Latest Ratios: P/E Ratio 23.0x · EV/EBITDA 13.3x · ROE 8.9%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.0B | $4.2B | $4.0B | $3.2B | $2.7B | $3.1B | $3.2B | $2.8B | $2.5B | $4.3B | $3.4B |
| Enterprise Value | $8.1B | $7.2B | $6.9B | $6.6B | $6.5B | $7.0B | $7.1B | $6.6B | $6.4B | $8.0B | $7.4B |
| P/E Ratio → | 22.99 | 18.07 | 9.95 | 11.63 | 4.26 | 7.10 | 10.54 | 6.95 | — | 24.21 | 9.53 |
| P/S Ratio | 1.12 | 0.93 | 0.90 | 0.77 | 0.75 | 0.76 | 0.83 | 0.71 | 0.57 | 0.99 | 0.86 |
| P/B Ratio | 2.00 | 1.57 | 1.60 | 1.45 | 1.52 | 0.59 | 0.58 | 0.61 | 0.73 | 0.88 | 0.76 |
| P/FCF | 7.46 | 6.14 | 6.41 | 5.51 | 5.43 | 5.22 | 4.33 | 4.09 | 7.75 | 6.93 | 4.50 |
| P/OCF | 7.46 | 6.14 | 6.41 | 5.51 | 5.43 | 5.22 | 4.33 | 4.09 | 7.75 | 6.93 | 4.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.62 | 1.55 | 1.59 | 1.82 | 1.70 | 1.85 | 1.63 | 1.48 | 1.87 | 1.87 |
| EV / EBITDA | 13.30 | 11.84 | 8.49 | 10.55 | 6.11 | 7.25 | 10.89 | 12.10 | 232.82 | 10.78 | 11.86 |
| EV / EBIT | 27.74 | 13.82 | 8.91 | 11.06 | 6.82 | 8.48 | 15.58 | 15.38 | — | 13.31 | 15.86 |
| EV / FCF | — | 10.73 | 10.97 | 11.30 | 13.13 | 11.75 | 9.60 | 9.42 | 20.07 | 13.12 | 9.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.8% | 44.8% | 38.3% | 37.0% | 50.1% | 41.2% | 33.6% | 30.7% | 13.5% | 31.2% | 29.1% |
| Operating Margin | 6.5% | 6.5% | 11.7% | 8.6% | 22.8% | 17.8% | 9.0% | 6.8% | -6.1% | 11.2% | 8.8% |
| Net Profit Margin | 5.1% | 5.1% | 9.1% | 6.7% | 17.6% | 13.8% | 7.9% | 10.2% | -7.3% | 4.1% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 17.1% | 13.9% | 17.9% | 10.6% | 5.9% | 10.2% | -7.7% | 3.8% | 8.3% |
| ROA | 0.6% | 0.6% | 1.1% | 0.8% | 1.8% | 1.6% | 0.9% | 1.3% | -1.0% | 0.5% | 1.1% |
| ROIC | 4.0% | 4.0% | 7.1% | 4.8% | 8.3% | 5.9% | 2.9% | 2.6% | -2.5% | 4.2% | 3.2% |
| ROCE | 1.5% | 1.5% | 2.8% | 1.0% | 3.0% | 2.0% | 1.0% | 0.8% | -3.3% | 5.5% | 4.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.80 | 1.87 | 2.20 | 0.76 | 0.72 | 0.81 | 1.18 | 0.82 | 0.94 |
| Debt / EBITDA | 6.62 | 6.62 | 5.58 | 6.65 | 3.65 | 4.13 | 6.06 | 6.98 | 145.25 | 5.33 | 6.72 |
| Net Debt / Equity | — | 1.17 | 1.14 | 1.52 | 2.16 | 0.74 | 0.71 | 0.79 | 1.16 | 0.78 | 0.90 |
| Net Debt / EBITDA | 5.06 | 5.06 | 3.53 | 5.41 | 3.58 | 4.02 | 5.98 | 6.85 | 142.97 | 5.09 | 6.42 |
| Debt / FCF | — | 4.58 | 4.56 | 5.79 | 7.70 | 6.52 | 5.27 | 5.33 | 12.33 | 6.19 | 5.31 |
| Interest Coverage | 2.27 | 2.27 | 3.04 | 2.50 | 6.96 | 8.68 | 4.16 | 2.80 | -0.77 | 4.88 | 4.03 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 1.68 | — | 1.73 | 3497.33 | — | — | 0.02 | 0.02 | 0.02 |
| Quick Ratio | 0.71 | 0.71 | 1.68 | — | 1.73 | 3497.33 | — | — | 0.00 | 0.01 | 0.01 |
| Cash Ratio | 0.46 | 0.46 | 1.39 | — | 1.33 | 2964.88 | — | — | 0.77 | 0.95 | 0.91 |
| Asset Turnover | — | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 | 0.14 | 0.13 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.6% | 1.7% | 2.1% | 2.4% | 2.1% | 2.1% | 2.4% | 2.6% | 1.4% | 1.6% |
| Payout Ratio | 28.9% | 28.9% | 16.8% | 24.6% | 10.3% | 11.5% | 22.2% | 16.4% | — | 33.9% | 15.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.5% | 10.1% | 8.6% | 23.5% | 14.1% | 9.5% | 14.4% | — | 4.1% | 10.5% |
| FCF Yield | 13.4% | 16.3% | 15.6% | 18.1% | 18.4% | 19.1% | 23.1% | 24.5% | 12.9% | 14.4% | 22.2% |
| Buyback Yield | 6.6% | 8.0% | 7.5% | 5.2% | 7.1% | 13.0% | 8.4% | 8.9% | 4.4% | 4.0% | 6.1% |
| Total Shareholder Yield | 7.8% | 9.6% | 9.1% | 7.3% | 9.5% | 15.1% | 10.5% | 11.3% | 7.0% | 5.4% | 7.8% |
| Shares Outstanding | — | $98M | $108M | $115M | $118M | $131M | $143M | $157M | $165M | $172M | $178M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying CNO stock.
CNO Financial Group, Inc.'s current P/E ratio is 23.0x. The historical average is 15.2x. This places it at the 85th percentile of its historical range.
CNO Financial Group, Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
CNO Financial Group, Inc.'s return on equity (ROE) is 8.9%. The historical average is 4.7%.
Based on historical data, CNO Financial Group, Inc. is trading at a P/E of 23.0x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CNO Financial Group, Inc.'s current dividend yield is 1.25% with a payout ratio of 28.9%.
CNO Financial Group, Inc. has 44.8% gross margin and 6.5% operating margin.
CNO Financial Group, Inc.'s Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory scrutiny on Medicare marketing
Metrics are mathematically derived from official filings.
Underwriting Discipline Drives Margin Expansion
CNO's combined ratio improved to 87.6% in 2026Q2 from 95.3% in 2026Q1, as reported in financial statements, indicating strong underwriting discipline and favorable claims experience.
The combined ratio improvement was driven by a sharp decline in the expense ratio to 31.0% from 39.9%, while the loss ratio remained relatively stable at 56.6%. This suggests that operating leverage from scale and cost controls, rather than favorable loss development, is the primary driver of underwriting profitability. The 12.4% underwriting margin in 2026Q2 is well above the 10-quarter average, indicating a sustainable improvement if expense discipline holds.
ROE Volatility Masks Underlying Strength
ROE swung from 0.5% in 2025Q1 to 4.9% in 2026Q2, as per SEC filings, reflecting the impact of new business strain and investment gains on a modest equity base.
The quarterly ROE figures are highly volatile, ranging from 0.4% to 6.4%, which appears to be driven by the timing of reserve adjustments and investment income recognition. The 2026Q2 ROE of 4.9% annualizes to roughly 20%, but the average ROE over the last four quarters is closer to 2.7%, suggesting that the market's forward P/E of 11.85 implies expectations of sustained improvement. Investors should monitor whether the elevated ROE is sustainable or a result of one-time items.
Expense Ratio Efficiency Improves
The expense ratio fell to 31.0% in 2026Q2 from 39.9% in 2026Q1, as reported in financial statements, indicating better operating leverage from scale.
The expense ratio improvement is notable, but it follows a period of elevated expenses in 2025Q1 and 2025Q4, suggesting that the 31.0% figure may not be the new norm. The 10-quarter average expense ratio is approximately 32.5%, so the recent quarter is below average, but the volatility indicates that cost control is not yet consistent. Compared to peers like Globe Life, which has a lower expense ratio due to its direct-to-consumer model, CNO's captive agency force inherently carries higher distribution costs, so the improvement is relative to its own history rather than a competitive advantage.
Minimal Leverage Provides Capital Flexibility
CNO's debt-to-equity ratio of 1.76% in 2026Q2, as per financial statements, is exceptionally low, indicating minimal financial leverage and substantial capital buffer.
The D/E ratio has remained below 2% throughout the 10-quarter period, which is far below the peer average of around 0.5. This conservative capital structure suggests that CNO has significant capacity to increase leverage for acquisitions or share repurchases, but it also implies that the company is not optimizing its capital structure to enhance ROE. The low leverage may reflect management's caution given the legacy LTC block, but it also means that the market's P/B of 1.98 is not supported by financial leverage, making the valuation dependent on underwriting performance.
Valuation Discount Reflects Complexity
CNO trades at a forward P/E of 11.85 versus Globe Life's 12.13, as per market data, but its P/B of 1.98 is below Globe Life's 2.31, suggesting a discount for legacy LTC exposure.
CNO's forward P/E is in line with Globe Life, but its P/B is lower, indicating that the market assigns a lower multiple to its book value. This is likely due to the complexity of its legacy LTC block and the perceived risk of reserve development. However, CNO's ROE of 4.9% in 2026Q2 is below Globe Life's 20.3%, which justifies a lower P/B. The market appears to be pricing CNO as a hybrid between a life insurer and a health distributor, with the discount reflecting the uncertainty around LTC liabilities.
Combined Ratio Misleads on Earnings Quality
The combined ratio of 87.6% in 2026Q2, as reported in financial statements, may overstate underwriting quality because it ignores the impact of reserve releases and new business strain.
The combined ratio is a key metric for insurers, but for CNO, it can be distorted by reserve releases from the legacy LTC block and the upfront costs of new business. The 2026Q2 combined ratio of 87.6% is impressive, but the prior quarter's 95.3% shows volatility that is not typical of a stable underwriter. Investors should adjust the combined ratio for reserve development and consider the impact of new business strain, which can depress earnings in periods of high sales. A more accurate measure of underwriting profitability would be the underwriting margin excluding reserve releases, which may be lower than the reported 12.4%.