Cna Financial Corp. (CNA)
NYSE:CNA
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CNA Financial
(NYSE:CNA)
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Rating:72Outperform
Price Target:
$53.00
▲(11.72% Upside)
Action:UpgradedDate:04/30/26
The score is driven primarily by a solid overall financial profile (strong balance sheet and cash generation) and a positive earnings-call backdrop featuring record results and supportive guidance/capital actions. Technicals are constructive with price above major moving averages and positive momentum. Valuation is also favorable due to a low P/E and high dividend yield, while the key risk is reduced earnings visibility from the unusual 2025 revenue/margin distortion and some underwriting/reserve pressure pockets.
Positive Factors
Conservative balance sheet & rising capital
A low, stable debt-to-equity range and rising equity/ROE provide durable loss-absorption and rating support. That capital resilience allows CNA to underwrite cyclically risky commercial P&C lines, fund reserve volatility, and pursue shareholder returns without forcing distress sales or radical capital moves.
Negative Factors
2025 revenue and margin distortion
A major one‑time revenue/margin dislocation in 2025 reduces comparability and obscures true operating trends. This makes multi‑period forecasting, pricing assessments and reserve adequacy judgments harder, increasing model risk for capital allocation and investor confidence over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & rising capital
A low, stable debt-to-equity range and rising equity/ROE provide durable loss-absorption and rating support. That capital resilience allows CNA to underwrite cyclically risky commercial P&C lines, fund reserve volatility, and pursue shareholder returns without forcing distress sales or radical capital moves.
Read all positive factors
CNA Financial (CNA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.02B
Dividend Yield8.03%
Average Volume (3M)454.35K
Price to Earnings (P/E)10.1
Beta (1Y)0.40
Revenue Growth5.04%
EPS Growth33.43%
CountryUS
Employees6,500
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)1.16
Shares Outstanding269,918,370
10 Day Avg. Volume357,049
30 Day Avg. Volume454,350
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 Cap1.19
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit3.42
Enterprise Value/Ebitda8.48
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.83
Revenue Forecast (FY)$11.97B
CNA Financial Business Overview & Revenue Model
Company Description
CNA Financial Corporation provides commercial property and casualty insurance products primarily in the United States. It operates through Specialty, Commercial, International, Life & Group, and Corporate & Other segments. The company offers profe...
How the Company Makes Money
CNA primarily makes money through its insurance operations and investment income. (1) Underwriting and fee-related insurance income: CNA collects premiums from policyholders in exchange for providing commercial P&C and specialty insurance coverage...
CNA Financial Key Performance Indicators (KPIs)
CNA Financial Earnings Call Summary
Earnings Call Date:Feb 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record achievements—record full-year core income, record P&C core income, record underlying underwriting gain, and record investment income—alongside strong balance sheet metrics (equity growth, record statutory capital, A+ rating) and solid cash flow. Operational efficiency improved (expense ratio lowest since 2008) and management announced a meaningful special dividend. Offsetting items include a modest decline in quarterly core income, higher combined and loss ratios in the quarter, reserve strengthening in Specialty and A&EP-related corporate charges, selective top-line softness in certain lines (e.g., commercial auto) and continued rate pressure internationally. Overall, the positive achievements and record results materially outweigh the identified challenges, though management remains cautious in pockets of the portfolio.Positive Updates
Record Full-Year Core Income and Underwriting Gains
Full-year core income was a record $1,342 million. P&C core income reached a record $1,664 million and underlying underwriting gain was a record $855 million. The company delivered a core return on equity of 10.6% for 2025.
Negative Updates
Quarterly Core Income Decline
Fourth-quarter core income was $317 million, down 7% from $342 million in the prior year quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Core Income and Underwriting Gains
Full-year core income was a record $1,342 million. P&C core income reached a record $1,664 million and underlying underwriting gain was a record $855 million. The company delivered a core return on equity of 10.6% for 2025.
Read all positive updates
Company Guidance
The company's forward guidance for 2026 emphasized a near‑term operating run‑rate and specific financial expectations: management believes a P&C expense ratio "close to 30.0%" is a reasonable run‑rate heading into 2026, the effective tax rate on core income is expected to be about 21% for the year, and investment income from fixed income and other investments is forecast at roughly $575 million in Q1 (about flat to Q4 2025) and about $2,325 million for the full year (≈3% increase versus 2025); they expect limited reinvestment activity in Q1, announced a 4% increase in the regular quarterly dividend to $0.48 per share and a $2.00 per‑share special dividend (payable March 12, 2026; record Feb 23, 2026), which together implied an approximate 8% dividend yield using the referenced closing price.CNA Financial Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
74
Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.71B | 14.00B | 13.13B | 11.89B | 11.55B |
| Gross Profit | 4.52B | 4.46B | 4.41B | 3.75B | 3.73B |
| EBITDA | 1.82B | 1.41B | 1.72B | 977.00M | 1.63B |
| Net Income | 1.28B | 959.00M | 1.21B | 682.00M | 1.18B |
Balance Sheet | |||||
| Total Assets | 69.44B | 66.49B | 64.71B | 60.93B | 48.55B |
| Cash, Cash Equivalents and Short-Term Investments | 2.75B | 4.31B | 2.51B | 39.93B | 2.31B |
| Total Debt | 2.97B | 2.97B | 3.03B | 2.78B | 2.78B |
| Total Liabilities | 57.82B | 55.98B | 54.82B | 52.45B | 52.10B |
| Stockholders Equity | 11.62B | 10.51B | 9.89B | 8.82B | 12.81B |
Cash Flow | |||||
| Free Cash Flow | 2.40B | 2.48B | 2.19B | 2.45B | 1.97B |
| Operating Cash Flow | 2.49B | 2.57B | 2.29B | 2.50B | 2.00B |
| Investing Cash Flow | -1.45B | -1.32B | -1.84B | -1.51B | -1.23B |
| Financing Cash Flow | -1.10B | -1.12B | -577.00M | -1.03B | -648.00M |
CNA Financial Technical Analysis
Positive
47.44
Price Trends
46.93
Positive
45.71
Positive
44.49
Positive
Market Momentum
0.35
Negative
63.33
Neutral
85.84
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 47.44 is above the 20-day moving average (MA) of 46.48, above the 50-day MA of 46.93, and above the 200-day MA of 44.49, indicating a bullish trend. The MACD of 0.35 indicates Negative momentum. The RSI at 63.33 is Neutral, neither overbought nor oversold. The STOCH value of 85.84 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $6.60B | 8.24 | 20.92% | 1.97% | 6.41% | 66.30% | |
80 Outperform | $5.03B | 11.67 | 12.93% | 1.85% | 8.76% | 99.32% | |
74 Outperform | $11.07B | 13.92 | 18.25% | 6.71% | -1.22% | ― | |
72 Outperform | $13.02B | 10.13 | 11.65% | 8.03% | 5.04% | 33.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $7.40B | 7.37 | 16.27% | 1.80% | 9.07% | 33.25% | |
67 Neutral | $4.76B | 23.95 | 13.40% | 4.05% | 9.01% | 40.14% |
* Financial Sector Average
CNA
CNA Financial
48.04
3.67
8.26%
AFG
American Financial Group
131.64
9.05
7.38%
AXS
Axis Capital
100.13
2.25
2.30%
RLI
RLI
51.50
-19.86
-27.83%
SIGI
Selective Insurance Group
82.08
-4.96
-5.69%
THG
Hanover Insurance
186.84
21.95
13.31%
CNA Financial Corporate Events
Executive/Board ChangesShareholder Meetings
CNA Financial Shareholders Approve Board, Pay and Incentive Plan
Positive
Apr 29, 2026
At CNA Financial’s 2026 Annual Meeting of Stockholders held on April 29, 2026, shareholders representing about 99% of eligible shares elected the full slate of director nominees, including Michael A. Bless, Jose O. Montemayor and James S. Ti...
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.