Start here if you're new
what it is
Horace Mann sells insurance and retirement products to educators, which is a niche business aimed at one very specific paycheck.
how it gets paid
Last year Horace Mann Educ made $1.7B in revenue. property and casualty insurance was the main engine at $0.88B, or 52% of sales.
why it's growing
Revenue grew 6.7% last year. EDGAR shows Revenue up 189% vs. prior year and EPS up 116% vs. prior year.
what just happened
Latest Revenue jumped to $1.3B and EPS rose to $3.03 as the turnaround kept showing up in the numbers.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
15/100 earnings predictability — expect surprises
13.1x trailing p/e — the market's not buying it — or you found a deal
3.4% dividend yield — cash in your pocket every quarter
5.6% return on capital — nothing to write home about
xvary composite: 63/100 — average
What they do
Horace Mann sells insurance and retirement products to educators, which is a niche business aimed at one very specific paycheck.
This company sells to educators, not everyone with a car and a pulse. That focus matters because schools, districts, and associations can put Horace Mann products directly in front of employees, and the company does it with 1,750 employees. Price stability is 90 out of 100, which means your stock has acted calmer than most insurers while earnings climbed from a $0.06 loss in 2022 to $2.48 in 2024.
How they make money
$1.7B
annual revenue · their business grew +6.7% last year
property and casualty insurance
$0.88B
life and supplemental insurance
$0.37B
retirement plans and annuities
$0.25B
mutual funds and advisory
$0.12B
student loan and wellness services
$0.08B
The products that matter
auto and property coverage
Property & Casualty Insurance
$1.0B · 59% of revenue · +8%
it's the biggest segment by far. At $1.0B in revenue, this is the repair job you are underwriting as a shareholder.
core segment
retirement investment products
Annuities
$0.5B · 29% of revenue · +5%
this $0.5B business is the ballast. The 4.67% pretax investment yield matters because insurers earn on float as well as underwriting, and that income helps support the 3.4% dividend.
income engine
individual protection policies
Life Insurance
$0.2B · 12% of revenue · +40%
life is the smallest line, but it posted the fastest growth. Sales rose 40% to $1.4M and persistency was 92.1%, which means customers are staying once they sign.
fastest growth
Key numbers
13.1x
trailing p/e
P/E ratio → how many dollars you pay for $1 of profit → so what: you are paying a modest price for a company that just posted $2.48 in 2024 EPS.
3.4%
dividend yield
Dividend yield → cash paid to you each year as a share of the stock price → so what: you are getting paid 3.4% while waiting to see if the earnings recovery holds.
5.6%
return on capital
Return on capital → profit earned on the money invested in the business → so what: 5.6% says this is recovering, but it is not a capital-light money machine.
$547M
long-term debt
Long-term debt → money the company owes over many years → so what: $547M, or 24% of capital, is manageable but large enough to matter if underwriting weakens.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 90 / 100
- long-term debt $547M (24% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HMN right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest Revenue jumped to $1.3B and EPS rose to $3.03 as the turnaround kept showing up in the numbers.
EDGAR shows quarterly revenue up 189% vs. prior year and EPS up 116% vs. prior year. That sits on top of a full-year EPS recovery from $1.09 in 2023 to $2.48 in 2024.
$1.3B
revenue
$3.03
eps
38.1%
gross margin
the number that mattered
The key number was $3.03 in quarterly EPS because it shows the rebound is not just an accounting clean-up from the 2022 loss.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is property & casualty claims costs outrunning premium growth. HMN's educator niche does not protect you from bad underwriting math, and 59% of revenue sits in the segment that decides whether the repair story is real.
high
property & casualty claims inflation
property & casualty generates $1.0B of revenue, or 59% of the business. If claims severity rises faster than premiums, margin repair disappears fast.
high-impact
med
falling investment income
pretax investment yield is 4.67%. That yield helps support earnings and the 3.4% dividend. If rates reset lower, the income cushion gets thinner.
med-impact
med
educator-customer concentration
the niche is the sales pitch and the growth ceiling. A company built around teachers gets focus, but it also ties expansion to one customer base and one employment pool.
med-impact
low
the valuation already prices in some repair
HMN trades at a 29% premium to book value. That is not extreme, but it does mean you are paying for better underwriting before returns on capital look premium.
low-impact
this is a $1.0B property & casualty story inside roughly $1.7B of segment revenue. If the core underwriting line wobbles, the 3.4% yield and 13.1x multiple stop looking defensive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
core metric
property & casualty margin follow-through
one quarter of improvement is a start. Because property & casualty is 59% of revenue, you want proof that the better q4 2025 result was not a one-quarter event.
calendar
q1 2026 earnings report
expected late april 2026. Another clean quarter would make the repair story easier to trust. A stumble would remind you why predictability is only 15 / 100.
rates
pretax investment yield near 4.67%
that yield is doing real work for earnings and dividend support. If it drifts lower, the income case gets thinner even if underwriting improves.
capital return
$50M buyback execution
authorization is easy. Actual repurchases are the proof beat. For a roughly $2B market cap company, follow-through would show management sees value here.
Analyst rankings
earnings predictability
15 / 100
earnings can move around more than you want. in human-speak, analysts do not see this as a smooth, highly forecastable insurer.
risk rank
3
this sits in the middle of the pack on safety. You are not buying distress, but you are not buying a fortress either.
price stability
90 / 100
the stock tends to trade with less drama than its predictability score suggests. Stable price, choppier earnings — welcome to insurer math.
source: institutional data
Institutional activity
institutional ownership data for HMN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$46
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive