State Auto Financial's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of State Auto Financial (STFC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: State Auto Financial vs Its Competitors
- TTM: Trailing 12-month revenue of 1,659M vs 903,560M combined for its competitors (0.2% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-5.7% annualized vs trailing 12 months), vs decelerating (-26.0%) for its tracked peer group.
- Growth: State Auto Financial generated -0.1% revenue growth year over year in Q3 2021, vs 9.0% for its competitors combined.
- Profitability: Its -3.7% net margin compares with 10.5% for the peer group.
- Peer revenue share: State Auto Financial accounted for 0.2% of combined revenue among its tracked peer group, down from 0.3% a year earlier.
- Peer differentiation: Revenue per employee of $0.80M compares with $1.20M for the peer group (0.7x).
- Structure: State Auto Financial operates in the following segments: Personal Insurance, Business Insurance, Investment Operations, Specialty Insurance.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
STFC Sales vs. its Competitors, Q3 2021
State Auto Financial reported revenue contraction of 0.13 % year on year in Q3 2021, below its competitors' combined revenue growth of 8.99 %.
With a net margin of -3.66 %, State Auto Financial reported lower profitability than its competitors (10.52 %).
State Auto Financial generated 0.23 % of the combined sales of its peer group, down from 0.25 % a year earlier.
API endpoints for this dataset
State Auto Financial vs. its Competitors, Q3 2021
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in State Auto Financial reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across State Auto Financial and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| State Auto Financial Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across State Auto Financial's competitor groups requires a Commercial License.
For context: the Property & Casualty Insurance industry grew revenue 4.6% year over year, combined, vs -0.1% for State Auto Financial. State Auto Financial's share of combined industry revenue moved from 0.15% to 0.14%, a loss of 0.01 percentage points.
State Auto Financial's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| State Auto Financial Corporation | Yes | Yes | Yes | No |
| Competitors combined (49) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
STFC Stock Performance relative to its Competitors
STFC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Kingstone Companies Inc | 282.9% | Outperformed |
| 2 | Assurant Inc | 282.9% | Outperformed |
| 3 | United Fire Group Inc | 282.9% | Outperformed |
| 4 | Travelers Companies inc | 282.9% | Outperformed |
| 5 | Universal Insurance Holdings Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for State Auto Financial's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of State Auto Financial Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 State Auto Financial Corporation |
2,304.04 | 1,659.20 |
 Progressive Corp |
137,189.61 | 91,735.00 |
 Travelers Companies inc |
85,124.52 | 48,921.00 |
 Allstate Corp |
69,318.32 | 70,137.00 |
 Metlife Inc |
66,740.67 | 79,403.00 |
 American International Group Inc |
43,712.20 | 27,728.00 |
| SUBTOTAL | 683,938.65 | 909,866.77 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on State Auto Financial Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
State Auto Financial's Competitors Named by the Company
Competitive relationships identified from State Auto Financial reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Hallmark Financial Services inc | Company report | 85% |
| Cincinnati Financial Corporation | Company report | 85% |
| Progressive Corp | Company report | 85% |
| Global Indemnity Group Llc | Company report | 85% |
| Donegal Group Inc | Company report | 85% |
| James River Group Holdings Inc | Company report | 85% |
| Kemper Corporation | Company report | 85% |
| Mercury General Corporation | Company report | 85% |
| Assurant Inc | Company report | 85% |
| Safety Insurance Group Inc | Company report | 85% |
| Enstar Group Ltd | Company report | 85% |
| Fg Nexus Inc | Company report | 85% |
| Old Republic International Corporation | Company report | 85% |
| Heritage Insurance Holdings Inc | Company report | 85% |
| Travelers Companies inc | Company report | 85% |
| Metlife Inc | Company report | 85% |
| United Fire Group Inc | Company report | 85% |
| Tiptree Inc | Company report | 85% |
| Kingstone Companies Inc | Company report | 85% |
| Hartford Financial Services Group Inc | Company report | 85% |
| Horace Mann Educators Corporation | Company report | 85% |
| Kingsway Financial Services Inc | Company report | 85% |
| Proassurance Corporation | Company report | 85% |
| Markel Group Inc | Company report | 85% |
| Hci Group Inc | Company report | 85% |
| Loews Corp | Company report | 85% |
| American International Group Inc | Company report | 85% |
| Aspen Insurance Holdings Limited | Company report | 85% |
| Allstate Corp | Company report | 85% |
| Presurance Holdings Inc | Company report | 85% |
| Selective Insurance Group Inc | Company report | 85% |
| Berkshire Hathaway Inc | Company report | 85% |
| The Hartford Insurance Group Inc | Company report | 85% |
| Hanover Insurance Group Inc | Company report | 85% |
| American Coastal Insurance Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for State Auto Financial's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
State Auto Financial's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| State Auto Financial Corporation | Personal Insurance 55.54 % |
| Travelers Companies inc | Business Insurance 47.23 % |
| Allstate Corp | Allstate Protection 86.96 % |
| Metlife Inc | Group Benefits 33.54 % |
| American International Group Inc | North America Operating 34.61 % |
| Arch Capital Group Ltd | Insurance 41.61 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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State Auto Financial's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| State Auto Financial Corporation | 2,304 | 803,487 | 34,722 |
| Progressive Corp | 137,190 | 1,834,700 | 232,440 |
| Travelers Companies inc | 85,125 | 1,438,853 | 244,618 |
| Allstate Corp | 69,318 | 1,308,526 | 248,134 |
| Metlife Inc | 66,741 | 1,726,152 | 79,543 |
| American International Group Inc | 43,712 | 1,254,661 | 148,914 |
| PEERS TOTAL | 681,635 | 1,198,106 | 189,256 |
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State Auto Financial's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Brown and Brown Inc | US 88.00 % |
| Ncr Atleos Corporation | United States 46.86 % |
| Leaf Group Ltd | US 87.97 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
State Auto Financial's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Property & Casualty Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (89 companies). See the full Property & Casualty Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 35.02 % | 46.18 % (avg) | -11.2 pp |
| Operating Margin | 14.33 % | industry median | -0.7 pp |
| EBITDA Margin | 20.05 % | 23.19 % (avg) | -3.1 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 0.92 % (avg) | -0.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
State Auto Financial's Valuation vs Competitive Position
Valuation multiples vs the Property & Casualty Insurance industry average (89 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Property & Casualty Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 29.2x | 11.7x | +17.6x |
| EV / EBITDA | 6.4x | 5.1x | +1.3x |
| P/B | 2.1x | 2.1x | +0.1x |
| Return on Equity | 7.33 % | industry aggregate | -8.92 % |
| Return on Invested Capital | 7.91 % | 7.87 % (avg) | 0.04 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
State Auto Financial's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 0.25 % | 1.71 % | 16.71 % | 2.69 % | 1.13 % | -10.24 % | 10.52 % | 5.13 % |
| Operating Margin | 14.44 % | 10.59 % | 13.67 % | 9.85 % | 11.83 % | 11.48 % | 17.02 % | 10.28 % |
| Return on Invested Capital | 7.29 % | 4.99 % | 7.30 % | 5.14 % | 6.29 % | 5.81 % | 8.63 % | 5.24 % |
| P/E | - | - | 16.4x | 50.7x | - | 112.4x | 16.4x | 65.9x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
State Auto Financial's Strategic Group Map
State Auto Financial is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
State Auto Financial's trailing-12-month revenue growth of 17.8% and operating margin of 14.3% compares with an average of 6.3% growth and 14.6% margin across its 8 closest peers by combined growth, margin and ROIC -- State Auto Financial sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
State Auto Financial's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 0.92 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on State Auto Financial's dedicated Suppliers and Customers pages, not here.
State Auto Financial's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
State Auto Financial falls in the High attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
State Auto Financial's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 8.9 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-5.7% annualized vs trailing 12 months).
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-26.0% annualized).
Methodology: see Methodology: SWOT Analysis.
State Auto Financial's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| State Auto Financial Corporation | 0.07 | 0.09 | 0.12 |
| Progressive Corp | 0.06 | 1.06 | 0.24 |
| Travelers Companies inc | 0.01 | 1.08 | 0.29 |
| Allstate Corp | 0.02 | 0.15 | 0.25 |
| Metlife Inc | 0.08 | 0.29 | 0.70 |
| American International Group Inc | 0.03 | 1.44 | 0.11 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
State Auto Financial's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| State Auto Financial Corporation | Q3 2021 | -0.1 % | - |
| Progressive Corp | Q3 2026 | +3.0 % | -2.8 % |
| Travelers Companies inc | Q3 2026 | -0.5 % | +1.5 % |
| Allstate Corp | Q2 2026 | +11.8 % | +55.8 % |
| Metlife Inc | Q2 2026 | +10.5 % | +6.0 % |
| American International Group Inc | Q3 2026 | +17.2 % | +62.0 % |
| PEERS TOTAL | +7.3 % | -20.4 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
State Auto Financial's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| State Auto Financial Corporation | Q3 2021 | - | - |
| Progressive Corp | Q3 2026 | +1,016.0 % | +75.8 % |
| Travelers Companies inc | Q3 2026 | +0.4 % | - |
| Allstate Corp | Q2 2026 | +6.1 % | - |
| Metlife Inc | Q2 2026 | +1,959.3 % | - |
| American International Group Inc | Q3 2026 | +9.9 % | - |
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State Auto Financial's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| State Auto Financial Corporation | 2.32% | 3.54% | 7.33% |
| Progressive Corp | 9.34% | 10.98% | 35.44% |
| Travelers Companies inc | 5.82% | 8.95% | 26.20% |
| Allstate Corp | 10.88% | 16.50% | 43.12% |
| Metlife Inc | 0.49% | 0.77% | 12.93% |
| American International Group Inc | 2.03% | 2.32% | 8.17% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
State Auto Financial's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| State Auto Financial Corporation | 32.10 | 1.39 |
| Progressive Corp | 11.87 | 1.50 |
| Travelers Companies inc | 10.65 | 1.74 |
| Allstate Corp | 5.36 | 0.99 |
| Metlife Inc | 19.80 | 0.84 |
| American International Group Inc | 13.64 | 1.58 |
| PEERS AVERAGE | 4.76 | 0.75 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.