Cincinnati Financial Corporation Financial Ratios — CINF

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	3.8	9.71	11.39	10.98	12.6	11.16	18.98	4.22	22.6	12.08	25.26	-3.88	14.4	15.95	14.78
Return on Assets (%)	1.07	2.62	3.02	2.88	3.37	3.01	4.95	1.31	8.44	4.59	10.07	-1.59	5.9	6.62	6.18
Return on Capital (%)	4.13	8.76	10.16	9.91	11.4	10.24	- -	- -	21	11.5	23.8	- -	13.79	15.31	14.27
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	4.55	13.77	15.76	14.58	17.13	14.9	12.74	4.64	31.2	19.89	38.42	-10.57	22.73	25.21	23.59
Profit Margin (%)	4.31	10.24	11.41	10.62	12.33	10.85	18.23	5.31	25.2	16.14	30.83	-7.42	18.41	20.22	18.95
Net Income to Common Margin (%)	4.31	10.24	11.41	10.62	12.33	10.85	18.23	5.31	25.2	16.14	30.83	-7.42	18.41	20.22	18.95
Effective Tax Rate (%)	5.2	25.62	27.59	27.18	28.04	27.22	- -	- -	19.22	18.88	19.74	- -	19.02	19.8	19.7
Dvd Payout Ratio (%)	155.49	60.81	50.87	52.95	57.73	51.78	38.28	117.07	17.78	30.84	13.31	-86.86	24.63	21.38	21.94
Sustainable Growth Rate (%)	-2.11	3.81	5.59	5.16	5.33	5.38	11.72	-0.72	18.58	8.35	21.89	-7.24	10.86	12.54	11.54

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	925	931	939	871	856	846	851	866	884	899	897	891	874	875	886
ST Debt	104	104	104	49	35	20	24	32	39	54	54	50	25	25	25
LT Debt	821	827	835	822	821	826	827	834	845	845	843	841	849	850	861
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.13	-0.11	-0.13	-0.17	-0.19	-0.25	-0.3	-0.38	-0.45	-0.37	-0.28	-0.28	-0.33	-0.42	-0.38
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	54	54	54	53	53	53	53	53	53	54	53	53	54	53	53
Common Equity/Total Assets	27.22	26.68	26.41	26.15	27.31	26.66	25.53	36.57	38	38.06	41.49	40.72	41.14	41.82	41.74
Long-Term Debt/Equity (%)	16.31	15.17	13.76	12.51	12.77	11.7	10.03	10.65	8.57	7.83	6.43	7.96	7.02	6.1	5.41
Long-Term Debt/Capital (%)	15.85	15.47	14.9	14.24	13.65	13.15	12.87	9.38	8.02	7.42	6.06	6.47	5.91	5.27	4.78
Long-Term Debt/Total Assets (%)	5.25	5	4.73	4.38	4.35	4.05	3.79	3.8	3.33	3.07	2.69	2.83	2.59	2.33	2.1
Total Debt/Equity (%)	18.38	17.07	15.47	13.25	13.32	11.98	10.32	11.06	8.96	8.33	6.84	8.44	7.22	6.28	5.57
Total Debt/Capital (%)	17.85	17.41	16.76	15.09	14.23	13.47	13.24	9.74	8.39	7.9	6.44	6.85	6.09	5.42	4.92
Total Debt/Total Assets (%)	5.92	5.63	5.32	4.65	4.53	4.15	3.9	3.95	3.48	3.26	2.86	3	2.67	2.4	2.16
Net Debt to Equity	9.68	8.14	7.59	3.71	4.31	0.42	1.87	0.46	0.61	-0.54	-2.26	-4.02	-0.76	-1.21	-3.87
Net Debt/Capital (%)	10.27	9.14	8.92	4.71	5.06	0.55	2.67	0.44	0.61	-0.55	-2.32	-3.62	-0.68	-1.11	-3.72
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-7	-6	-7	-9	-10	-13	-16	-20	-24	-20	-15	-15	-18	-22	-20
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	27.22	26.68	26.41	26.15	27.31	26.66	25.53	36.57	38	38.06	41.49	40.72	41.14	41.82	41.74
Long-Term Debt/Equity (%)	16.31	15.17	13.76	12.51	12.77	11.7	10.03	10.65	8.57	7.83	6.43	7.96	7.02	6.1	5.41
Long-Term Debt/Capital (%)	15.85	15.47	14.9	14.24	13.65	13.15	12.87	9.38	8.02	7.42	6.06	6.47	5.91	5.27	4.78
Long-Term Debt/Total Assets (%)	5.25	5	4.73	4.38	4.35	4.05	3.79	3.8	3.33	3.07	2.69	2.83	2.59	2.33	2.1
Total Debt/Equity (%)	18.38	17.07	15.47	13.25	13.32	11.98	10.32	11.06	8.96	8.33	6.84	8.44	7.22	6.28	5.57
Total Debt/Capital (%)	17.85	17.41	16.76	15.09	14.23	13.47	13.24	9.74	8.39	7.9	6.44	6.85	6.09	5.42	4.92
Total Debt/Total Assets (%)	5.92	5.63	5.32	4.65	4.53	4.15	3.9	3.95	3.48	3.26	2.86	3	2.67	2.4	2.16
CFO/Total Liabilities	2.33	5.75	6.87	7.17	8.63	8.37	7.74	8.37	7.77	8.9	10.84	10.7	9.93	11.74	12.4
CFO/CapEx	35.29	106.33	113.71	97	107.5	85.77	65.75	59.05	50.33	74.55	132.07	136.8	114	120.41	155.6
Altman's Z-Score	0.87	0.94	1.04	1.02	1.09	1.17	1.14	1.27	1.48	1.29	1.47	1.28	1.34	1.48	1.49

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	2.31	2.32	2.43	2.57	2.62	2.69	2.8	2.61	3.51	3.15	3.84	2.34	3.21	3.37	3.47
Days Sales Outstanding	158.17	157.06	149.92	141.83	139.24	135.68	130.51	140.04	103.99	115.83	95.16	156	113.55	108.42	105.32
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	4,973	6,409	8,662	8,557	9,693	12,470	12,318	12,625	17,156	14,072	18,351	16,262	16,242	22,482	25,511
- Cash & Cash Equivalents	438	487	433	591	544	777	657	784	767	900	1,139	1,264	907	983	1,431
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	925	931	939	871	856	846	851	866	884	899	897	891	874	875	886
Enterprise Value	-3,319	-2,240	47	-623	355	2,454	1,813	2,018	5,575	1,733	5,087	3,757	2,418	5,894	6,695
Total Capital	5,181	5,346	5,604	5,773	6,015	6,280	6,428	8,888	10,538	11,381	13,919	12,999	14,355	16,141	18,002
Total Debt/Capital (%)	17.85	17.41	16.76	15.09	14.23	13.47	13.24	9.74	8.39	7.9	6.44	6.85	6.09	5.42	4.92
Total Debt / EV	-0.28	-0.42	19.98	-1.4	2.41	0.34	0.47	0.43	0.16	0.52	0.18	0.24	0.36	0.15	0.13
EV/Sales	- -	- -	0.01	- -	0.07	0.45	0.32	0.37	0.7	0.23	0.53	0.57	0.24	0.52	0.53
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	0.06	- -	0.32	2.13	1.61	1.63	4.46	1.13	2.51	1.8	1.15	2.19	2.12
EV/Free Cash Flow to Firm	- -	- -	0.06	- -	0.32	2.1	1.59	1.6	4.37	1.11	2.5	1.79	1.14	2.17	2.11
Diluted Market Cap	4,973	6,415	8,678	8,557	9,799	12,612	12,445	12,736	17,360	14,189	18,536	16,262	16,357	22,676	25,756
Diluted Enterprise Value	5,460	6,859	9,184	8,837	10,111	12,681	12,639	12,818	17,477	14,188	18,294	15,889	16,324	22,568	25,211
EV per Share	- -	- -	0.28	- -	2.17	14.91	11.04	12.37	34.17	10.76	31.58	23.65	15.4	37.67	42.86
TTM Sales	3,803	4,111	4,531	4,945	5,142	5,449	5,732	5,407	7,924	7,536	9,626	6,563	10,013	11,337	12,631
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	298	678	835	912	1,113	1,154	1,128	1,242	1,251	1,535	2,024	2,089	2,096	2,692	3,155
TTM Free Cash Flow to Firm	305	684	842	921	1,123	1,167	1,144	1,262	1,275	1,555	2,039	2,104	2,114	2,714	3,175

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	19.58	9.96	10.81	9.7	9.03	11.18	11.65	10.6	14.09	9.39	9.29	7.87	7.9	8.49	8.22
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-3,319	-2,240	47	-623	355	2,454	1,813	2,018	5,575	1,733	5,087	3,757	2,418	5,894	6,695
Low Price	23.65	30.06	39.6	44.9	49.72	53.64	68.24	66.33	74.26	46.07	82.62	88.66	95.01	103.26	123.02
EV/Sales	- -	- -	0.01	- -	0.07	0.45	0.32	0.37	0.7	0.23	0.53	0.57	0.24	0.52	0.53
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	30.32	15.22	16.75	16.3	15.29	21.1	11.79	43.99	8.59	11.57	6.18	- -	8.81	9.81	10.66
Price/Earnings Average	29.62	14.32	15.22	15.3	14.02	19.44	11.55	42.34	8.14	10.68	6.09	-37.13	9.01	8.64	9.77
Price/Earnings High	34.17	15.92	17.19	17.41	15.91	22.17	12.89	47.08	9.66	15.3	6.91	-46.71	11.13	11.04	11.09
Price/Earnings Low	23.54	11.69	12.67	14.12	12.85	14.94	10.73	37.69	6.07	6.1	4.48	-28.91	8.09	7.05	8.03
Price/Book Value	1.17	1.45	1.86	1.75	1.88	2.29	2.21	1.57	1.78	1.34	1.41	1.34	1.2	1.47	1.49
Price/Book Value Average	1.14	1.37	1.69	1.64	1.72	2.11	2.16	1.51	1.68	1.24	1.39	1.49	1.23	1.3	1.37
Price/Book Value High	1.32	1.52	1.91	1.86	1.96	2.41	2.42	1.68	2	1.78	1.57	1.88	1.52	1.66	1.55
Price/Book Value Low	0.91	1.11	1.4	1.51	1.58	1.63	2.01	1.35	1.26	0.71	1.02	1.16	1.11	1.06	1.12
Price/Tangible Book Value	0.99	1.18	1.43	1.3	1.51	1.77	1.49	1.61	1.74	1.3	1.4	1.54	1.34	1.61	1.6
Price/Tangible Book Value Average	0.97	1.11	1.3	1.22	1.38	1.63	1.46	1.55	1.65	1.2	1.38	1.71	1.37	1.42	1.47
Price/Tangible Book Value High	1.11	1.23	1.46	1.39	1.57	1.86	1.63	1.72	1.95	1.72	1.56	2.15	1.7	1.82	1.67
Price/Tangible Book Value Low	0.77	0.9	1.08	1.13	1.27	1.25	1.36	1.38	1.23	0.69	1.02	1.33	1.23	1.16	1.21
Price/Sales	1.31	1.56	1.91	1.73	1.89	2.29	2.15	2.33	2.17	1.87	1.91	2.48	1.62	1.98	2.02
Price/Sales Average	1.28	1.47	1.74	1.62	1.73	2.11	2.11	2.25	2.05	1.72	1.88	2.76	1.66	1.75	1.85
Price/Sales High	1.47	1.63	1.96	1.85	1.96	2.4	2.35	2.5	2.43	2.47	2.13	3.47	2.05	2.23	2.1
Price/Sales Low	1.02	1.2	1.45	1.5	1.58	1.62	1.96	2	1.53	0.98	1.38	2.15	1.49	1.42	1.52
Price/Cash Flow	20.13	10.05	10.88	9.8	9.02	11.18	11.71	10.69	14.2	9.44	9.26	7.92	7.92	8.49	8.2
Price/Cash Flow Average	19.67	9.45	9.88	9.2	8.27	10.3	11.48	10.29	13.46	8.71	9.13	8.81	8.09	7.47	7.51
Price/Cash Flow High	22.69	10.51	11.17	10.47	9.39	11.75	12.8	11.44	15.96	12.48	10.35	11.09	10	9.55	8.53
Price/Cash Flow Low	15.63	7.71	8.23	8.49	7.58	7.92	10.66	9.16	10.03	4.98	6.72	6.86	7.27	6.1	6.17
Price/Free Cash Flow Average	19.13	9.37	9.81	9.11	8.28	10.3	11.42	10.21	13.35	8.67	9.15	8.75	8.08	7.48	7.53
Price/Free Cash Flow High	22.07	10.42	11.09	10.36	9.4	11.75	12.74	11.35	15.84	12.42	10.37	11	9.98	9.56	8.55
Price/Free Cash Flow Low	15.2	7.65	8.17	8.4	7.59	7.92	10.61	9.09	9.95	4.95	6.73	6.81	7.26	6.1	6.19
EV/Sales Average	1.41	1.57	1.85	1.68	1.79	2.12	2.14	2.26	2.07	1.72	1.85	2.7	1.65	1.74	1.81
EV/Sales High	1.6	1.74	2.07	1.9	2.02	2.42	2.38	2.51	2.45	2.47	2.1	3.41	2.05	2.22	2.06
EV/Sales Low	1.14	1.3	1.56	1.56	1.64	1.63	1.99	2.02	1.54	0.98	1.36	2.09	1.49	1.42	1.48
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	30.46	39.16	52.37	51.83	59.17	75.75	74.97	77.42	105.15	87.37	113.93	102.39	103.46	143.7	163.32
High Price	34.33	40.96	53.74	55.35	61.59	79.6	81.98	82.86	118.19	115.53	127.25	143.22	130.66	161.75	169.86
Enterprise Value Average	5,345	6,473	8,372	8,313	9,200	11,558	12,267	12,232	16,376	12,988	17,838	17,709	16,569	19,691	22,824
Enterprise Value High	6,092	7,148	9,395	9,418	10,402	13,173	13,664	13,594	19,400	18,606	20,254	22,374	20,479	25,198	25,987
Enterprise Value Low	4,348	5,364	7,056	7,693	8,457	8,899	11,406	10,898	12,233	7,419	13,066	13,708	14,882	16,047	18,671

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	162	163	163	164	164	164	164	163	163	161	160	157	157	156	155
Diluted Weighted Avg Shares	163	164	166	165	166	166	166	164	165	162	163	159	158	158	158
Basic Weighted Avg Shares	163	164	165	165	164	165	164	163	163	161	161	159	157	156	156
Revenue per Share	23.29	25.12	27.39	29.95	31.39	33.1	34.89	33.16	48.57	46.79	59.76	41.32	63.78	72.46	80.86
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1	2.57	3.13	3.18	3.87	3.59	6.36	1.76	12.24	7.55	18.43	-3.07	11.74	14.65	15.32
Basic EPS from Cont Ops	1	2.57	3.13	3.18	3.87	3.59	6.36	1.76	12.24	7.55	18.43	-3.07	11.74	14.65	15.32
Diluted EPS, GAAP	1	2.57	3.12	3.18	3.83	3.55	6.3	1.74	12.1	7.49	18.24	-3.07	11.66	14.52	15.17
Diluted EPS from Cont Ops	1	2.57	3.12	3.18	3.83	3.55	6.3	1.74	12.1	7.49	18.24	-3.07	11.66	14.52	15.17
Dividend per Share	1.56	1.56	1.59	1.68	2.23	1.86	2.43	2.06	2.18	2.33	2.45	2.66	2.89	3.13	3.36
Cash Flow per Share	1.51	3.9	4.81	5.29	6.56	6.77	6.4	7.24	7.4	9.26	12.3	12.92	13.07	16.93	19.92
Free Cash Flow per Basic Share	1.47	3.86	4.77	5.23	6.5	6.69	6.31	7.12	7.26	9.13	12.21	12.83	12.96	16.79	19.8
Cash & Equivalents per Share	56.46	58.54	57.76	60.88	62.23	65.98	69.11	70.36	76.4	82.19	87.92	84.35	93.63	111.62	126.13
Book Value per Share	26.07	26.98	28.2	29.69	31.49	33.01	33.94	49.19	59.17	65.08	80.85	76.24	85.87	97.58	109.58
Tangible Book Value per Share	30.83	33.32	36.7	39.81	39.23	42.89	50.17	48.04	60.46	66.99	81.36	66.5	77.06	89.07	101.86

Cincinnati Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)