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CNA Financial
(NYSE:CNA)
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Rating:65Neutral
Price Target:
$59.00
â–²(9.95% Upside)
Action:Reiterated
Date:05/09/26
The score is driven by solid underlying financial performance and attractive valuation (low P/E and high dividend yield), partially offset by weak technical momentum (below major moving averages with negative MACD) and an earnings-call backdrop that highlighted underwriting and reserve-development pressure despite steady investment-income guidance.
Positive Factors
Balance Sheet Strength
Moderate leverage and a sizable equity base give CNA durable capital flexibility to absorb big loss events, support reinsurance and underwriting capacity, and maintain ratings. This structural strength underpins the firm's ability to write commercial risk and sustain operations through cyclical claim pressures.
Negative Factors
Underwriting Profitability Pressure
A combined ratio above 100% implies underwriting losses before investment income, a fundamental earnings pressure for a P&C insurer. Persistently elevated combined ratios require sustained rate adequacy, tighter underwriting, or portfolio shifts to restore structural profitability and protect return on equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Moderate leverage and a sizable equity base give CNA durable capital flexibility to absorb big loss events, support reinsurance and underwriting capacity, and maintain ratings. This structural strength underpins the firm's ability to write commercial risk and sustain operations through cyclical claim pressures.
Read all positive factors
CNA Financial Key Performance Indicators (KPIs)
Any
Operating Revenues By Segment
Breaks down revenue from different business segments, revealing which areas are generating the most income and potential growth opportunities.
Breaks down revenue from different business segments, revealing which areas are generating the most income and potential growth opportunities.
Data provided by:
The Fly
The FlyCNA Financial (CNA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.41B
Dividend Yield7.39%
Average Volume (3M)571.56K
Price to Earnings (P/E)11.7
Beta (1Y)0.31
Revenue Growth4.05%
EPS Growth35.90%
CountryUS
Employees6,600
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)4.48
Shares Outstanding270,531,430
10 Day Avg. Volume501,207
30 Day Avg. Volume571,559
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)1.11
Price to Sales (P/S)0.88
P/FCF Ratio5.38
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)4.08
Revenue Forecast (FY)$11.97B
CNA Financial Business Overview & Revenue Model
Company Description
CNA Financial Corporation is a prominent insurer primarily serving the United States market, specializing in commercial property and casualty solutions. Its operations are structured across five key segments: Specialty, Commercial, International, ...
How the Company Makes Money
CNA primarily makes money through (1) underwriting income and (2) investment income generated from its insurance operations, with additional contributions from fee-based activities where applicable.
1) Net earned premiums (core revenue stream): C...
CNA Financial Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Neutral
The call reflected a balanced but cautious tone: the company demonstrated disciplined underwriting, targeted growth pockets (notably middle market, international and select specialty lines), investment income strength, expense efficiency and a solid capital position. Offsetting these positives were meaningful underwriting challenges — combined ratios above 100% across P&C segments, $106 million of unfavorable prior-period reserve development, rising underlying loss ratios and modest core income decline. Management emphasized prudent reserve strengthening and selective growth, signaling a conservative posture to protect long-term value amid social inflation and competitive rate pressure.Positive Updates
Core Income and Profitability
Core income of $225 million in Q1 (down from $281 million prior year) produced a first quarter core ROE of 7.2% and a trailing twelve-month core ROE excluding AOCI of 10.6%.
Negative Updates
Elevated P&C Combined Ratios and Underlying Deterioration
P&C all-in combined ratio of 102.2% with an underlying combined ratio of 94.5% (up 2.4 points year-over-year). Commercial all-in combined ratio 103.5% (vs 101.1% prior year); Specialty all-in combined ratio 102.7% (vs 95.1% prior year).
Read all updates
Q1-2026 Updates
Positive
Negative
Core Income and Profitability
Core income of $225 million in Q1 (down from $281 million prior year) produced a first quarter core ROE of 7.2% and a trailing twelve-month core ROE excluding AOCI of 10.6%.
Read all positive updates
Company Guidance
The call reiterated disciplined, conservative guidance: Q1 core income was $225 million (core ROE 7.2%), and management expects fixed‑income and other investment income of about $575 million in Q2 and roughly $2.3 billion for FY‑2026 (≈ +2% vs. 2025); an effective tax rate on core income of ~21.1% for the year; a P&C expense ratio run‑rate around 30% for 2026 (Q1 was 29.9%); continued prudence on loss picks with P&C loss cost trend modestly above 7% and a Q1 P&C all‑in combined ratio of 102.2% (underlying 94.5%) including a 4.1‑point net prior period development impact and a 77% paid‑to‑incurred ratio; modest premium growth in Q1 (net written premium +1%, new business $581 million, +3%; P&C rate change +2%, renewals +3%); and a regular quarterly dividend of $0.48 per share.CNA Financial Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.82B | 14.71B | 14.00B | 13.13B | 11.89B | 11.55B |
| Gross Profit | 4.95B | 4.52B | 4.46B | 4.41B | 3.75B | 3.73B |
| EBITDA | 1.75B | 1.82B | 1.41B | 1.72B | 977.00M | 1.63B |
| Net Income | 1.33B | 1.28B | 959.00M | 1.21B | 682.00M | 1.18B |
Balance Sheet | ||||||
| Total Assets | 68.56B | 69.44B | 60.81B | 59.56B | 55.79B | 61.69B |
| Cash, Cash Equivalents and Short-Term Investments | 3.42B | 4.13B | 472.00M | 345.00M | 475.00M | 536.00M |
| Total Debt | 2.97B | 2.97B | 3.21B | 3.25B | 3.00B | 3.03B |
| Total Liabilities | 57.70B | 57.82B | 50.30B | 49.67B | 47.25B | 48.88B |
| Stockholders Equity | 10.86B | 11.62B | 10.51B | 9.89B | 8.55B | 12.81B |
Cash Flow | ||||||
| Free Cash Flow | 2.16B | 2.40B | 2.48B | 2.19B | 2.45B | 1.97B |
| Operating Cash Flow | 2.25B | 2.49B | 2.57B | 2.29B | 2.50B | 2.00B |
| Investing Cash Flow | -1.09B | -1.45B | -1.32B | -1.84B | -1.51B | -1.23B |
| Financing Cash Flow | -1.12B | -1.10B | -1.12B | -577.00M | -1.03B | -648.00M |
CNA Financial Technical Analysis
Positive
53.66
Price Trends
47.97
Positive
46.82
Positive
45.50
Positive
Market Momentum
1.64
Positive
69.45
Neutral
80.77
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNA, the sentiment is Positive. The current price of 53.66 is above the 20-day moving average (MA) of 52.36, above the 50-day MA of 47.97, and above the 200-day MA of 45.50, indicating a bullish trend. The MACD of 1.64 indicates Positive momentum. The RSI at 69.45 is Neutral, neither overbought nor oversold. The STOCH value of 80.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNA.
CNA Financial Risk Analysis
CNA Financial disclosed 20 risk factors in its most recent earnings report. CNA Financial reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CNA Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $5.62B | 12.87 | 24.37% | 4.08% | 10.29% | 35.39% | |
78 Outperform | $5.64B | 11.73 | 13.87% | 1.80% | 7.30% | 32.16% | |
77 Outperform | $7.67B | 6.59 | 19.21% | 1.51% | 9.43% | 35.23% | |
76 Outperform | $11.77B | 13.48 | 18.76% | 4.88% | -1.65% | 10.67% | |
76 Outperform | $8.01B | 10.96 | 21.22% | 1.72% | 5.57% | 38.39% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $14.41B | 11.71 | 11.94% | 7.23% | 4.05% | 35.90% |
* Financial Sector Average
CNA
CNA Financial
52.47
12.02
29.72%
AFG
American Financial Group
141.72
25.48
21.92%
AXS
Axis Capital
105.32
13.57
14.80%
RLI
RLI
61.24
0.57
0.94%
SIGI
Selective Insurance Group
94.79
18.87
24.86%
THG
Hanover Insurance
232.63
67.22
40.63%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.