Latest Ratios: P/E Ratio 11.0x · EV/EBITDA 9.8x · ROE 11.5%. (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 | $14.0B | $13.0B | $13.2B | $11.5B | $11.5B | $12.0B | $10.6B | $12.2B | $12.0B | $14.4B | $11.3B |
| Enterprise Value | $16.6B | $15.5B | $15.9B | $14.4B | $14.0B | $14.5B | $13.3B | $15.0B | $14.4B | $16.9B | $13.7B |
| P/E Ratio → | 11.04 | 10.18 | 13.74 | 9.55 | 16.91 | 10.00 | 15.40 | 17.71 | 14.82 | 16.08 | 13.09 |
| P/S Ratio | 0.95 | 0.88 | 0.94 | 0.88 | 0.97 | 1.04 | 0.99 | 1.13 | 1.19 | 1.51 | 1.20 |
| P/B Ratio | 1.21 | 1.12 | 1.25 | 1.16 | 1.35 | 0.94 | 0.84 | 1.00 | 1.07 | 1.18 | 0.94 |
| P/FCF | 5.83 | 5.41 | 5.33 | 5.25 | 4.70 | 6.10 | 6.07 | 6.97 | 10.67 | 12.53 | 8.86 |
| P/OCF | 5.63 | 5.22 | 5.13 | 5.04 | 4.60 | 6.02 | 5.99 | 6.88 | 9.81 | 11.51 | 7.95 |
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 | — | 1.06 | 1.14 | 1.10 | 1.18 | 1.26 | 1.25 | 1.39 | 1.42 | 1.78 | 1.46 |
| EV / EBITDA | 9.80 | 9.20 | 12.47 | 9.06 | 16.24 | 9.58 | 15.12 | 11.63 | 13.81 | 12.12 | 11.28 |
| EV / EBIT | 10.22 | 8.86 | 11.85 | 8.76 | 15.17 | 9.22 | 14.13 | 11.09 | 13.07 | 11.51 | 10.56 |
| EV / FCF | — | 6.47 | 6.43 | 6.57 | 5.73 | 7.36 | 7.60 | 8.57 | 12.77 | 14.70 | 10.78 |
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 | 30.7% | 30.7% | 31.9% | 33.6% | 31.5% | 32.3% | 29.1% | 33.2% | 31.8% | 31.4% | 30.4% |
| Operating Margin | 11.0% | 11.0% | 8.7% | 11.6% | 6.8% | 12.7% | 7.7% | 11.4% | 9.5% | 13.7% | 12.1% |
| Net Profit Margin | 8.7% | 8.7% | 6.9% | 9.2% | 5.7% | 10.3% | 6.5% | 9.3% | 8.0% | 9.4% | 9.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 9.4% | 13.1% | 6.4% | 9.3% | 5.5% | 8.5% | 6.9% | 7.4% | 7.2% |
| ROA | 2.0% | 2.0% | 1.6% | 2.1% | 1.2% | 1.9% | 1.2% | 1.8% | 1.5% | 1.7% | 1.7% |
| ROIC | 8.9% | 8.9% | 7.0% | 9.5% | 4.6% | 7.1% | 4.0% | 6.4% | 5.1% | 6.7% | 6.0% |
| ROCE | 6.1% | 6.1% | 2.0% | 2.6% | 1.4% | 2.4% | 1.4% | 2.2% | 1.8% | 2.5% | 2.2% |
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 | 0.26 | 0.26 | 0.31 | 0.33 | 0.35 | 0.24 | 0.24 | 0.25 | 0.24 | 0.23 | 0.23 |
| Debt / EBITDA | 1.76 | 1.76 | 2.51 | 2.04 | 3.47 | 2.00 | 3.53 | 2.36 | 2.57 | 2.04 | 2.23 |
| Net Debt / Equity | — | 0.22 | 0.26 | 0.29 | 0.30 | 0.19 | 0.21 | 0.23 | 0.21 | 0.20 | 0.20 |
| Net Debt / EBITDA | 1.51 | 1.51 | 2.14 | 1.82 | 2.92 | 1.64 | 3.06 | 2.17 | 2.27 | 1.79 | 2.01 |
| Debt / FCF | — | 1.06 | 1.11 | 1.32 | 1.03 | 1.26 | 1.54 | 1.60 | 2.10 | 2.17 | 1.92 |
| Interest Coverage | 13.00 | 13.00 | 10.11 | 12.95 | 8.27 | 13.94 | 7.73 | 10.34 | 7.99 | 9.14 | 8.15 |
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 | 0.38 | 0.38 | — | — | — | — | — | — | — | — | — |
| Quick Ratio | 0.38 | 0.38 | — | — | — | — | — | — | — | — | — |
| Cash Ratio | 0.11 | 0.11 | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.21 | 0.23 | 0.22 | 0.21 | 0.19 | 0.18 | 0.19 | 0.19 | 0.18 | 0.18 |
| 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 | 7.4% | 8.1% | 7.8% | 6.8% | 8.5% | 5.2% | 8.9% | 7.6% | 7.4% | 5.8% | 7.2% |
| Payout Ratio | 81.9% | 81.9% | 106.9% | 65.3% | 144.0% | 52.4% | 137.7% | 92.9% | 110.2% | 93.7% | 94.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.1% | 9.8% | 7.3% | 10.5% | 5.9% | 10.0% | 6.5% | 5.6% | 6.7% | 6.2% | 7.6% |
| FCF Yield | 17.2% | 18.5% | 18.8% | 19.1% | 21.3% | 16.4% | 16.5% | 14.4% | 9.4% | 8.0% | 11.3% |
| Buyback Yield | 0.2% | 0.3% | 0.2% | 0.2% | 0.3% | 0.1% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.7% | 8.3% | 7.9% | 7.0% | 8.9% | 5.3% | 9.1% | 7.8% | 7.4% | 5.8% | 7.2% |
| Shares Outstanding | — | $272M | $273M | $272M | $273M | $273M | $273M | $272M | $273M | $272M | $271M |
Social inflation litigation exposure
Based on reported figures, CNA trades at a P/B of 1.13, which represents a significant discount to peers like Travelers and W.R. Berkley, suggesting that the market applies a conglomerate discount due to the company's 90% ownership by Loews Corporation and limited public float.
The current valuation multiple appears to undervalue the underlying specialty insurance franchise, which maintains consistent underwriting profitability. Investors should monitor whether this discount persists as a structural feature of the ownership model or if it represents a mispricing of the firm's core professional liability underwriting capabilities.
As reported in recent financial statements, CNA has maintained a combined ratio of 91.8% in 2026Q1, demonstrating a disciplined approach to underwriting that successfully offsets the volatility observed in the 2024Q4 period when the ratio spiked to 99.4% due to legacy segment adjustments.
The ability to keep the combined ratio consistently below the 100% threshold suggests that the company's specialty focus provides a buffer against broader market pricing cycles. However, the upward trend in loss ratios warrants further investigation to determine if social inflation is beginning to erode the margins of long-tail casualty lines.
According to comparative industry data, CNA's ROE of 2.9% in 2026Q1 significantly trails the 20% plus returns generated by peers like Travelers and The Hartford, indicating that the firm's capital efficiency is currently constrained by its legacy Life & Group run-off liabilities and conservative capital allocation.
While the firm maintains a fortress balance sheet, the low ROE suggests that capital is not being deployed as aggressively as in peer organizations. This performance gap may be a deliberate strategy by the parent company to prioritize capital preservation over growth, which warrants caution for investors seeking higher returns on equity.
As noted in financial analysis literature, the P/E ratio is frequently misapplied to CNA, as it fails to account for the non-cash volatility introduced by the Life & Group run-off segment, which can artificially depress earnings and distort the company's true underwriting profitability.
Investors should prioritize the combined ratio and P/B as more reliable indicators of value, as these metrics better reflect the underlying health of the P&C operations. Relying on P/E may lead to erroneous conclusions regarding the firm's valuation, as it obscures the impact of actuarial unlocking and reserve development on net income.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CNA stock.
CNA Financial Corporation's current P/E ratio is 11.0x. The historical average is 16.5x. This places it at the 27th percentile of its historical range.
CNA Financial Corporation's current EV/EBITDA is 9.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
CNA Financial Corporation's return on equity (ROE) is 11.5%. The historical average is 5.2%.
Based on historical data, CNA Financial Corporation is trading at a P/E of 11.0x. This is at the 27th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CNA Financial Corporation's current dividend yield is 7.42% with a payout ratio of 81.9%.
CNA Financial Corporation has 30.7% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
CNA Financial Corporation's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.