Latest Ratios: P/E Ratio 12.7x · EV/EBITDA 9.3x · 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 | $29.9B | $25.8B | $22.7B | $16.4B | $16.3B | $18.5B | $14.2B | $17.4B | $12.7B | $12.4B | $12.6B |
| Enterprise Value | $29.4B | $25.2B | $22.6B | $16.3B | $15.9B | $18.3B | $14.2B | $17.5B | $12.8B | $12.6B | $12.7B |
| P/E Ratio → | 12.66 | 10.77 | 9.89 | 8.87 | — | 6.29 | 11.66 | 8.69 | 44.49 | 11.92 | 21.34 |
| P/S Ratio | 2.37 | 2.04 | 2.00 | 1.63 | 2.48 | 1.93 | 1.88 | 2.19 | 2.36 | 2.17 | 2.31 |
| P/B Ratio | 1.90 | 1.62 | 1.63 | 1.35 | 1.54 | 1.41 | 1.32 | 1.76 | 1.63 | 1.51 | 1.79 |
| P/FCF | 9.67 | 8.33 | 8.63 | 8.04 | 7.98 | 9.43 | 9.65 | 14.66 | 10.97 | 12.01 | 11.57 |
| P/OCF | 9.61 | 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 | 9.32 | 8.01 | 7.55 | 6.84 | — | 4.79 | 8.82 | 6.87 | 40.82 | 16.10 | 14.75 |
| EV / EBIT | 9.85 | 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 | 50.1% | 50.1% | 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 | 572.26 | 572.26 | 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 | 1.7% | 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 | 7.9% | 9.3% | 10.1% | 11.3% | — | 15.9% | 8.6% | 11.5% | 2.2% | 8.4% | 4.7% |
| FCF Yield | 10.3% | 12.0% | 11.6% | 12.4% | 12.5% | 10.6% | 10.4% | 6.8% | 9.1% | 8.3% | 8.6% |
| Buyback Yield | 0.7% | 0.8% | 0.6% | 0.4% | 2.5% | 0.8% | 1.8% | 0.4% | 1.0% | 0.7% | 0.3% |
| Total Shareholder Yield | 2.4% | 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 |
Equity portfolio market volatility
Based on reported figures, CINF trades at a P/B of 1.82, which appears to incorporate a premium for its unique equity-heavy investment strategy compared to more conservative peers, though this valuation remains sensitive to the volatility inherent in its non-traditional asset allocation and underwriting performance.
The current P/B multiple suggests that investors are pricing in the potential for capital appreciation from the equity portfolio rather than just the underwriting franchise value. This valuation warrants caution, as the market may be overestimating the stability of these gains during periods of broader equity market correction.
As reported in financial statements, the combined ratio fluctuated from a low of 55.6% in 2023Q4 to a peak of 105.0% in 2025Q1, indicating that underwriting profitability is periodically strained by loss ratio volatility that occasionally pushes the company into a technical underwriting loss.
The significant variance in the combined ratio suggests that CINF's underwriting discipline is tested by both catastrophe exposure and inflationary pressures. Investors should monitor whether the recent return to sub-100% ratios is sustainable or merely a temporary reprieve from the elevated loss ratios observed in early 2025.
According to recent quarterly data, ROE has oscillated between -0.7% and 10.4%, a trend that appears heavily influenced by the company's equity-heavy investment portfolio rather than consistent underwriting margins, which complicates the assessment of core operational profitability for long-term investors.
The disconnect between underwriting performance and ROE highlights the risk of relying on GAAP net income as a proxy for operational success. A more granular analysis of the underwriting margin versus investment income is required to determine if the company is generating sufficient returns on its core insurance float.
Based on reported figures, the company maintains a D/E ratio consistently near 0.06 to 0.07, suggesting a highly conservative capital structure that provides a significant buffer against underwriting shocks and supports the company's long-standing commitment to consistent dividend growth for its shareholders.
This low leverage profile indicates that CINF is not reliant on debt to fund its operations, which is a positive signal for solvency. However, the lack of financial leverage may also limit the company's ability to aggressively scale its underwriting capacity during favorable market cycles.
As indicated by the volatility in quarterly earnings, the P/E ratio is frequently misapplied to CINF, as it fails to account for the massive, non-operational swings in net income caused by the company's equity-heavy investment portfolio, thereby obscuring the true underlying health of the insurance operations.
Analysts should prioritize the combined ratio and operating income over P/E to avoid being misled by market-to-market equity gains or losses. Relying on P/E in this context may lead to an inaccurate assessment of the company's underwriting quality and long-term earnings power.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CINF stock.
Cincinnati Financial Corporation's current P/E ratio is 12.7x. The historical average is 18.1x. This places it at the 38th percentile of its historical range.
Cincinnati Financial Corporation's current EV/EBITDA is 9.3x. 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 12.7x. This is at the 38th 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 1.73% with a payout ratio of 21.9%.
Cincinnati Financial Corporation has 50.1% 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.