HMN HORACE MANN EDUCATORS CORP /DE/

Overview and Growth

Fiscal 2025 results for HORACE MANN EDUCATORS CORP /DE/ combined $1.70B of revenue with net income of $162.10M and an operating cash inflow of $553.20M. Revenue of $1.70B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 6.7% above fiscal 2024 revenue of $1.60B, marking a year-over-year increase. Diluted earnings per share were $3.90, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 57.3% increase from fiscal 2024 diluted EPS of $2.48. The diluted weighted-average share count was 41.60M, linking total earnings with the per-share result received by shareholders. The diluted share count was 0.2% higher than fiscal 2024, when diluted shares averaged 41.50M, adding context to the EPS comparison. At period end, total assets were $15.27B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.11x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After all reported below-operating-line items, the company recorded net income of $162.10M for the fiscal year. Measured against reported revenue, net income produced a 9.5% margin after operating costs and the remaining recognized items. The earnings statement records $201.20M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 11.8%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $39.10M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 19.4% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 10.9%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 1.1%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $102.80M to $162.10M, with the current outcome ending above that comparison.

Liquidity and Capital Structure

The company held $15.27B of assets against $13.78B of liabilities and $1.48B of equity, revealing how the asset base was financed. The company held $27.50M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $593.40M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.4x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 3.9%, comparing borrowing with the total asset balance. Book equity represented 9.7% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 90.3% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 0.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 5.4% from $14.49B in fiscal 2024, leaving current total assets higher year over year. Against $1.29B of equity in fiscal 2024, the current book-equity balance moved 15.2% and ended higher. The reported cash balance changed 27.8% from $38.10M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $553.20M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 3.41x, comparing cash generated by operations with the bottom-line earnings result. Compared with $452.10M in fiscal 2024, current operating cash flow of $553.20M was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.