CNA Financial CorporationCNA
NYSE•Financial Services•Insurance - Property & Casualty
CNA Financial Corporation, an insurance holding company, primarily provides commercial property and casualty insurance products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. It operates through Specialty, Commercial, International, and Life & Group segments. The company offers professional liability coverage and risk management services to various professional firms, including architects, real estate agents, and accounting and law firms; directors and officers, errors and omissions, employment practices, fiduciary, and fidelity and cyber coverage to small and mid-size firms, public and privately held firms, and not-for-profit organizations; professional and general liability, as well as associated casualty coverages for healthcare industry; surety and fidelity bonds; and warranty and alternative risks products. It also provides property, marine, boiler, and machinery coverage insurance products; casualty insurance products comprising workers' compensation, general and product liability, commercial auto, umbrella, and excess and surplus coverages; specialized loss-sensitive insurance programs and total risk management services; and a run-off long-term care business. The company was founded in 1853 and is based in Chicago, Illinois. CNA Financial Corporation is a subsidiary of Loews Corporation.
CNA Financial Corporation (CNA) reported trailing twelve months revenue of $15.04B as of March 2026, a 4.1% increase year-over-year. Quarterly revenue reached $3.68B, reflecting continued top-line momentum.
CNA Financial Corporation generated $1.22B in TTM net income, with quarterly EBITDA of $287.00M. The operating margin contracted from 9.6% to 7.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (7.3%) and net margin (5.7%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 7.6% a year ago, reflecting increased costs or interest expense.
CNA trades at a P/E of 10.2x (below the broader market average) and a P/S of 0.8x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company generated $380.00M in free cash flow over the trailing twelve months, a 38.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $68.56B in total assets with $2.97B in long-term debt against $10.86B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.0% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.7% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~48.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~10.2% — no sign of cost or pricing stress.
FCF covers net income by 5.7x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation