# CNA Financial Corporation (CNA)

> Source: Nexqual · https://nexqual.com/CNA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CNA Financial Corporation (CNA), nexqual.com/CNA" · informational, not investment advice.

**Price:** USD 49.39 (+2.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 48.32 · day 48.48–49.48 · 52w 41.53–55.71 · market cap $13.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.2B, net income $1.24B (8.2% margin), free cash flow $2.25B (SEC filings).
- Valuation: P/E 10.8x (avg 11.2x at the last 3 fiscal year-ends), net debt $2.63B.
- 1 of 80 tracked superinvestors hold CNA (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.6M; 2 not under a Rule 10b5-1 plan ($1.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Strong Sell (mean 5.00 on a 1–5 scale) (1 analysts), mean target USD 45 (range 45–45).
- Total return with dividends: 1Y +18.0% vs S&P 500 +14.9%; 5Y +58.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.13, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.9B | $11.9B | $13.3B | $14.3B | $15.0B | $15.2B |
| Net income | $1.18B | $682M | $1.21B | $959M | $1.28B | $1.24B |
| EPS (diluted) | $4.34 | $2.51 | $4.43 | $3.52 | $4.69 | — |
| Free cash flow | $1.97B | $2.45B | $2.19B | $2.48B | $2.40B | $2.25B |
| Net margin | 9.9% | 5.7% | 9.1% | 6.7% | 8.5% | 8.2% |
| Revenue growth | +10.2% | -0.2% | +12.0% | +7.3% | +5.0% | — |
| Cash + short-term investments | — | $475M | $345M | $472M | $425M | — |
| Total debt | $2.78B | $2.78B | $3.03B | $2.97B | $2.97B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.8x · P/S 0.9x · EV/Sales 1.1x · P/FCF 5.9x · P/B 1.2x · FCF yield 16.87% · Earnings yield 9.26% · Dividend yield (paid, TTM) 7.94% · Buyback yield (TTM) 0.27% · Net debt $2.63B · EV $16.0B
P/E at fiscal year-ends: Dec 2025 10.2x, Dec 2024 13.8x, Dec 2023 9.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CNA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 3.42% | $25.4M | Added +11.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-04 | James Mark Steven | EVP, Chief Risk & Rein Off | 8,273 | $440K | 23.8% | No | Too little history (no open-market trades in 2023) |
| 2026-08-04 | Franzetti Daniel Paul | EVP & CAO | 22,656 | $1.2M | 25% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Strong Sell (mean 5.00 on a 1–5 scale), 1 analysts; mean target USD 45 (low 45, high 45).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.0% | +58.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.0% | +9.6% |
| Volatility (annualized) | 20.8% | 20.7% |
| Max drawdown | -18.1% (Jul 2026→Sep 2026) | -24.0% (Mar 2022→Sep 2022) |

## Peers (Insurance - Property & Casualty)
AFG (American Financial Group, Inc.) USD 153.46 +2.53% · AIZ (Assurant, Inc.) USD 288.85 +1.60% · ORI (Old Republic International Corp) USD 40.08 -0.12% · KNSL (Kinsale Capital Group, Inc.) USD 390.64 +3.70% · THG (Hanover Insurance Group Inc) USD 239.59 +3.30% · L (Loews Corporation) USD 113.68 +1.75%

## More
Full page: https://nexqual.com/CNA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CNA's own 10-K filed 2026-02-10 (https://www.sec.gov/Archives/edgar/data/21175/000002117526000011/cna-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | LOEWS CORP (L) | "We have also entered into services agreements and a registration rights agreement with Loews, and we may in the future enter into other agreements with Loews." |

Other companies that name CNA in their own reports (relationship from CNA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | LOEWS CORP (L) | 10-K 2026-02-10 | "CNA's products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium an…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Specialty | $367.0M | 100.0% | -7.8% |
| Total revenue | $367.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Managementand Professional Liability | $802.0M | 218.5% | +3.1% |
| Other Commercial Insurance | $517.0M | 140.9% | +8.8% |
| Construction | $512.0M | 139.5% | -0.4% |
| Middle Markets | $509.0M | 138.7% | +8.8% |
| Warranty Alternative Risks | $406.0M | 110.6% | -9.0% |
| Surety | $208.0M | 56.7% | +1.5% |
| CNA Europe | $166.0M | 45.2% | +6.4% |
| Small Business | $157.0M | 42.8% | -2.5% |
| CNA Canada | $114.0M | 31.1% | +9.6% |
| Hardy | $101.0M | 27.5% | -1.0% |
| Total revenue | $367.0M | 100% | — |
The lines above cover 951.5% of total revenue.

## Company outlook (8-K filed 2026-08-03)

- "These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.13 | $1.14 | -0.9% | $0 | 1 |
| Next quarter (ends 2026-12-31) | $1.06 | $1.07 | -0.9% | $0 | 1 |
| Current fiscal year (ends 2026-12-31) | $4.20 | $4.05 | +3.7% | $0 | 1 |
| Next fiscal year (ends 2027-12-31) | $4.80 | $4.80 | +0.0% | $0 | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±7.7%; last 8 reports averaged ±2.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.3% | ±7.7% |
| 2027-02-19 | 119 | 28.2% | ±12.9% |
| 2027-05-21 | 210 | 25.5% | ±15.5% |