Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 10.5x · ROE 11.7%. (1996–2025 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 | $1.8B | $1.9B | $1.6B | $1.4B | $1.6B | $1.6B | $1.8B | $1.8B | $1.6B | $1.8B | $1.8B |
| Enterprise Value | $2.4B | $2.5B | $2.1B | $1.9B | $2.0B | $2.0B | $2.2B | $2.2B | $1.9B | $2.1B | $2.0B |
| P/E Ratio → | 11.61 | 11.84 | 15.82 | 30.00 | 79.51 | 11.42 | 13.06 | 9.92 | 85.11 | 10.81 | 21.19 |
| P/S Ratio | 1.12 | 1.18 | 1.05 | 0.94 | 1.16 | 1.31 | 1.37 | 1.30 | 1.33 | 1.56 | 1.57 |
| P/B Ratio | 1.27 | 1.30 | 1.26 | 1.15 | 1.42 | 0.90 | 0.99 | 1.17 | 1.22 | 1.22 | 1.37 |
| P/FCF | 3.30 | 3.47 | 3.60 | 4.48 | 9.11 | 7.97 | 6.80 | 14.34 | 7.81 | 7.14 | 8.56 |
| P/OCF | 3.30 | 3.47 | 3.60 | 4.48 | 9.11 | 7.97 | 6.80 | 14.34 | 7.81 | 7.14 | 8.56 |
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 | — | 1.53 | 1.38 | 1.31 | 1.50 | 1.60 | 1.69 | 1.59 | 1.58 | 1.81 | 1.78 |
| EV / EBITDA | 10.49 | 10.90 | 13.82 | 23.53 | 45.76 | 8.76 | 11.92 | 8.88 | 68.97 | 22.28 | 16.56 |
| EV / EBIT | 11.90 | 10.47 | 13.12 | 22.54 | 56.21 | 8.94 | 12.48 | 8.88 | 57.00 | 21.09 | 15.91 |
| EV / FCF | — | 4.50 | 4.74 | 6.19 | 11.77 | 9.77 | 8.40 | 17.53 | 9.23 | 8.27 | 9.67 |
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 | 35.2% | 35.2% | 30.9% | 24.9% | 24.8% | 32.7% | 32.3% | 35.4% | 18.9% | 24.6% | 26.5% |
| Operating Margin | 12.4% | 12.4% | 8.3% | 3.7% | 1.2% | 16.8% | 12.4% | 16.8% | 1.7% | 7.6% | 10.1% |
| Net Profit Margin | 10.0% | 10.0% | 6.6% | 3.1% | 1.5% | 13.6% | 10.3% | 13.1% | 1.6% | 14.5% | 7.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 8.3% | 4.0% | 1.4% | 9.5% | 7.9% | 12.9% | 1.3% | 12.1% | 6.5% |
| ROA | 1.1% | 1.1% | 0.7% | 0.3% | 0.1% | 1.2% | 1.0% | 1.6% | 0.2% | 1.6% | 0.8% |
| ROIC | 7.8% | 7.8% | 5.5% | 2.5% | 0.7% | 7.2% | 5.7% | 10.0% | 0.9% | 4.0% | 5.7% |
| ROCE | 1.4% | 1.4% | 0.9% | 0.4% | 0.1% | 1.5% | 1.2% | 2.0% | 0.2% | 0.8% | 1.1% |
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 | 0.40 | 0.40 | 0.42 | 0.46 | 0.45 | 0.28 | 0.24 | 0.28 | 0.23 | 0.20 | 0.19 |
| Debt / EBITDA | 2.60 | 2.60 | 3.53 | 6.87 | 11.29 | 2.20 | 2.39 | 1.72 | 11.07 | 3.12 | 2.04 |
| Net Debt / Equity | — | 0.38 | 0.40 | 0.44 | 0.42 | 0.20 | 0.23 | 0.26 | 0.22 | 0.19 | 0.18 |
| Net Debt / EBITDA | 2.48 | 2.48 | 3.32 | 6.50 | 10.34 | 1.62 | 2.27 | 1.62 | 10.63 | 3.04 | 1.90 |
| Debt / FCF | — | 1.03 | 1.14 | 1.71 | 2.66 | 1.80 | 1.60 | 3.19 | 1.42 | 1.13 | 1.11 |
| Interest Coverage | 6.53 | 6.53 | 4.72 | 2.79 | 1.85 | 16.12 | 11.50 | 16.15 | 2.50 | 8.42 | 10.67 |
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 | — | — | — | — | — | 27.00 | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | 27.00 | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | 27.00 | — | — | — | — | — |
| Asset Turnover | — | 0.11 | 0.11 | 0.10 | 0.10 | 0.09 | 0.10 | 0.11 | 0.11 | 0.10 | 0.11 |
| 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 | 3.0% | 3.0% | 3.4% | 4.0% | 3.4% | 3.1% | 2.8% | 2.6% | 3.0% | 2.5% | 2.5% |
| Payout Ratio | 35.2% | 35.2% | 54.0% | 119.8% | 265.7% | 30.2% | 37.2% | 25.7% | 254.5% | 27.2% | 52.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 8.4% | 6.3% | 3.3% | 1.3% | 8.8% | 7.7% | 10.1% | 1.2% | 9.3% | 4.7% |
| FCF Yield | 30.3% | 28.8% | 27.8% | 22.3% | 11.0% | 12.5% | 14.7% | 7.0% | 12.8% | 14.0% | 11.7% |
| Buyback Yield | 1.1% | 1.1% | 0.5% | 0.5% | 1.5% | 0.3% | 0.1% | 0.0% | 0.3% | 0.1% | 1.2% |
| Total Shareholder Yield | 4.2% | 4.1% | 3.9% | 4.5% | 4.9% | 3.5% | 2.9% | 2.6% | 3.3% | 2.6% | 3.7% |
| Shares Outstanding | — | $42M | $42M | $41M | $42M | $42M | $42M | $42M | $42M | $42M | $41M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HMN stock.
Horace Mann Educators Corporation's current P/E ratio is 11.6x. The historical average is 22.2x. This places it at the 33th percentile of its historical range.
Horace Mann Educators Corporation's current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.5x.
Horace Mann Educators Corporation's return on equity (ROE) is 11.7%. The historical average is 8.9%.
Based on historical data, Horace Mann Educators Corporation is trading at a P/E of 11.6x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Horace Mann Educators Corporation's current dividend yield is 3.03% with a payout ratio of 35.2%.
Horace Mann Educators Corporation has 35.2% gross margin and 12.4% operating margin. Operating margin between 10-20% is typical for established companies.
Horace Mann Educators Corporation's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
P&C loss cost inflation
Metrics are mathematically derived from official filings.
Combined Ratio Resilience Despite Inflation
Horace Mann's combined ratio improved to 89.0% in 2026Q2 from 90.7% a year earlier, driven by a sharp loss ratio decline, according to the latest quarterly financials.
The loss ratio fell to 42.0% in 2026Q2 from 68.0% in 2025Q2, a 26-point swing that likely includes favorable prior-year reserve development. While the expense ratio rose to 46.9% from 22.7% in the same period, the combined ratio remains well below 100%, indicating sustained underwriting profitability. However, the sustainability of this performance is questionable if reserve releases fade and inflationary pressures on auto and property claims persist.
ROE Stability Masks Underlying Mix Shift
ROE held at 2.8% in 2026Q2, consistent with the prior quarter, but the composition shifted toward underwriting gains and away from investment income, as per the quarterly data.
The underwriting margin improved to 11.0% in 2026Q2 from 9.3% a year earlier, while the expense ratio increased, reflecting the high-touch distribution model. The stable ROE suggests that investment income on float is not the primary driver, unlike many insurers. Investors should monitor whether the diversification into Supplemental & Group Benefits can sustain ROE without relying on favorable reserve development.
Minimal Debt Supports Capital Flexibility
Debt-to-equity stands at 0.40%, far below peers like CNO at 1.54, indicating a conservative capital structure that provides ample capacity for growth, based on the latest balance sheet data.
The near-zero leverage, combined with a P/B of 1.47, suggests the market is pricing in a stable, low-risk profile. This low leverage also implies that underwriting leverage (premium-to-surplus) is likely conservative, though the exact ratio is not disclosed. The company's ability to deploy its $26.2 million cash hoard without taking on debt could support future expansion, but the modest 4.8% revenue growth may indicate limited organic opportunities.
Valuation Discount Reflects Niche Focus
Horace Mann trades at a P/B of 1.47 versus Globe Life's 2.45 and Aflac's 2.19, a discount that may reflect its smaller scale and educator niche, as per the peer comparison data.
The P/E of 13.45 is below the peer average, suggesting the market is not fully crediting the stability of the educator demographic. While ROE of 2.8% is lower than peers, the low leverage and consistent underwriting profitability may justify a narrower discount. The forward P/E of 11.60 implies expectations of earnings growth, but the PEG of 3.44 indicates that growth is not cheap, warranting scrutiny of the diversification strategy's payoff.
Combined Ratio Misleads on Reserve Releases
The combined ratio of 89.0% in 2026Q2 obscures the impact of favorable prior-year reserve development, which may have artificially depressed the loss ratio, according to the reported figures.
The loss ratio dropped to 42.0% from 68.0% a year earlier, a swing that is unlikely to be driven solely by operational improvements. Analysts should adjust for reserve development to assess the true underlying loss cost trend. If reserve releases fade, the combined ratio could revert to the mid-90s, pressuring margins. The appropriate alternative is to analyze the calendar-year combined ratio alongside the accident-year ratio to separate current-period performance from prior-year adjustments.