HORACE MANN EDUCATORS CORP /DE/ HMN
Measures within this Annual Report on Form 10-K that are not based on accounting principles generally accepted in the United States of America (non-GAAP) are marked with an asterisk (*) the first time they are presented within Part I of this Annual Report on Form 10-K. An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 to this Annual Report on Form 10-K and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) in the Appendix to the Company's Fourth Quarter 2025 Investor Supplement.
We are an insurance holding company incorporated in Delaware. Our headquarters is located in Springfield, Ill. We also operate corporate offices in Dallas, Tx., Madison, Wisc., and Cherry Hill, N.J.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.70B | $1.60B | $1.49B | $1.38B | $1.33B | $1.31B | $1.43B | $1.19B | $1.17B | $1.13B |
| Total operating expenses | $334.4M | $294.9M | $267.0M | $255.8M | — | — | $234.6M | $205.4M | $187.8M | $173.1M |
| Interest expense | $36.4M | $34.6M | $29.7M | $19.4M | $13.9M | $15.2M | $15.6M | $13.0M | $11.9M | $11.8M |
| Pre-tax income | $201.2M | $128.6M | $53.3M | $16.5M | $210.1M | $159.6M | $236.4M | $19.5M | $88.7M | $114.2M |
| Income tax | $39.1M | $25.8M | $8.3M | $3.3M | $39.7M | $26.3M | $52.0M | $1.2M | $80.8M | $30.5M |
| Net income | $162.1M | $102.8M | $45.0M | -$2.6M | $142.8M | $133.3M | $184.4M | $18.3M | $169.5M | $83.8M |
| EPS, basic | 3.93 | 2.49 | 1.09 | 0.48 | 4.06 | 3.18 | 4.42 | 0.44 | 4.10 | 2.04 |
| EPS, diluted | 3.90 | 2.48 | 1.09 | 0.47 | 4.04 | 3.17 | 4.40 | 0.44 | 4.08 | 2.02 |
| Shares, diluted (wtd. avg.) | $41.6M | $41.5M | $41.4M | $41.8M | $42.2M | $42.0M | $41.9M | $41.9M | $41.6M | $41.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.5M | $38.1M | $29.7M | $42.8M | $133.7M | $22.3M | $25.5M | $11.9M | $7.6M | $16.7M |
| Property, plant and equipment | $70.8M | $73.4M | $68.6M | $69.3M | $66.0M | $64.7M | $60.1M | $41.0M | $38.9M | $32.2M |
| Goodwill | $54.3M | $54.3M | $54.3M | $54.3M | $43.5M | $43.5M | $49.1M | $47.4M | $47.4M | $47.4M |
| Other intangibles | $141.5M | $155.8M | $170.3M | $185.2M | $145.4M | $158.5M | $177.2M | $0 | — | — |
| Total assets | $15.27B | $14.49B | $14.05B | $13.31B | $14.46B | $13.47B | $12.48B | $11.03B | $11.20B | $10.58B |
| Short-term debt | $0 | $0 | $0 | $249.0M | $249.0M | $135.0M | $135.0M | $0 | — | — |
| Long-term debt | $593.4M | $547.0M | $546.0M | $249.0M | $253.6M | $302.3M | $298.0M | $297.7M | $297.5M | $247.2M |
| Total liabilities | $13.78B | $13.20B | $12.87B | $12.21B | $12.58B | $11.68B | $10.91B | $9.74B | $9.70B | $9.28B |
| Retained earnings | $1.65B | $1.55B | $1.50B | $1.51B | $1.52B | $1.43B | $1.35B | $1.22B | $1.23B | $1.16B |
| Total equity | $1.48B | $1.29B | $1.18B | $1.10B | $1.50B | $1.79B | $1.57B | $1.29B | $1.50B | $1.29B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $553.2M | $452.1M | $302.1M | $171.5M | $204.9M | $259.8M | $127.6M | $200.9M | $256.6M | $211.4M |
| Depreciation and amortisation | $27.1M | $26.4M | $26.2M | $27.6M | $18.4M | $23.4M | $15.6M | $7.4M | $6.6M | $6.9M |
| Stock-based compensation | $10.2M | $9.9M | $9.5M | $8.9M | $8.4M | $6.7M | $7.3M | $8.3M | $8.6M | — |
| Investing cash flow | -$252.1M | -$135.8M | -$107.4M | -$214.6M | -$302.0M | -$406.8M | $55.9M | -$186.5M | -$228.7M | -$325.4M |
| Financing cash flow | -$311.7M | -$307.9M | -$207.8M | -$47.8M | $208.5M | $143.8M | -$169.9M | -$10.1M | -$37.0M | $115.1M |
| Dividends paid | $57.1M | $55.5M | $53.9M | $52.6M | $51.4M | $49.6M | $47.3M | $46.7M | $46.1M | $44.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000850141-26-000014.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |