Unum

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

UNM · Last close · October 26, 2026

$90.12

Unum's revenue rose 1.5% to $13.1 billion in fiscal 2025. Its net margin was 5.7%, down from 13.8% a year earlier. Free cash flow was $555 million, down 60.0%. It paid out $1.3 billion in dividends and buybacks, 237% of free cash flow. The diluted share count fell 8.1%.

Unum Group Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0000005513-26-000008 Updated October 18, 2026

Revenue

$13.1B

1.5%

Net margin

5.7%

8.2 pts

Net income

$738M

58.5%

Free cash flow

$555M

60.0%

Return on capital

7.6%

9.0 pts

Market cap

$14.4B

Oct 26 close

P/E

21.0x

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 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.

About these figures. Unum's filings tag a negative figure (a part of its equity) as its equity including minority owners, so its shareholders' equity is used throughout (Unum has no minority owners).

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 0.9% a year and net income fell 2.5% a year, as buybacks cut the share count by 27%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Unum yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Unum's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Unum's fiscal 2025 free cash flow of $555M, net cash of −$593M at December 31, 2025 and 173 million diluted shares, from its filings. The scenarios are fitted to Unum: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Life & Health Insurance), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Unum's own revenue growth, as above. Cautious: growth of 1% then 1.5% a year, 2% after year 10, a 9% discount rate. Base: growth of 3% then 3% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 5% then 4% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $90.12
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Unum's earnings per share of $4.29 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Unum's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Principal Financial Group, Aflac, Brighthouse Financial, Globe Life.

Earnings growth in the years ahead (% a year) Starts at Unum's revenue growth over the last 3 years, 2.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $90.12
Value at this multiple, against the last close: —
Unum's P/E at the last close: 21.0×

Company	Last close	Earnings per share	P/E today
UnumUNM	$90.12	$4.29	21.0×
Principal Financial GroupPFG	$110.13	$6.97	15.8×
AflacAFL	$120.93	$9.30	13.0×
Globe LifeGL	$156.82	$15.07	10.4×
Brighthouse FinancialBHF	$44.83	$12.53	3.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,463	1,514	1,757	2,703	3,174
Debt incl. finance leases	3,442	3,430	3,430	3,740	3,768
Net debt (negative means net cash)	1,979	1,916	1,674	1,037	593
Net debt to EBITDA	1.3x	0.9x	0.9x	0.4x	0.5x
Debt to equity	0.6x	0.4x	0.4x	0.3x	0.3x
Interest coverage	7.8x	10.3x	9.4x	12.2x	5.5x
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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Unum shares on the open market, and 7 insiders sold $4.5 million, $351,624 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 10, 2026	Timothy F KeaneyDirector	Sold	4,300	$94.02	$404,286	Form 4
Sep 10, 2026	Walter Lynn Rice JRSVP, Chief Accounting Officer	Sold	2,188	$94.32	$206,372	Form 4
Sep 9, 2026	Lisa G IglesiasEVP, General Counsel	Sold	4,000	$94.44	$377,760	Form 4
Apr 30, 2026	Elizabeth Claire AhmedEVP, People & Communications	Sold	12,000	$80.14	$961,680	Form 4
Mar 16, 2026	Christopher W PyneEVP, Group Benefits	Sold plan	4,852	$72.47	$351,624	Form 4
Mar 9, 2026	Lisa G IglesiasEVP, General Counsel	Sold	3,500	$73.00	$255,500	Form 4
Feb 18, 2026	Cynthia EganDirector	Sold	9,000	$73.00	$657,000	Form 4
Feb 18, 2026	Timothy F KeaneyDirector	Sold	4,500	$72.58	$326,610	Form 4
Dec 9, 2025	Walter Lynn Rice JRSVP, Chief Accounting Officer	Sold	900	$73.50	$66,150	Form 4
Nov 19, 2025	Steven Andrew ZabelEVP, Chief Financial Officer	Sold	7,500	$76.38	$572,850	Form 4
Nov 7, 2025	Christopher W PyneEVP, Group Benefits	Sold	4,000	$78.04	$312,160	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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

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	Fail
Cash from operations exceeds net income	Fail	Fail	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	0.1%	0.4%	0.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Unum 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
Unum	FY25	1.5%	—	4.2%	7.6%	0.5x	—
Principal Financial Group	FY25	−3.1%	—	—	—	−0.2x	—	Compare
Aflac	FY25	−9.3%	—	—	13.0%	0.4x	—	Compare
Brighthouse Financial	FY25	43.2%	—	—	—	—	—	Compare
Globe Life	FY25	3.7%	—	20.9%	16.0%	1.4x	—	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 above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	11,046	11,287	11,598	11,999	13,162	12,008	11,984	12,386	12,887	13,076
Revenue growth	2.9%	2.2%	2.8%	3.5%	9.7%	−8.8%	−0.2%	3.4%	4.0%	1.5%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	931	994	523	1,100	793	981	1,407	1,284	1,779	738
Diluted EPS (US$)	3.95	4.37	2.38	5.24	3.89	4.79	6.96	6.50	9.46	4.27
Diluted shares (millions)	236	227	220	210	204	205	202	198	188	173
Cash flow
Cash from operations	1,122	1,164	1,536	1,607	469	1,388	1,419	1,203	1,513	688
Capital expenditure	85	105	144	151	119	110	102	135	126	132
Free cash flow	1,037	1,059	1,392	1,456	350	1,277	1,316	1,068	1,388	555
Dividends paid	183	196	216	229	232	239	254	277	296	306
Share buybacks	405	402	356	400	0	50	200	250	973	1,010
Acquisitions	129	0	145	0	0	0	0	0	0	0
Stock-based compensation	22	30	26	27	30	35	53	64	48	54
Balance sheet at fiscal year end
Cash and short-term investments	880	1,232	1,062	1,379	1,667	1,463	1,514	1,757	2,703	3,174
Debt incl. finance leases	2,999	2,938	2,971	3,327	3,346	3,442	3,430	3,430	3,740	3,768
Total assets	61,942	64,013	61,876	67,013	70,626	70,116	61,148	63,255	61,959	63,519
Total liabilities	52,974	54,438	53,254	57,048	59,755	58,699	52,414	53,604	50,998	52,400
Shareholders' equity	8,968	9,575	8,622	9,965	10,871	6,034	8,735	9,651	10,961	11,119
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	8.4%	8.8%	4.5%	9.2%	6.0%	8.2%	11.7%	10.4%	13.8%	5.7%
Free cash flow margin	9.4%	9.4%	12.0%	12.1%	2.7%	10.6%	11.0%	8.6%	10.8%	4.2%
Return on capital	9.7%	9.9%	6.1%	11.1%	7.8%	10.9%	16.7%	13.1%	16.6%	7.6%
Return on equity	10.6%	10.7%	5.8%	11.8%	7.6%	11.6%	19.1%	14.0%	17.3%	6.7%
Return on assets	1.5%	1.6%	0.8%	1.7%	1.1%	1.4%	2.1%	2.1%	2.8%	1.2%
Net debt to EBITDA	1.3x	1.0x	2.1x	1.2x	1.3x	1.3x	0.9x	0.9x	0.4x	0.5x

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