Horace Mann Educators

HMN · NYSE · Financials · Financials, fiscal 2016 to 2025

HMN · Last close · November 6, 2026

$53.25

Horace Mann Educators' revenue rose 6.7% to $1.7 billion in fiscal 2025. Its net margin was 9.5%, up from 6.4% a year earlier. It paid out $78 million in dividends and buybacks. The diluted share count rose 0.2%.

HORACE MANN EDUCATORS CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000850141-26-000007 Updated November 7, 2026

Revenue

$1.7B

6.7%

Net margin

9.5%

3.1 pts

Net income

$162M

57.7%

Free cash flow

—

Return on equity

11.7%

3.3 pts

Market cap

$2.2B

Nov 6 close

P/E

12.4x

On $4.29 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Horace Mann Educators does

Horace Mann is an insurance holding company that sells insurance and retirement products mainly to teachers and other school employees in the United States. It began in 1945 in Springfield, Illinois, when two teachers set up an auto insurance plan for their association members. It sells auto and home insurance, life insurance, retirement plans such as 403(b) accounts, and supplemental health coverage.

It reports three segments: Property & Casualty, Life & Retirement, and Supplemental & Group Benefits. It also offers group benefits, such as disability and life coverage, that school districts and other employers provide to staff. It earns money from the premiums customers pay, and from the investments it holds to pay future claims and benefits.

Horace Mann says the U.S. educator market is about 14 million households. It sells through exclusive agents, broker partners who work with school districts, a call center and digital tools. It says it has local agent representation in over 60% of the territories where it operates. It competes with other insurers, mutual fund companies, independent agencies and financial planners.

Its biggest risks, as it describes them

Weak financial markets or changing interest rates that cut its investment income.
Loss reserves for property and casualty claims that may prove too small.
Keeping access to educators, which depends on its agents and on school and association relationships.
Group benefits sales that depend heavily on one distribution partner.
Strong competition in auto, home, retirement and supplemental insurance.

From Horace Mann Educators's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 7.6% a year and net income 7.6% a year, with the share count about the same.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	134	5,228	5,265	5,426	5,742
Debt incl. finance leases	503	498	546	547	593
Net debt (negative means net cash)	369	−4,730	−4,719	−4,879	−5,149
Net debt to EBITDA	1.5x	−74.5x	−43.2x	−25.7x	−19.4x
Debt to equity	0.3x	0.5x	0.5x	0.4x	0.4x
Interest coverage	16.1x	1.9x	2.8x	4.7x	6.5x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Horace Mann Educators' filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Horace Mann Educators' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Horace Mann Educators' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $157,187 of Horace Mann Educators shares on the open market, and 7 insiders sold $4.0 million, $3.2 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 2, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	7,500	$47.20	$353,970	Form 4
Sep 3, 2026	Perry G. HinesDirector	Sold	3,237	$52.22	$169,036	Form 4
Sep 3, 2026	Donald M CarleyGeneral Counsel	Sold	2,054	$52.28	$107,383	Form 4
Sep 1, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	7,500	$50.99	$382,425	Form 4
Aug 12, 2026	Thomas A BradleyDirector	Sold	5,000	$51.72	$258,600	Form 4
Aug 12, 2026	Henry Wade ReeceDirector	Sold	1,359	$51.52	$70,016	Form 4
Aug 3, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	7,500	$52.03	$390,225	Form 4
Jul 1, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	7,500	$52.62	$394,650	Form 4
Jun 2, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	7,500	$46.25	$346,875	Form 4
May 19, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	14	$46.15	$646	Form 4
May 6, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	2	$46.15	$92	Form 4
May 5, 2026	Marita ZuraitisPresident & CEO, Director	Sold plan	403	$46.03	$18,550	Form 4

The latest 12 of 24 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−1.9%	−2.5%	−2.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Horace Mann Educators side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Horace Mann Educators	FY25	6.7%	—	—	—	−19.4x	—
Kemper	FY25	3.3%	—	11.6%	4.3%	3.0x	—	Compare
Genworth Financial	FY25	0.1%	—	—	4.8%	−0.7x	—	Compare
American Financial Group	FY25	−1.8%	13.1%	—	17.8%	0.1x	—	Compare
Assurant	FY25	7.9%	—	12.5%	17.5%	−0.0x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,129	1,172	1,192	1,430	1,310	1,329	1,382	1,492	1,595	1,701
Revenue growth	4.5%	3.8%	1.7%	20.1%	−8.4%	1.4%	3.9%	8.0%	6.9%	6.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	84	170	18	184	133	170	20	45	103	162
Diluted EPS (US$)	2.02	4.08	0.44	4.40	3.17	4.04	0.47	1.09	2.48	3.90
Diluted shares (millions)	42	42	42	42	42	42	42	41	42	42
Cash flow
Cash from operations	211	257	201	128	260	205	172	302	452	553
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	44	46	47	47	50	51	53	54	56	57
Share buybacks	22	2	5	0	2	5	24	6	9	21
Acquisitions	0	0	0	422	0	0	164	0	0	0
Stock-based compensation	1	9	8	7	7	8	9	10	10	10
Balance sheet at fiscal year end
Cash and short-term investments	17	8	12	26	22	134	5,228	5,265	5,426	5,742
Debt incl. finance leases	247	298	298	433	437	503	498	546	547	593
Total assets	10,577	11,198	11,032	12,479	13,472	14,460	13,306	14,050	14,488	15,267
Total liabilities	9,283	9,697	9,741	10,911	11,682	12,576	12,208	12,875	13,200	13,784
Shareholders' equity	1,294	1,502	1,290	1,567	1,790	1,499	1,098	1,175	1,288	1,483
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	7.4%	14.5%	1.5%	12.9%	10.2%	12.8%	1.4%	3.0%	6.4%	9.5%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	6.1%	6.1%	1.8%	11.1%	7.0%	8.9%	—	—	—	—
Return on equity	6.5%	12.1%	1.3%	12.9%	7.9%	10.4%	1.5%	4.0%	8.3%	11.7%
Return on assets	0.8%	1.6%	0.2%	1.6%	1.0%	1.2%	0.1%	0.3%	0.7%	1.1%
Net debt to EBITDA	1.7x	2.7x	7.2x	1.5x	2.1x	1.5x	−74.5x	−43.2x	−25.7x	−19.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Horace Mann Educators' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Horace Mann Educators.