HMN
HORACE MANN EDUCATORS CORP /DE/
Financials • CIK: 0000850141
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Market Cap
$1.90B
P/E (TTM)
11.7x
Rev Growth (TTM)
+6.7%
Net Margin (TTM)
9.5%
FCF Yield (TTM)
29.1%
FCF Margin (TTM)
32.5%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$553M
Q4 '25
$130M-14%
Q3 '25
$151M+15%
FCF Margin
TTM32.5%
Q4 '2529.9%-13%
Sector: 22.2%Above Avg
OCF Margin32.5%
OCF/NI3.41x
CapEx Coverage–
FCF Yield29.1%
FCF Growth (2Y)+48%
Cash Conversion Cycle
0 days
DSO: 0+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.6%
Div Yield4.5%
+Buyback (TTM)1.1%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)4.5%
FCF Payout Ratio15.6%
Free Cash Flow (TTM)$553.2M
Stock Repurchases (TTM)$20.8M
Capital Return / FCF14.1%
Est. Dividends Paid (TTM)$86.5M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.11x
8Q: 0.11x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Fixed Asset Turn
94.39x
8Q:44.80x
+716.0%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $1.7B | $434.8M↓0.8% | $438.5M↑6.5% | $411.7M↓1.1% | $416.4M↑1.8% | $409.0M↓0.8% | $412.1M↑6.2% | $388.1M↑0.5% | $386.0M |
Operating Income | $201.2M | $45.7M↓36.1% | $71.5M↑95.9% | $36.5M↓23.2% | $47.5M↓1.7% | $48.3M↑13.1% | $42.7M↑828.3% | $4.6M↓86.1% | $33.0M |
Net Income | $162.1M | $36.2M↓37.9% | $58.3M↑98.3% | $29.4M↓23.0% | $38.2M↓0.0% | $38.2M↑11.4% | $34.3M↑802.6% | $3.8M↓85.7% | $26.5M |
Operating Cash Flow | $553.2M | $129.9M↓14.1% | $151.2M↑15.2% | $131.3M↓6.7% | $140.8M↓27.2% | $193.5M↑34.5% | $143.9M↑258.0% | $40.2M↓46.0% | $74.5M |
Free Cash Flow | $553.2M | $129.9M↓14.1% | $151.2M↑15.2% | $131.3M↓6.7% | $140.8M↓27.2% | $193.5M↑34.5% | $143.9M↑258.0% | $40.2M↓46.0% | $74.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
11.7x
Volatile
8Q: 49.2x-13595%
Valuation Lenses
Earnings
11.7x
vs – sector
Cash Flow
3.3x
EV/FCF vs –
Growth-Adj
0.2xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
4.5%
Buyback
1.1%
Total Yield
5.6%
Market Cap$1.90B
EV$1.80B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
76/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
11.7%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
3.41x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle0 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
67/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
6.7%
OpInc Growth YoY
-5.4%
EPS Growth YoY
57.3%
FCF 3Y CAGR
47.8%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
9.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+23.0 pts
FCF: 32.5% | Net: 9.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $27.50M
Interest Coverage
–
+Net cash position: $27.50M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis