Detailed financial statements for Cincinnati Financial Corporation (CINF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Cincinnati Financial Corporation, operating through its various subsidiaries, delivers a range of property and casualty insurance offerings across the United States. Its operations are organized into five distinct divisions: Commercial Lines, Personal Lines, Excess and Surplus Lines, Life Insurance, and Investments.
Analysis Summary
Cincinnati Financial Corporation reported revenue of $12.63B in the most recent fiscal year, growing at a 5-year CAGR of 10.9%. Net income reached $2.39B, with a 14.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.8%, operating margin 24.9%, net margin 20.1%. Free cash flow grew at 16.0% CAGR over 5 years.
At $181.19 (closing price, October 30, 2026), CINF trades at a P/E of 10.62 and an ROE of 16.53%. Market capitalisation stands at $27.8B, placing it among large-cap names.
Balance sheet quality for CINF: current ratio of 1.3, net cash position of $18.82B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, CINF has compounded revenue at 9.4% annually and net income at 14.2%. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Cash flow quality is strong: free cash flow of $3.09B represents 129% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.56B | $2.84B | $3.18B | $3.61B | $3.77B | $4.55B | $4.26B | $3.82B | $3.90B | $3.77B | $3.80B | $4.11B | $4.53B | $4.95B | $5.14B | $5.45B | $5.73B | $5.41B | $7.92B | $7.54B | $9.63B | $6.56B | $10.01B | $11.34B | $12.63B |
| Cost of Revenue | $1.64B | $1.77B | $1.84B | $1.82B | $1.89B | $2.11B | $1.95B | $2.18B | $2.24B | $2.18B | $2.52B | $2.32B | $2.50B | $2.86B | $2.81B | $3.11B | $3.39B | $3.49B | $3.64B | $4.13B | $3.91B | $5.02B | $5.27B | $5.74B | $6.64B |
| Gross Profit | $925.0M | $1.07B | $1.34B | $1.80B | $1.88B | $2.44B | $2.31B | $1.65B | $1.66B | $1.59B | $1.28B | $1.79B | $2.03B | $2.09B | $2.33B | $2.34B | $2.34B | $1.92B | $4.29B | $3.40B | $5.72B | $1.54B | $4.74B | $5.60B | $5.99B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $576.0M | $674.0M | $740.0M | $885.0M | $929.0M | $984.0M | $13.0M | $987.0M | $20.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $704.0M | $795.0M | $856.0M | $998.0M | $1.05B | $1.11B | $1.11B | $1.11B | $1.08B | $1.09B | $1.11B | $1.22B | $1.31B | $1.37B | $1.45B | $1.53B | $1.61B | $1.67B | $1.81B | $1.90B | $2.02B | $2.24B | $2.46B | $2.74B | $3.01B |
| Operating Income | $221.0M | $279.0M | $480.0M | $800.0M | $823.0M | $1.33B | $1.19B | $540.0M | $582.0M | $498.0M | $173.0M | $566.0M | $714.0M | $721.0M | $881.0M | $812.0M | $730.0M | $251.0M | $2.47B | $1.50B | $3.70B | -$694.0M | $2.28B | $2.86B | $2.98B |
| EBITDA | $285.0M | $336.0M | $544.0M | $866.0M | $907.0M | $1.42B | $1.28B | $625.0M | $675.0M | $593.0M | $269.0M | $664.0M | $818.0M | $825.0M | $986.0M | $913.0M | $838.0M | $367.0M | $2.60B | $1.63B | $3.84B | -$514.0M | $2.44B | $3.04B | $3.20B |
| Interest Expense | $39.0M | $35.0M | $34.0M | $38.0M | $51.0M | $53.0M | $52.0M | $53.0M | $55.0M | $54.0M | $54.0M | $54.0M | $54.0M | $53.0M | $53.0M | $53.0M | $53.0M | $53.0M | $53.0M | $54.0M | $53.0M | $53.0M | $54.0M | $53.0M | $53.0M |
| Pre-tax Income | $221.0M | $279.0M | $480.0M | $800.0M | $823.0M | $1.33B | $1.19B | $540.0M | $582.0M | $498.0M | $173.0M | $566.0M | $714.0M | $721.0M | $881.0M | $812.0M | $730.0M | $251.0M | $2.47B | $1.50B | $3.70B | -$694.0M | $2.28B | $2.86B | $2.98B |
| Income Tax | $28.0M | $41.0M | $106.0M | $216.0M | $221.0M | $399.0M | $337.0M | $111.0M | $150.0M | $123.0M | $9.0M | $145.0M | $197.0M | $196.0M | $247.0M | $221.0M | -$315.0M | -$36.0M | $475.0M | $283.0M | $730.0M | -$207.0M | $433.0M | $566.0M | $587.0M |
| Net Income | $193.0M | $238.0M | $374.0M | $584.0M | $602.0M | $930.0M | $855.0M | $429.0M | $432.0M | $375.0M | $164.0M | $421.0M | $517.0M | $525.0M | $634.0M | $591.0M | $1.04B | $287.0M | $2.00B | $1.22B | $2.97B | -$487.0M | $1.84B | $2.29B | $2.39B |
| EPS | $1.09 | $1.33 | $2.11 | $3.30 | $3.44 | $5.36 | $5.01 | $2.63 | $2.67 | $2.32 | $1.02 | $2.59 | $3.16 | $3.21 | $3.87 | $3.59 | $6.36 | $1.76 | $12.24 | $7.54 | $18.30 | $-3.06 | $11.74 | $14.65 | $15.17 |
| EPS (Diluted) | $1.08 | $1.32 | $2.10 | $3.28 | $3.40 | $5.30 | $4.97 | $2.62 | $2.65 | $2.31 | $1.02 | $2.57 | $3.12 | $3.18 | $3.83 | $3.55 | $6.29 | $1.74 | $12.10 | $7.49 | $18.10 | $-3.06 | $11.66 | $14.53 | $15.17 |
| Shares Outstanding (Diluted) | 179.0 M | 179.9 M | 178.5 M | 178.4 M | 177.1 M | 175.5 M | 172.2 M | 163.4 M | 162.9 M | 163.3 M | 163.3 M | 163.7 M | 165.4 M | 165.1 M | 165.6 M | 166.5 M | 166.0 M | 164.5 M | 165.1 M | 162.4 M | 162.7 M | 158.8 M | 158.1 M | 157.8 M | 157.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.73B | $3.09B | $2.86B | $4.27B |
| Gross Profit | $2.19B | $1.62B | $1.11B | $2.38B |
| Operating Income | $1.41B | $840.0M | $326.0M | $1.58B |
| EBITDA | $1.46B | $895.0M | $379.0M | $1.63B |
| Net Income | $1.12B | $676.0M | $274.0M | $1.25B |
| EPS | $7.18 | $4.19 | $1.77 | $8.14 |
| EPS (Diluted) | $7.11 | $4.30 | $1.75 | $8.05 |
Balance Sheet (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $48.0M | $112.0M | $91.0M | $306.0M | $119.0M | $202.0M | $226.0M | $1.01B | $557.0M | $385.0M | $438.0M | $487.0M | $433.0M | $591.0M | $544.0M | $777.0M | $657.0M | $784.0M | $767.0M | $900.0M | $1.14B | $1.26B | $907.0M | $983.0M | $1.43B |
| Short-term Investments | 0 | 0 | 0 | $71.0M | $75.0M | $95.0M | $101.0M | $84.0M | $6.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $11.70B | $12.34B | $13.02B | $12.13B | $13.79B | $16.48B | $18.27B |
| Receivables | $759.0M | $989.0M | $1.14B | $2.00B | $1.22B | $1.24B | $1.20B | $1.13B | $1.07B | $1.09B | $1.90B | $2.02B | $2.10B | $2.15B | $2.16B | $2.26B | $2.22B | $2.33B | $2.60B | $2.63B | $2.87B | $3.24B | $3.54B | $3.83B | $4.18B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $17.10B | $16.69B | $18.30B | $21.37B | $23.95B |
| Property, Plant & Equipment | $125.0M | $128.0M | $153.0M | $156.0M | $168.0M | $193.0M | $239.0M | $236.0M | $251.0M | $229.0M | $227.0M | $217.0M | $210.0M | $194.0M | $185.0M | $183.0M | $185.0M | $195.0M | $207.0M | $213.0M | $205.0M | $202.0M | $208.0M | $214.0M | $219.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $905.0M | $1.01B | $1.09B | $1.24B | $1.34B |
| Total Assets | $13.91B | $14.06B | $15.51B | $16.11B | $16.00B | $17.22B | $16.64B | $13.37B | $14.44B | $15.10B | $15.63B | $16.55B | $17.66B | $18.75B | $18.89B | $20.39B | $21.84B | $21.93B | $25.41B | $27.54B | $31.39B | $29.73B | $32.77B | $36.50B | $41.00B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $183.0M | $183.0M | $183.0M | 0 | 0 | $49.0M | $69.0M | $49.0M | $49.0M | $49.0M | $104.0M | $104.0M | $104.0M | $49.0M | $35.0M | $20.0M | $24.0M | $32.0M | $39.0M | $54.0M | $54.0M | $50.0M | $25.0M | $25.0M | $25.0M |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $12.37B | $13.19B | $14.52B | $16.32B | $18.62B |
| Long-term Debt | $426.0M | $420.0M | $420.0M | $791.0M | $791.0M | $791.0M | $791.0M | $791.0M | $790.0M | $807.0M | $821.0M | $827.0M | $790.0M | $786.0M | $786.0M | $787.0M | $787.0M | $788.0M | $788.0M | $788.0M | $789.0M | $789.0M | $790.0M | $790.0M | $790.0M |
| Total Liabilities | $7.92B | $8.52B | $9.30B | $9.86B | $9.92B | $10.41B | $10.71B | $9.19B | $9.68B | $10.06B | $10.60B | $11.10B | $11.59B | $12.18B | $12.46B | $13.33B | $13.60B | $14.10B | $15.54B | $16.75B | $18.28B | $19.17B | $20.67B | $22.57B | $25.09B |
| Retained Earnings | $1.68B | $1.77B | $1.99B | $2.06B | $2.09B | $2.79B | $3.40B | $3.58B | $3.86B | $3.98B | $3.88B | $4.02B | $4.27B | $4.50B | $4.76B | $5.04B | $5.18B | $7.62B | $9.26B | $10.09B | $12.62B | $11.71B | $13.08B | $14.87B | $16.72B |
| Total Equity | $6.00B | $5.60B | $6.20B | $6.25B | $6.09B | $6.81B | $5.93B | $4.18B | $4.76B | $5.03B | $5.05B | $5.45B | $6.07B | $6.57B | $6.43B | $7.06B | $8.24B | $7.83B | $9.86B | $10.79B | $13.11B | $10.56B | $12.10B | $13.94B | $15.91B |
| Total Debt | $609.0M | $603.0M | $603.0M | $791.0M | $791.0M | $840.0M | $860.0M | $840.0M | $839.0M | $839.0M | $925.0M | $968.0M | $939.0M | $871.0M | $856.0M | $846.0M | $851.0M | $866.0M | $884.0M | $899.0M | $897.0M | $891.0M | $874.0M | $875.0M | $886.0M |
| Net Debt | $561.0M | $491.0M | $512.0M | $414.0M | $597.0M | $543.0M | $533.0M | -$253.0M | $276.0M | $454.0M | $487.0M | $481.0M | $506.0M | $280.0M | $312.0M | $69.0M | $194.0M | $82.0M | -$11.58B | -$12.34B | -$13.26B | -$12.51B | -$13.82B | -$16.59B | -$18.82B |
| Working Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.73B | $3.49B | $3.78B | $5.05B | $5.33B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.43B | $1.21B | $1.75B | $1.24B |
| Total Assets | $41.00B | $41.21B | $43.08B | $42.61B |
| Total Liabilities | $25.09B | $25.50B | $26.45B | $26.43B |
| Total Equity | $15.91B | $15.71B | $16.67B | $16.18B |
| Total Debt | $886.0M | $884.0M | $876.0M | $875.0M |
Cash Flow (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $193.0M | $238.0M | $374.0M | $584.0M | $602.0M | $930.0M | $855.0M | $429.0M | $432.0M | $377.0M | $164.0M | $421.0M | $517.0M | $525.0M | $634.0M | $591.0M | $1.04B | $287.0M | $2.00B | $1.22B | $2.95B | -$487.0M | $1.84B | $2.29B | $2.39B |
| Depreciation & Amortization | $25.0M | $22.0M | $30.0M | $28.0M | $33.0M | $38.0M | $36.0M | $32.0M | $38.0M | $41.0M | $42.0M | $44.0M | $50.0M | $51.0M | $52.0M | $48.0M | $55.0M | $63.0M | $72.0M | $81.0M | $93.0M | $127.0M | $112.0M | $130.0M | $168.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | $17.0M | $14.0M | $15.0M | $10.0M | $11.0M | $13.0M | $16.0M | $18.0M | $19.0M | $20.0M | $23.0M | $26.0M | $28.0M | $30.0M | $31.0M | $33.0M | $36.0M | 0 | 0 | 0 |
| Change in Working Capital | $312.0M | $305.0M | $395.0M | $233.0M | $170.0M | $288.0M | $134.0M | $239.0M | $267.0M | $183.0M | $65.0M | $129.0M | $231.0M | $327.0M | $368.0M | $479.0M | $470.0M | $395.0M | $362.0M | $838.0M | $740.0M | $1.23B | $937.0M | $1.43B | $1.63B |
| Operating Cash Flow | $540.0M | $667.0M | $816.0M | $823.0M | $805.0M | $615.0M | $705.0M | $484.0M | $525.0M | $531.0M | $247.0M | $638.0M | $796.0M | $873.0M | $1.06B | $1.10B | $1.05B | $1.18B | $1.21B | $1.49B | $1.98B | $2.05B | $2.05B | $2.65B | $3.11B |
| Capital Expenditure | -$15.0M | -$27.0M | -$38.0M | -$33.0M | -$44.0M | -$52.0M | -$70.0M | -$36.0M | -$42.0M | -$17.0M | -$7.0M | -$6.0M | -$7.0M | -$9.0M | -$10.0M | -$13.0M | -$16.0M | -$20.0M | -$24.0M | -$20.0M | -$15.0M | -$15.0M | -$18.0M | -$22.0M | -$20.0M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$46.0M | -$42.0M | -$55.0M | -$59.0M | -$61.0M | -$120.0M | -$307.0M | -$139.0M | 0 | -$10.0M | -$32.0M | 0 | -$52.0M | -$21.0M | -$53.0M | -$39.0M | -$92.0M | -$125.0M | -$67.0M | -$261.0M | -$144.0M | -$410.0M | -$67.0M | -$126.0M | -$205.0M |
| Dividends Paid | -$132.0M | -$142.0M | -$156.0M | -$177.0M | -$204.0M | -$228.0M | -$240.0M | -$250.0M | -$249.0M | -$252.0M | -$255.0M | -$256.0M | -$263.0M | -$278.0M | -$366.0M | -$306.0M | -$400.0M | -$336.0M | -$355.0M | -$375.0M | -$395.0M | -$423.0M | -$454.0M | -$490.0M | -$525.0M |
| Free Cash Flow | $525.0M | $640.0M | $778.0M | $790.0M | $761.0M | $563.0M | $635.0M | $448.0M | $483.0M | $514.0M | $240.0M | $632.0M | $789.0M | $864.0M | $1.05B | $1.09B | $1.04B | $1.16B | $1.18B | $1.47B | $1.97B | $2.04B | $2.03B | $2.63B | $3.09B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $947.0M | $656.0M | $700.0M | $791.0M |
| Capital Expenditure | -$10.0M | -$2.0M | $2.0M | -$4.0M |
| Free Cash Flow | $937.0M | $654.0M | $702.0M | $787.0M |
| Dividends Paid | -$133.0M | -$133.0M | -$143.0M | -$142.0M |
| Stock-based Compensation | -$5.0M | $27.0M | $21.0M | 0 |
Growth & Margins (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.0% | +11.9% | +13.6% | +4.2% | +20.8% | -6.4% | -10.2% | +2.1% | -3.4% | +0.8% | +8.1% | +10.2% | +9.1% | +4.0% | +6.0% | +5.2% | -5.7% | +46.6% | -4.9% | +27.7% | -31.8% | +52.6% | +13.2% | +11.4% | |
| Net Income Growth (YoY) | +23.3% | +57.1% | +56.1% | +3.1% | +54.5% | -8.1% | -49.8% | +0.7% | -13.2% | -56.3% | +156.7% | +22.8% | +1.5% | +20.8% | -6.8% | +76.8% | -72.5% | +595.8% | -39.1% | +144.1% | -116.4% | +478.4% | +24.4% | +4.4% | |
| EPS Growth (YoY) | +22.0% | +58.6% | +56.4% | +4.2% | +55.8% | -6.5% | -47.5% | +1.5% | -13.1% | -56.0% | +153.9% | +22.0% | +1.6% | +20.6% | -7.2% | +77.2% | -72.3% | +595.5% | -38.4% | +142.7% | -116.7% | +483.7% | +24.8% | +3.5% | |
| Shares Change (YoY) | +0.5% | -0.8% | -0.1% | -0.7% | -0.9% | -1.9% | -5.1% | -0.3% | +0.3% | -0.0% | +0.2% | +1.1% | -0.2% | +0.3% | +0.5% | -0.3% | -0.9% | +0.4% | -1.6% | +0.2% | -2.4% | -0.4% | -0.2% | -0.0% | |
| FCF Growth (YoY) | +21.9% | +21.6% | +1.5% | -3.7% | -26.0% | +12.8% | -29.4% | +7.8% | +6.4% | -53.3% | +163.3% | +24.8% | +9.5% | +22.0% | +3.4% | -5.0% | +12.1% | +2.0% | +24.2% | +33.7% | +3.6% | -0.1% | +29.2% | +17.7% | |
| Gross Margin | 36.1% | 37.8% | 42.0% | 49.8% | 49.8% | 53.7% | 54.1% | 43.1% | 42.6% | 42.2% | 33.6% | 43.5% | 44.7% | 42.2% | 45.4% | 43.0% | 40.9% | 35.5% | 54.1% | 45.1% | 59.4% | 23.5% | 47.3% | 49.4% | 47.4% |
| Operating Margin | 8.6% | 9.8% | 15.1% | 22.1% | 21.8% | 29.2% | 28.0% | 14.1% | 14.9% | 13.2% | 4.5% | 13.8% | 15.8% | 14.6% | 17.1% | 14.9% | 12.7% | 4.6% | 31.2% | 19.9% | 38.4% | -10.6% | 22.7% | 25.2% | 23.6% |
| EBITDA Margin | 11.1% | 11.8% | 17.1% | 24.0% | 24.1% | 31.2% | 30.1% | 16.3% | 17.3% | 15.7% | 7.1% | 16.2% | 18.1% | 16.7% | 19.2% | 16.8% | 14.6% | 6.8% | 32.8% | 21.7% | 39.9% | -7.8% | 24.4% | 26.8% | 25.3% |
| Net Margin | 7.5% | 8.4% | 11.8% | 16.2% | 16.0% | 20.4% | 20.1% | 11.2% | 11.1% | 9.9% | 4.3% | 10.2% | 11.4% | 10.6% | 12.3% | 10.8% | 18.2% | 5.3% | 25.2% | 16.1% | 30.8% | -7.4% | 18.4% | 20.2% | 18.9% |
| FCF Margin | 20.5% | 22.5% | 24.5% | 21.9% | 20.2% | 12.4% | 14.9% | 11.7% | 12.4% | 13.6% | 6.3% | 15.4% | 17.4% | 17.5% | 20.5% | 20.0% | 18.1% | 21.5% | 14.9% | 19.5% | 20.4% | 31.0% | 20.3% | 23.2% | 24.5% |
| Effective Tax Rate | 12.7% | 14.7% | 22.1% | 27.0% | 26.9% | 30.0% | 28.3% | 20.6% | 25.8% | 24.7% | 5.2% | 25.6% | 27.6% | 27.2% | 28.0% | 27.2% | -43.2% | -14.3% | 19.2% | 18.9% | 19.7% | 29.8% | 19.0% | 19.8% | 19.7% |
Per-Share Data (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.93 | $3.56 | $4.36 | $4.43 | $4.30 | $3.21 | $3.69 | $2.74 | $2.97 | $3.15 | $1.47 | $3.86 | $4.77 | $5.23 | $6.36 | $6.55 | $6.24 | $7.06 | $7.17 | $9.06 | $12.08 | $12.83 | $12.87 | $16.65 | $19.60 |
| Dividends Per Share | $0.74 | $0.79 | $0.87 | $0.99 | $1.15 | $1.30 | $1.39 | $1.53 | $1.53 | $1.54 | $1.56 | $1.56 | $1.59 | $1.68 | $2.21 | $1.84 | $2.41 | $2.04 | $2.15 | $2.31 | $2.43 | $2.66 | $2.87 | $3.11 | $3.33 |
| Shares Outstanding (Basic) | 177.1 M | 179.9 M | 178.3 M | 178.4 M | 177.1 M | 173.4 M | 170.6 M | 163.4 M | 162.8 M | 162.8 M | 163.3 M | 163.7 M | 165.4 M | 163.5 M | 163.8 M | 164.6 M | 164.3 M | 164.0 M | 165.0 M | 162.3 M | 161.0 M | 158.8 M | 158.1 M | 156.4 M | 157.7 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 16.53% |
| Return on Invested Capital | 11.52% |
| Return on Assets | 6.25% |
| Gross Margin | 48.84% |
| Operating Margin | 24.91% |
| Net Margin | 20.07% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 2.03 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.89 |
Key Ratios (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 31.74 | 25.61 | 17.95 | 12.77 | 12.99 | 8.45 | 7.89 | 11.05 | 9.83 | 13.66 | 29.86 | 15.12 | 16.57 | 16.15 | 15.29 | 21.10 | 11.79 | 43.99 | 8.59 | 11.59 | 6.23 | -33.46 | 8.81 | 9.81 | 10.77 |
| P/B | 1.02 | 1.09 | 1.09 | 1.20 | 1.30 | 1.15 | 1.14 | 1.14 | 0.90 | 1.03 | 0.98 | 1.18 | 1.43 | 1.29 | 1.51 | 1.77 | 1.49 | 1.62 | 1.76 | 1.31 | 1.40 | 1.54 | 1.35 | 1.61 | 1.62 |
| P/S | 2.39 | 2.16 | 2.12 | 2.08 | 2.10 | 1.73 | 1.58 | 1.24 | 1.09 | 1.37 | 1.31 | 1.56 | 1.91 | 1.71 | 1.89 | 2.29 | 2.15 | 2.35 | 2.19 | 1.88 | 1.91 | 2.48 | 1.63 | 1.98 | 2.04 |
| Gross Margin | 36.1% | 37.8% | 42.0% | 49.8% | 49.8% | 53.7% | 54.1% | 43.1% | 42.6% | 42.2% | 33.6% | 43.5% | 44.7% | 42.2% | 45.4% | 43.0% | 40.9% | 35.5% | 54.1% | 45.1% | 59.4% | 23.5% | 47.3% | 49.4% | 47.4% |
| Operating Margin | 8.6% | 9.8% | 15.1% | 22.1% | 21.8% | 29.2% | 28.0% | 14.1% | 14.9% | 13.2% | 4.5% | 13.8% | 15.8% | 14.6% | 17.1% | 14.9% | 12.7% | 4.6% | 31.2% | 19.9% | 38.4% | -10.6% | 22.7% | 25.2% | 23.6% |
| Net Margin | 7.5% | 8.4% | 11.8% | 16.2% | 16.0% | 20.4% | 20.1% | 11.2% | 11.1% | 9.9% | 4.3% | 10.2% | 11.4% | 10.6% | 12.3% | 10.8% | 18.2% | 5.3% | 25.2% | 16.1% | 30.8% | -7.4% | 18.4% | 20.2% | 18.9% |
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