CNO Financial Group vs Unum
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The short version
- Unum is the larger business, with $13.1B of revenue in fiscal 2025 against $4.5B for CNO Financial Group, about 2.9 times as much.
- Unum grew revenue faster (1.5%, against 0.9%).
- Investors pay more for each dollar of Unum’s earnings: a P/E of 21.0x against 18.4x for CNO Financial Group.
| Latest fiscal year | CNO · FY25 | UNM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $14.4B |
| Revenue | $4.5B | $13.1B |
| Free cash flow | — | $555M |
| Net income | $229M | $739M |
| Growth | ||
| Revenue growth | 0.9% | 1.5% |
| 5-year growth | 3.3% | −0.1% |
| Share count change | −7.7% | −8.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 12.3% | — |
| Net margin | 5.1% | 5.7% |
| FCF margin | — | 4.3% |
| Return on capital | — | 7.6% |
| Return on equity | 8.9% | 6.7% |
| Balance sheet | ||
| Net debt | — | $593M |
| Net debt / EBITDA | — | 0.5x |
| Dividends and buybacks | $398M | $1.3B |
| Valuation & quality | ||
| P/E | 18.4x | 21.0x |
| Piotroski F-score | — | — |
Revenue
FY16
CNO $4.0B
UNM $11.0B
FY17
CNO $4.3B
UNM $11.3B
FY18
CNO $4.3B
UNM $11.6B
FY19
CNO $4.0B
UNM $12.0B
FY20
CNO $3.8B
UNM $13.2B
FY21
CNO $4.1B
UNM $12.0B
FY22
CNO $3.6B
UNM $12.0B
FY23
CNO $4.1B
UNM $12.4B
FY24
CNO $4.4B
UNM $12.9B
FY25
CNO $4.5B
UNM $13.1B
CNO
UNM
Operating margin
FY16
CNO —
UNM —
FY17
CNO 10.6%
UNM —
FY18
CNO 8.8%
UNM —
FY19
CNO 9.2%
UNM —
FY20
CNO 12.1%
UNM —
FY21
CNO 12.5%
UNM —
FY22
CNO 13.1%
UNM —
FY23
CNO 11.1%
UNM —
FY24
CNO 12.4%
UNM —
FY25
CNO 12.3%
UNM —
CNO
UNM
Free cash flow
FY16
CNO —
UNM $1.0B
FY17
CNO —
UNM $1.1B
FY18
CNO —
UNM $1.4B
FY19
CNO —
UNM $1.5B
FY20
CNO —
UNM $350M
FY21
CNO —
UNM $1.3B
FY22
CNO —
UNM $1.3B
FY23
CNO —
UNM $1.1B
FY24
CNO —
UNM $1.4B
FY25
CNO —
UNM $555M
CNO
UNM
Return on capital
FY16
CNO 10.4%
UNM 9.7%
FY17
CNO 4.7%
UNM 9.9%
FY18
CNO 7.0%
UNM 6.1%
FY19
CNO —
UNM 11.1%
FY20
CNO —
UNM 7.8%
FY21
CNO —
UNM 10.9%
FY22
CNO —
UNM 16.7%
FY23
CNO —
UNM 13.1%
FY24
CNO —
UNM 16.6%
FY25
CNO —
UNM 7.6%
CNO
UNM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.