# CNA Financial (CNA.US)

Canonical: https://gigainvestors.com/s/CNA

Analysis as of: 2026-10-16T07:27:32.494Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $47.31 per share; close as of 2026-10-15.

Estimated value: low $27.36 per share, central $30.23 per share, high $33.78 per share. Buy at or below the central value $30.23 per share. Valuation as of 2026-10-16T07:27:32.494Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.34×

Chart: Net income; fiscal year observations.

- FY2016: $859M

- FY2017: $899M

- FY2018: $813M

- FY2019: $1.0B

- FY2020: $690M

- FY2021: $1.2B

- FY2022: $894M

- FY2023: $1.2B

- FY2024: $959M

- FY2025: $1.3B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 8.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.3%

- FY2017: 7.5%

- FY2018: 7.4%

- FY2019: 8.3%

- FY2020: 1.5%

- FY2021: 11.0%

- FY2022: 10.7%

- FY2023: 12.5%

- FY2024: 9.3%

- FY2025: 12.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 7.3%

- Book return interval: 10 years

- Starting book value per share: $43.43

- Ending book value per share: $42.66

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 8.6%

- FY2017: 8.9%

- FY2018: -1.2%

- FY2019: 17.2%

- FY2020: 291.6%

- FY2021: -75.0%

- FY2022: -14.1%

- FY2023: 25.1%

- FY2024: 16.4%

- FY2025: 20.6%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: 0.1%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -0.29×

- Book value created per share: -$0.77

- Earnings retained per share after dividends and buybacks: $2.62

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 101

- FY2018: 101

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 101

- FY2023: 101

- FY2024: 101

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 3.9% a year forever · net income +33.3%

Story as of 2026-10-16T09:58:31.798Z; price observation 2026-10-15.

The price assumes profits grow 3.9% a year forever

- 2025-05-06: CNA Financial Q1 Earnings Miss Estimates on Poor Underwriting Income ([finance.yahoo.com](https://finance.yahoo.com/news/cna-financial-q1-earnings-miss-140100853.html))

- 2025-11-04: CNA Financial Q3 Earnings Beat Estimates on Solid Underwriting ([finance.yahoo.com](https://finance.yahoo.com/news/cna-financial-q3-earnings-beat-143000346.html))

- 2026-05-05: CNA Financial Q1 Earnings Miss Estimates on Weak Underwriting Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cna-financial-q1-earnings-miss-161100846.html))

- 2026-08-04: CNA Q2 Earnings Beat on Improved Investment Income, Premium Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cna-q2-earnings-beat-improved-145900440.html))

### Net income · FY2025

net income +33.3%; source https://www.sec.gov/Archives/edgar/data/21175/000002117526000011/cna-20251231.htm; observed 2026-02-10.

- FY2016: $859M 

- FY2017: $899M 

- FY2018: $813M 

- FY2019: $1.0B 

- FY2020: $690M 

- FY2021: $1.2B 

- FY2022: $894M 

- FY2023: $1.2B 

- FY2024: $959M 

- FY2025: $1.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 15 billion.

- Source: https://www.sec.gov/Archives/edgar/data/21175/000002117526000011/cna-20251231.htm#000002117526000011 (filed 2026-02-10); FY2025: revenue 14989000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNA.US: 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.

### Why customers stay

It earns 8.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); 10-year return on tangible equity observations [[2016,0.0730752871118673],[2017,0.07476713240186295],[2018,0.07388893938016905],[2019,0.08334027835652971],[2020,0.014790045656227895],[2021,0.11037649219467402],[2022,0.10728429137165486],[2023,0.12462509049539766],[2024,0.09318822271888058],[2025,0.12186516639649089]]; median 0.08826425053770515. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 34 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); Dividend observations: [[2016,813000000],[2017,842000000],[2018,896000000],[2019,950000000],[2020,621000000],[2021,982000000],[2022,982000000],[2023,787000000],[2024,1025000000],[2025,1047000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/21175/000002117526000011/cna-20251231.htm (filed 2026-02-10); FY2025: cash repurchases 34000000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNA.US SharesStats.PercentInsiders = 0.46499999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); Price 47.31; FX 1; original perpetual distributable cash 2.8774154820920628; discount 0.1; growth 0.039179550156582914. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $36.57 per share

- 2016-11: $38.27 per share

- 2016-12: $41.50 per share

- 2017-01: $41.65 per share

- 2017-02: $42.88 per share

- 2017-03: $44.17 per share

- 2017-04: $45.26 per share

- 2017-05: $45.60 per share

- 2017-06: $48.75 per share

- 2017-07: $51.95 per share

- 2017-08: $49.06 per share

- 2017-09: $50.25 per share

- 2017-10: $54.13 per share

- 2017-11: $54.38 per share

- 2017-12: $53.05 per share

- 2018-01: $54.16 per share

- 2018-02: $51.06 per share

- 2018-03: $49.35 per share

- 2018-04: $50.46 per share

- 2018-05: $46.98 per share

- 2018-06: $45.68 per share

- 2018-07: $46.78 per share

- 2018-08: $44.90 per share

- 2018-09: $45.65 per share

- 2018-10: $43.37 per share

- 2018-11: $46.92 per share

- 2018-12: $44.15 per share

- 2019-01: $45.86 per share

- 2019-02: $43.22 per share

- 2019-03: $43.35 per share

- 2019-04: $46.33 per share

- 2019-05: $44.96 per share

- 2019-06: $47.07 per share

- 2019-07: $47.89 per share

- 2019-08: $47.13 per share

- 2019-09: $49.25 per share

- 2019-10: $44.84 per share

- 2019-11: $44.72 per share

- 2019-12: $44.81 per share

- 2020-01: $44.63 per share

- 2020-02: $41.58 per share

- 2020-03: $31.04 per share

- 2020-04: $31.58 per share

- 2020-05: $30.23 per share

- 2020-06: $32.15 per share

- 2020-07: $33.30 per share

- 2020-08: $32.17 per share

- 2020-09: $29.99 per share

- 2020-10: $29.79 per share

- 2020-11: $34.51 per share

- 2020-12: $38.96 per share

- 2021-01: $38.42 per share

- 2021-02: $42.54 per share

- 2021-03: $44.63 per share

- 2021-04: $46.93 per share

- 2021-05: $47.81 per share

- 2021-06: $45.49 per share

- 2021-07: $44.01 per share

- 2021-08: $44.35 per share

- 2021-09: $41.96 per share

- 2021-10: $44.86 per share

- 2021-11: $41.64 per share

- 2021-12: $44.08 per share

- 2022-01: $45.91 per share

- 2022-02: $45.70 per share

- 2022-03: $48.62 per share

- 2022-04: $47.44 per share

- 2022-05: $45.84 per share

- 2022-06: $44.90 per share

- 2022-07: $42.42 per share

- 2022-08: $38.46 per share

- 2022-09: $36.90 per share

- 2022-10: $41.70 per share

- 2022-11: $42.58 per share

- 2022-12: $42.28 per share

- 2023-01: $43.56 per share

- 2023-02: $43.78 per share

- 2023-03: $39.03 per share

- 2023-04: $38.91 per share

- 2023-05: $36.86 per share

- 2023-06: $38.62 per share

- 2023-07: $39.16 per share

- 2023-08: $39.33 per share

- 2023-09: $39.35 per share

- 2023-10: $40.40 per share

- 2023-11: $42.13 per share

- 2023-12: $42.31 per share

- 2024-01: $44.07 per share

- 2024-02: $43.95 per share

- 2024-03: $45.42 per share

- 2024-04: $43.94 per share

- 2024-05: $45.94 per share

- 2024-06: $46.07 per share

- 2024-07: $49.16 per share

- 2024-08: $51.92 per share

- 2024-09: $48.94 per share

- 2024-10: $47.91 per share

- 2024-11: $50.44 per share

- 2024-12: $48.37 per share

- 2025-01: $49.06 per share

- 2025-02: $48.97 per share

- 2025-03: $50.79 per share

- 2025-04: $48.16 per share

- 2025-05: $47.91 per share

- 2025-06: $46.53 per share

- 2025-07: $44.33 per share

- 2025-08: $49.55 per share

- 2025-09: $46.46 per share

- 2025-10: $44.55 per share

- 2025-11: $46.75 per share

- 2025-12: $47.74 per share

- 2026-01: $47.86 per share

- 2026-02: $48.02 per share

- 2026-03: $45.92 per share

- 2026-04: $48.23 per share

- 2026-05: $42.06 per share

- 2026-06: $48.61 per share

- 2026-07: $52.47 per share

- 2026-08: $48.57 per share

- 2026-09: $44.88 per share

- 2026-10: $47.31 per share

## Annual estimated value (USD per share)

- FY2016: low $21.47 per share, central $23.62 per share, high $26.25 per share

- FY2017: low $21.88 per share, central $24.07 per share, high $26.75 per share

- FY2018: low $15.62 per share, central $17.77 per share, high $20.62 per share

- FY2019: low $25.81 per share, central $28.66 per share, high $32.23 per share

- FY2020: low $96.15 per share, central $106.30 per share, high $118.84 per share

- FY2021: low $25.90 per share, central $28.66 per share, high $32.07 per share

- FY2022: low $20.26 per share, central $22.37 per share, high $24.98 per share

- FY2023: low $23.53 per share, central $25.99 per share, high $29.02 per share

- FY2024: low $26.45 per share, central $29.20 per share, high $32.60 per share

- FY2025: low $28.47 per share, central $31.46 per share, high $35.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/21175/000002117526000011/cna-20251231.htm); period 2025-12-31, filed 2026-02-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Robert Torray](https://gigainvestors.com/T): 522,241 CNA shares; USD 25,386,000 reported position value; 3.77% of portfolio; add; quarter 2026 Q2.

# CNA — CNA Financial Corp.

Held by 1 investor · USD 25,386,000 total · 2026 Q2 · reported price USD 48.61 (split-adjusted).
Page: https://gigainvestors.com/s/CNA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Robert Torray (https://gigainvestors.com/T) | USD 25,386,000 | 3.8% | add +11.03% |

## Total held by quarter

- 2024 Q3: USD 3,532,330 · 1 holder · USD 48.95
- 2024 Q4: USD 4,446,170 · 1 holder · USD 48.37
- 2025 Q1: USD 4,937,956 · 1 holder · USD 50.79
- 2025 Q2: USD 19,678,375 · 1 holder · USD 46.53
- 2025 Q3: USD 23,351,539 · 1 holder · USD 46.46
- 2025 Q4: USD 23,555,011 · 1 holder · USD 47.74
- 2026 Q1: USD 21,598,288 · 1 holder · USD 45.92
- 2026 Q2: USD 25,386,000 · 1 holder · USD 48.61