Cno Financial Group, Inc. (CNO) intrinsic value & 10-year financials
Cno Financial Group, Inc. (CNO) has a Graham intrinsic value of $22.86 per share. At $54.71 on Oct 17, 2026, the stock trades 139% above that value. Over the last 10 fiscal years revenue grew 1.3% a year to $4.5B, with an average return on invested capital of 10.8%.
- Graham intrinsic value
- $22.86
- Share price (Oct 17, 2026)
- $54.71
- Price vs Graham value
- 139% above
- Market cap
- $5.5B
- Revenue (FY2025)
- $4.5B
- Revenue growth (10-yr CAGR)
- 1.3%
- ROIC (10-yr avg)
- 10.8%
- Free cash flow (FY2025)
- —
CNO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.5B | $229.3M | $2.30 | — | 12.3% | 16.8% |
| FY2024 | $4.4B | $404.0M | $3.74 | — | 12.4% | 18.2% |
| FY2023 | $4.1B | $276.5M | $2.40 | — | 11.1% | 19.7% |
| FY2022 | $3.6B | $396.8M | $3.37 | — | 10.0% | 8.2% |
| FY2021 | $4.1B | $441.0M | $3.36 | — | 11.4% | 6.8% |
| FY2020 | $3.8B | $301.8M | $2.11 | — | 12.1% | 8.0% |
| FY2019 | $4.0B | $409.4M | $2.61 | — | 9.2% | 10.1% |
| FY2018 | $4.3B | -$315.0M | -$1.90 | — | 8.8% | 8.6% |
| FY2017 | $4.3B | $175.6M | $1.02 | — | 10.6% | 4.5% |
| FY2016 | $4.0B | $358.2M | $2.01 | — | — | 7.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CNO Financial Group, Inc. has demonstrated mature, steady growth, with revenue compounding at 1.3% annually over the past decade.
CNO Financial Group, Inc. has historically struggled to out-earn its cost of capital, averaging just 7.6% ROIC.
Over the decade, CNO Financial Group, Inc. shows that management has aggressively returned capital to shareholders by retiring 44.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CNO Financial Group, Inc. is modeled at 1.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $22.86 per share.