Cincinnati Financial Corporation (CINF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+75.4%

$321.12

vs $183.09 price

Levered DCF

$572.51

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.37

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.77×	9.81×	8.81×	-33.46×	6.23×	11.59×	8.59×	43.99×
P/B	1.62×	1.61×	1.35×	1.54×	1.4×	1.31×	1.76×	1.62×
P/S	2.04×	1.98×	1.63×	2.48×	1.91×	1.88×	2.19×	2.35×
EV / EBITDA	7.88×	7.36×	6.68×	-30.91×	4.71×	8.68×	6.73×	34.82×
Gross margin	47.4%	49.4%	47.3%	23.5%	59.4%	45.1%	54.1%	35.5%
Operating margin	23.6%	25.2%	22.7%	-10.6%	38.4%	19.9%	31.2%	4.6%
Net margin	18.9%	20.2%	18.4%	-7.4%	30.8%	16.1%	25.2%	5.3%
Current ratio	1.29×	1.31×	1.26×	1.26×	1.38×	0×	0×	0×
Debt / equity	0.06×	0.06×	0.07×	0.08×	0.07×	0.08×	0.09×	0.11×
Interest coverage	56.23×	53.92×	42.15×	-13.09×	69.77×	27.76×	46.64×	4.74×
Dividend yield	2.0%	2.2%	2.8%	2.6%	2.2%	2.6%	2.0%	2.6%
Payout ratio	21.9%	21.4%	24.6%	-86.9%	13.3%	30.8%	17.8%	117.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	16.4%	15.2%	-4.6%	22.6%	11.3%	20.2%	3.7%
Return on invested capital	10.7%	11.3%	10.1%	-2.9%	15.6%	2251.9%	5120.5%	784.4%
Return on assets	5.8%	6.3%	5.6%	-1.6%	9.5%	4.4%	7.9%	1.3%
Free cash flow yield	12.0%	11.7%	12.4%	12.5%	10.7%	10.4%	6.8%	9.1%
Earnings yield	9.3%	10.2%	11.3%	-3.0%	16.2%	8.6%	11.5%	2.3%
Enterprise value	$25.2B	$22.4B	$16.3B	$15.9B	$18.1B	$14.2B	$17.5B	$12.8B
Net debt / EBITDA	-0.17×	-0.04×	-0.01×	0.73×	-0.06×	-0×	0.05×	0.22×
Cash conversion cycle (days)	121	123	129	180	109	127	120	157