NASDAQ: CINF
Cincinnati Financial
Financials · Fire, Marine & Casualty Insurance
52-week range
$150.93$194.81
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$24.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.5B |
| FY2017, ended Dec 31, 2017 | $12.3B |
| FY2018, ended Dec 31, 2018 | $12.6B |
| FY2019, ended Dec 31, 2019 | $17.1B |
| FY2020, ended Dec 31, 2020 | $14.1B |
| FY2021, ended Dec 31, 2021 | $18.3B |
| FY2022, ended Dec 31, 2022 | $16.1B |
| FY2023, ended Dec 31, 2023 | $16.2B |
| FY2024, ended Dec 31, 2024 | $22.5B |
| FY2025, ended Dec 31, 2025 | $25.4B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $24.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$13.3B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.45B |
| FY2017, ended Dec 31, 2017 | $5.73B |
| FY2018, ended Dec 31, 2018 | $5.41B |
| FY2019, ended Dec 31, 2019 | $7.92B |
| FY2020, ended Dec 31, 2020 | $7.54B |
| FY2021, ended Dec 31, 2021 | $9.63B |
| FY2022, ended Dec 31, 2022 | $6.56B |
| FY2023, ended Dec 31, 2023 | $10.0B |
| FY2024, ended Dec 31, 2024 | $11.3B |
| FY2025, ended Dec 31, 2025 | $12.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $13.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $591M | $1.10B |
| FY2017, ended Dec 31, 2017 | $1.04B | $1.04B |
| FY2018, ended Dec 31, 2018 | $287M | $1.16B |
| FY2019, ended Dec 31, 2019 | $2.00B | $1.18B |
| FY2020, ended Dec 31, 2020 | $1.22B | $1.47B |
| FY2021, ended Dec 31, 2021 | $2.97B | $1.97B |
| FY2022, ended Dec 31, 2022 | −$487M | $2.04B |
| FY2023, ended Dec 31, 2023 | $1.84B | $2.03B |
| FY2024, ended Dec 31, 2024 | $2.29B | $2.63B |
| FY2025, ended Dec 31, 2025 | $2.39B | $3.09B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.66B | $3.08B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.24B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $777M |
| FY2017, ended Dec 31, 2017 | $657M |
| FY2018, ended Dec 31, 2018 | $784M |
| FY2019, ended Dec 31, 2019 | $767M |
| FY2020, ended Dec 31, 2020 | $900M |
| FY2021, ended Dec 31, 2021 | $1.14B |
| FY2022, ended Dec 31, 2022 | $1.26B |
| FY2023, ended Dec 31, 2023 | $907M |
| FY2024, ended Dec 31, 2024 | $983M |
| FY2025, ended Dec 31, 2025 | $1.43B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.24B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$791M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $787M |
| FY2017, ended Dec 31, 2017 | $787M |
| FY2018, ended Dec 31, 2018 | $788M |
| FY2019, ended Dec 31, 2019 | $788M |
| FY2020, ended Dec 31, 2020 | $788M |
| FY2021, ended Dec 31, 2021 | $789M |
| FY2022, ended Dec 31, 2022 | $789M |
| FY2023, ended Dec 31, 2023 | $790M |
| FY2024, ended Dec 31, 2024 | $790M |
| FY2025, ended Dec 31, 2025 | $790M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $791M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 6.8% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.154M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 165M |
| FY2017, ended Dec 31, 2017 | 164M |
| FY2018, ended Dec 31, 2018 | 163M |
| FY2019, ended Dec 31, 2019 | 163M |
| FY2020, ended Dec 31, 2020 | 161M |
| FY2021, ended Dec 31, 2021 | 160M |
| FY2022, ended Dec 31, 2022 | 157M |
| FY2023, ended Dec 31, 2023 | 157M |
| FY2024, ended Dec 31, 2024 | 157M |
| FY2025, ended Dec 31, 2025 | 156M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 154M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $499M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $39.0M | $23.0M |
| FY2017, ended Dec 31, 2017 | $92.0M | $26.0M |
| FY2018, ended Dec 31, 2018 | $125M | $28.0M |
| FY2019, ended Dec 31, 2019 | $67.0M | $30.0M |
| FY2020, ended Dec 31, 2020 | $261M | $31.0M |
| FY2021, ended Dec 31, 2021 | $144M | $33.0M |
| FY2022, ended Dec 31, 2022 | $410M | — |
| FY2023, ended Dec 31, 2023 | $67.0M | — |
| FY2024, ended Dec 31, 2024 | $126M | — |
| FY2025, ended Dec 31, 2025 | $205M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $499M | — |
Revenue (TTM)
$13.3B
+9.9% YoY
Net income (TTM)
$2.66B
+25.5% YoY
Cash
$1.24B
−15.1% YoY
Total debt
$791M
+0.1% YoY
Valuation
At current price- Market Cap
- $27.8B
- P/E
- 10.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.1×
- Price / Book
- 1.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $13.3B
- Revenue Growth YoY
- 9.9%
- Revenue CAGR 3Y
- 24.4%
- Revenue CAGR 5Y
- 10.9%
- EPS Growth YoY
- 26.8%
- Net Income Growth YoY
- 25.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 20.1%
- FCF Margin
- 23.2%
- Return on Equity
- 16.9%
Earnings
Trailing 12 months- Net Income
- $2.66B
- EPS (diluted)
- $17.04
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.24B
- Total Debt
- $791M
- Net Cash
- $448M
- Total Assets
- $42.6B
- Total Liabilities
- $26.4B
- Shareholders' Equity
- $16.2B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.09B
- Capital Expenditure
- $16.0M
- Free Cash Flow
- $3.08B
Dividends and risk
Last 12 months- Dividend Yield
- 2.0%
- Dividend / Share
- $3.69
- Beta (5Y)
- 0.52
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.9% year over year, at $13.3B.
Note
Net margin of 20.1% over the last 12 months.
Strength
Turns 23.2% of revenue into free cash flow.
Strength
Share count is down 1.6% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K61Nothing notable
61Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 23, 2026 · Read the filing on EDGAR
- Revenue rose 11% to $12.63 billion and net income rose 4% to $2.39 billion, with investment income and gains offsetting lower insurance profit.
- Underwriting profit fell 14% to $501 million as the January 2025 California wildfires, the largest loss event in company history, pushed the combined ratio to 94.9%.
- Personal lines swung to a $111 million underwriting loss, while commercial lines profit rose 41% and excess and surplus lines profit more than doubled.
- For 2026, the company expanded catastrophe protection to $2 billion and added $150 million of catastrophe bonds, while warning of growing competition and softer pricing.
Business momentum
Improving
“Net income rose by $101 million in 2025, compared with 2024, including a $44 million increase in net investment gains on an after-tax basis.”
Outlook
Cautious
“The personal lines market of the U.S. property casualty industry experienced softening market conditions and increased competition, particularly in the personal auto line, during 2025, which will pressure premium growth into 2026.”
Financial stress
Low
“Our 4.9% ratio of debt to total capital (debt plus shareholders’ equity) at year-end 2025 decreased by 0.6 percentage points compared with the prior-year ratio.”
Tone against the previous report
More negative
Red flags
None found in this report.
Positives
Commercial lines, the largest segment, grew more profitable
“The 2025 combined ratio improved by 2.1 percentage points compared with 2024, including a 1.9 percentage-point decrease in the ratio component for catastrophe losses.”
Higher investment income lifted net income
“The improved 2025 net income also included a $112 million increase in investment income after taxes partially offset by a decrease in property casualty underwriting income of $62 million after taxes”
More reinsurance cuts the maximum loss from a major catastrophe
“After reinsurance, our maximum exposure to a catastrophic event that causes $2.000 billion in covered losses in 2026 would be $523 million, compared with retention of $803 million as of July 1, 2025”
Concerns
Catastrophe losses, led by the California wildfires, cut underwriting profit
“Our 2025 underwriting profit of $501 million was $79 million less than in 2024, including a $249 million unfavorable effect from a higher amount of catastrophe losses, primarily from the January 2025 wildfires in southern California.”
Personal lines swung to an underwriting loss
“The 2025 combined ratio increased by 6.1 percentage points, compared with 2024, including an increase of 7.1 points in the ratio for catastrophe losses.”
Liability claim costs remain uncertain, with some prior-year reserves proving too low
“Net unfavorable reserve development on prior accident years of $41 million for commercial auto and $21 million for commercial casualty was recognized during 2025.”
New risks since the previous report
Limits on using artificial intelligence in pricing could hurt underwriting results
“Limitations on our ability to use various types of artificial intelligence (AI) in the development of pricing precision could adversely affect underwriting results.”
New rules on machine learning and AI could affect operations or profitable underwriting
“There has been increased regulatory scrutiny of the use of machine learning and AI, and it is likely that we will be subject to new regulations”
Softening personal lines market may slow premium growth
“experienced softening market conditions and increased competition, particularly in the personal auto line, during 2025, which will pressure premium growth into 2026”
Biggest risks named
- Catastrophe and severe weather losses, worsened by climate change
- Loss reserves proving too low amid inflation and rising litigation costs
- Pricing errors and growing competition hurting underwriting results
- Investment losses from falling stock and bond values
- Cyberattacks and technology failures disrupting operations or exposing customer data
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 61 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 26, 2026 | Pro | |||
| 10-K | Feb 23, 2026 | 61 | Improving | None | |
| 10-K | Feb 24, 2025 | 74 | Strong improvement | None | |
| 10-K | Feb 26, 2024 | 76 | Strong improvement | None | |
| 10-K | Feb 23, 2023 | 44 | Sharp deterioration | None | |
| 10-K | Feb 24, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 25, 2021 | 42 | Sharp deterioration | 1 medium | |
| 10-K | Feb 25, 2020 | 76 | Strong improvement | None | |
| 10-K | Feb 22, 2019 | 46 | Sharp deterioration | None | |
| 10-K | Feb 23, 2018 | 59 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 26, 2026. View filings on SEC EDGAR