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Cincinnati Financial

CINF Nasdaq Property & Casualty Insurance Financials FY2016–FY2025

Cincinnati Financial's revenue rose 11.4% to $12.6 billion in fiscal 2025. Its net margin was 18.9%, down from 20.2% a year earlier. Free cash flow was $3.1 billion, up 17.7%. It paid out $730 million in dividends and buybacks, 24% of free cash flow.

Last close · Oct 23, 2026

$176.30

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$12.6B
11.4% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$2.4B
4.4%
Free cash flow Cash from operations minus capital spending.
$3.1B
17.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.1%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$27.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
8.3x
On $21.20 EPS (TTM)

What Cincinnati Financial does

No business description yet.

Legal name
CINCINNATI FINANCIAL CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000020286-26-000008
0000020286

Revenue and margins

Cincinnati Financial had $12.6B of revenue in fiscal 2025, up 11.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 17.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.1B in fiscal 2025, 24.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cincinnati Financial returned $730M to shareholders in fiscal 2025, 24% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cincinnati Financial yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $789M and divides by 157.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 8.3x · peers 11.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cincinnati Financial can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$1.3B$907M$1.3B$1.6B
Debt incl. finance leases $789M$789M$790M$790M$790M
Net debt / EBITDA −0.1x—−0.1x−0.2x−0.3x
Debt / equity 0.1x0.1x0.1x0.1x0.1x
Interest coverage 70.8x−12.1x43.2x54.9x57.2x
Total assets $31.4B$29.7B$32.8B$36.5B$41.0B
Total liabilities $18.3B$19.2B$20.7B$22.6B$25.1B
Shareholders' equity $12.8B$10.6B$12.1B$13.9B$15.9B
Net debt (− = net cash) −$350M−$475M−$117M−$491M−$789M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.5M

2 insiders

Sold, 12 months

$1.3M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 25, 2026 Dirk J DebbinkDirector Bought 1,000 $171.64 $0.2M Form 4
Aug 3, 2026 Charles Odell SchiffDirector Sold 7,600 $175.40 $1.3M Form 4
Feb 11, 2026 Dirk J DebbinkDirector Bought 1,000 $162.58 $0.2M Form 4
Dec 3, 2025 Edward Scott WilkinsDirector Bought 140 $163.77 $0.0M Form 4
Oct 28, 2025 Dirk J DebbinkDirector Bought 1,000 $153.98 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −0.7%−1.0%−1.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cincinnati Financial CINF $27.4B 11.4% — 24.5% 17.1% 8.3x —
Fidelity National Financial FNF $10.8B 5.6% — — — 14.0x — Compare →
W. R. Berkley WRB $28.7B 7.8% — — — 15.1x — Compare →
Old Republic International ORI $9.6B 11.0% — — — 8.5x — Compare →
Arch Capital Group ACGL $35.5B 14.3% — 30.8% — 8.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.4B $5.7B $5.4B $7.9B $7.5B $9.6B $6.6B $10.0B $11.3B $12.6B
Interest expense $53.0M $53.0M $53.0M $53.0M $54.0M $53.0M $53.0M $54.0M $53.0M $53.0M
Pretax income $812M $730M $251M $2.5B $1.5B $3.7B −$694M $2.3B $2.9B $3.0B
Income tax $221M −$315M −$36.0M $475M $283M $730M −$207M $433M $566M $587M
Net income $591M $1.0B $287M $2.0B $1.2B $3.0B −$487M $1.8B $2.3B $2.4B
Diluted EPS $3.55 $6.29 $1.75 $12.10 $7.49 $18.24 −$3.06 $11.66 $14.53 $15.17
Diluted shares 0.17B 0.17B 0.16B 0.17B 0.16B 0.16B 0.16B 0.16B 0.16B 0.16B
Cash flow
Cash from operations $1.1B $1.1B $1.2B $1.2B $1.5B $2.0B $2.1B $2.1B $2.6B $3.1B
Capital expenditure $13.0M $16.0M $20.0M $24.0M $20.0M $15.0M $15.0M $18.0M $22.0M $20.0M
Free cash flow $1.1B $1.0B $1.2B $1.2B $1.5B $2.0B $2.0B $2.0B $2.6B $3.1B
Depreciation and amortization $48.0M $55.0M $63.0M $72.0M $81.0M $93.0M $33.0M $30.0M $34.0M $36.0M
Stock-based compensation $23.0M $26.0M $28.0M $30.0M $31.0M $33.0M — — — —
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $39.0M $92.0M $125M $67.0M $261M $144M $410M $67.0M $126M $205M
Dividends paid $306M $400M $336M $355M $375M $395M $423M $454M $490M $525M
Dividends and buybacks $345M $492M $461M $422M $636M $539M $833M $521M $616M $730M
Balance sheet
Cash and short-term investments $777M $657M $784M $767M $900M $1.1B $1.3B $907M $1.3B $1.6B
Total debt $787M $787M $788M $788M $788M $789M $789M $790M $790M $790M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $183M $185M $195M $207M $213M $205M $202M $208M $214M $219M
Total assets $20.4B $21.8B $21.9B $25.4B $27.5B $31.4B $29.7B $32.8B $36.5B $41.0B
Total liabilities $13.3B $13.6B $14.1B $15.5B $16.8B $18.3B $19.2B $20.7B $22.6B $25.1B
Shareholders' equity $7.1B $8.2B $7.8B $9.9B $10.8B $12.8B $10.6B $12.1B $13.9B $15.9B
Margins
EBITDA margin 16.8% 14.6% 6.8% 32.8% 21.7% 39.9% −9.3% 23.6% 26.0% 24.3%
Net margin 10.9% 18.2% 5.3% 25.2% 16.1% 30.8% −7.4% 18.4% 20.2% 19.0%
FCF margin 20.2% 18.1% 21.5% 14.9% 19.5% 20.4% 31.0% 20.3% 23.2% 24.5%
Returns
Return on capital 9.2% 10.1% 3.8% 23.0% 12.3% 26.1% −4.5% 17.1% 18.4% 17.1%
Return on equity 8.8% 13.7% 3.6% 22.6% 11.8% 25.2% −4.2% 16.3% 17.6% 16.0%
Return on assets 3.0% 5.0% 1.3% 8.4% 4.6% 10.1% −1.6% 5.9% 6.6% 6.2%
Growth
Revenue growth 6.0% 5.2% −5.7% 46.6% −4.9% 27.7% −31.8% 52.6% 13.2% 11.4%
Net income growth −6.8% 76.8% −72.5% 595.8% −39.1% 144.1% −116.4% — 24.4% 4.4%
EPS growth −7.3% 77.2% −72.2% 591.4% −38.1% 143.5% −116.8% — 24.6% 4.4%
FCF growth 3.5% −6.0% 12.1% 2.0% 24.2% 33.7% 3.6% −0.2% 29.2% 17.7%
Share count change 0.5% −0.3% −0.9% 0.4% −1.6% 0.2% −2.4% −0.4% −0.2% −0.1%
Financial health
Net debt / EBITDA 0.0x 0.2x 0.0x 0.0x −0.1x −0.1x — −0.1x −0.2x −0.3x
Debt / equity 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
Interest coverage 16.3x 14.8x 5.7x 47.6x 28.8x 70.8x −12.1x 43.2x 54.9x 57.2x
Capital allocation
Capex / revenue 0.2% 0.3% 0.4% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2%
Stock comp / revenue 0.4% 0.5% 0.5% 0.4% 0.4% 0.3% — — — —
Payouts / FCF 31.3% 47.5% 39.7% 35.6% 43.2% 27.4% 40.9% 25.6% 23.5% 23.6%
Quality scores
Accruals ratio −2.7% −0.0% −4.1% 3.3% −1.0% 3.4% −8.3% −0.7% −1.0% −1.9%

Source: SEC EDGAR XBRL filings (CIK 0000020286). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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