CNA Financial
CNA on NYSE. CNA Financial sells commercial property and casualty insurance to businesses through brokers. Market value $12.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 10 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.12.
Profit per $100 you pay: $9.89.
Quality score: 55 of 100. Price score: 97 of 100. Our list needs 70 on quality and 60 on price.
$46.21 a share, 11% above its 1-year low
Over the past year the price has ranged from $41.53 to $55.71.
Dividend: 8.4% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $11.9bn | $11.9bn | $13.3bn | $14.3bn | $15.0bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.27bn | 0.27bn | 0.27bn | 0.27bn | 0.27bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 6.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.8 billion last quarter, up 3% on a year ago.
- Profit: $321 million, up 7% on a year ago.
- Spare cash over the past 12 months: $2.3 billion, down from $2.6 billion.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.6bn |
| December 2024 | $3.7bn |
| March 2025 | $3.6bn |
| June 2025 | $3.7bn |
| September 2025 | $3.8bn |
| December 2025 | $3.8bn |
| March 2026 | $3.7bn |
| June 2026 | $3.8bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $283m |
| December 2024 | $21m |
| March 2025 | $274m |
| June 2025 | $299m |
| September 2025 | $403m |
| December 2025 | $302m |
| March 2026 | $211m |
| June 2026 | $321m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 311 funds in all.
- Brandes Investment PartnersCharles Brandes
- Value
- $875,417
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Torray Investment PartnersRobert Torray (founder) | $25m | 3.4% | Added |
| Gotham Asset ManagementJoel Greenblatt | $23m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $21m | <0.1% | Added |
| Brandes Investment PartnersCharles Brandes | $875,417 | <0.1% |
Largest holders overall
- Loews$12.1bn
- AQR Capital Management$137mCut
- BlackRock$80mCut
- First Trust Advisors LP$51mCut
- Morgan Stanley$47mAdded
- Quantinno Capital Management LP$42mAdded
- Charles Schwab Investment Management$40mAdded
- TWO Sigma Investments, LP$39mCut
- River Road Asset Management$39mCut
- CORDA Investment Management, LLC.$37mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $3m, $873,875 of it under preset trading plans.
- James Mark StevenEVP, Chief Risk & Rein OffSold
- Date
- 4 August 2026
- Shares
- 8,273
- Price
- $53.15
- Value
- $439,710
- Franzetti Daniel PaulEVP & CAOSold
- Date
- 4 August 2026
- Shares
- 22,656
- Price
- $53.09
- Value
- $1m
- Neuenschwander Jeffrey JohnSVP & General CounselSold
- Date
- 19 March 2026
- Shares
- 3,287
- Price
- $45.97
- Value
- $151,103
- Robusto DinoExecutive Chairman, DirectorSoldunder a preset trading plan
- Date
- 2 January 2026
- Shares
- 6,250
- Price
- $47.62
- Value
- $297,625
- Robusto DinoExecutive Chairman, DirectorSoldunder a preset trading plan
- Date
- 1 December 2025
- Shares
- 6,250
- Price
- $46.92
- Value
- $293,250
- Robusto DinoExecutive Chairman, DirectorSoldunder a preset trading plan
- Date
- 3 November 2025
- Shares
- 6,250
- Price
- $45.28
- Value
- $283,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 August 2026 | James Mark Steven EVP, Chief Risk & Rein Off | Sold | 8,273 | $53.15 | $439,710 |
| 4 August 2026 | Franzetti Daniel Paul EVP & CAO | Sold | 22,656 | $53.09 | $1m |
| 19 March 2026 | Neuenschwander Jeffrey John SVP & General Counsel | Sold | 3,287 | $45.97 | $151,103 |
| 2 January 2026 | Robusto Dino Executive Chairman, Director | Sold under a preset trading plan | 6,250 | $47.62 | $297,625 |
| 1 December 2025 | Robusto Dino Executive Chairman, Director | Sold under a preset trading plan | 6,250 | $46.92 | $293,250 |
| 3 November 2025 | Robusto Dino Executive Chairman, Director | Sold under a preset trading plan | 6,250 | $45.28 | $283,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.