The business behind the dividend
| Measure | CNA | Median | Formula |
|---|---|---|---|
| Return on equity | 11.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.26bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.40bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 81.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.0% | 9.1% | 12.2% | 8.0% | 10.7% | 5.4% | 8.2% | 7.2% | 7.3% | 7.2% | 8.0% |
| Operating margin | — | 75.3% | 93.5% | 51.7% | — | 65.6% | — | 95.7% | — | — | 75.3% |
| Net margin | 81.0% | 59.6% | 74.2% | 43.3% | 82.8% | 55.1% | 86.1% | 80.7% | — | — | 80.7% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, CNA Financial pays out less than 2 of them. The median for that group is 34.0%, against this company’s 81.9%.
Closest on GAAP earnings
- Capital One Financial (COF) 69.5%
- American Financial Group (AFG) 72.2%
- Progressive (PGR) 72.3%
- Fidelity National Financial (FNF) 91.4%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →