Cincinnati Financial

CINF · Nasdaq · Financials · Financials, fiscal 2016 to 2025

CINF · Last close · October 26, 2026

$177.31

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.

CINCINNATI FINANCIAL CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0000020286-26-000008 Updated October 26, 2026

Revenue

$12.6B

11.4%

Net margin

18.9%

1.3 pts

Net income

$2.4B

4.4%

Free cash flow

$3.1B

17.7%

Return on capital

17.1%

1.3 pts

Market cap

$27.5B

Oct 26 close

P/E

10.4x

On $17.05 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 17.5% a year and net income 16.8% a year, as buybacks cut the share count by 5%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cincinnati Financial yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cincinnati Financial's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Cincinnati Financial's fiscal 2025 free cash flow of $3.1B, net cash of $789M at December 31, 2025 and 158 million diluted shares, from its filings. The scenarios are fitted to Cincinnati Financial: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 24.4% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Property & Casualty Insurance), plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Cincinnati Financial's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 9% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $177.31
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Cincinnati Financial's earnings per share of $17.05 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 11.1×, the middle of Cincinnati Financial's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Fidelity National Financial, W. R. Berkley, Old Republic International, Arch Capital Group.

Earnings growth in the years ahead (% a year) Starts at Cincinnati Financial's revenue growth over the last 3 years, 24.4% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $177.31
Value at this multiple, against the last close: —
Cincinnati Financial's P/E at the last close: 10.4×

Company	Last close	Earnings per share	P/E today
W. R. BerkleyWRB	$73.79	$4.87	15.2×
Fidelity National FinancialFNF	$39.94	$2.88	13.9×
Cincinnati FinancialCINF	$177.31	$17.05	10.4×
Old Republic InternationalORI	$38.43	$4.56	8.4×
Arch Capital GroupACGL	$102.34	$12.78	8.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,139	1,264	907	1,281	1,579
Debt incl. finance leases	789	789	790	790	790
Net debt (negative means net cash)	−350	−475	−117	−491	−789
Net debt to EBITDA	−0.1x	—	−0.1x	−0.2x	−0.3x
Debt to equity	0.1x	0.1x	0.1x	0.1x	0.1x
Interest coverage	70.8x	−12.1x	43.1x	54.9x	57.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $511,128 of Cincinnati Financial shares on the open market, and 1 insider sold $1.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 25, 2026	Dirk J DebbinkDirector	Bought	1,000	$171.64	$171,640	Form 4
Aug 3, 2026	Charles Odell SchiffDirector	Sold	7,600	$175.40	$1.3 million	Form 4
Feb 11, 2026	Dirk J DebbinkDirector	Bought	1,000	$162.58	$162,580	Form 4
Dec 3, 2025	Edward Scott WilkinsDirector	Bought	140	$163.77	$22,928	Form 4
Oct 28, 2025	Dirk J DebbinkDirector	Bought	1,000	$153.98	$153,980	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−0.7%	−1.0%	−1.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cincinnati Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cincinnati Financial	FY25	11.4%	—	24.5%	17.1%	−0.3x	—
Fidelity National Financial	FY25	5.6%	—	—	—	−0.1x	—	Compare
W. R. Berkley	FY25	7.8%	—	—	—	—	—	Compare
Old Republic International	FY25	11.0%	—	—	—	—	—	Compare
Arch Capital Group	FY25	14.3%	—	30.8%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,449	5,732	5,407	7,924	7,536	9,626	6,563	10,013	11,337	12,631
Revenue growth	6.0%	5.2%	−5.7%	46.5%	−4.9%	27.7%	−31.8%	52.6%	13.2%	11.4%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	591	1,045	287	1,997	1,216	2,968	−487	1,843	2,292	2,393
Diluted EPS (US$)	3.55	6.29	1.75	12.10	7.49	18.24	−3.06	11.66	14.53	15.17
Diluted shares (millions)	166	166	164	165	162	163	159	158	158	158
Cash flow
Cash from operations	1,115	1,052	1,181	1,208	1,491	1,981	2,052	2,052	2,649	3,112
Capital expenditure	13	16	20	24	20	15	15	18	22	20
Free cash flow	1,102	1,036	1,161	1,184	1,471	1,966	2,037	2,034	2,627	3,092
Dividends paid	306	400	336	355	375	395	423	454	490	525
Share buybacks	39	92	125	67	261	144	410	67	126	205
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	23	26	28	30	31	33	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	777	657	784	767	900	1,139	1,264	907	1,281	1,579
Debt incl. finance leases	787	787	788	788	788	789	789	790	790	790
Total assets	20,386	21,843	21,935	25,408	27,542	31,387	29,732	32,769	36,501	41,002
Total liabilities	13,326	13,600	14,102	15,544	16,753	18,282	19,170	20,671	22,566	25,091
Shareholders' equity	7,060	8,243	7,833	9,864	10,789	12,764	10,562	12,098	13,935	15,911
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	10.8%	18.2%	5.3%	25.2%	16.1%	30.8%	−7.4%	18.4%	20.2%	18.9%
Free cash flow margin	20.2%	18.1%	21.5%	14.9%	19.5%	20.4%	31.0%	20.3%	23.2%	24.5%
Return on capital	9.2%	10.1%	3.8%	23.0%	12.2%	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%
Net debt to EBITDA	0.0x	0.2x	0.0x	0.0x	−0.1x	−0.1x	—	−0.1x	−0.2x	−0.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cincinnati Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cincinnati Financial.