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Horace Mann Educators Corporation

HMN Financial Insurance Property & Casualty

Horace Mann Educators Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.7 billion, up 6.66% from fiscal 2024.

Revenue
+0.16%
EPS
+0.73%
Free cash flow
+70.4%
Total debt
−29.5%

Quarter to September 2026, against a year earlier

52.49 2.29 +4.56%
Market cap
$2.2B
P/E
12.1×
Fwd P/E
11.2×
Dividend yield
2.72%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.16
Sold, $m 3.83
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 1 — — — — — — — —
Sell — 2 — — 2 3 1 1 3 3 3 1
Insider Ownership 1.47%

Capital & Financial Ratios $m

Size
Market Cap 2,150.00
Revenue ttm 1,746.80
Net income ttm 177.30
Free cash flow ttm 566.10
Net debt Q 447.70
Valuation
P/E 12.15
Forward P/E 11.20
Price / sales 1.23
Forward P/S Powerpack
Price / FCF 3.79
Price / book 1.51
Financial health
Current ratio Q 0.07
Debt / equity Q 0.42
Interest coverage Q 8.56
Growth
Revenue growth Q +0.16% (above 0%: growing)
Operating income growth Q +2.24% (above 0%: growing)
EPS, this year +7.93%
EPS, next year A +5.69%
Revenue, next year A +3.86%
EPS, past 5 yrs +4.23%
EPS, next 5 yrs A +6.92%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 37.00%
10-year low 10-year high
P/S against its own 10 years 53.06%
10-year low 10-year high
P/B against its own 10 years 99.89%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.72%
Annual rate
1.43
Payout ratio
33.3%
Growth, 2017–25
+3.06%/yr
  1. 1.10 ’17
  2. 1.14 ’18 +4
  3. 1.15 ’19 +1
  4. 1.20 ’20 +4
  5. 1.24 ’21 +3
  6. 1.28 ’22 +3
  7. 1.32 ’23 +3
  8. 1.36 ’24 +3
  9. 1.40 ’25 +3
  10. 1.44 ’26e +3
paid forecast change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 30 38 28 147
Receivables 481 425 419 409
Inventory — — — —
Other — — — —
510 463 447 556
2023 2024 2025 Q'26
Payables 7,831 7,637 7,613 7,462
ST’ Debt — — — —
Other — — — —
7,831 7,637 7,613 7,462

Compound Annual Growth %

10y 5y 3y
Sales 4.65% 5.36% 7.19%
Cash Flow 10.29% 16.32% 47.75%
Earnings 5.66% 3.99% 101.55%
Book Value 1.60% (3.70%) 10.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.99 Actual 2.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.18 1.21 Beat by 0.03
Q1 FY26 1.10 1.28 Beat by 0.18
Q2 FY26 0.67 1.17 Beat by 0.50
Q3 FY26 0.99 2.06 Beat by 1.07
Q4 FY26 1.32 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.00 1.01 1.41 — —
’25 0.92 0.71 1.40 0.87 3.90
’24 0.64 0.09 0.83 0.92 2.48
’23 0.16 (0.31) 0.28 0.95 1.09
’22 0.48 (0.10) 0.49 (0.45) 0.47
’21 0.93 1.11 0.39 1.61 4.04
’20 0.44 0.73 0.87 1.13 3.17
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 429 444 439 — —
’25 416 412 439 435 1,701
’24 386 388 412 409 1,595
’23 354 356 379 403 1,492
’22 347 346 343 346 1,382
’21 322 347 330 331 1,329
’20 307 315 337 351 1,310
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 61 224 — — —
’25 141 131 151 130 553
’24 75 40 144 194 452
’23 86 68 45 103 302
’22 96 (16) 36 56 172
’21 142 (25) 62 27 205
’20 87 78 102 (8) 260
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 61 224 — — —
’25 141 131 151 130 553
’24 75 40 144 194 452
’23 86 68 45 103 302
’22 96 (16) 36 56 172
’21 142 (25) 62 27 205
’20 87 78 102 (8) 260
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,129 1,172 1,192 1,431 1,310 1,329 1,382 1,492 1,595 1,701 1,747 +4.7% 1,767 2,070 2,163 +8.3%
Gross margin, % 35.07 33.34 29.19 44.22 40.97 43.53 33.38 34.66 39.76 45.43 47.33 +10.4 pt
EBT 114 89 20 236 160 210 17 53 129 201 218 +6.5%
EBT margin, % 10.12 7.57 1.64 16.53 12.18 15.81 1.19 3.57 8.06 11.83 12.45 +1.7 pt
Net income 84 169 18 184 133 170 20 45 103 162 177 +7.6%
Per share, $
Per share, $ Revenue 27.43 28.32 28.66 34.30 31.27 31.65 33.21 36.12 38.62 41.30 42.71 +4.7%
Earnings 2.02 4.08 0.44 4.40 3.17 4.06 0.48 1.09 2.49 3.90 4.32 +7.6%
Cash flow 5.14 6.20 4.83 3.06 6.20 4.88 4.12 7.31 10.95 13.43 0.00 +11.3%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 5.14 6.20 4.83 3.06 6.20 4.88 4.12 7.31 10.95 13.43 0.00 +11.3%
Book value 31.44 36.30 31.05 37.58 42.72 43.03 26.40 28.46 31.17 35.99 34.75 +1.5%
Shares, m 41 41 42 42 42 42 42 41 41 41 41 0.0%
Valuation, ×
Valuation, × P/E 21.13 10.78 87.09 9.95 13.26 9.56 88.10 31.11 15.76 11.75 12.15 29.8
P/S 1.56 1.54 1.31 1.27 1.34 1.22 1.13 0.93 1.02 1.12 1.23 1.2
P/B 1.36 1.21 1.21 1.16 0.98 0.90 1.42 1.18 1.26 1.28 1.51 1.2
EV/Sales 1.87 1.89 1.64 1.56 1.66 1.50 1.46 1.44 1.49 1.60 — 1.6
EV/FCF 9.98 8.62 9.73 17.46 8.38 9.73 11.77 7.13 5.26 4.91 — 9.3
Cash, $m
Cash, $m Operating cash flow 211 257 201 128 260 205 172 302 452 553 566 +11.3%
Capex — — — — — — — — — — — —
Free cash flow 211 257 201 128 260 205 172 302 452 553 566 +11.3%
Balance, $m
Balance, $m Working capital (6,007) (6,174) (6,372) (7,066) (7,261) (7,221) (7,547) (7,321) (7,174) (7,166) (6,905) +2.0%
Net debt 231 290 286 408 415 369 455 516 509 566 448 +10.5%
Shareholders’ equity 1,294 1,502 1,291 1,567 1,790 1,807 1,098 1,175 1,288 1,483 1,421 +1.5%
Returns, %
Returns, % ROA 0.81 1.56 0.17 1.57 1.03 1.22 0.14 0.33 0.72 1.09 1.15 +0.3 pt
ROIC 5.17 3.51 1.29 8.86 5.24 6.43 1.64 3.07 5.68 7.25 8.57 +2.1 pt
ROE 6.55 12.12 1.31 12.90 7.94 9.47 1.36 3.96 8.35 11.70 12.40 +5.2 pt
People
People Employees 1,473 1,496 1,495 1,538 1,490 1,450 1,700 1,700 1,750 1,800 — +2.3%
Revenue/emp, $m 0.77 0.78 0.80 0.93 0.88 0.92 0.81 0.88 0.91 0.95 — +2.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Horace Mann Educators Corporation vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SKWD Skyward Specialty Insurance Group, Inc. $2.8B 14.4× 13.6× +53.03% (above 0%: growing) +14.58% (above 0%: growing) −23.60% (below 0%: shrinking) 43.47% 14.78% Compare
HCI HCI Group, Inc. $2.4B 7.5× 9.1× +13.20% (above 0%: growing) +32.08% (above 0%: growing) +187.69% (above 0%: growing) 60.37% 48.08% Compare
PRCH Porch Group, Inc. $2.3B 344× 294× +13.02% (above 0%: growing) n/m +50.01% (above 0%: growing) 74.98% 12.57% Compare
HMN Horace Mann Educators Corporation $2.2B 12.1× 11.2× +0.16% (above 0%: growing) +0.73% (above 0%: growing) +70.37% (above 0%: growing) 50.05% 18.72%
KMPR Kemper Corporation $2.1B — (loss-making) — (loss-making) −10.84% (below 0%: shrinking) n/m −76.71% (below 0%: shrinking) 0.17% (41.92%) Compare
SAFT Safety Insurance Group, Inc. $1.5B 22.4× — (loss-making) +2.95% (above 0%: growing) +21.03% (above 0%: growing) +16.88% (above 0%: growing) 14.33% 13.69% Compare
TRUP Trupanion, Inc. $1.5B 56.6× 50.0× +10.54% (above 0%: growing) +50.00% (above 0%: growing) +18.93% (above 0%: growing) 17.14% 0.00% Compare
STC Stewart Information Services Corporation $1.5B 12.2× 10.7× +13.02% (above 0%: growing) −36.77% (below 0%: shrinking) −12.37% (below 0%: shrinking) 64.58% 8.51% Compare
UVE UNIVERSAL INSURANCE HOLDINGS INC $1.3B 5.7× 7.5× +9.56% (above 0%: growing) +32.87% (above 0%: growing) +34.17% (above 0%: growing) 24.43% 16.44% Compare
Median of peers $1.8B 14.4× 12.1× +11.78% +26.55% +17.91% 33.95% 13.13%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 6 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.45m 12.28m 131.12
2024 8.20m 9.91m 107.91
2023 6.14m 4.16m 86.59
2022 5.08m 5.12m 94.91
2021 6.12m 5.56m 94.97

Ownership

Directors and executive officers, together 3.60%
BlackRock, Inc. 14.60%
The Vanguard Group, Inc. 12.60%
Franklin Mutual Advisers, LLC 8.30%
Dimensional Fund Advisors LP 6.30%
Fuller & Thaler Asset Management, Inc. 6.10%
T. Rowe Price Associates, Inc. 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Horace Mann Educators Corporation (HMN) Latest News

5 Nov

Impact 3 · · Zacks
Impact 3 · · GuruFocus.com

4 Nov

Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

3 Nov

Impact 3 · · Business Wire

29 Oct

Impact 3 · · Business Wire

19 Oct

Impact 3 · · Zacks

14 Oct

Impact 3 · · StockStory

2 Oct

Impact 3 · · Zacks

1 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks

27 Sep

Impact 3 · · Simply Wall St.

25 Sep

Impact 3 · · Business Wire

24 Sep

Impact 3 · · StockStory

15 Aug

Impact 3 ·

13 Aug

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 3 ·

9 Aug

Impact 4 ·

8 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 · · Moby transcript

5 Aug

Impact 3 ·

24 Jul

Impact 3 ·

22 Jul

Impact 4 · · MarketBeat

21 Jul

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14 Jul

Impact 3 ·

26 Jun

Impact 3 ·

HMN metrics, ten years each

stockrow.com/HMN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com