A Business at a Glance
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CNO Financial Group, Inc.
CNO
$5.3B
Mkt Cap
$53.23
+1.20%
CNO Financial Group, Inc. (CNO) has a current P/E ratio of 23.1, compared to its historical median P/E of 9.4. The stock is currently considered Expensive based on its historical valuation range.
CNO Financial Group, Inc. (CNO) has a 5-year average return on invested capital (ROIC) of 12.0%. This indicates solid capital allocation.
CNO Financial Group, Inc. (CNO) has a market capitalization of $5.0B. It is classified as a mid-cap stock.
Yes, CNO Financial Group, Inc. (CNO) pays a dividend with a trailing twelve-month yield of 1.33%. The company also returns capital through share buybacks, with a buyback yield of 5.90%.
Based on historical P/E analysis, CNO Financial Group, Inc. (CNO) appears expensive. The current P/E of 23.1 is 146% above its historical median of 9.4. The estimated fair value CAGR (P/E method) is 10.4%.
CNO Financial Group, Inc. (CNO) operates in the Accident & Health Insurance industry, within the Financials sector.
CNO Financial Group, Inc. (CNO) reported annual revenue of $4.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
CNO Financial Group is a holding company for insurance subsidiaries that develop, market, and administer health insurance, annuity, individual life insurance, and other insurance and financial services products targeting middle-income pre-retirees and retired Americans. The company operates through three insurance product lines—annuity, health, and life—organized into Consumer and Worksite Divisions that reflect customer segments and distribution channels. CNO sells products through exclusive agents, independent producers, and direct marketing under three primary brands: Bankers Life, Washington National, and Colonial Penn, with the Consumer Division integrating agent sales forces with direct-to-consumer capabilities across phone, virtual, online, and face-to-face channels, while the Worksite Division focuses on voluntary supplemental health and life insurance benefits in workplace settings. The business model generates revenue from insurance premiums, net investment income, and fee income, with unit economics characterized by long-duration insurance products that generate recurring premium streams and investment returns on in-force reserves. CNO's competitive positioning rests on its diversified product portfolio, established distribution networks, brand recognition, and focus on an underserved market segment with demonstrated demand for retirement and health protection products. The company serves individual consumers, businesses, associations, and membership groups across the United States, with total assets of $38.8 billion and shareholders' equity of $2.6 billion as of December 31, 2025.
【Sustained earnings growth trajectory】 Management expects operating earnings per share to grow approximately 8% at the midpoint in 2026, supported by continued momentum across insurance product lines and disciplined capital deployment. The company anticipates rate increases implemented in 2026 will address recent claims experience in Medicare Supplement products, with full quarterly impact expected by the fourth quarter of 2026, and expects demand for Medicare products to remain robust given approximately 11,000 Americans turning 65 daily. Management is targeting an improvement in operating return on equity of 200 basis points through 2027 off a 2024 run-rate base of approximately 10%, with the trajectory supported by ongoing operational improvements, growing operating earnings, and disciplined capital management; the company has indicated that the 12% ROE target for 2027 is a waypoint rather than a destination, and management expects to increase ROE ambitions beyond 2027. The company expects to continue investing in technology modernization with approximately $75 million deployed in 2026 as part of a three-year initiative, while maintaining free cash flow generation of $200 to $250 million to support growth, capital deployment, and shareholder returns.
| Metric | Target | Period |
|---|---|---|
| Operating earnings per share | $4.25–$4.45 | FY2026 |
| Expense ratio | 18.8%–19.2% | FY2026 |
| Fee income | approximately $30 million | FY2026 |
| Effective tax rate | approximately 22.5% | FY2026 |
| Free cash flow | $200–$250 million | FY2026 |
| Risk-based capital ratio | 360%–390% | FY2026 |
| Debt to total capital ratio | 25%–28% | FY2026 |
| Technology modernization investment | approximately $75 million | FY2026 |
Operating earnings per share (FY2026): “We expect operating earnings per share between $4.25 and $4.45, which represents an 8% increase at the midpoint from our 2025 result”
Expense ratio (FY2026): “Our expense ratio is expected to be in the range of 18.8%-19.2%.”
Fee income (FY2026): “We expect fee income of approximately $30 million for the year, with roughly a third in the first quarter, minimal contribution in the second and third quarters, and the balance in the fourth quarter.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.5B | 4.5B | 4.4B | 4.1B | 3.6B | 4.1B |
| Net Income | 253M | 229M | 421M | 277M | 631M | 570M |
| EPS | $2.65 | $2.30 | $3.89 | $2.40 | $5.36 | $4.35 |
| Free Cash Flow | 0 | 676M | 628M | 583M | 495M | 598M |
| ROIC | 16.9% | 6.7% | 13.5% | 10.5% | 18.7% | 10.9% |
| Gross Margin | - | 6.5% | 12.1% | 8.6% | 22.8% | 17.8% |
| Debt/Equity | 0.53 | 0.51 | 0.73 | 0.51 | 0.64 | 0.31 |
| Dividends/Share | $0.71 | $0.67 | $0.63 | $0.59 | $0.55 | $0.51 |
| Operating Income | 579M | 553M | 551M | 460M | 467M | 515M |
| Operating Margin | 12.8% | 12.3% | 12.4% | 11.1% | 13.0% | 12.5% |
| ROE | 10.1% | 8.9% | 17.8% | 13.9% | 23.1% | 12.4% |
| Shares Outstanding | 94M | 100M | 108M | 115M | 118M | 131M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.1B | 3.8B | 4.0B | 4.3B | 4.3B | 4.0B | 3.8B | 4.1B | 3.6B | 4.1B | 4.4B | 4.5B | 4.5B |
| Gross Margin | 4.2% | 9.6% | 8.9% | 11.2% | N/A | 6.8% | 9.0% | 17.8% | 22.8% | 8.6% | 12.1% | 6.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 175M | 368M | 353M | 455M | 381M | 368M | 464M | 515M | 467M | 460M | 551M | 553M | 579M |
| Op. Margin | 4.2% | 9.6% | 8.9% | 10.6% | 8.8% | 9.2% | 12.1% | 12.5% | 13.0% | 11.1% | 12.4% | 12.3% | 12.8% |
| Net Income | 51M | 271M | 358M | 176M | -315M | 409M | 302M | 570M | 631M | 277M | 421M | 229M | 253M |
| Net Margin | 1.2% | 7.1% | 9.0% | 4.1% | -7.3% | 10.2% | 7.9% | 13.8% | 17.6% | 6.7% | 9.5% | 5.1% | 5.6% |
| Non-Recurring | 27M | 40M | 32M | 22M | 2.6M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 0.9% | 5.1% | 6.8% | 3.1% | -6.3% | 8.2% | 5.1% | 10.9% | 18.7% | 10.5% | 13.5% | 6.7% | 16.9% |
| ROE | 1.1% | 6.1% | 8.3% | 3.8% | -7.7% | 10.2% | 5.9% | 12.4% | 23.1% | 13.9% | 17.8% | 8.9% | 10.1% |
| ROA | 0.2% | 0.9% | 1.1% | 0.5% | -1.0% | 1.3% | 0.9% | 1.6% | 1.8% | 0.8% | 1.2% | 0.6% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 122M | 748M | 776M | 633M | 318M | 697M | 736M | 598M | 495M | 583M | 628M | 676M | 688M |
| Free Cash Flow | 122M | 748M | 776M | 633M | 318M | 697M | 736M | 598M | 495M | 583M | 628M | 676M | 0 |
| Owner Earnings | -153M | 464M | 501M | 368M | 25M | 424M | 423M | 354M | 241M | 311M | 332M | 353M | 359M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 274M | 283M | 275M | 265M | 292M | 268M | 304M | 237M | 249M | 267M | 292M | 319M | 324M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 274M | 283M | 275M | 265M | 292M | 268M | 304M | 237M | 249M | 267M | 292M | 319M | 324M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 51M | 52M | 55M | 60M | 65M | 67M | 67M | 66M | 65M | 68M | 68M | 66M | 66M |
| Dividend Yield | 1.7% | 1.8% | 2.2% | 1.9% | 2.2% | 3.0% | 3.2% | 2.3% | 2.8% | 2.6% | 2.1% | 1.7% | 1.3% |
| Share Buybacks | 319M | 365M | 210M | 168M | 108M | 255M | 268M | 408M | 190M | 166M | 300M | 331M | 294M |
| Buyback Yield | N/A | N/A | 7.5% | 4.7% | 5.2% | 10.2% | 9.3% | 14.0% | 7.7% | 5.3% | 7.6% | 7.7% | 5.9% |
| Stock-Based Comp | 257K | 237K | 191K | 103K | 242K | 4.7M | 8.8M | 7.8M | 5.6M | 4.1M | 2.9M | 4.3M | 4.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -20.4B | -19.8B | -20.9B | -22.8B | -18.2B | -20.9B | -23.2B | -24.4B | 494M | 252M | -164M | 352M | 182M |
| Cash & Equiv. | 612M | 797M | 668M | 757M | 657M | 655M | 992M | 732M | 645M | 889M | 2.0B | 984M | 1.2B |
| Long-Term Debt | 797M | 925M | 913M | 915M | 917M | 1.0B | 650M | 650M | 650M | 650M | 850M | 850M | 1.3B |
| Debt/Equity | 0.17 | 0.22 | 0.20 | 0.19 | 0.27 | 0.21 | 0.21 | 0.31 | 0.64 | 0.51 | 0.73 | 0.51 | 0.53 |
| Interest Coverage | 1.9 | 3.9 | 3.0 | 3.7 | 2.5 | 2.4 | 4.3 | 5.4 | 3.4 | 1.9 | 2.2 | 2.4 | 2.6 |
| Equity | 4.7B | 4.1B | 4.5B | 4.8B | 3.4B | 4.7B | 5.5B | 3.7B | 1.8B | 2.2B | 2.5B | 2.6B | 2.5B |
| Total Assets | 31.2B | 31.1B | 32.0B | 33.1B | 31.4B | 33.6B | 35.3B | 36.2B | 33.1B | 35.0B | 37.8B | 38.8B | 39.0B |
| Total Liabilities | 26.5B | 27.0B | 27.5B | 28.3B | 28.1B | 29.0B | 29.9B | 30.9B | 31.4B | 32.8B | 35.3B | 36.2B | 36.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 129M | 347M | 651M | 560M | 197M | 536M | 752M | 1.1B | 1.7B | 1.9B | 2.3B | 2.4B | 2.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.24 | 1.39 | 2.01 | 1.02 | -1.90 | 2.61 | 2.11 | 4.35 | 5.36 | 2.40 | 3.89 | 2.30 | 2.65 |
| Owner EPS | -0.71 | 2.38 | 2.81 | 2.14 | 0.15 | 2.70 | 2.96 | 2.70 | 2.05 | 2.70 | 3.07 | 3.54 | 3.83 |
| Book Value | 21.89 | 21.25 | 25.18 | 28.16 | 20.33 | 29.82 | 38.34 | 28.11 | 15.03 | 19.23 | 23.25 | 26.46 | 26.64 |
| Cash Flow/Share | 0.57 | 3.84 | 4.35 | 3.68 | 1.92 | 4.44 | 5.14 | 4.56 | 4.21 | 5.06 | 5.80 | 6.78 | 6.16 |
| Dividends/Share | 0.24 | 0.27 | 0.31 | 0.35 | 0.39 | 0.43 | 0.47 | 0.51 | 0.55 | 0.59 | 0.63 | 0.67 | 0.71 |
| Shares Out. | 214.2M | 194.7M | 178.2M | 172.2M | 165.8M | 156.9M | 143.0M | 131.1M | 117.6M | 115.2M | 108.2M | 99.7M | 93.8M |
| Valuation | |||||||||||||
| P/E Ratio | 57.4 | 11.2 | 7.9 | 20.3 | N/A | 6.1 | 9.6 | 5.1 | 3.9 | 11.3 | 9.4 | 18.8 | 20.1 |
| P/FCF | 24.2 | 4.1 | 3.6 | 5.6 | 6.5 | 3.6 | 3.9 | 4.9 | 5.0 | 5.4 | 6.3 | 6.4 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.9 |
| Price/Book | 0.6 | 0.7 | 0.6 | 0.7 | 0.6 | 0.5 | 0.5 | N/A | 1.4 | 1.4 | 1.6 | 1.6 | 2.0 |
| Price/Sales | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 | 0.5 | 0.7 | 0.7 | 0.6 | 0.7 | 0.9 | 1.1 |
| FCF Yield | 4.1% | 24.6% | 27.6% | 17.8% | 15.3% | 27.9% | 25.4% | 20.6% | 20.0% | 18.7% | 15.8% | 15.7% | N/A |
| Market Cap | 3.0B | 3.0B | 2.8B | 3.6B | 2.1B | 2.5B | 2.9B | 2.9B | 2.5B | 3.1B | 4.0B | 4.3B | 5.0B |
| Avg. Price | 13.68 | 14.44 | 14.16 | 18.04 | 17.55 | 14.23 | 14.68 | 21.97 | 19.97 | 22.65 | 30.07 | 38.81 | 53.23 |
| Year-End Price | 13.78 | 15.62 | 15.78 | 20.67 | 12.53 | 15.90 | 20.26 | 22.20 | 21.04 | 27.12 | 36.66 | 43.29 | 53.23 |
CNO Financial Group, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
CNO Financial Group, Inc. trades at 23.1x trailing earnings, compared to its 15-year median P/E of 9.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 7.9x vs a median of 5.2x. The company's 5-year average ROIC is 12.0% with a gross margin of 13.6%. Total shareholder yield (dividends + buybacks) is 7.2%. At current prices, the estimated annualized return to fair value is +8.4%.
CNO Financial Group, Inc. (CNO) has a net profit margin of 5.1%. This is a modest margin.
CNO Financial Group, Inc. (CNO) generated $676 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CNO Financial Group, Inc. (CNO) has a debt-to-equity ratio of 0.51. This indicates moderate leverage.
CNO Financial Group, Inc. (CNO) reported earnings per share (EPS) of $2.30 in its most recent fiscal year.
CNO Financial Group, Inc. (CNO) has a return on equity (ROE) of 8.9%. This indicates moderate shareholder returns.
CNO Financial Group, Inc. (CNO) has a 5-year average gross margin of 13.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for CNO Financial Group, Inc. (CNO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CNO Financial Group, Inc. (CNO) has a book value per share of $26.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects operating earnings per share to grow approximately 8% at the midpoint in 2026, supported by continued momentum across insurance product lines and disciplined capital deployment. The company anticipates rate increases implemented in 2026 will address recent claims experience in Medicare Supplement products, with full quarterly impact expected by the fourth quarter of 2026, and expects demand for Medicare products to remain robust given approximately 11,000 Americans turning 65 daily. Management is targeting an improvement in operating return on equity of 200 basis points through 2027 off a 2024 run-rate base of approximately 10%, with the trajectory supported by ongoing operational improvements, growing operating earnings, and disciplined capital management; the company has indicated that the 12% ROE target for 2027 is a waypoint rather than a destination, and management expects to increase ROE ambitions beyond 2027. The company expects to continue investing in technology modernization with approximately $75 million deployed in 2026 as part of a three-year initiative, while maintaining free cash flow generation of $200 to $250 million to support growth, capital deployment, and shareholder returns.
Based on recent SEC filings and earnings calls, CNO Financial Group, Inc. (CNO) has provided the following forward guidance: Operating earnings per share: $4.25–$4.45 (FY2026); Expense ratio: 18.8%–19.2% (FY2026); Fee income: approximately $30 million (FY2026); Effective tax rate: approximately 22.5% (FY2026); Free cash flow: $200–$250 million (FY2026), plus 3 additional metrics.
Effective tax rate (FY2026): “The effective tax rate is expected to be approximately 22.5%.”
Free cash flow (FY2026): “We expect free cash flow of $200 to $250 million, which supports continued progress on capital deployment while maintaining a strong balance sheet and investing in the business to support growth and execution of our strategic initiatives.”
Risk-based capital ratio (FY2026): “we expect to operate with a risk-based capital ratio in the range of 360-390”
Debt to total capital ratio (FY2026): “a debt to total capital ratio of 25%-28%”
Technology modernization investment (FY2026): “in 2026, we expect to deploy an additional $75 million”