The company maintains a conservative financial position with a 0.40 debt-to-equity ratio and a stable equity base of approximately $1.5 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 14.97B | 15.27B | 14.49B | 14.05B | 13.31B | 14.38B | 13.47B | 12.48B | 11.03B | 11.2B | 10.58B | 10.06B | 9.77B | 8.83B | 8.17B | 7.44B | 7.01B | 6.34B | 5.62B | 6.3B | 6.38B | 5.91B | 5.47B | 4.95B | 4.51B | 4.46B | 4.42B | 4.25B | 4.4B | 4.13B | 3.86B |
| Asset Growth % | 17.73% | 5.38% | 3.12% | 5.59% | -7.49% | 6.77% | 7.96% | 13.11% | -1.49% | 5.88% | 5.17% | 2.95% | 10.67% | 8.07% | 9.85% | 6.13% | 10.44% | 12.86% | -10.85% | -1.16% | 7.91% | 8.04% | 10.44% | 9.77% | 1.28% | 0.78% | 3.92% | -3.22% | 6.39% | 7% | 5.43% |
| Total Investment Assets | 4M | 7.3B | 1.12B | 6.83B | 6.59B | 14.04B | 7.26B | 6.64B | 8.25B | 8.35B | 8B | 7.65B | 7.4B | 6.54B | 6.29B | 5.68B | 5.07B | 4.57B | 600.6M | 338.62M | 4.46B | 394.57M | 3.54B | 3.26B | 2.99B | 2.77B | 2.61B | 2.51B | 2.74B | 2.64B | 2.66B |
| Long-Term Investments | 20.25B | 6.7B | 641.1M | 6.69B | 6.45B | 7.45B | 7.26B | 6.64B | 344.66M | 300.18M | 8B | 175.17M | 7.4B | 133.99M | 6.29B | 228.9M | 5.07B | 4.57B | 245.68M | 117.92M | 4B | 201.57M | 3.54B | 3.26B | 2.99B | 2.77B | 2.61B | 2.51B | 2.65B | 2.64B | 2.66B |
| Short-Term Investments | 5.78B | 608.3M | 480.2M | 5.46B | 5.37B | 6.59B | 6.69B | 6.15B | 7.92B | 8.11B | 8B | 7.65B | 7.4B | 6.54B | 6.29B | 5.68B | 0 | 0 | 354.93M | 220.7M | 462M | 193M | 142K | 0 | 0 | 0 | 0 | 0 | 87.39M | 0 | 0 |
| Total Current Assets | 5.8B | 0 | 938.1M | 0 | 0 | 6.72B | 0 | 0 | 395.75M | 7.63M | 1K | 1K | 11.68M | 18.19M | 68.68M | 7.45M | 5.93M | 7.85M | 25.71M | 143.99M | 32.31M | 5.79B | 5.32B | 19.77M | 60.16M | 33.94M | 21.14M | 22.85M | 202.1M | 353K | 13.7M |
| Cash & Equivalents | 20.9M | 26.2M | 33.1M | 29M | 42.2M | 133M | 21.8M | 25.51M | 11.91M | 7.63M | 16.67M | 15.51M | 11.68M | 18.19M | 15.18M | 7.45M | 5.93M | 7.85M | 9.2M | 13.21M | 13.44M | 177K | 0 | 19.77M | 60.16M | 33.94M | 21.14M | 22.85M | 12.04M | 353K | 13.7M |
| Receivables | 1.25B | 419M | 424.8M | 480.5M | 468M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103.14M | 104.53M | 0 | 0 | 0 | 0 | 0 | 102.66M | 0 | 0 |
| Other Current Assets | 0 | -1.05B | 0 | -5.97B | -5.88B | 0 | -6.71B | -6.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.5B | 5.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 1.51B | 554M | 210.1M | 224.6M | 239.5M | 188.9M | 202M | 226.3M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 85.79M | 92.26M | 102.1M | 101.1M | 108M | 118.6M |
| Goodwill | 54.3M | 54.3M | 54.3M | 54.3M | 54.3M | 43.5M | 43.5M | 49.08M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.17M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 47.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 137.9M | 499.7M | 155.8M | 170.3M | 185.2M | 145.4M | 158.5M | 177.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223K | 0 | 0 | 0 | 0 | 0 | 0 | 85.79M | 92.26M | 102.1M | 101.1M | 108M | 118.6M |
| PP&E (Net) | 0 | 0 | 73.4M | 68.6M | 69.3M | 75M | 64.7M | 60.13M | 40.98M | 38.94M | 32.19M | 25.64M | 31.03M | 34.94M | 36.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 8.02B | 12.63B | -6.98B | -6.76B | 6.54B | -7.53B | -6.93B | 10.14B | 10.5B | 2.18B | -25.64M | 1.99B | 8.37B | -6.1B | 36.47M | -5.07B | -4.57B | -245.67M | -117.91M | -4B | -201.57M | -3.54B | -3.31B | -3.04B | -2.86B | -2.7B | -2.61B | 87.39M | -2.75B | -2.78B |
| Total Liabilities | 7.57B | 13.78B | 13.2B | 12.87B | 12.21B | 12.58B | 11.68B | 10.91B | 9.74B | 9.7B | 9.28B | 8.79B | 8.43B | 7.73B | 6.94B | 6.38B | 6.13B | 5.62B | 5.17B | 5.61B | 5.72B | 5.26B | 4.89B | 4.42B | 3.98B | 4B | 3.99B | 3.85B | 3.9B | 3.63B | 3.38B |
| Total Debt | 593.8M | 593.4M | 547M | 546M | 498M | 502.6M | 437.3M | 433.02M | 297.74M | 297.47M | 247.21M | 246.97M | 237.94M | 237.87M | 237.81M | 237.74M | 237.68M | 237.61M | 237.55M | 199.49M | 231.98M | 190.89M | 169.72M | 169.7M | 144.69M | 152.77M | 148.72M | 148.68M | 149.64M | 141.6M | 133.6M |
| Net Debt | 572.9M | 567.2M | 513.9M | 517M | 455.8M | 369.6M | 415.5M | 407.52M | 285.83M | 289.84M | 230.54M | 231.47M | 226.26M | 219.69M | 222.63M | 230.29M | 231.75M | 229.77M | 228.34M | 186.28M | 218.54M | 190.71M | 169.72M | 149.93M | 84.52M | 118.83M | 127.58M | 125.83M | 137.59M | 141.25M | 119.9M |
| Long-Term Debt | 593.8M | 593.4M | 547M | 546M | 249M | 253.6M | 302.3M | 298.02M | 297.74M | 297.47M | 247.21M | 246.97M | 199.94M | 199.87M | 199.81M | 199.74M | 199.68M | 199.61M | 199.55M | 199.49M | 231.98M | 190.89M | 144.72M | 144.7M | 144.69M | 99.77M | 99.72M | 99.68M | 99.64M | 99.6M | 99.6M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 249M | 249M | 135M | 135M | 0 | 0 | 0 | 0 | 38M | 38M | 38M | 38M | 38M | 38M | 38M | 0 | 0 | 0 | 25M | 25M | 0 | 53M | 49M | 49M | 50M | 42M | 34M |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 249M | 0 | 0 | 0 | 0 | 0 | 0 | 396.25M | 318.23M | 6.72B | 38M | 5.92B | 38M | 38M | 0 | 0 | 5.07B | 25M | 0 | 3.84B | 0 | 0 | 0 | 0 | 3.52B | 3.28B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 372.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | -372.1M | 0 | 0 | -249M | 0 | -135M | -135M | 0 | 0 | 0 | 0 | 358.25M | 280.23M | 6.68B | -3K | 5.88B | 0 | 0 | 0 | 0 | 0 | 0 | -25M | 0 | -53M | -49M | -49M | -50M | -42M | -34M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 13.19B | 12.65B | -546M | -249M | 12.32B | -302.3M | -298.02M | 9.44B | 9.4B | 9.04B | 8.55B | 8.23B | 7.23B | 6.43B | 5.9B | 321K | 386K | 451K | 5.1B | 18K | 114K | 280K | -144.7M | -144.69M | -99.77M | -99.72M | -99.68M | -99.64M | -99.6M | -99.6M |
| Total Equity | 1.47B | 1.48B | 1.29B | 1.18B | 1.1B | 1.81B | 1.79B | 1.57B | 1.29B | 1.5B | 1.29B | 1.26B | 1.34B | 1.1B | 1.25B | 1.06B | 880.01M | 719.54M | 448.85M | 693.28M | 657.08M | 580.59M | 576.21M | 530.5M | 528.8M | 459.2M | 427.99M | 400.14M | 496.62M | 505.97M | 484.4M |
| Equity Growth % | 49.16% | 15.16% | 9.55% | 7.01% | -39.23% | 0.97% | 14.22% | 21.44% | -14.05% | 16.04% | 2.32% | -5.37% | 21.57% | -11.76% | 18.05% | 19.93% | 22.3% | 60.31% | -35.26% | 5.51% | 13.17% | 0.76% | 8.62% | 0.32% | 15.16% | 7.29% | 6.96% | -19.43% | -1.85% | 4.45% | 3.02% |
| Shareholders Equity | 1.47B | 1.48B | 1.29B | 1.18B | 1.1B | 1.81B | 1.79B | 1.57B | 1.29B | 1.5B | 1.29B | 1.26B | 1.34B | 1.1B | 1.25B | 1.06B | 880.01M | 719.54M | 448.85M | 693.28M | 657.08M | 580.59M | 576.21M | 530.5M | 528.8M | 459.2M | 427.99M | 400.14M | 496.62M | 505.97M | 484.4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 1.68B | 1.65B | 1.55B | 1.5B | 1.51B | 1.52B | 1.43B | 1.35B | 1.22B | 1.23B | 1.16B | 1.12B | 1.07B | 1B | 921.97M | 840.64M | 823.58M | 758.34M | 694.49M | 698.54M | 634.11M | 553.71M | 494.67M | 456.33M | 455.31M | 461.14M | 452.62M | 449.02M | 420.27M | 349.27M | 278.7M |
| Common Stock | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 66K | 66K | 65K | 65K | 65K | 64K | 64K | 62K | 62K | 61K | 61K | 61K | 61K | 61K | 60K | 60K | 60K | 60K | 60K | 60K | 59K | 59K | 59K | 29K |
| Accumulated OCI | 0 | -154.6M | -253.5M | -314M | -399.4M | 280.5M | 355.1M | 219.68M | 84.76M | 286.96M | 163.92M | 163.37M | 284.6M | 122.21M | 367.09M | 249.13M | 96.58M | 10.72M | -193.59M | -5.84M | 7.61M | 14.14M | 70.88M | 64.36M | 63.3M | 14.9M | -4.97M | -40.02M | 57.33M | 62.17M | 29.74M |
| Return on Equity (ROE) | 11.48% | 11.7% | 8.35% | 3.96% | 1.36% | 9.47% | 7.94% | 12.9% | 1.31% | 12.12% | 6.55% | 7.19% | 8.56% | 9.46% | 9.03% | 7.29% | 10.11% | 12.58% | 1.91% | 12.26% | 15.95% | 13.36% | 10.18% | 3.59% | 2.29% | 5.77% | 5.03% | 9.93% | 17.02% | 16.88% | 13.53% |
| Return on Assets (ROA) | 1.09% | 1.09% | 0.72% | 0.33% | 0.14% | 1.22% | 1.03% | 1.57% | 0.17% | 1.56% | 0.81% | 0.94% | 1.12% | 1.31% | 1.33% | 0.98% | 1.21% | 1.23% | 0.18% | 1.31% | 1.61% | 1.36% | 1.08% | 0.4% | 0.25% | 0.58% | 0.48% | 1.03% | 2% | 2.09% | 1.72% |
| Equity / Assets | 9.82% | 9.71% | 8.89% | 8.37% | 8.25% | 12.57% | 13.29% | 12.56% | 11.7% | 13.41% | 12.23% | 12.57% | 13.68% | 12.45% | 15.25% | 14.19% | 12.56% | 11.34% | 7.99% | 11% | 10.3% | 9.82% | 10.53% | 10.71% | 11.72% | 10.31% | 9.68% | 9.41% | 11.3% | 12.25% | 12.55% |
| Debt / Equity | 0.40x | 0.40x | 0.42x | 0.46x | 0.45x | 0.28x | 0.24x | 0.28x | 0.23x | 0.20x | 0.19x | 0.20x | 0.18x | 0.22x | 0.19x | 0.23x | 0.27x | 0.33x | 0.53x | 0.29x | 0.35x | 0.33x | 0.29x | 0.32x | 0.27x | 0.33x | 0.35x | 0.37x | 0.30x | 0.28x | 0.28x |
| Book Value per Share | 35.68 | 35.64 | 31.02 | 28.39 | 26.28 | 42.83 | 42.62 | 37.41 | 30.81 | 36.13 | 31.20 | 29.81 | 31.65 | 26.40 | 30.10 | 25.47 | 21.46 | 17.75 | 11.06 | 15.54 | 14.36 | 12.12 | 12.17 | 12.29 | 13.06 | 11.30 | 10.45 | 9.59 | 11.33 | 10.88 | 10.71 |
| Tangible BV per Share | 31.01 | 22.32 | 25.96 | 22.96 | 20.55 | 38.35 | 37.81 | 32.00 | 29.67 | 34.99 | 30.06 | 28.69 | 30.52 | 25.27 | 28.96 | 24.33 | 20.30 | 16.58 | 9.89 | 14.48 | 13.32 | 11.13 | 11.17 | 11.19 | 11.89 | 9.19 | 8.20 | 7.15 | 9.02 | 8.55 | 8.09 |
P&C underwriting margin volatility
According to the provided quarterly balance sheet data, Horace Mann has maintained a consistent equity base of approximately $1.5 billion as of 2026Q1, suggesting that the company is successfully balancing its modest growth objectives with a disciplined approach to preserving its core capital position over time.
The stability in equity levels indicates that the firm is not aggressively leveraging its balance sheet to chase top-line expansion. This conservative posture appears to prioritize long-term solvency, which is essential given the inherent volatility of the P&C underwriting cycle.
As reported in the quarterly financial statements, the company's claims and loss reserves have remained relatively steady, averaging roughly $260 million per quarter, which suggests a disciplined approach to reserving despite the periodic fluctuations in the loss ratio observed throughout the 2024 to 2026 period.
The consistency in reserve levels relative to premium volume may imply that management is effectively containing the impact of inflationary pressures on long-tail liabilities. Investors should monitor whether this reserve stability persists if the P&C combined ratio experiences further upward pressure from external economic factors.
Based on the reported figures, the company maintains a low debt-to-equity ratio of 0.40, which highlights a conservative capital structure that provides a significant buffer against potential underwriting shocks or adverse developments in the broader insurance market during periods of economic uncertainty for the educator demographic.
This low leverage profile suggests that the firm possesses sufficient financial flexibility to navigate cyclical downturns without needing to access external capital markets. The current capitalization appears well-aligned with the company's strategy of organic growth and steady, predictable returns to shareholders.
While the balance sheet appears robust, the lack of detailed investment yield data in the provided snapshots warrants further investigation into how the company's fixed-income portfolio might react to shifting interest rate environments, which could impact the net interest margin of the Life and Retirement segment.
The reliance on fixed-maturity securities means that unrealized gains or losses in the investment portfolio could create volatility in equity that is not immediately apparent in the operating results. Investors should remain cautious regarding the potential for duration mismatch between long-term annuity liabilities and the underlying asset base.
Quick answers to the most common questions about buying HMN stock.
As of 2025, Horace Mann Educators Corporation (HMN) had total assets of $15.27B including $0.0M in current assets.
Horace Mann Educators Corporation (HMN) carries total debt of $593.4M, offset by $634.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Horace Mann Educators Corporation (HMN) has total shareholders' equity (book value) of $1.48B ($35.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.