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Cincinnati Financial Corporation (CINF34) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Cincinnati Financial Corporation BRL 312, price BRL 424, upside -26.3%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · BR · ISIN US1720621010

CF Broad data Sep 29, 2026

Cincinnati Financial Corporation

CINF34 · SA

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value R$312.48 · Overvalued (−26.3%)
✓Quality 67/100
✓Healthy Growth (revenue 3y +19.4 %/yr)
✓Highly profitable · 21.3% net margin (TTM)
✓Low debt · generates free cash flow
✓0.8% dividend yield · Well covered
!Moderate moat 63/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R$471.39 R$221.42 Fair Value R$312.48 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range R$221.42 – R$471.39 · fair‑value band R$252.40 – R$457.01 · the R$424.20 price screens above the R$312.48 fair value. Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

Cincinnati Financial Corporation provides property casualty insurance products in the United States. The company operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments.

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Cincinnati Financial Corporation provides property casualty insurance products in the United States. The company operates through five segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. The Commercial Lines Insurance segment offers coverage for commercial casualty and property, commercial auto, and workers' compensation. This segment also provides contract and commercial surety bonds, and fidelity bonds; management liability; and machinery and equipment insurance products. The Personal Lines Insurance segment offers personal auto; homeowner; and other personal lines insurance, such as dwelling fire, inland marine, personal umbrella liability, and watercraft coverages. The Excess and Surplus Lines Insurance segment offers commercial casualty insurance that covers businesses for third-party liability from accidents occurring on their premises or arising out of their operations, such as injuries sustained from products, as well as other coverages comprising miscellaneous errors and omissions, professional liability, and excess liability; and commercial property insurance, which insures buildings, inventory, equipment, and business income from loss or damage due to various causes, such as fire, wind, hail, water, theft, and vandalism. The Life Insurance segment provides term life insurance; universal life insurance; and worksite and whole life insurance products, as well as annuities. The Investments segment invests in fixed-maturity investments, including taxable and tax-exempt bonds, and redeemable preferred stocks; and equity investments comprising common and nonredeemable preferred stocks. The company also offers commercial leasing and financing services; and insurance brokerage services. The company was founded in 1950 and is headquartered in Fairfield, Ohio.

Stock analysis

Cincinnati Financial Corporation (CINF34) currently trades at R$424.20, while our model-based Fair Value estimate is R$312.48, 26.3% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of R$376.01 per share, and 1 of the 6 models we run sit above the R$424.20 price.

Bear case: the Dividend Discount group reads lowest at R$142.66, and 5 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: R$252.40 (bear) to R$457.01 (bull), the price of R$424.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 67/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Cincinnati Financial Corporation reported revenue of $11.2B in FY2025 versus $6.6B in FY2022, a compound +19.4%/yr. Reported net income was $2.4B in FY2025.

Key figures

Market cap R$114B (≈ $21.8B) · P/E ratio 16.8 · P/S ratio 3.60 · EPS (TTM) R$25.20 · Dividend yield 0.8% · Net margin 21.4% · Return on equity 18.7% · Return on assets (EBIT) 3.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −23% fair-value upside, at −26%, CINF34 screens richer than that median.

Fair Value models

Bear R$252.40 Fair Value R$312.48 Bull R$457.01
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$16.37 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income R$269.17 R$359.00 R$571.68 71
DDM Multi-Stage R$81.37 R$142.66 R$177.57 64
Gordon GGM R$81.37 R$169.19 R$268.40 63
All 6 models by family
Dividend Discount
Gordon GGM R$81.37 R$169.19 R$268.40 63
DDM Multi-Stage R$81.37 R$142.66 R$177.57 64
Multiples
P/E Multiple R$393.85 R$525.13 R$656.41 63
P/B Multiple R$282.01 R$376.01 R$470.02 55
Asset-Based
NCAV (Graham) R$134.29 R$179.95 R$268.58 54
Economic Profit
Residual Income R$269.17 R$359.00 R$571.68 71

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Quality Score breakdown

Overall quality 67/100

Of which business quality 67 · Market factors (momentum, volatility) 55

Profitability 51
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 87
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.4%
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.5%
Dividend (yield on the price)0.8%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−10% → 14%

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−18.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+0.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −20.2% a year for the price and −1.7% for the forecasts.
Forecast 2026 (sales)+18.3%
Forecast 2027 (sales)−4.6%
Projected 2028 (sales)−3.8%
Projected 2029 (sales)−3.0%
Projected 2030 (sales)−2.1%

CINF34 screens overvalued: fair value 26% below the price. Compare with Chubb Limited →

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Fairfax Financial Holdings FFH C$2,219 C$3,257 +47%
Intact Financial Corporation IFC C$250.54 C$167.88 −33%
W. R. Berkley Corporation WRB $67.66 $47.22 −30%
QBE Insurance Group QBE A$23.81 A$13.42 −44%
Unipol Assicurazioni S.p.A UNI €25.79 €16.11 −38%

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Cincinnati Financial Corporation · Fair Value
R$312.48 −26%Fair Value
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Cite: Fair Value Calculator (2026). "Cincinnati Financial Corporation Fair Value". https://www.fairvalue-calculator.com/stock/CINF34

Frequently asked questions

Is Cincinnati Financial Corporation (CINF34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$312.48 versus a price of R$424.20, about −26% upside (overvalued).
What is the fair value of CINF34?
Our model-based fair value for Cincinnati Financial Corporation is R$312.48 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$424.20.
What is the quality score of CINF34?
Cincinnati Financial Corporation has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cincinnati Financial Corporation (CINF34)?
Our model-based price target is the fair value of R$312.48 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario R$252.40, optimistic scenario R$457.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Cincinnati Financial Corporation stock forecast for 2026?
Our models put fair value at R$312.48, about −26% upside versus a price of R$424.20 (overvalued). Cautious scenario R$252.40, optimistic scenario R$457.01. The calculation is refreshed regularly with new filings.
What is the revenue of Cincinnati Financial Corporation (CINF34)?
Cincinnati Financial Corporation reported trailing-twelve-month revenue of about $12.9B (latest available figure, as of Sep 29, 2026).
Does Cincinnati Financial Corporation pay a dividend?
Cincinnati Financial Corporation currently shows a dividend yield of about 0.84% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Cincinnati Financial Corporation (CINF34)?
For today's price to be fair in a discounted-cash-flow model, Cincinnati Financial Corporation would have to grow free cash flow by -18.3 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +19.4 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of CINF34 use?
Our models discount Cincinnati Financial Corporation at 10.9 %: a base by market capitalisation (large), damped by beta 0.55, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cincinnati Financial Corporation that is -18.3 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Cincinnati Financial Corporation (CINF34) delivered so far?
Over the past 3 years revenue at Cincinnati Financial Corporation grew +19.4 % a year. The price currently implies -18.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cincinnati Financial Corporation (CINF34) growing?
The median revenue growth in the sector is +6.0 % a year. That is the yardstick for the growth priced into Cincinnati Financial Corporation (-18.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cincinnati Financial Corporation (CINF34)?
The free-cash-flow yield on the price is 24.50 %: that much free cash flow Cincinnati Financial Corporation produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cincinnati Financial Corporation (CINF34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cincinnati Financial Corporation it is R$312.48 per share (as of Sep 29, 2026), against a price of R$424.20. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Cincinnati Financial Corporation stock overvalued or undervalued in 2026?
As of Sep 29, 2026, CINF34 trades above its calculated fair value: price R$424.20, fair value R$312.48, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CINF34?
No. The price is what the market pays today (R$424.20); the fair value is what the company's own numbers justify (R$312.48). For Cincinnati Financial Corporation the two are R$111.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cincinnati Financial Corporation worth?
The market values Cincinnati Financial Corporation at about R$114B (market capitalisation, as of Sep 29, 2026). Per share that is R$424.20; our models calculate a fair value of R$312.48 per share.
What do the bullish and bearish scenarios say about CINF34?
Our models span a range for Cincinnati Financial Corporation: cautious scenario R$252.40, base R$312.48, optimistic R$457.01 per share (as of Sep 29, 2026, price R$424.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is CINF34 from its 52-week high?
Cincinnati Financial Corporation trades at R$424.20, about 3% below its 52-week high of R$439.56 and 14% above the low of R$371.32 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$312.48 is for.
Which stocks are comparable to Cincinnati Financial Corporation?
From the same area (Financial Services) we also value Chubb Limited, The Progressive Corporation, The Travelers Companies, Inc, The Allstate Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cincinnati Financial Corporation stock attractive at the current price?
The data as of Sep 29, 2026: price R$424.20, calculated fair value R$312.48 (−26%), Quality Score 67/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CINF34 calculated?
We run Cincinnati Financial Corporation through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$312.48, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Cincinnati Financial Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cincinnati Financial Corporation (CINF34)?
The closing price on Oct 2, 2026 was R$424.20. Our model-based fair value is R$312.48, about −26% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cincinnati Financial Corporation right now?
Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R$252.40 to R$457.01) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Cincinnati Financial Corporation

How large is the market capitalisation of Cincinnati Financial Corporation (CINF34)?
The market capitalisation of Cincinnati Financial Corporation is R$114B (≈ $21.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Cincinnati Financial Corporation (CINF34)?
The price-to-earnings ratio of Cincinnati Financial Corporation is 16.8. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Cincinnati Financial Corporation (CINF34)?
The price-to-sales ratio of Cincinnati Financial Corporation is 3.60 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cincinnati Financial Corporation (CINF34)?
Earnings per share at Cincinnati Financial Corporation are R$25.20 (price ÷ EPS = P/E 16.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cincinnati Financial Corporation (CINF34)?
The dividend yield of Cincinnati Financial Corporation is 0.8% (payout 14.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cincinnati Financial Corporation (CINF34)?
The net margin of Cincinnati Financial Corporation is 21.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cincinnati Financial Corporation (CINF34)?
The return on equity (ROE) of Cincinnati Financial Corporation is 18.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cincinnati Financial Corporation (CINF34)?
On an EBIT basis the return on assets of Cincinnati Financial Corporation is 3.3% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cincinnati Financial Corporation (CINF34)?
The operating margin of Cincinnati Financial Corporation is 11.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cincinnati Financial Corporation (CINF34)?
Revenue at Cincinnati Financial Corporation is growing +11.6% versus a year earlier (3y avg +19.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cincinnati Financial Corporation (CINF34)?
Earnings per share at Cincinnati Financial Corporation are growing +67.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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