Horace Mann Educators Corporation (HMN) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Property & Casualty
EV/EBITDA
↓
1.82
↓-90% vs avg
5yr avg: 18.75
30Y Low1.5·High69.0
P/FCF
↑
18.60
↑+108% vs avg
5yr avg: 8.95
30Y Low2.3·High34.5
P/B Ratio
↑
1.27
+5% vs avg
5yr avg: 1.21
30Y Low0.5·High2.6
ROE
↑
11.7%
↓+68% vs avg
5yr avg: 7.0%
30Y Low1%·High17%
Debt/EBITDA
↓
0.45
↓-91% vs avg
5yr avg: 4.87
30Y Low0.2·High16.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HMN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Horace Mann Educators Corporation trades at 11.6x earnings, 61% below its 5-year average of 29.7x, sitting at the 33rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a discount of 12%. On a free-cash-flow basis, the stock trades at 18.6x P/FCF, 108% above the 5-year average of 9.0x.
| 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 → | 11.58 | 11.84 | 15.82 | 30.00 | 79.51 | 11.42 | 13.06 | 9.92 | 85.11 | 10.81 | 21.19 |
| P/S Ratio | 1.07 | 1.13 | 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 | 18.60 | 19.60 | 3.60 | 4.48 | 9.11 | 7.97 | 6.80 | 14.34 | 7.81 | 7.14 | 8.56 |
| P/OCF | 18.60 | 19.60 | 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
HMN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Horace Mann Educators Corporation's enterprise value stands at 1.8x EBITDA, 90% below its 5-year average of 18.8x. The Financial Services sector median is 11.5x, placing the stock at a 84% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.46 | 1.38 | 1.31 | 1.50 | 1.60 | 1.69 | 1.59 | 1.58 | 1.81 | 1.78 |
| EV / EBITDA | 1.82 | 1.90 | 13.82 | 23.53 | 45.76 | 8.76 | 11.92 | 8.88 | 68.97 | 22.28 | 15.91 |
| EV / EBIT | 1.82 | — | 13.12 | 22.54 | 56.21 | 8.94 | 12.48 | 8.88 | 57.00 | 21.09 | 15.91 |
| EV / FCF | — | 25.39 | 4.74 | 6.19 | 11.77 | 9.77 | 8.40 | 17.53 | 9.23 | 8.27 | 9.67 |
HMN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Horace Mann Educators Corporation earns an operating margin of 77.1%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 3.7% to 77.1% over the past 3 years, signaling improving operational efficiency. ROE of 11.7% is modest. ROIC of 51.1% represents excellent returns on invested capital versus a sector median of 5.7%.
Margins
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 | 100.0% | 100.0% | 30.9% | 24.9% | 24.8% | 32.7% | 32.3% | 35.4% | 18.9% | 24.6% | 26.5% |
| Operating Margin | 77.1% | 77.1% | 8.3% | 3.7% | 1.2% | 16.8% | 12.4% | 16.8% | 1.7% | 7.6% | 10.1% |
| Net Profit Margin | 9.5% | 9.5% | 6.6% | 3.1% | 1.5% | 13.6% | 10.3% | 13.1% | 1.6% | 14.5% | 7.4% |
Return on Capital
| 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 | 51.1% | 51.1% | 5.5% | 2.5% | 0.7% | 7.2% | 5.7% | 10.0% | 0.9% | 4.0% | 5.7% |
| ROCE | 8.8% | 8.8% | 0.9% | 0.4% | 0.1% | 1.5% | 1.2% | 2.0% | 0.2% | 0.8% | 1.1% |
HMN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Horace Mann Educators Corporation carries a Debt/EBITDA ratio of 0.5x, which is very conservative (89% below the sector average of 4.1x). Net debt stands at $567M ($593M total debt minus $26M cash). Interest coverage of 36.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 0.45 | 0.45 | 3.53 | 6.87 | 11.29 | 2.20 | 2.39 | 1.72 | 11.07 | 3.12 | 1.96 |
| 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 | 0.43 | 0.43 | 3.32 | 6.50 | 10.34 | 1.62 | 2.27 | 1.62 | 10.63 | 3.04 | 1.83 |
| Debt / FCF | — | 5.79 | 1.14 | 1.71 | 2.66 | 1.80 | 1.60 | 3.19 | 1.42 | 1.13 | 1.11 |
| Interest Coverage | 36.04 | 36.04 | 4.72 | 2.79 | 1.85 | 16.12 | 11.50 | 16.15 | 2.50 | 8.42 | 10.67 |
HMN Liquidity & Efficiency
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 | — | — | — | — | — | — | — | — | — | — | — |
HMN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Horace Mann Educators Corporation returns 4.2% to shareholders annually — split between a 3.0% dividend yield and 1.1% buyback yield. The payout ratio of 35.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 8.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% |
Total Shareholder Return Metrics
| 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 | 5.4% | 5.1% | 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 |
Peer Comparison
Compare HMN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HMNYou | $2B | 11.6 | 1.8 | 18.6 | 100.0% | 77.1% | 11.7% | 51.1% | 0.5 |
 AFL | $59B | 16.6 | 11.0 | 22.9 | 38.9% | 26.6% | 13.1% | 11.8% | 1.5 |
 CNO | $4B | 19.5 | 14.1 | 6.4 | 44.8% | 6.5% | 8.9% | 4.0% | 7.7 |
 GL | $12B | 10.8 | 9.1 | 9.5 | 33.4% | 24.4% | 20.6% | 13.4% | 1.6 |
 FG | $4B | 14.4 | 4.5 | 0.8 | 30.8% | 5.6% | 5.9% | 5.0% | 2.3 |
 MET | $51B | 16.4 | 8.7 | 2.8 | 36.4% | 6.0% | 11.9% | 13.1% | 3.5 |
 PRU | $35B | 9.7 | 7.7 | 5.5 | 42.0% | 7.9% | 10.9% | 10.0% | 4.7 |
 LNC | $7B | 6.2 | 2.4 | — | 57.3% | 7.3% | 12.3% | 12.0% | 4.1 |
 UNM | $13B | 18.8 | 15.8 | 23.4 | 38.2% | 7.2% | 6.7% | 4.7% | 3.7 |
 PFG | $22B | 19.1 | 12.9 | 4.9 | 45.2% | 9.1% | 9.9% | 9.0% | 2.5 |
 VOYA | $7B | 12.6 | 31.7 | 5.7 | 51.8% | 3.5% | 10.0% | 2.1% | 8.1 |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
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Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonHMN — Frequently Asked Questions
Quick answers to the most common questions about buying HMN stock.
What is Horace Mann Educators Corporation's P/E ratio?
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.
What is Horace Mann Educators Corporation's EV/EBITDA?
Horace Mann Educators Corporation's current EV/EBITDA is 1.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.2x.
What is Horace Mann Educators Corporation's ROE?
Horace Mann Educators Corporation's return on equity (ROE) is 11.7%. The historical average is 8.9%.
Is HMN stock overvalued?
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.
What is Horace Mann Educators Corporation's dividend yield?
Horace Mann Educators Corporation's current dividend yield is 3.04% with a payout ratio of 35.2%.
What are Horace Mann Educators Corporation's profit margins?
Horace Mann Educators Corporation has 100.0% gross margin and 77.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Horace Mann Educators Corporation have?
Horace Mann Educators Corporation's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.