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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Horace Mann Educators reported revenue of $1.7B in the fiscal year ended Dec 2025, up 6.7% from the year before. Operating income was $238M, an operating margin of 14.0%, and net income was $162M. Net debt was $566M.
Ranks among the 32 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,329 | 1,382 | 1,492 | 1,595 | 1,701 |
| Operating incomederived: pre-tax income + interest | 224 | 35.9 | 83.0 | 163 | 238 |
| Interest expense | 13.9 | 19.4 | 29.7 | 34.6 | 36.4 |
| Pre-tax income | 210 | 16.5 | 53.3 | 129 | 201 |
| Income tax | 39.7 | −3.3 | 8.3 | 25.8 | 39.1 |
| Net income | 170 | 19.8 | 45.0 | 103 | 162 |
| Diluted EPS | 4.04 | 0.47 | 1.09 | 2.48 | 3.90 |
| Diluted shares | 42.2 | 41.8 | 41.4 | 41.5 | 41.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 134 | 42.8 | 29.7 | 38.1 | 27.5 |
| Net PP&E | 66.0 | 69.3 | 68.6 | 73.4 | 70.8 |
| Goodwill | 43.5 | 54.3 | 54.3 | 54.3 | 54.3 |
| Total assets | 14,460 | 13,306 | 14,050 | 14,488 | 15,267 |
| Short-term debt | 249 | 249 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 254 | 249 | 546 | 547 | 593 |
| Total liabilities | 12,577 | 12,208 | 12,875 | 13,200 | 13,784 |
| Shareholders' equity | 1,499 | 1,098 | 1,175 | 1,288 | 1,483 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 205 | 172 | 302 | 452 | 553 |
| Depreciation & amortisation | 18.4 | 27.6 | 26.2 | 26.4 | 27.1 |
| Stock-based compensation | 8.4 | 8.9 | 9.5 | 9.9 | 10.2 |
| Acquisitions | 0.0 | 164 | 0.0 | 0.0 | – |
| Dividends paid | 51.4 | 52.6 | 53.9 | 55.5 | 57.1 |
| Dividend per share | 1.24 | 1.28 | 1.32 | 1.36 | 1.40 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.9% | 8.0% | 6.9% | 6.7% |
| Operating income growth (YoY) | – | −84.0% | 131.2% | 96.6% | 45.6% |
| EPS growth (YoY) | – | −88.4% | 131.9% | 127.5% | 57.3% |
| Operating margin | 16.9% | 2.6% | 5.6% | 10.2% | 14.0% |
| Net margin | 12.8% | 1.4% | 3.0% | 6.4% | 9.5% |
| Return on equityBlank when equity is negative | 11.4% | 1.8% | 3.8% | 8.0% | 10.9% |
| Cash conversion (CFO ÷ net income) | 1.20x | 8.66x | 6.71x | 4.40x | 3.41x |
| Interest cover | 16.1x | 1.85x | 2.79x | 4.72x | 6.53x |
| Debt ÷ equity | 0.34x | 0.45x | 0.46x | 0.42x | 0.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 369 | 455 | 516 | 509 | 566 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.