Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 7.8x · ROE 16.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.0B | $25.8B | $22.7B | $16.4B | $16.3B | $18.5B | $14.2B | $17.4B | $12.7B | $12.4B | $12.6B |
| Enterprise Value | $24.4B | $25.2B | $22.6B | $16.3B | $15.9B | $18.3B | $14.2B | $17.5B | $12.8B | $12.6B | $12.7B |
| P/E Ratio → | 10.72 | 10.77 | 9.89 | 8.87 | — | 6.29 | 11.66 | 8.69 | 44.49 | 11.92 | 21.34 |
| P/S Ratio | 1.98 | 2.04 | 2.00 | 1.63 | 2.48 | 1.93 | 1.88 | 2.19 | 2.36 | 2.17 | 2.31 |
| P/B Ratio | 1.61 | 1.62 | 1.63 | 1.35 | 1.54 | 1.41 | 1.32 | 1.76 | 1.63 | 1.51 | 1.79 |
| P/FCF | 8.07 | 8.33 | 8.63 | 8.04 | 7.98 | 9.43 | 9.65 | 14.66 | 10.97 | 12.01 | 11.57 |
| P/OCF | 8.02 | 8.28 | 8.56 | 7.97 | 7.92 | 9.36 | 9.52 | 14.37 | 10.78 | 11.83 | 11.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.00 | 1.99 | 1.63 | 2.42 | 1.90 | 1.88 | 2.21 | 2.37 | 2.20 | 2.33 |
| EV / EBITDA | 7.75 | 8.01 | 7.55 | 6.84 | — | 4.79 | 8.82 | 6.87 | 40.82 | 16.10 | 14.75 |
| EV / EBIT | 8.19 | 8.31 | 7.75 | 7.01 | — | 4.88 | 9.14 | 6.92 | 42.16 | 16.14 | 14.66 |
| EV / FCF | — | 8.16 | 8.59 | 8.03 | 7.80 | 9.31 | 9.65 | 14.76 | 11.04 | 12.20 | 11.63 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.4% | 47.4% | 49.4% | 47.3% | 23.5% | 59.4% | 45.1% | 54.1% | 35.5% | 40.9% | 43.0% |
| Operating Margin | 23.6% | 23.6% | 25.2% | 22.7% | -10.6% | 38.4% | 19.9% | 31.2% | 4.6% | 12.7% | 14.9% |
| Net Profit Margin | 18.9% | 18.9% | 20.2% | 18.4% | -7.4% | 30.8% | 16.1% | 25.2% | 5.3% | 18.2% | 10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.0% | 16.0% | 17.6% | 16.3% | -4.1% | 24.8% | 11.8% | 22.6% | 3.6% | 13.7% | 8.8% |
| ROA | 6.2% | 6.2% | 6.6% | 5.9% | -1.6% | 10.1% | 4.6% | 8.4% | 1.3% | 4.9% | 3.0% |
| ROIC | 15.3% | 15.3% | 16.6% | 15.3% | -4.5% | 23.5% | 10.8% | 20.7% | 2.3% | 7.0% | 8.8% |
| ROCE | 14.0% | 14.0% | 14.9% | 13.1% | -3.9% | 21.6% | 5.7% | 10.4% | 1.1% | 3.5% | 4.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.06 | 0.07 | 0.08 | 0.07 | 0.08 | 0.09 | 0.11 | 0.10 | 0.12 |
| Debt / EBITDA | 0.28 | 0.28 | 0.29 | 0.37 | — | 0.24 | 0.56 | 0.35 | 2.76 | 1.08 | 0.98 |
| Net Debt / Equity | — | -0.03 | -0.01 | -0.00 | -0.04 | -0.02 | -0.00 | 0.01 | 0.01 | 0.02 | 0.01 |
| Net Debt / EBITDA | -0.17 | -0.17 | -0.04 | -0.01 | — | -0.06 | -0.00 | 0.05 | 0.26 | 0.25 | 0.08 |
| Debt / FCF | — | -0.18 | -0.04 | -0.02 | -0.18 | -0.12 | -0.00 | 0.10 | 0.07 | 0.19 | 0.06 |
| Interest Coverage | 57.23 | 57.23 | 54.92 | 43.15 | -12.09 | 70.77 | 28.76 | 47.64 | 5.74 | 14.77 | 16.32 |
Net cash position: cash ($1.4B) exceeds total debt ($886M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.29 | 1.29 | 1.31 | 1.26 | 1.26 | 1.38 | — | — | — | — | — |
| Quick Ratio | 1.29 | 1.29 | 1.31 | 1.26 | 1.26 | 1.38 | — | — | — | — | — |
| Cash Ratio | 1.06 | 1.06 | 1.07 | 1.01 | 1.02 | 1.14 | — | — | — | — | — |
| Asset Turnover | — | 0.31 | 0.31 | 0.31 | 0.22 | 0.31 | 0.27 | 0.31 | 0.25 | 0.26 | 0.27 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 2.0% | 2.2% | 2.8% | 2.6% | 2.1% | 2.6% | 2.0% | 2.6% | 3.2% | 2.4% |
| Payout Ratio | 21.9% | 21.9% | 21.4% | 24.6% | — | 13.3% | 30.8% | 17.8% | 117.1% | 38.3% | 51.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 9.3% | 10.1% | 11.3% | — | 15.9% | 8.6% | 11.5% | 2.2% | 8.4% | 4.7% |
| FCF Yield | 12.4% | 12.0% | 11.6% | 12.4% | 12.5% | 10.6% | 10.4% | 6.8% | 9.1% | 8.3% | 8.6% |
| Buyback Yield | 0.8% | 0.8% | 0.6% | 0.4% | 2.5% | 0.8% | 1.8% | 0.4% | 1.0% | 0.7% | 0.3% |
| Total Shareholder Yield | 2.9% | 2.8% | 2.7% | 3.2% | 5.1% | 2.9% | 4.5% | 2.4% | 3.6% | 4.0% | 2.7% |
| Shares Outstanding | — | $158M | $158M | $158M | $159M | $163M | $162M | $165M | $165M | $166M | $167M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CINF stock.
Cincinnati Financial Corporation's current P/E ratio is 10.7x. The historical average is 18.1x. This places it at the 24th percentile of its historical range.
Cincinnati Financial Corporation's current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
Cincinnati Financial Corporation's return on equity (ROE) is 16.0%. The historical average is 9.4%.
Based on historical data, Cincinnati Financial Corporation is trading at a P/E of 10.7x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cincinnati Financial Corporation's current dividend yield is 2.05% with a payout ratio of 21.9%.
Cincinnati Financial Corporation has 47.4% gross margin and 23.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cincinnati Financial Corporation's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Equity market sensitivity
Metrics are mathematically derived from official filings.
Underwriting Discipline Drives Exceptional Combined Ratio
CINF's combined ratio improved to 63.1% in Q2 2026 from 73.7% a year earlier, as reported in financial statements, reflecting strong underwriting discipline and favorable loss experience.
The combined ratio of 63.1% in Q2 2026 is exceptionally low, driven by a loss ratio of 44.2% and an expense ratio of 19.0%. This represents a significant improvement from the 105.0% combined ratio in Q1 2025, indicating a return to underwriting profitability after a period of elevated losses. The low loss ratio may partly reflect favorable reserve development, which warrants monitoring for sustainability.
ROE Surge Driven by Investment Income
ROE jumped to 7.8% in Q2 2026 from 4.9% a year earlier, according to recent SEC filings, with investment income as the primary profit driver, underscoring the equity-heavy portfolio's impact.
The 7.8% quarterly ROE in Q2 2026 is a substantial improvement, but it is heavily influenced by investment gains rather than underwriting performance. The underwriting margin of 36.9% contributes, yet the massive EPS beat of $8.05 versus consensus of $1.90 suggests that investment income is the dominant earnings engine. This reliance on equity markets introduces volatility, as evidenced by the negative ROE in Q1 2025 when investment losses occurred.
Underwriting Leverage Remains Conservative
CINF's premium-to-surplus ratio appears conservative, with equity growing to $16.7B in Q2 2026 from $12.7B in Q1 2024, as per balance sheet data, indicating ample capital to support premium growth.
The company's capital base has expanded significantly, supporting a 31.6% revenue surge without excessive leverage. The D/E ratio of 0.05 is minimal, reflecting a fortress-like balance sheet. This conservative leverage provides flexibility to absorb catastrophe losses or market downturns, aligning with the company's long-term dividend streak.
Valuation Discount Despite Superior Underwriting
CINF trades at a P/B of 1.67 versus TRV's 2.52 and WRB's 2.84, as per peer data, suggesting the market may undervalue its underwriting quality and agency moat.
Despite a combined ratio that outperforms most peers, CINF's P/B is at a discount to Travelers and W.R. Berkley. This may reflect the market's focus on its equity-heavy investment portfolio, which introduces volatility, or a failure to fully appreciate the durability of its field-based agency model. The forward P/E of 19.79 is higher than the TTM P/E of 11.09, implying expectations of normalized earnings after the investment-driven spike.
P/E Misleads on Investment-Driven Earnings
The P/E ratio is commonly misapplied to CINF because GAAP earnings include unrealized equity gains, as per accounting rules, obscuring core underwriting performance.
CINF's significant equity allocation means that net income can swing dramatically with market movements, as seen in Q2 2026's EPS of $8.05 versus Q1 2025's loss. Investors should use operating income, which excludes investment gains, and focus on the combined ratio and premium growth to assess fundamental performance. The P/B ratio is a more stable valuation metric, but it too is affected by unrealized gains on equities.