Horace Mann Educators Corp /De/
HMN NYSE Fire, Marine & Casualty Insurance Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.7B
6.7%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$162M
57.7%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $4.28 EPS (TTM)
What Horace Mann Educators Corp /De/ does
No business description yet.
- Legal name
- HORACE MANN EDUCATORS CORP /DE/
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0000850141-26-000007
0000850141
Revenue and margins
Horace Mann Educators Corp /De/ had $1.7B of revenue in fiscal 2025, up 6.7% on the year before.
FY16
Revenue $1.1B
FY17
Revenue $1.2B
FY18
Revenue $1.2B
FY19
Revenue $1.4B
FY20
Revenue $1.3B
FY21
Revenue $1.3B
FY22
Revenue $1.4B
FY23
Revenue $1.5B
FY24
Revenue $1.6B
FY25
Revenue $1.7B
Q3 '23
Revenue $379M
Q4 '23
Revenue $403M
Q1 '24
Revenue $386M
Q2 '24
Revenue $388M
Q3 '24
Revenue $412M
Q4 '24
Revenue $409M
Q1 '25
Revenue $416M
Q2 '25
Revenue $412M
Q3 '25
Revenue $439M
Q4 '25
Revenue $435M
Q1 '26
Revenue $429M
Q2 '26
Revenue $444M
FY16
Gross —
Operating —
Net 7.4%
FCF —
FY17
Gross —
Operating —
Net 14.5%
FCF —
FY18
Gross —
Operating —
Net 1.5%
FCF —
FY19
Gross —
Operating —
Net 12.9%
FCF —
FY20
Gross —
Operating —
Net 10.2%
FCF —
FY21
Gross —
Operating —
Net 12.8%
FCF —
FY22
Gross —
Operating —
Net 1.4%
FCF —
FY23
Gross —
Operating —
Net 3.0%
FCF —
FY24
Gross —
Operating —
Net 6.4%
FCF —
FY25
Gross —
Operating —
Net 9.5%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 3.1%
FCF —
Q4 '23
Gross —
Operating —
Net 9.8%
FCF —
Q1 '24
Gross —
Operating —
Net 6.9%
FCF —
Q2 '24
Gross —
Operating —
Net 1.0%
FCF —
Q3 '24
Gross —
Operating —
Net 8.3%
FCF —
Q4 '24
Gross —
Operating —
Net 9.3%
FCF —
Q1 '25
Gross —
Operating —
Net 9.2%
FCF —
Q2 '25
Gross —
Operating —
Net 7.1%
FCF —
Q3 '25
Gross —
Operating —
Net 13.3%
FCF —
Q4 '25
Gross —
Operating —
Net 8.3%
FCF —
Q1 '26
Gross —
Operating —
Net 9.6%
FCF —
Q2 '26
Gross —
Operating —
Net 9.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 7.6% a year. Loss periods are shown in red.
FY16
Net income $83.8M
FY17
Net income $169M
FY18
Net income $18.3M
FY19
Net income $184M
FY20
Net income $133M
FY21
Net income $170M
FY22
Net income $19.8M
FY23
Net income $45.0M
FY24
Net income $103M
FY25
Net income $162M
Q3 '23
Net income $11.7M
Q4 '23
Net income $39.5M
Q1 '24
Net income $26.5M
Q2 '24
Net income $3.8M
Q3 '24
Net income $34.3M
Q4 '24
Net income $38.2M
Q1 '25
Net income $38.2M
Q2 '25
Net income $29.4M
Q3 '25
Net income $58.3M
Q4 '25
Net income $36.2M
Q1 '26
Net income $41.2M
Q2 '26
Net income $41.6M
FY16
Diluted EPS $2.02
FY17
Diluted EPS $4.08
FY18
Diluted EPS $0.44
FY19
Diluted EPS $4.40
FY20
Diluted EPS $3.17
FY21
Diluted EPS $4.04
FY22
Diluted EPS $0.47
FY23
Diluted EPS $1.09
FY24
Diluted EPS $2.48
FY25
Diluted EPS $3.90
Q3 '23
Diluted EPS $0.28
Q4 '23
Diluted EPS $0.96
Q1 '24
Diluted EPS $0.64
Q2 '24
Diluted EPS $0.09
Q3 '24
Diluted EPS $0.83
Q4 '24
Diluted EPS $0.92
Q1 '25
Diluted EPS $0.92
Q2 '25
Diluted EPS $0.71
Q3 '25
Diluted EPS $1.40
Q4 '25
Diluted EPS $0.87
Q1 '26
Diluted EPS $1.00
Q2 '26
Diluted EPS $1.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 6.5%
Return on assets 0.8%
FY17
Return on capital —
Return on equity 12.1%
Return on assets 1.6%
FY18
Return on capital —
Return on equity 1.3%
Return on assets 0.2%
FY19
Return on capital —
Return on equity 12.9%
Return on assets 1.6%
FY20
Return on capital —
Return on equity 7.9%
Return on assets 1.0%
FY21
Return on capital —
Return on equity 10.4%
Return on assets 1.2%
FY22
Return on capital —
Return on equity 1.5%
Return on assets 0.1%
FY23
Return on capital —
Return on equity 4.0%
Return on assets 0.3%
FY24
Return on capital —
Return on equity 8.3%
Return on assets 0.7%
FY25
Return on capital —
Return on equity 11.7%
Return on assets 1.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $211M
Capital spending —
FY17
Cash from operations $257M
Capital spending —
FY18
Cash from operations $201M
Capital spending —
FY19
Cash from operations $128M
Capital spending —
FY20
Cash from operations $260M
Capital spending —
FY21
Cash from operations $205M
Capital spending —
FY22
Cash from operations $172M
Capital spending —
FY23
Cash from operations $302M
Capital spending —
FY24
Cash from operations $452M
Capital spending —
FY25
Cash from operations $553M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $45.3M
Capital spending —
Q4 '23
Cash from operations $103M
Capital spending —
Q1 '24
Cash from operations $74.5M
Capital spending —
Q2 '24
Cash from operations $40.2M
Capital spending —
Q3 '24
Cash from operations $144M
Capital spending —
Q4 '24
Cash from operations $194M
Capital spending —
Q1 '25
Cash from operations $141M
Capital spending —
Q2 '25
Cash from operations $131M
Capital spending —
Q3 '25
Cash from operations $151M
Capital spending —
Q4 '25
Cash from operations $130M
Capital spending —
Q1 '26
Cash from operations $61.3M
Capital spending —
Q2 '26
Cash from operations $224M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Horace Mann Educators Corp /De/ returned $57.1M to shareholders in fiscal 2025. The diluted share count rose 0.2%.
FY16
Dividends $44.3M
Buybacks —
FY17
Dividends $46.1M
Buybacks —
FY18
Dividends $46.7M
Buybacks —
FY19
Dividends $47.3M
Buybacks —
FY20
Dividends $49.6M
Buybacks —
FY21
Dividends $51.4M
Buybacks —
FY22
Dividends $52.6M
Buybacks —
FY23
Dividends $53.9M
Buybacks —
FY24
Dividends $55.5M
Buybacks —
FY25
Dividends $57.1M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $13.4M
Buybacks —
Q4 '23
Dividends $13.5M
Buybacks —
Q1 '24
Dividends $13.9M
Buybacks —
Q2 '24
Dividends $13.9M
Buybacks —
Q3 '24
Dividends $13.9M
Buybacks —
Q4 '24
Dividends $13.8M
Buybacks —
Q1 '25
Dividends $14.3M
Buybacks —
Q2 '25
Dividends $14.3M
Buybacks —
Q3 '25
Dividends $14.3M
Buybacks —
Q4 '25
Dividends $14.2M
Buybacks —
Q1 '26
Dividends $14.6M
Buybacks —
Q2 '26
Dividends $14.5M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Horace Mann Educators Corp /De/ can carry it.
FY16
Cash $16.7M
Debt $247M
FY17
Cash $7.6M
Debt $297M
FY18
Cash $11.9M
Debt $298M
FY19
Cash $25.5M
Debt $433M
FY20
Cash $22.3M
Debt $437M
FY21
Cash $134M
Debt $503M
FY22
Cash $42.8M
Debt $498M
FY23
Cash $29.7M
Debt $546M
FY24
Cash $38.1M
Debt $547M
FY25
Cash $27.5M
Debt $593M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $134M | $42.8M | $29.7M | $38.1M | $27.5M |
| Debt incl. finance leases | $503M | $498M | $546M | $547M | $593M |
| Debt / equity | 0.3x | 0.5x | 0.5x | 0.4x | 0.4x |
| Total assets | $14.5B | $13.3B | $14.0B | $14.5B | $15.3B |
| Total liabilities | $12.6B | $12.2B | $12.9B | $13.2B | $13.8B |
| Shareholders' equity | $1.5B | $1.1B | $1.2B | $1.3B | $1.5B |
| Net debt (− = net cash) | $369M | $455M | $516M | $509M | $566M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 4 / 7 | 4 / 7 | 4 / 7 | 4 / 7 | 4 / 7 | 5 / 7 | 6 / 7 | 6 / 7 | 5 / 7 |
| Accruals ratio | −1.2% | −0.8% | −1.6% | 0.5% | −1.0% | −0.2% | −1.1% | −1.9% | −2.4% | −2.6% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1B | $1.2B | $1.2B | $1.4B | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B |
| Interest expense | $11.8M | $11.9M | $13.0M | $15.6M | $15.2M | $13.9M | $19.4M | $29.7M | $34.6M | $36.4M |
| Pretax income | $114M | $88.7M | $19.5M | $236M | $160M | $210M | $16.5M | $53.3M | $129M | $201M |
| Income tax | $30.5M | −$80.8M | $1.2M | $52.0M | $26.3M | $39.7M | −$3.3M | $8.3M | $25.8M | $39.1M |
| Net income | $83.8M | $169M | $18.3M | $184M | $133M | $170M | $19.8M | $45.0M | $103M | $162M |
| Net income to common | — | — | — | $184M | $133M | $143M | — | — | — | — |
| Diluted EPS | $2.02 | $4.08 | $0.44 | $4.40 | $3.17 | $4.04 | $0.47 | $1.09 | $2.48 | $3.90 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $211M | $257M | $201M | $128M | $260M | $205M | $172M | $302M | $452M | $553M |
| Depreciation and amortization | $6.9M | $6.6M | $7.4M | $15.6M | $23.4M | $18.4M | $27.6M | $26.2M | $26.4M | $27.1M |
| Stock-based compensation | $1.2M | $8.6M | $8.3M | $7.3M | $6.7M | $8.4M | $8.9M | $9.5M | $9.9M | $10.2M |
| Acquisitions | — | $0.0M | $0.0M | $422M | $0.0M | $0.0M | $164M | $0.0M | $0.0M | — |
| Dividends paid | $44.3M | $46.1M | $46.7M | $47.3M | $49.6M | $51.4M | $52.6M | $53.9M | $55.5M | $57.1M |
| Dividends and buybacks | $44.3M | $46.1M | $46.7M | $47.3M | $49.6M | $51.4M | $52.6M | $53.9M | $55.5M | $57.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $16.7M | $7.6M | $11.9M | $25.5M | $22.3M | $134M | $42.8M | $29.7M | $38.1M | $27.5M |
| Total debt | $247M | $297M | $298M | $433M | $437M | $503M | $498M | $546M | $547M | $593M |
| Property and equipment, net | $32.2M | $38.9M | $41.0M | $60.1M | $64.7M | $66.0M | $69.3M | $68.6M | $73.4M | $70.8M |
| Goodwill | $47.4M | $47.4M | $47.4M | $49.1M | $43.5M | $43.5M | $54.3M | $54.3M | $54.3M | $54.3M |
| Intangible assets | — | — | $0.0M | $177M | $159M | $145M | $185M | $170M | $156M | $142M |
| Total assets | $10.6B | $11.2B | $11.0B | $12.5B | $13.5B | $14.5B | $13.3B | $14.0B | $14.5B | $15.3B |
| Total liabilities | $9.3B | $9.7B | $9.7B | $10.9B | $11.7B | $12.6B | $12.2B | $12.9B | $13.2B | $13.8B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $1.3B | $1.5B | $1.3B | $1.6B | $1.8B | $1.5B | $1.1B | $1.2B | $1.3B | $1.5B |
| Margins | ||||||||||
| Net margin | 7.4% | 14.5% | 1.5% | 12.9% | 10.2% | 12.8% | 1.4% | 3.0% | 6.4% | 9.5% |
| Returns | ||||||||||
| 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% |
| Return on tangible equity | 6.7% | 11.7% | 1.5% | 13.8% | 8.4% | 10.9% | 2.3% | 4.7% | 9.5% | 12.6% |
| Growth | ||||||||||
| Revenue growth | — | 3.8% | 1.7% | 20.0% | −8.4% | 1.4% | 3.9% | 8.0% | 6.9% | 6.7% |
| Net income growth | — | 102.3% | −89.2% | 905.3% | −27.7% | 27.8% | −88.4% | 127.3% | 128.4% | 57.7% |
| EPS growth | — | 102.0% | −89.2% | 900.0% | −28.0% | 27.4% | −88.4% | 131.9% | 127.5% | 57.3% |
| Share count change | — | 0.2% | 0.8% | 0.0% | 0.2% | 0.5% | −0.9% | −1.0% | 0.2% | 0.2% |
| Financial health | ||||||||||
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.3x | 0.2x | 0.3x | 0.5x | 0.5x | 0.4x | 0.4x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.1% | 0.7% | 0.7% | 0.5% | 0.5% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 | 5.0 | 6.0 | 6.0 | 5.0 |
| Accruals ratio | −1.2% | −0.8% | −1.6% | 0.5% | −1.0% | −0.2% | −1.1% | −1.9% | −2.4% | −2.6% |
Source: SEC EDGAR XBRL filings (CIK 0000850141). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.