MeritValue

HORACE MANN EDUCATORS CORP /DE/

HMNdata completeness 88%17 fiscal years on file
The thesis, from the filings

HORACE MANN EDUCATORS CORP /DE/ earns about 7% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $24.71 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.33B1$1.38B2$1.49B3$1.6B3$1.7B3
Net income$170.4M4$19.8M5$45M6$102.8M6$162.1M6
Operating cash flow$204.9M7$171.5M8$302.1M9$452.1M9$553.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$502.6M10,11$498M12,13$546M12,13$547M14,15$593.4M14,15
Cash & equivalents$133.7M16$42.8M17$29.7M17$38.1M18$27.5M18
Diluted shares42.2M41.8M41.4M41.5M41.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$356.42
your share of equity
Profit it earned you last year
$38.97
Free cash flow it threw off
—
Debt you’d be carrying
$142.64

10 shares is a claim on $356.42 of net worth that earned you $38.97 last year, against $142.64 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 10%FY22 2%FY23 4%FY24 7%FY25 9%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 18% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$24.71
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$102.8M
  • Growth assumed0.0%
Graham Number
$55.92
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007168 (Revenues)
  2. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001628280-25-008838 (Revenues)
  3. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000850141-26-000007 (Revenues)
  4. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007168 (NetIncomeLoss)
  5. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001628280-25-008838 (NetIncomeLoss)
  6. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000850141-26-000007 (NetIncomeLoss)
  7. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0001628280-24-007168 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001628280-25-008838 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000850141-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001628280-23-005501 (LongTermDebt)
  11. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001628280-23-005501 (ShortTermBorrowings)
  12. 10-K filed 2024-02-27 · periods ending 2022-12-31, 2023-12-31 · accession 0001628280-24-007168 (LongTermDebt)
  13. 10-K filed 2024-02-27 · periods ending 2022-12-31, 2023-12-31 · accession 0001628280-24-007168 (ShortTermBorrowings)
  14. 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0000850141-26-000007 (LongTermDebt)
  15. 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0000850141-26-000007 (ShortTermBorrowings)
  16. 10-K filed 2025-02-28 · period ending 2021-12-31 · accession 0001628280-25-008838 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K filed 2026-02-27 · periods ending 2022-12-31, 2023-12-31 · accession 0000850141-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0000850141-26-000007 (CashAndCashEquivalentsAtCarryingValue)