 | 6.84 | 6.99 | 8.79 | 11.77 | 12.50 | 12.59 | 16.34 | 19.27 | 15.31 |
| Book Value | 39.81 | 38.83 | 42.41 | 49.62 | 47.76 | 59.77 | 66.46 | 78.44 | 66.36 | 76.54 | 88.34 | 100.86 | 79.24 |
| Cash Flow/Share | 5.29 | 6.49 | 6.70 | 6.33 | 7.20 | 7.32 | 9.18 | 12.17 | 12.89 | 12.98 | 16.79 | 19.73 | 15.85 |
| Dividends/Share | 1.76 | 2.30 | 1.92 | 2.50 | 2.12 | 2.24 | 2.40 | 2.52 | 2.76 | 3.00 | 3.24 | 3.48 | 2.69 |
| Shares Out. | 165.1M | 165.5M | 166.5M | 166.1M | 164.0M | 165.0M | 162.3M | 162.7M | 159.2M | 158.1M | 157.7M | 157.7M | 198.3M |
| Valuation | |||||||||||||
| P/E Ratio | 12.1 | 12.0 | 16.8 | 9.7 | 36.6 | 7.3 | 10.3 | 5.7 | N/A | 8.4 | 9.7 | 10.9 | 13.1 |
| P/FCF | 7.3 | 7.1 | 9.0 | 9.8 | 9.1 | 12.4 | 8.5 | 8.6 | 7.4 | 7.7 | 8.5 | 8.4 | 10.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 1.2 | 0.1 | 1.0 | N/A | 6.7 | 7.5 | 8.3 | N/A |
| Price/Book | 1.0 | 1.2 | 1.4 | 1.2 | 1.3 | 1.5 | 1.2 | 1.3 | 1.4 | 1.3 | 1.6 | 1.6 | 2.3 |
| Price/Sales | 1.2 | 1.3 | 1.6 | 1.7 | 1.9 | 1.8 | 1.5 | 1.7 | 2.5 | 1.6 | 1.7 | 1.8 | 2.8 |
| FCF Yield | 13.6% | 14.0% | 11.1% | 10.2% | 11.0% | 8.1% | 11.7% | 11.6% | 13.5% | 13.1% | 11.8% | 11.9% | 9.5% |
| Market Cap | 6.3B | 7.6B | 9.9B | 10.1B | 10.5B | 14.7B | 12.5B | 16.9B | 15.1B | 15.6B | 22.2B | 26.0B | 36.3B |
| Avg. Price | 34.96 | 40.38 | 53.92 | 58.46 | 61.30 | 84.04 | 69.99 | 99.78 | 103.84 | 99.02 | 121.79 | 147.45 | 182.81 |
| Year-End Price | 38.39 | 45.95 | 59.72 | 61.04 | 64.08 | 88.87 | 77.21 | 103.72 | 95.09 | 98.51 | 140.80 | 164.79 | 182.81 |
CINCINNATI FINANCIAL CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
CINCINNATI FINANCIAL CORP trades at 12.1x trailing earnings, compared to its 15-year median P/E of 9.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.2x vs a median of 8.6x. The company's 5-year average ROIC is 13.3% with a gross margin of 19.9%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is +14.4%.
CINCINNATI FINANCIAL CORP (CINF) has a net profit margin of 18.9%. This is a healthy margin.
CINCINNATI FINANCIAL CORP (CINF) generated $3.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CINCINNATI FINANCIAL CORP (CINF) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
CINCINNATI FINANCIAL CORP (CINF) reported earnings per share (EPS) of $15.17 in its most recent fiscal year.
CINCINNATI FINANCIAL CORP (CINF) has a return on equity (ROE) of 16.0%. This indicates the company generates strong returns for shareholders.
CINCINNATI FINANCIAL CORP (CINF) has a 5-year average gross margin of 19.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for CINCINNATI FINANCIAL CORP (CINF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CINCINNATI FINANCIAL CORP (CINF) has a book value per share of $100.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 ceded premiums for reinsurance treaties to reach approximately $204 million, reflecting additional coverage and subject premium growth. The company anticipates continued investment income growth as it deploys capital into fixed-maturity securities, with longer-term interest rates expected to remain relatively stable, supporting consistent deployment of insurance-generated cash flow. Commercial auto pricing is expected to hold firm, and management remains focused on balancing expense control with strategic business investments, including integration of generative AI capabilities to enhance profitability and growth. The company maintains its long-term combined ratio target of 92%-98% and continues to pursue underwriting and pricing discipline on a risk-by-risk basis while seeking to expand agency appointments and market penetration through service enhancements and product diversification.
Based on recent SEC filings and earnings calls, CINCINNATI FINANCIAL CORP (CINF) has provided the following forward guidance: Ceded premiums for reinsurance treaties: approximately $204 million (FY2026).
No recent press releases.