HMN

MKT CAP:$2B

Horace Mann Educators Corporation

Market Cap

$2B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$45.54+$0.36 (+0.80%)

Apr 24, 2026

Company Details

Horace Mann Educators Corporation, together with its subsidiaries, operates as an insurance holding company in the United States. It operates in three segments: Property & Casualty, Life & Retirement, and Supplemental & Group Benefits. The ...

CEO

Marita Zuraitis

IPO Date

Nov 15, 1991

Website

www.horacemann.com

Key Metrics TTM

Revenue

$1.6B

+6.1% YoY

Net Income

$162M

EPS (Diluted)

$3.90

Free Cash Flow

$553M

Revenue / Share

$39.51

Gross Margin

51.9%

Operating Margin

29.5%

Net Margin

9.9%

FCF Margin

33.7%

P/S

1.1x

P/E

11.4x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 27, 2026

$1.7B+9.7%EPS $3.90

Q4 2025

Feb 27, 2026

$435M+10.6%EPS $0.87

Q3 2025

Nov 7, 2025

$417M+4.9%EPS $1.40

Q2 2025

Aug 6, 2025

$392M+3.3%EPS $0.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$313M	$73M	$19M
Q4 21	$304M	$97M	$50M
Q2 22	$333M	$66M	-$6M
Q4 22	$338M	$64M	-$28M
Q1 23	$350M	$94M	$8M
Q2 23	$341M	$60M	-$16M
Q3 23	$358M	$80M	$14M
Q4 23	$384M	$124M	$47M
Q1 24	$380M	$124M	$33M
Q2 24	$379M	$91M	$5M
Q3 24	$398M	$123M	$43M
Q4 24	$393M	$140M	$48M
Q1 25	$400M	$135M	$48M
Q2 25	$392M	$126M	$37M
Q3 25	$417M	$159M	$72M
Q4 25	$435M	$435M	$329M

Valuation

Quarter	P/S	P/E
Q3 21	1.4x	12.3x
Q4 21	1.4x	12.9x
Q2 22	1.4x	18.6x
Q4 22	1.4x	54.2x
Q1 23	1.4x	75.7x
Q2 23	1.4x	—
Q3 23	1.3x	—
Q4 23	1.3x	41.0x
Q1 24	1.3x	28.5x
Q2 24	1.2x	22.7x
Q3 24	1.2x	17.7x
Q4 24	1.2x	18.0x
Q1 25	1.2x	16.1x
Q2 25	1.2x	13.2x
Q3 25	1.2x	11.3x
Q4 25	1.1x	11.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$62M	$62M
Q4 21	$27M	$27M
Q2 22	-$16M	-$16M
Q4 22	$56M	$56M
Q1 23	$86M	$86M
Q2 23	$68M	$68M
Q3 23	$45M	$45M
Q4 23	$103M	$103M
Q1 24	$75M	$75M
Q2 24	$40M	$40M
Q3 24	$144M	$144M
Q4 24	$194M	$194M
Q1 25	$141M	$141M
Q2 25	$131M	$131M
Q3 25	$151M	$151M
Q4 25	$130M	$130M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-4.0%	+4.6%
Q4 21	-9.8%	-8.6%
Q2 22	+7.1%	+29.0%
Q4 22	-2.7%	+26.6%
Q1 23	+11.7%	+16.2%
Q2 23	+12.4%	+40.5%
Q3 23	+7.7%	+1.7%
Q4 23	+13.9%	-7.8%
Q1 24	+8.7%	+1.6%
Q2 24	+11.1%	+4.9%
Q3 24	+11.0%	+3.0%
Q4 24	+2.3%	+2.3%
Q1 25	+5.3%	+1.7%
Q2 25	+3.3%	-5.2%
Q3 25	+4.9%	-2.6%
Q4 25	+10.6%	-69.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$2M	0.7%
Q4 21	$2M	0.8%
Q2 22	$2M	0.7%
Q4 22	$2M	0.7%
Q1 23	$2M	0.6%
Q2 23	$3M	0.7%
Q3 23	$3M	0.7%
Q4 23	$2M	0.6%
Q1 24	$3M	0.7%
Q2 24	$3M	0.7%
Q3 24	$2M	0.6%
Q4 24	$3M	0.7%
Q1 25	$3M	0.6%
Q2 25	$3M	0.7%
Q3 25	$2M	0.6%
Q4 25	-$8M	-1.7%

OpEx Breakdown

Quarter	SG&A
Q4 25	$106M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$48M	$6.3B	$6.4B
Q2 22	$49M	$6.0B	$6.0B
Q3 22	$35M	$5.5B	$5.6B
Q4 22	$42M	$5.4B	$5.4B
Q1 23	$27M	$5.6B	$5.7B
Q2 23	$22M	$5.5B	$5.5B
Q3 23	$34M	$617M	$650M
Q4 23	$29M	$5.5B	$5.5B
Q1 24	$20M	$454M	$474M
Q2 24	$14M	$463M	$477M
Q3 24	$39M	$462M	$501M
Q4 24	$33M	$480M	$513M
Q1 25	$29M	$456M	$485M
Q2 25	$41M	$5.5B	$5.5B
Q3 25	$47M	$628M	$675M
Q4 25	$26M	$608M	$635M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	42M	+0.2%	+0.2%
Q4 21	42M	0.0%	0.0%
Q2 22	42M	-0.9%	-0.7%
Q4 22	42M	-0.5%	-1.2%
Q1 23	41M	-0.5%	-1.9%
Q2 23	41M	0.0%	-1.9%
Q3 23	41M	0.0%	-1.0%
Q4 23	42M	+0.2%	-0.2%
Q1 24	42M	0.0%	+0.2%
Q2 24	42M	+0.2%	+0.5%
Q3 24	41M	-0.5%	0.0%
Q4 24	42M	+0.2%	0.0%
Q1 25	42M	+0.2%	+0.2%
Q2 25	42M	0.0%	0.0%
Q3 25	42M	0.0%	+0.5%
Q4 25	42M	0.0%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$209.9K	1K
Q4 21	$209.3K	1K
Q2 22	$229.4K	1K
Q4 22	$198.6K	2K
Q1 23	$205.6K	2K
Q2 23	$200.7K	2K
Q3 23	$210.7K	2K
Q4 23	$226.1K	2K
Q1 24	$223.4K	2K
Q2 24	$222.9K	2K
Q3 24	$233.9K	2K
Q4 24	$224.6K	2K
Q1 25	$228.6K	2K
Q2 25	$223.8K	2K
Q3 25	$238.3K	2K
Q4 25	$241.6K	2K

Revenue / Employee