A Business at a Glance
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HORACE MANN EDUCATORS CORP /DE/
HMN
$2.2B
Mkt Cap
$52.10
+1.54%
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a current P/E ratio of 13.4, compared to its historical median P/E of 13.6. The stock is currently considered Fair based on its historical valuation range.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a 5-year average return on invested capital (ROIC) of 5.1%. This is below average and may indicate limited pricing power.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a market capitalization of $2.2B. It is classified as a mid-cap stock.
Yes, HORACE MANN EDUCATORS CORP /DE/ (HMN) pays a dividend with a trailing twelve-month yield of 2.64%. The company also returns capital through share buybacks, with a buyback yield of 0.96%.
Based on historical P/E analysis, HORACE MANN EDUCATORS CORP /DE/ (HMN) appears fair. The current P/E of 13.4 is 2% below its historical median of 13.6. The estimated fair value CAGR (P/E method) is -5.4%.
HORACE MANN EDUCATORS CORP /DE/ (HMN) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
Measures within this Annual Report on Form 10-K that are not based on accounting principles generally accepted in the United States of America (non-GAAP) are marked with an asterisk (*) the first time they are presented within Part I of this Annual Report on Form 10-K. An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 to this Annual Report on Form 10-K and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) in the Appendix to the Company's Fourth Quarter 2025 Investor Supplement. Forward-looking Information Statements made in this Annual Report on Form 10-K that are not historical in nature are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to known and unknown risks, uncertainties and other factors.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.7B | 1.6B | 1.5B | 1.4B | 1.3B |
| Net Income | 162M | 162M | 103M | 45M | 20M | 143M |
| EPS | $3.90 | $3.90 | $2.48 | $1.09 | $0.47 | $4.04 |
| Free Cash Flow | 553M | 553M | 452M | 302M | 172M | 205M |
| ROIC | 7.9% | 8.3% | 5.8% | 2.9% | 1.3% | 7.4% |
| Gross Margin | 11.8% | 11.8% | 8.1% | 3.6% | 0.4% | -0.1% |
| Debt/Equity | 0.40 | 0.40 | 0.42 | 0.46 | 0.45 | 0.34 |
| Dividends/Share | $1.37 | $1.40 | $1.36 | $1.32 | $1.28 | $1.24 |
| Operating Income | 201M | 201M | 129M | 53M | 17M | 210M |
| Operating Margin | 11.8% | 11.8% | 8.1% | 3.6% | 1.2% | 15.8% |
| ROE | 10.9% | 11.7% | 8.3% | 4.0% | 1.5% | 8.7% |
| Shares Outstanding | 42M | 42M | 41M | 41M | 42M | 35M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B | 1.4B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.7B | 1.7B |
| Gross Margin | 0.1% | 0.3% | -0.1% | 0.1% | 0.4% | 0.2% | -0.2% | -0.1% | 0.4% | 3.6% | 8.1% | 11.8% | 11.8% |
| 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 | 130M | 142M | 159M | 159M |
| EBIT | 146M | 129M | 114M | 89M | 20M | 236M | 160M | 210M | 17M | 53M | 129M | 201M | 201M |
| Op. Margin | 13.8% | 12.0% | 10.1% | 7.6% | 1.6% | 16.5% | 12.2% | 15.8% | 1.2% | 3.6% | 8.1% | 11.8% | 11.8% |
| Net Income | 104M | 93M | 84M | 169M | 18M | 184M | 133M | 143M | 20M | 45M | 103M | 162M | 162M |
| Net Margin | 9.8% | 8.7% | 7.4% | 14.5% | 1.5% | 12.9% | 10.2% | 10.7% | 1.4% | 3.0% | 6.4% | 9.5% | 9.5% |
| Non-Recurring | 6.4M | 24M | 11M | -3.4M | -13M | 181M | 3.3M | -11M | -55M | -24M | -17M | -13M | -13M |
| Returns on Capital | |||||||||||||
| ROIC | 7.4% | 6.1% | 5.5% | 10.1% | 1.1% | 10.7% | 6.7% | 7.4% | 1.3% | 2.9% | 5.8% | 8.3% | 7.9% |
| ROE | 8.6% | 7.2% | 6.5% | 12.1% | 1.3% | 12.9% | 7.9% | 8.7% | 1.5% | 4.0% | 8.3% | 11.7% | 10.9% |
| ROA | 1.1% | 0.9% | 0.8% | 1.6% | 0.2% | 1.6% | 1.0% | 1.0% | 0.1% | 0.3% | 0.7% | 1.1% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 222M | 208M | 211M | 257M | 201M | 128M | 260M | 205M | 172M | 302M | 452M | 553M | 553M |
| Free Cash Flow | 222M | 208M | 211M | 257M | 201M | 128M | 260M | 205M | 172M | 302M | 452M | 553M | 553M |
| Owner Earnings | 213M | 199M | 201M | 241M | 185M | 105M | 230M | 178M | 135M | 266M | 416M | 516M | 516M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 8.0M | 7.7M | 6.9M | 6.6M | 7.4M | 16M | 23M | 18M | 28M | 26M | 26M | 27M | 27M |
| 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 | 8.0M | 7.7M | 6.9M | 6.6M | 7.4M | 16M | 23M | 18M | 28M | 26M | 26M | 27M | 27M |
| 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 | 39M | 43M | 44M | 46M | 47M | 47M | 50M | 51M | 53M | 54M | 56M | 57M | 57M |
| Dividend Yield | 4.5% | 4.1% | 4.2% | 3.6% | 3.3% | 3.4% | 3.8% | 4.3% | 3.7% | 4.5% | 3.9% | 3.3% | 2.6% |
| Share Buybacks | 5.4M | 22M | 22M | 1.7M | 5.1M | 0 | 2.2M | 5.3M | 24M | 6.5M | 8.6M | 21M | 21M |
| Buyback Yield | 0.6% | 2.1% | 1.6% | 0.1% | 0.4% | N/A | 0.1% | 0.4% | 1.7% | 0.5% | 0.5% | 1.1% | 1.0% |
| Stock-Based Comp | 1.3M | 671K | 4.0M | 8.6M | 8.3M | 7.3M | 6.7M | 8.4M | 8.9M | 9.5M | 9.9M | 10M | 10M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 249M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -6.7B | -6.9B | -7.2B | -7.4B | -7.2B | -5.4B | -5.9B | -5.9B | -4.7B | 514M | 504M | 564M | 566M |
| Cash & Equiv. | 12M | 16M | 17M | 7.6M | 12M | 26M | 22M | 134M | 43M | 30M | 38M | 28M | 28M |
| Long-Term Debt | 200M | 247M | 247M | 297M | 298M | 298M | 302M | 254M | 249M | 546M | 547M | 593M | 593M |
| Debt/Equity | 0.18 | 0.20 | 0.19 | 0.20 | 0.23 | 0.28 | 0.24 | 0.34 | 0.45 | 0.46 | 0.42 | 0.40 | 0.40 |
| Interest Coverage | 10.3 | 9.9 | 9.7 | 7.4 | 1.5 | 15.2 | 10.5 | 15.1 | 0.9 | 1.8 | 3.7 | 5.5 | 5.5 |
| Equity | 1.3B | 1.3B | 1.3B | 1.5B | 1.3B | 1.6B | 1.8B | 1.5B | 1.1B | 1.2B | 1.3B | 1.5B | 1.5B |
| Total Assets | 9.8B | 10.1B | 10.6B | 11.2B | 11.0B | 12.5B | 13.5B | 14.5B | 13.3B | 14.0B | 14.5B | 15.3B | 15.3B |
| Total Liabilities | 8.4B | 8.8B | 9.3B | 9.7B | 9.7B | 10.9B | 11.7B | 12.6B | 12.2B | 12.9B | 13.2B | 13.8B | 13.8B |
| Intangibles | N/A | N/A | N/A | N/A | 0 | 177M | 159M | 145M | 185M | 170M | 156M | 142M | 142M |
| Retained Earnings | 1.1B | 1.1B | 1.2B | 1.2B | 1.2B | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B | 1.5B | 1.7B | 1.7B |
| 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 | 2.47 | 2.20 | 2.02 | 4.08 | 0.44 | 4.40 | 3.17 | 4.04 | 0.47 | 1.09 | 2.48 | 3.90 | 3.90 |
| Owner EPS | 5.04 | 4.69 | 4.84 | 5.81 | 4.44 | 2.50 | 5.46 | 5.04 | 3.20 | 6.45 | 10.03 | 12.41 | 12.41 |
| Book Value | 31.67 | 29.76 | 31.20 | 36.15 | 30.96 | 37.40 | 42.57 | 42.41 | 26.07 | 28.47 | 31.06 | 35.67 | 35.67 |
| Cash Flow/Share | 5.26 | 4.89 | 5.10 | 6.18 | 4.82 | 3.04 | 6.18 | 5.80 | 4.07 | 7.32 | 10.91 | 13.31 | 4.55 |
| Dividends/Share | 0.92 | 1.00 | 1.06 | 1.10 | 1.14 | 1.15 | 1.20 | 1.24 | 1.28 | 1.32 | 1.36 | 1.40 | 1.37 |
| Shares Out. | 42.2M | 42.5M | 41.5M | 41.5M | 41.7M | 41.9M | 42.1M | 35.3M | 42.1M | 41.3M | 41.5M | 41.6M | 41.6M |
| Valuation | |||||||||||||
| P/E Ratio | 9.4 | 11.1 | 16.0 | 8.4 | 67.0 | 8.1 | 11.1 | 10.0 | 71.2 | 27.9 | 15.3 | 11.9 | 13.4 |
| P/FCF | 4.4 | 5.0 | 6.3 | 5.5 | 6.1 | 11.7 | 5.7 | 5.8 | 8.2 | 4.2 | 3.5 | 3.5 | 3.9 |
| 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 | 13.6 |
| Price/Book | 0.7 | 0.8 | 1.0 | 0.9 | 1.0 | 0.9 | 0.8 | 0.8 | 1.3 | 1.1 | 1.2 | 1.3 | 1.5 |
| Price/Sales | 0.8 | 1.0 | 0.9 | 1.1 | 1.2 | 1.0 | 1.0 | 1.1 | 1.0 | 0.8 | 0.9 | 1.0 | 1.3 |
| FCF Yield | 22.6% | 20.0% | 15.8% | 18.1% | 16.3% | 8.6% | 17.6% | 14.4% | 12.2% | 24.1% | 28.7% | 28.6% | 25.5% |
| Market Cap | 981M | 1.0B | 1.3B | 1.4B | 1.2B | 1.5B | 1.5B | 1.4B | 1.4B | 1.3B | 1.6B | 1.9B | 2.2B |
| Avg. Price | 20.56 | 24.32 | 25.31 | 30.47 | 33.44 | 33.17 | 31.28 | 33.98 | 33.47 | 29.29 | 34.03 | 42.11 | 52.10 |
| Year-End Price | 23.25 | 24.49 | 32.26 | 34.19 | 29.47 | 35.50 | 35.10 | 33.79 | 33.47 | 30.41 | 38.04 | 46.50 | 52.10 |
HORACE MANN EDUCATORS CORP /DE/ passes 3 of 9 quality checks, indicating weak fundamentals.
HORACE MANN EDUCATORS CORP /DE/ trades at 13.4x trailing earnings, compared to its 15-year median P/E of 13.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 3.9x vs a median of 5.8x. The company's 5-year average ROIC is 5.1% with a gross margin of 4.7%. Total shareholder yield (dividends + buybacks) is 3.6%. At current prices, the estimated annualized return to fair value is +15.4%.
HORACE MANN EDUCATORS CORP /DE/ (HMN) reported annual revenue of $1.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a net profit margin of 9.5%. This is a modest margin.
HORACE MANN EDUCATORS CORP /DE/ (HMN) generated $553 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a debt-to-equity ratio of 0.40. This indicates a conservatively financed balance sheet.
HORACE MANN EDUCATORS CORP /DE/ (HMN) reported earnings per share (EPS) of $3.90 in its most recent fiscal year.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a return on equity (ROE) of 11.7%. This indicates moderate shareholder returns.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a 5-year average gross margin of 4.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for HORACE MANN EDUCATORS CORP /DE/ (HMN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HORACE MANN EDUCATORS CORP /DE/ (HMN) has a book value per share of $35.67, based on its most recent annual SEC filing.
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