Cincinnati Financial Corp. (CINF) intrinsic value & 10-year financials
Cincinnati Financial Corp. (CINF) has a Graham intrinsic value of $503.88 per share. At $171.25 on Oct 17, 2026, the stock trades 66% below that value. Over the last 10 fiscal years revenue grew 9.8% a year to $12.6B, with an average return on invested capital of 13.1%.
- Graham intrinsic value
- $503.88
- Share price (Oct 17, 2026)
- $171.25
- Price vs Graham value
- 66% below
- Market cap
- $27.0B
- Revenue (FY2025)
- $12.6B
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 13.1%
- Free cash flow (FY2025)
- $3.1B
CINF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $12.6B | $2.4B | $15.17 | $3.1B | — | 16.4% |
| FY2024 | $11.3B | $2.3B | $14.53 | $2.6B | — | 17.7% |
| FY2023 | $10.0B | $1.8B | $11.66 | $2.0B | — | 16.6% |
| FY2022 | $6.6B | -$486.0M | -$3.06 | $2.0B | — | -4.2% |
| FY2021 | $9.6B | $2.9B | $18.10 | $2.0B | — | 25.0% |
| FY2020 | $7.5B | $1.2B | $7.49 | $1.5B | — | 11.8% |
| FY2019 | $7.9B | $2.0B | $12.10 | $1.2B | — | 22.4% |
| FY2018 | $5.4B | $287.0M | $1.75 | $1.2B | — | 3.5% |
| FY2017 | $5.7B | $1.0B | $6.29 | $1.0B | — | 13.5% |
| FY2016 | $5.4B | $591.0M | $3.55 | $1.1B | — | 8.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cincinnati Financial is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
Cincinnati Financial returns on capital have been average, hovering around 13.1% ROIC over the decade.
Cincinnati Financial has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cincinnati Financial is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $503.88 per share.