Stock fact sheet · data as of
CNA Financial Corporation (CNA): fair value, margin of safety and Wheel Score
Ticker symbol CNA · Financial Services · Insurance - Property & Casualty · United States · Value Income
Is CNA undervalued?
CNA has a margin of safety of 58%: the stock closed at 48.02 on 5 Nov 2026 against a GLS average fair value of 113.38. 8 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: EPV gives 46.84 while Payback Time gives 230.38. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, CNA is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 70, growth score 48, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for CNA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 135.32 | +182% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 59.85 | +25% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 153.03 | +219% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 60.34 | +26% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 88.87 | +85% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 188.38 | +292% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 230.38 | +380% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 57.39 | +20% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 46.84 | -2% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -159.22 | -432% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 45.00 | -6% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health CNA scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 7.1 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are moderate - ROIC 8.8%, ROE 11.0%, ROA 1.8% - with debt at 0.26 times equity and a free-cash-flow yield of 16.8%.
The dividend yield is high at 8.12% (payout ratio 94%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Commercial 44%, Specialty 37%, Rest of world 10% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 8.8% |
|---|---|---|---|
| GLS Moat | 7.1 / 10 | ROE | 11.0% |
| Debt / equity | 0.26 | ROA | 1.8% |
| Free-cash-flow yield | 16.8% | Payout ratio | 94% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 53: Fair
CNA scores 53 out of 100 on the Wheel Score (Fair band, 50-69) because it fails filter 1, options that actually trade - options too quiet (585 open interest, 25 a day). A stock must pass all 9 Wheel Trade Filters to reach 70. Otherwise the parts read: value strong, premium strong, moat good, health good, red flags good, option trading weak, stability good.
Implied volatility is 44% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 585 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 554k shares a day on a market cap of $13.0B, with a beta of 0.27 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (585 open interest, 25 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 58% below fair value | |
| Premium | Strong | implied volatility 44% | |
| Moat | Good | moat 7.1/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Good | Red Flags score 82/100 | |
| Option trading | Weak | 25 contracts a day, 585 open interest | |
| Stability | Good | beta 0.27, $13.0B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CNA in the nightly calendar. The shares go ex-dividend on 16 Nov 2026 (0.4800 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Insurance - Property & Casualty
The 12 companies below are the closest to CNA Financial Corporation by market cap within the Insurance - Property & Casualty industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ERIE Erie Indemnity Company | 279.96 | 237.17 | -18% | 42Weak | $12.9B |
| AFG American Financial Group, Inc. | 154.77 | 185.90 | +17% | 38Weak | $12.8B |
| AIZN Assurant, Inc. 5.25% Subordinat | 16.91 | 153.03 | +89% | 29No options | $15.2B |
| AIZ Assurant, Inc. | 308.52 | 518.65 | +41% | 48Weak | $15.2B |
| ORI Old Republic International Corporation | 39.96 | 56.77 | +30% | 39Weak | $9.6B |
| KNSL Kinsale Capital Group, Inc. | 391.73 | 618.66 | +37% | 82Good | $8.8B |
| THG The Hanover Insurance Group, Inc. | 249.93 | 573.77 | +56% | 75Good | $8.6B |
| L Loews Corporation | 111.67 | 209.81 | +47% | 48Weak | $22.6B |
| MKL Markel Corporation | 1,954.51 | 4,032.71 | +52% | 41Weak | $23.9B |
| HGTY Hagerty, Inc. | 18.71 | 24.70 | +24% | 43Weak | $6.4B |
| RLI RLI Corp. | 68.91 | 77.16 | +11% | 36Weak | $6.3B |
| SIGI Selective Insurance Group, Inc. | 103.20 | 220.39 | +53% | 43Weak | $6.1B |
⚖ Compare CNA with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CNA
Is CNA undervalued right now?
By the GLS models, yes: at 48.02 the stock is 58% below the average fair value of 113.38 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CNA and what does it mean?
CNA scores 53 out of 100 (Fair) - it fails Wheel Trade Filter 1. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for CNA?
113.38 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does CNA Financial Corporation report earnings next?
No upcoming earnings date is recorded for CNA in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CNA have listed options, and how liquid are they?
Yes. The nightly snapshot found 32 listed contracts with 585 open interest across all expiries and implied volatility of 44% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.