Horace Mann Educators Corp. /DE/ (HMN) intrinsic value & 10-year financials
Horace Mann Educators Corp. /DE/ (HMN) has a Graham intrinsic value of $79.61 per share. At $46.33 on Oct 17, 2026, the stock trades 42% below that value. Over the last 10 fiscal years revenue grew 4.7% a year to $1.7B, with an average return on invested capital of 5.7%.
- Graham intrinsic value
- $79.61
- Share price (Oct 17, 2026)
- $46.33
- Price vs Graham value
- 42% below
- Market cap
- $1.9B
- Revenue (FY2025)
- $1.7B
- Revenue growth (10-yr CAGR)
- 4.7%
- ROIC (10-yr avg)
- 5.7%
- Free cash flow (FY2025)
- —
HMN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.7B | $162.1M | $3.90 | — | — | 8.4% |
| FY2024 | $1.6B | $102.8M | $2.48 | — | — | 5.9% |
| FY2023 | $1.5B | $45.0M | $1.09 | — | — | 2.8% |
| FY2022 | $1.4B | -$2.6M | -$0.06 | — | — | -0.1% |
| FY2021 | $1.3B | $142.8M | $3.39 | — | — | 6.5% |
| FY2020 | $1.3B | $133.3M | $3.17 | — | — | 6.4% |
| FY2019 | $1.4B | $184.4M | $4.40 | — | — | 10.4% |
| FY2018 | $1.2B | $18.3M | $0.44 | — | — | 1.1% |
| FY2017 | $1.2B | $169.5M | $4.08 | — | — | 10.2% |
| FY2016 | $1.1B | $83.8M | $2.02 | — | — | 5.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HORACE MANN EDUCATORS CORP /DE/ has demonstrated mature, steady growth, with revenue compounding at 4.7% annually over the past decade.
HORACE MANN EDUCATORS CORP /DE/ has historically struggled to out-earn its cost of capital, averaging just 5.7% ROIC.
Over the decade, HORACE MANN EDUCATORS CORP /DE/ shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HORACE MANN EDUCATORS CORP /DE/ is modeled at 7.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $79.61 per share.