CNO Financial Group vs Primerica
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The short version
- CNO Financial Group is the larger business, with $4.5B of revenue in fiscal 2025 against $3.3B for Primerica.
- Primerica grew revenue faster (6.6%, against 0.9%).
- Investors pay more for each dollar of CNO Financial Groupβs earnings: a P/E of 18.4x against 11.0x for Primerica.
| Latest fiscal year | CNO Β· FY25 | PRI Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $8.6B |
| Revenue | $4.5B | $3.3B |
| Free cash flow | β | β |
| Net income | $229M | $751M |
| Growth | ||
| Revenue growth | 0.9% | 6.6% |
| 5-year growth | 3.3% | 8.2% |
| Share count change | β7.7% | β4.4% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 12.3% | β |
| Net margin | 5.1% | 22.8% |
| FCF margin | β | β |
| Return on capital | β | 34.5% |
| Return on equity | 8.9% | 31.9% |
| Balance sheet | ||
| Net debt | β | β$160M |
| Net debt / EBITDA | β | β0.2x |
| Dividends and buybacks | $398M | $586M |
| Valuation & quality | ||
| P/E | 18.4x | 11.0x |
| Piotroski F-score | β | β |
Revenue
FY16
CNO $4.0B
PRI $1.5B
FY17
CNO $4.3B
PRI $1.7B
FY18
CNO $4.3B
PRI $1.9B
FY19
CNO $4.0B
PRI $2.1B
FY20
CNO $3.8B
PRI $2.2B
FY21
CNO $4.1B
PRI $2.7B
FY22
CNO $3.6B
PRI $2.7B
FY23
CNO $4.1B
PRI $2.7B
FY24
CNO $4.4B
PRI $3.1B
FY25
CNO $4.5B
PRI $3.3B
CNO
PRI
Operating margin
FY16
CNO β
PRI β
FY17
CNO 10.6%
PRI β
FY18
CNO 8.8%
PRI β
FY19
CNO 9.2%
PRI β
FY20
CNO 12.1%
PRI β
FY21
CNO 12.5%
PRI β
FY22
CNO 13.1%
PRI β
FY23
CNO 11.1%
PRI β
FY24
CNO 12.4%
PRI β
FY25
CNO 12.3%
PRI β
CNO
PRI
Free cash flow
FY16
CNO β
PRI β
FY17
CNO β
PRI β
FY18
CNO β
PRI β
FY19
CNO β
PRI β
FY20
CNO β
PRI β
FY21
CNO β
PRI β
FY22
CNO β
PRI β
FY23
CNO β
PRI β
FY24
CNO β
PRI β
FY25
CNO β
PRI β
CNO
PRI
Return on capital
FY16
CNO 10.4%
PRI 17.3%
FY17
CNO 4.7%
PRI 26.0%
FY18
CNO 7.0%
PRI 22.5%
FY19
CNO β
PRI 23.3%
FY20
CNO β
PRI 23.8%
FY21
CNO β
PRI β
FY22
CNO β
PRI 37.1%
FY23
CNO β
PRI 29.6%
FY24
CNO β
PRI 34.9%
FY25
CNO β
PRI 34.5%
CNO
PRI
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.