Horace Mann Educators Corporation (HMN) 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

+174.2%

$129.57

vs $47.26 price

Levered DCF

$612.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.84

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	11.75×	15.76×	30×	77.85×	11.22×	13.06×	9.77×	83.22×
P/B	1.29×	1.26×	1.15×	1.42×	0.89×	0.97×	1.15×	1.19×
P/S	1.18×	1.05×	0.94×	1.16×	1.28×	1.35×	1.28×	1.3×
EV / EBITDA	9.39×	11.26×	17.1×	31.66×	8.13×	10.88×	8.25×	45.62×
Gross margin	35.2%	30.9%	24.9%	24.8%	32.7%	32.3%	35.4%	18.9%
Operating margin	12.4%	8.3%	3.7%	1.2%	16.8%	12.4%	16.8%	1.7%
Net margin	10.0%	6.6%	3.1%	1.5%	13.6%	10.3%	13.1%	1.6%
Current ratio	0×	0×	0×	0×	27×	0×	0×	0×
Debt / equity	0.4×	0.42×	0.46×	0.45×	0.28×	0.24×	0.28×	0.23×
Interest coverage	5.53×	3.72×	1.79×	0.85×	15.12×	10.5×	15.15×	1.5×
Dividend yield	3.0%	3.4%	4.0%	3.4%	3.2%	2.9%	2.6%	3.0%
Payout ratio	35.2%	54.0%	119.8%	265.7%	30.2%	37.2%	25.7%	254.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	8.0%	3.8%	1.8%	9.4%	7.4%	11.8%	1.4%
Return on invested capital	1.1%	0.7%	0.0%	6.6%	0.8%	98.7%	136.6%	0.2%
Return on assets	1.1%	0.7%	0.3%	0.1%	1.2%	1.0%	1.5%	0.2%
Free cash flow yield	28.8%	27.9%	22.4%	11.0%	12.8%	14.9%	7.1%	13.1%
Earnings yield	8.4%	6.3%	3.3%	1.3%	10.6%	7.7%	10.2%	1.2%
Enterprise value	$2.5B	$2.1B	$1.9B	$2B	$2B	$2.2B	$2.2B	$1.8B
Net debt / EBITDA	2.14×	2.71×	4.73×	7.18×	1.52×	2.1×	1.52×	7.16×
Cash conversion cycle (days)	94	100	122	127	45	0	0	0