Kemper

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

KMPR · Last close · November 6, 2026

$33.39

Kemper's revenue rose 3.3% to $4.8 billion in fiscal 2025. Its net margin was 3.0%, down from 6.8% a year earlier. Free cash flow was $554 million, up 68.0%. It paid out $382 million in dividends and buybacks, 69% of free cash flow. The diluted share count fell 3.4%.

Kemper Corporation Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0000860748-26-000014 Updated November 5, 2026

Revenue

$4.8B

3.3%

Net margin

3.0%

3.9 pts

Net income

$143M

54.9%

Free cash flow

$554M

68.0%

Return on capital

4.3%

Market cap

$2.0B

Nov 6 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. 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 Kemper does

Kemper is an insurance holding company. Through its subsidiaries it sells personal and commercial automobile insurance to consumers in targeted markets and industries, under its Kemper Auto brand. Under Kemper Life, it sells life and other insurance for people who want basic protection for themselves and their families. It operates only in the United States.

It makes money from premiums that customers pay, and from investing those premiums until claims are paid. It has two segments: Specialty Property & Casualty Insurance and Life Insurance. The property and casualty segment sells mostly through independent agents and brokers who earn commissions, and also through direct-to-consumer and captive channels. The life segment's career agents also sell coverage for personal property and personal liability.

Kemper is incorporated in Delaware and traded under the name Unitrin until 2011. It says it competes in a highly competitive industry and has a large share of its personal auto business in California and Florida.

Its biggest risks, as it describes them

Claims and benefits turning out higher than the reserves it sets aside for them.
Being unable to charge rates that are both competitive and profitable.
Catastrophe losses, and changes in the cost or availability of reinsurance.
A concentration of personal auto business in California and Florida.
A downgrade of its financial strength ratings, and strict insurance regulation.

From Kemper's annual report on Form 10-K, filed February 11, 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 24.0% a year and net income 26.9% a year, as new shares raised the share count by 22% and diluted each share's earnings.

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	432	491	—	65	126
Debt incl. finance leases	1,122	1,387	1,389	1,392	944
Net debt (negative means net cash)	690	896	—	1,326	818
Net debt to EBITDA	—	—	—	2.7x	3.0x
Debt to equity	—	—	0.6x	0.5x	0.3x
Interest coverage	−7.7x	−3.0x	−1.2x	7.8x	5.2x
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

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

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 Kemper's 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 Kemper's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 6 insiders bought $1.3 million of Kemper shares on the open market, and 1 insider sold $17,469.

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
Aug 13, 2026	Stephen J McAnenaPresident and CEO	Bought	3,000	$26.50	$79,500	Form 4
Aug 11, 2026	Gerald LadermanDirector	Bought	4,000	$26.49	$105,960	Form 4
Aug 11, 2026	Carl Thomas Evans Jr.EVP, Sec. & General Counsel	Bought	1,000	$26.53	$26,530	Form 4
Aug 11, 2026	Bradley T CamdenEVP and CFO	Bought	1,000	$26.34	$26,340	Form 4
Aug 10, 2026	Jason N GorevicDirector	Bought	5,000	$25.91	$129,550	Form 4
Feb 6, 2026	Suzet M McKinneyDirector	Sold	504	$34.66	$17,469	Form 4
Nov 10, 2025	Stuart B. ParkerDirector	Bought	25,000	$36.82	$920,500	Form 4

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	−14.3%	0.9%	14.8%
Altman Z''	—	—	—
Accruals ratio	−1.1%	−0.5%	−3.5%

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

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

Compare

Put Kemper 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
Kemper	FY25	3.3%	—	11.6%	4.3%	3.0x	—
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
Horace Mann Educators	FY25	6.7%	—	—	—	−19.4x	—	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	2,522	2,723	3,725	5,039	5,206	5,718	5,524	4,944	4,639	4,790
Revenue growth	7.7%	8.0%	36.8%	35.3%	3.3%	9.8%	−3.4%	−10.5%	−6.2%	3.3%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	3	119	286	519	547	−334	−167	−69	—	—
Net income	17	121	190	531	410	−124	−287	−272	318	143
Diluted EPS (US$)	0.33	2.33	3.22	7.96	6.14	−1.92	−4.50	−4.25	4.91	2.29
Diluted shares (millions)	51	52	59	66	67	64	64	64	65	63
Cash flow
Cash from operations	240	241	539	534	448	351	−210	−134	383	584
Capital expenditure	—	36	65	84	53	58	31	54	53	31
Free cash flow	—	205	474	450	395	293	−241	−188	330	554
Dividends paid	49	50	56	68	79	81	80	80	80	80
Share buybacks	4	0	0	0	110	162	0	0	39	302
Acquisitions	0	0	561	0	0	317	0	0	0	0
Stock-based compensation	5	9	19	25	25	28	18	29	29	29
Balance sheet at fiscal year end
Cash and short-term investments	389	281	361	608	1,082	432	491	—	65	126
Debt incl. finance leases	752	592	911	779	1,173	1,122	1,387	1,389	1,392	944
Total assets	8,210	8,376	11,545	12,989	14,342	14,916	13,314	12,743	12,630	12,473
Total liabilities	6,235	6,261	8,495	9,017	9,778	10,909	10,643	10,238	9,846	9,803
Shareholders' equity	1,975	2,116	3,050	3,972	4,563	−850	241	2,505	2,788	2,681
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	0.1%	4.4%	7.7%	10.3%	10.5%	−5.8%	−3.0%	−1.4%	—	—
Net margin	0.7%	4.4%	5.1%	10.5%	7.9%	−2.2%	−5.2%	−5.5%	6.8%	3.0%
Free cash flow margin	—	7.5%	12.7%	8.9%	7.6%	5.1%	−4.4%	−3.8%	7.1%	11.6%
Rule of 40 (growth + FCF margin)	—	15.5%	49.5%	44.2%	10.9%	15.0%	−7.8%	−14.3%	0.9%	14.8%
Return on capital	0.1%	3.7%	9.0%	10.8%	10.0%	−6.2%	−3.6%	—	—	4.3%
Return on equity	0.8%	5.9%	7.4%	15.1%	9.6%	−6.7%	—	−19.8%	12.0%	5.2%
Return on assets	0.2%	1.5%	1.9%	4.3%	3.0%	−0.8%	−2.0%	−2.1%	2.5%	1.1%
Net debt to EBITDA	16.0x	2.4x	1.8x	0.3x	0.2x	—	—	—	2.7x	3.0x

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