CNO Financial Group, Inc. (CNO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+184.6%

$166.81

vs $58.62 price

Levered DCF

$107.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.41

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.07×	9.77×	11.43×	4.19×	6.95×	10.49×	6.92×	-7.83×
P/B	1.57×	1.57×	1.43×	1.52×	0.58×	0.58×	0.6×	0.73×
P/S	0.93×	0.89×	0.76×	0.75×	0.74×	0.83×	0.7×	0.57×
EV / EBITDA	8.6×	6.4×	7.58×	5.41×	6.54×	9.29×	9.42×	36×
Gross margin	44.8%	38.3%	37.0%	50.1%	41.2%	33.6%	30.7%	13.5%
Operating margin	6.5%	11.7%	8.6%	22.8%	17.8%	9.0%	6.8%	-6.1%
Net margin	5.1%	9.1%	6.7%	17.6%	13.8%	7.9%	10.2%	-7.3%
Current ratio	0.71×	1.68×	0×	1.73×	2.19×	0×	0×	0.02×
Debt / equity	1.54×	1.8×	1.87×	2.2×	0.76×	0.72×	0.81×	1.18×
Interest coverage	1.27×	2.04×	1.5×	5.96×	7.68×	3.16×	1.8×	-1.77×
Dividend yield	1.6%	1.7%	2.2%	2.4%	2.1%	2.1%	2.4%	2.6%
Payout ratio	28.9%	16.8%	24.6%	10.3%	11.5%	22.2%	16.4%	-20.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	16.1%	12.5%	35.7%	10.8%	5.5%	8.8%	-9.3%
Return on invested capital	1.2%	2.0%	0.8%	3.6%	2.6%	0.0%	0.0%	1.7%
Return on assets	0.6%	1.1%	0.8%	1.9%	1.6%	0.9%	1.2%	-1.0%
Free cash flow yield	16.3%	15.9%	18.4%	18.4%	19.5%	23.3%	24.6%	12.9%
Earnings yield	5.5%	10.2%	8.7%	23.5%	18.6%	9.6%	14.5%	-12.8%
Enterprise value	$7.2B	$6.8B	$6.5B	$6.5B	$7B	$7B	$6.5B	$6.4B
Net debt / EBITDA	3.67×	2.69×	3.91×	3.17×	3.66×	5.12×	5.34×	22.11×
Cash conversion cycle (days)	380	407	438	564	415	457	474	52