CNA Financial Corporation Financial Ratios — CNA Stock

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 (%)	6.97	6.81	9.54	6.74	4.71	8.57	8.93	8.11	10	6.97	11.78	6.7	11.78	9.22	12.19
Return on Assets (%)	1.11	1.11	1.62	1.23	0.87	1.56	1.61	1.43	1.7	1.11	1.81	1.07	1.92	1.46	1.88
Return on Capital (%)	6.18	6.35	8.53	6.44	4.83	7.74	7.85	7.26	8.73	6.28	9.94	5.99	9.94	7.94	10.29
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 (%)	9.73	9.17	13.46	12.8	6.09	12.34	14.03	9.51	11.36	7.68	12.66	6.85	11.57	8.65	11.01
Profit Margin (%)	6.84	6.71	9.88	7.33	5.32	9.33	9.63	8.02	9.29	6.46	10.25	5.74	9.18	6.85	8.69
Net Income to Common Margin (%)	6.84	6.71	9.88	7.33	5.32	9.33	9.63	8.02	9.29	6.46	10.25	5.74	9.18	6.85	8.69
Effective Tax Rate (%)	27.78	27.82	28.29	26.43	12.75	24.45	31.37	15.66	18.23	15.96	19.02	16.22	20.62	20.81	21.11
Dvd Payout Ratio (%)	16.74	26.13	23.61	60.92	169.31	94.64	93.66	110.21	92.9	137.68	52.45	143.99	65.31	106.88	81.92
Sustainable Growth Rate (%)	5.81	5.03	7.29	2.63	-3.27	0.46	0.57	-0.83	0.71	-2.63	5.6	-2.95	4.09	-0.63	2.2

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	2,608	2,570	2,560	2,559	2,560	2,710	2,858	2,680	2,679	2,776	2,779	2,781	3,031	2,973	2,971
ST Debt	83	13	549	- -	350	- -	150	- -	- -	- -	- -	- -	550	- -	- -
LT Debt	2,525	2,557	2,011	2,559	2,210	2,710	2,708	2,680	2,679	2,776	2,779	2,781	2,481	2,973	2,971
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.48	-0.55	-0.55	-0.39	-0.81	-0.92	-0.63	-0.72	-0.2	-0.19	-0.23	-0.46	-0.71	-0.71	-0.64
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	175	170	166	183	155	159	161	138	131	122	113	112	127	133	135
Common Equity/Total Assets	16.31	16.16	17.8	18.59	18.16	18.18	17.85	17.43	16.55	15.25	15.53	16.42	16.13	15.59	15.26
Long-Term Debt/Equity (%)	21.98	20.76	15.9	20	18.8	22.64	22.12	23.89	21.93	21.85	21.7	32.53	25.08	28.28	25.57
Long-Term Debt/Capital (%)	21.77	21.26	15.79	19.86	17.6	21.25	20.9	21.2	21.08	22.14	21.17	21.73	18.42	22.28	21.9
Long-Term Debt/Total Assets (%)	4.58	4.37	3.52	4.61	4.01	4.91	4.79	4.69	4.42	4.34	4.17	4.56	3.83	4.47	4.28
Total Debt/Equity (%)	22.7	20.87	20.24	20	21.78	22.64	23.34	23.89	21.93	21.85	21.7	32.53	30.64	28.28	25.57
Total Debt/Capital (%)	22.48	21.37	20.1	19.86	20.39	21.25	22.06	21.2	21.08	22.14	21.17	21.73	22.5	22.28	21.9
Total Debt/Total Assets (%)	4.73	4.39	4.48	4.61	4.65	4.91	5.05	4.69	4.42	4.34	4.17	4.56	4.68	4.47	4.28
Net Debt to Equity	22.05	19.6	18.69	18.52	18.48	20.38	20.44	21.13	19.95	18.55	17.51	26.98	27.15	23.79	21.91
Net Debt/Capital (%)	21.98	20.34	18.86	18.66	17.86	19.54	19.87	19.22	19.55	19.45	17.82	18.71	20.47	19.43	19.37
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-84	-94	-91	-71	-125	-146	-102	-99	-26	-23	-26	-52	-90	-95	-86
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	16.31	16.16	17.8	18.59	18.16	18.18	17.85	17.43	16.55	15.25	15.53	16.42	16.13	15.59	15.26
Long-Term Debt/Equity (%)	21.98	20.76	15.9	20	18.8	22.64	22.12	23.89	21.93	21.85	21.7	32.53	25.08	28.28	25.57
Long-Term Debt/Capital (%)	21.77	21.26	15.79	19.86	17.6	21.25	20.9	21.2	21.08	22.14	21.17	21.73	18.42	22.28	21.9
Long-Term Debt/Total Assets (%)	4.58	4.37	3.52	4.61	4.01	4.91	4.79	4.69	4.42	4.34	4.17	4.56	3.83	4.47	4.28
Total Debt/Equity (%)	22.7	20.87	20.24	20	21.78	22.64	23.34	23.89	21.93	21.85	21.7	32.53	30.64	28.28	25.57
Total Debt/Capital (%)	22.48	21.37	20.1	19.86	20.39	21.25	22.06	21.2	21.08	22.14	21.17	21.73	22.5	22.28	21.9
Total Debt/Total Assets (%)	4.73	4.39	4.48	4.61	4.65	4.91	5.05	4.69	4.42	4.34	4.17	4.56	4.68	4.47	4.28
CFO/Total Liabilities	3.9	2.71	2.7	3.37	3.2	3.27	2.83	2.67	2.36	3.46	3.71	4.77	4.17	4.59	4.31
CFO/CapEx	20.26	13.3	13.23	20.28	11.1	9.7	12.29	12.39	43.85	77.17	76.81	48.12	25.39	27.06	28.95
Altman's Z-Score	0.47	0.47	0.56	0.56	0.53	0.56	0.59	0.56	0.55	0.49	0.51	0.54	0.54	0.56	0.55

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	1.95	1.2	1.18	1.29	1.37	1.4	1.42	1.52	1.61	1.56	1.49	1.4	1.51	1.51	1.48
Days Sales Outstanding	187.05	305.11	308.71	283.09	266.61	260.66	257.63	239.55	226.74	233.82	244.56	260.64	242.33	242.17	246.12
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	7,204	7,546	11,567	10,448	9,498	11,222	14,382	11,987	12,170	10,582	11,981	11,483	11,479	13,132	12,947
- Cash & Cash Equivalents	75	156	195	190	387	271	355	310	242	419	536	475	345	472	425
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2,608	2,570	2,560	2,559	2,560	2,710	2,858	2,680	2,679	2,776	2,779	2,781	3,031	2,973	2,971
Enterprise Value	8,096	8,128	12,525	8,600	8,416	10,426	14,292	11,712	11,390	9,574	10,610	10,956	10,909	11,792	11,784
Total Capital	11,599	12,027	12,738	12,887	12,556	12,752	12,955	12,640	12,710	12,540	13,125	12,800	13,469	13,342	13,569
Total Debt/Capital (%)	22.48	21.37	20.1	19.86	20.39	21.25	22.06	21.2	21.08	22.14	21.17	21.73	22.5	22.28	21.9
Total Debt / EV	0.32	0.32	0.2	0.3	0.3	0.26	0.2	0.23	0.24	0.29	0.26	0.25	0.28	0.25	0.25
EV/Sales	0.9	0.87	1.32	0.91	0.93	1.13	1.53	1.16	1.06	0.9	0.92	0.92	0.83	0.84	0.8
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.43	5.92	9.47	5.46	5.53	6.79	10.47	8.72	9.13	5.1	5.08	4.22	4.57	4.41	4.54
EV/Free Cash Flow to Firm	4.23	5.54	8.86	5.23	5.11	6.2	9.75	8.12	8.95	5.04	5.02	4.14	4.41	4.26	4.39
Diluted Market Cap	7,212	7,557	11,589	10,475	9,515	11,251	14,435	12,031	12,211	10,613	12,025	11,521	11,517	13,190	13,004
Diluted Enterprise Value	9,745	9,971	13,954	12,844	11,688	13,690	16,938	14,401	14,648	12,970	14,268	13,827	14,203	15,691	15,550
EV per Share	30.06	30.17	46.44	31.86	31.15	38.56	52.72	43.14	41.94	35.25	39.04	40.34	40.21	43.43	43.45
TTM Sales	8,949	9,364	9,480	9,429	9,009	9,211	9,335	10,134	10,767	10,687	11,546	11,891	13,125	13,999	14,713
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1,828	1,373	1,323	1,575	1,522	1,536	1,364	1,343	1,247	1,878	2,089	2,596	2,386	2,676	2,596
TTM Free Cash Flow to Firm	1,912	1,467	1,414	1,646	1,647	1,682	1,466	1,442	1,273	1,901	2,115	2,648	2,476	2,771	2,682

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	4.04	5.62	8.95	6.93	6.29	7.2	10.65	9.07	10.47	5.9	5.94	4.51	4.85	4.95	5.05
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	8,096	8,128	12,525	8,600	8,416	10,426	14,292	11,712	11,390	9,574	10,610	10,956	10,909	11,792	11,784
Low Price	21.22	25.71	28.49	35.68	33.78	27.99	39.96	41.49	42.28	25.18	37.57	35.9	36.17	41.64	43.29
EV/Sales	0.9	0.87	1.32	0.91	0.93	1.13	1.53	1.16	1.06	0.9	0.92	0.92	0.83	0.84	0.8
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	11.77	12.02	12.35	15.12	19.83	13.06	16	14.74	12.17	15.34	10.12	16.84	9.53	13.69	10.13
Price/Earnings Average	11.93	12.04	10.13	15.58	21.63	10.54	14.4	16.01	12.42	13.7	10.2	17.32	9.07	13.19	10
Price/Earnings High	13.87	13.51	12.36	17.05	24.62	13.31	16.77	18.5	13.71	20.19	11.27	20.04	10.23	14.82	10.89
Price/Earnings Low	9.34	11.03	8.2	13.94	19.06	8.81	12.05	13.86	11.48	9.91	8.62	14.3	8.14	11.79	9.19
Price/Book Value	0.8	0.8	1.14	1.01	0.95	1.12	1.42	1.2	1.21	1.08	1.16	1.15	1.1	1.27	1.22
Price/Book Value Average	0.81	0.8	0.93	1.04	1.04	0.9	1.28	1.31	1.24	0.97	1.17	1.18	1.05	1.22	1.21
Price/Book Value High	0.94	0.9	1.14	1.14	1.18	1.14	1.49	1.51	1.37	1.43	1.29	1.36	1.18	1.37	1.31
Price/Book Value Low	0.64	0.73	0.75	0.93	0.91	0.75	1.07	1.13	1.14	0.7	0.99	0.97	0.94	1.09	1.11
Price/Tangible Book Value	0.63	0.63	0.93	0.83	0.82	0.95	1.2	1.09	1.01	0.85	0.95	1.38	1.19	1.27	1.13
Price/Tangible Book Value Average	0.64	0.63	0.77	0.86	0.9	0.77	1.08	1.18	1.04	0.76	0.96	1.42	1.13	1.22	1.11
Price/Tangible Book Value High	0.75	0.7	0.93	0.94	1.02	0.97	1.25	1.37	1.14	1.12	1.06	1.64	1.27	1.37	1.21
Price/Tangible Book Value Low	0.5	0.57	0.62	0.77	0.79	0.64	0.9	1.02	0.96	0.55	0.81	1.17	1.01	1.09	1.02
Price/Sales	0.8	0.81	1.22	1.11	1.05	1.22	1.54	1.18	1.13	0.99	1.04	0.97	0.87	0.94	0.88
Price/Sales Average	0.82	0.81	1	1.14	1.15	0.98	1.39	1.28	1.15	0.88	1.05	0.99	0.83	0.9	0.87
Price/Sales High	0.95	0.91	1.22	1.25	1.31	1.24	1.62	1.48	1.27	1.3	1.16	1.15	0.94	1.02	0.95
Price/Sales Low	0.64	0.74	0.81	1.02	1.01	0.82	1.16	1.11	1.07	0.64	0.88	0.82	0.75	0.81	0.8
Price/Cash Flow	4.23	6.04	9.61	7.26	6.85	7.92	11.47	9.77	10.68	5.96	6	4.59	5.02	5.11	5.2
Price/Cash Flow Average	4.29	6.05	7.89	7.48	7.47	6.39	10.33	10.61	10.9	5.33	6.05	4.72	4.78	4.92	5.13
Price/Cash Flow High	4.99	6.79	9.62	8.18	8.5	8.07	12.02	12.26	12.02	7.85	6.68	5.46	5.39	5.53	5.59
Price/Cash Flow Low	3.36	5.54	6.38	6.69	6.58	5.34	8.64	9.18	10.07	3.85	5.11	3.9	4.29	4.4	4.71
Price/Free Cash Flow Average	4.09	5.64	7.35	7.14	6.86	5.81	9.58	9.85	10.69	5.27	5.99	4.64	4.62	4.77	4.98
Price/Free Cash Flow High	4.76	6.32	8.96	7.82	7.81	7.34	11.16	11.38	11.8	7.77	6.62	5.37	5.21	5.36	5.43
Price/Free Cash Flow Low	3.2	5.16	5.94	6.39	6.05	4.86	8.02	8.53	9.88	3.81	5.07	3.83	4.15	4.26	4.58
EV/Sales Average	1.1	1.07	1.25	1.39	1.39	1.25	1.66	1.52	1.38	1.11	1.24	1.19	1.04	1.08	1.04
EV/Sales High	1.23	1.16	1.47	1.5	1.55	1.51	1.88	1.72	1.5	1.52	1.35	1.34	1.14	1.19	1.12
EV/Sales Low	0.92	1	1.06	1.27	1.25	1.09	1.43	1.35	1.29	0.86	1.08	1.01	0.95	0.99	0.97
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	26.75	28.01	42.89	38.71	35.15	41.5	53.05	44.15	44.81	38.96	44.08	42.28	42.31	48.37	47.74
High Price	31.53	31.5	42.93	43.65	43.65	42.27	55.62	55.39	50.47	51.3	49.08	50.33	45.42	52.36	51.34
Enterprise Value Average	9,834	9,978	11,859	13,134	12,532	11,493	15,452	15,385	14,858	11,810	14,321	14,119	13,612	15,154	15,331
Enterprise Value High	11,024	10,900	13,943	14,150	13,967	13,869	17,582	17,408	16,145	16,290	15,583	15,976	15,008	16,717	16,469
Enterprise Value Low	8,248	9,340	10,049	11,999	11,300	10,007	13,336	13,635	13,920	9,196	12,455	12,056	12,499	13,806	14,286

	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	269	269	270	270	270	270	271	271	271	271	271	271	271	271	271
Diluted Weighted Avg Shares	270	270	270	271	271	271	272	272	272	272	273	272	272	273	272
Basic Weighted Avg Shares	269	269	270	270	270	270	271	272	272	272	272	272	271	272	271
Revenue per Share	33.23	34.76	35.15	34.94	33.34	34.06	34.43	37.33	39.64	39.35	42.48	43.78	48.38	51.56	54.25
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.27	2.33	3.47	2.56	1.77	3.18	3.32	2.99	3.68	2.54	4.36	2.51	4.44	3.53	4.71
Basic EPS from Cont Ops	2.34	2.3	3.39	3.29	1.77	3.18	3.32	2.99	3.68	2.54	4.36	2.51	4.44	3.53	4.71
Diluted EPS, GAAP	2.27	2.33	3.47	2.55	1.77	3.17	3.3	2.98	3.67	2.53	4.34	2.5	4.43	3.52	4.69
Diluted EPS from Cont Ops	2.33	2.3	3.39	3.28	1.77	3.17	3.3	2.98	3.67	2.53	4.34	2.5	4.43	3.52	4.69
Dividend per Share	0.4	0.6	0.8	2	3	3.01	3.11	3.3	3.42	3.5	2.28	3.62	2.9	3.78	3.86
Cash Flow per Share	6.32	4.64	4.46	5.34	5.13	5.24	4.63	4.52	4.2	6.54	7.35	9.21	8.42	9.47	9.18
Free Cash Flow per Basic Share	6.01	4.29	4.13	5.07	4.67	4.7	4.25	4.15	4.1	6.45	7.25	9.02	8.09	9.12	8.86
Cash & Equivalents per Share	6.37	7.38	5.94	16.33	13.48	12.97	10.87	10.88	12.74	13.93	15.27	12.18	13.27	15.89	15.24
Book Value per Share	33.39	35.1	37.74	38.27	36.99	37.14	37.24	36.69	36.93	35.95	38.06	36.89	38.47	38.19	39.08
Tangible Book Value per Share	42.2	44.72	45.99	46.52	42.65	43.47	44.35	40.53	44.18	45.99	46.34	30.68	35.64	38.19	42.3

CNA Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)