At a glance
CNO Financial Group Inc is worth $5.03B, about 24 times its fiscal 2025 earnings. Revenue grew 0.9% to $4.49B in fiscal 2025, with 5.1% kept as profit; over 5 years it has grown 3.3% a year. It pays a 1.29% dividend yield, raised every year for at least 9 years, and returned $1.73B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +37.2% over the past year with dividends reinvested and +19.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.4% in the 2020 crash (S&P 500: 33.7%) and 35.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
Price history
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CNO +37.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.29B, up 11.6% from a year earlier, and net income was $125.9M (+37.1%).
- For fiscal 2025, revenue was $4.49B (+0.9% year over year; +3.3% a year from FY2020 to FY2025) with a 5.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.3% watch |
|---|---|
| Operating margin | 12.3% watch |
| Return on equity (FY2025) | 8.7% watch |
| Return on assets (FY2025) | 0.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.82B | $301.8M | — |
| FY2021 | $4.12B | $570.3M | — |
| FY2022 | $3.58B | $630.6M | — |
| FY2023 | $4.15B | $276.5M | — |
| FY2024 | $4.45B | $420.8M | — |
| FY2025 | $4.49B | $229.3M | — |
Valuation snapshot
| Market value | $5.03B |
|---|---|
| P/E ratio | 23.6 |
| Dividend yield | 1.29% |
Rank among 1514 US companies
Market value at each year end
CNO Financial Group’s market value went from $3.32B at the end of 2016 to $5.03B on Oct 28, 2026, up 51%; since the end of 2025 it is up 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.03B | +24.2% |
| 2025 | $4.05B | +5.4% |
| 2024 | $3.84B | +22.7% |
| 2023 | $3.13B | +19.7% |
| 2022 | $2.61B | -11.1% |
| 2021 | $2.94B | -4.8% |
| 2020 | $3.09B | +12.8% |
| 2019 | $2.74B | +11.8% |
| 2018 | $2.45B | -40.9% |
| 2017 | $4.14B | +24.6% |
| 2016 | $3.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CNO price data to Oct 28, 2026 | +29.5% | +37.2% | +36.7% | +19.6% | +16.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.5% |
| 2025 | +16.1% |
| 2024 | +36.1% |
| 2023 | +25.1% |
| 2022 | -1.6% |
| 2021 | +9.5% |
| 2020 | +26.0% |
| 2019 | +25.1% |
| 2018 | -38.2% |
| 2017 | +31.0% |
| 2016 | +2.1% |
| 2015 | +12.5% |
| 2014 | -1.3% |
| 2013 | +91.1% |
| 2012 | +48.9% |
| 2011 | -6.9% |
| 2010 | +35.6% |
| 2009 | -3.5% |
| 2008 | -58.8% |
| 2007 | -37.1% |
| 2006 | -13.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 97.6% over that stretch · deepest drop along the way 97.7%, back to its old high 56 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53.4% over that stretch · deepest drop along the way 53.4%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.7% over that stretch · deepest drop along the way 35.4%, back to its old high 6.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 18 sales ($7.8M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 30, 2026 | Gary C. Bhojwani Chief Executive Officer, Director | sell (plan) | $2.3M |
| Jun 30, 2026 | Gary C. Bhojwani Chief Executive Officer, Director | sell (plan) | $2.2M |
| Aug 31, 2026 | Karen J. DeToro President, Worksite Division | sell (plan) | $412K |
| Sep 1, 2026 | Karen J. DeToro President, Worksite Division | sell (plan) | $411K |
| Sep 2, 2026 | Karen J. DeToro President, Worksite Division | sell (plan) | $329K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.9% | Sep 30, 2025 |
| Vanguard Portfolio Management | 7.23% | Mar 31, 2026 |
| Vanguard Capital Management | 5.14% | Mar 31, 2026 |
| PZENA INVESTMENT MANAGEMENT LLC | 4.3% | Sep 30, 2024 |
ETFs with the most weight in CNO
| KIE SPDR S&P Insurance ETF | 1.93% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 1.51% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.44% |
| SEIS SEI Select Small Cap ETF | 1.35% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 1.22% |
| FDLS Inspire Fidelis Multi Factor ETF | 1.03% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.75% |
What could go wrong
- Health claims could outrun premium increases. If medical costs rise faster than expected, Medicare supplement, long-term care and supplemental health policies can become unprofitable. State insurance regulators can be slow to approve the premium increases needed to catch up.
- Interest rates can squeeze annuity and life profits. CNO earns a spread between investment income and what it credits customers. Long stretches of low rates shrink that spread, while sharp rate rises can push customers to cash out policies early.
- Sales depend on recruiting and keeping agents. CNO believes most people purchase insurance only after an agent contacts them. It relies on about 4,600 exclusive Consumer Division agents plus outside marketing firms; losing them to bigger, higher-rated rivals would hurt sales.
- Reserve assumptions could prove wrong. CNO sets aside reserves, money held for future claims, based on models and assumptions. If claims or policy cancellations differ from those assumptions, it may have to add reserves, which cuts net income and equity.
- Investment losses could hit capital. CNO invests the premiums it collects. Its $38.8 billion of assets rested on $2.6 billion of equity at the end of 2025, so even modest investment losses from defaults or sell-offs can dent capital.
- Parent company relies on subsidiaries' cash. CNO had about $1.3 billion of debt as of June 30, 2026, but its cash comes mainly from its insurance subsidiaries, which regulators can restrict. A ratings downgrade could also raise borrowing costs.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
CNO pays a small but steadily rising dividend. Dividends per share grew from $0.47 in fiscal 2020 to $0.67 in fiscal 2025, about 7.3% a year, and SEC filings show at least nine straight annual increases through fiscal 2025. The fiscal 2025 dividend used 28.9% of earnings. The yield was 1.29% as of October 28, 2026. Buybacks (the company repurchasing its own shares) return far more cash: about $1.4 billion in fiscal 2021–2025, versus $333 million in dividends. The share count fell about 25% between October 2021 and July 2026.
The share price has fallen hard in downturns. It lost 97.7% from October 2007 to March 2009, a near-total loss, and did not regain that peak until November 2013. It dropped 53.4% in the 2020 COVID crash, recovering by October 2020, and 35.4% in 2022, recovering by January 2023. Single stocks like CNO carry more risk than diversified funds.
Questions investors ask
How does CNO Financial make money?
CNO makes money by collecting insurance premiums and investing that money until claims or payouts come due. On annuities, its main profit source is the spread. That is the gap between what its investments earn and what it credits to customers' accounts. For fixed indexed annuities, it is the gap between investment earnings and the cost of the index options that fund customer credits. Investment income also matters for health products such as long-term care. In 2025, CNO reported revenue of $4.5 billion and net income of $229.3 million.
Does CNO Financial raise its dividend every year?
Yes, so far. CNO has raised its dividend for at least nine years in a row through fiscal 2025, and the true streak may be longer. Regular dividends grew from $0.47 per share in 2020 to $0.67 in 2025, about 7.3% a year. The 2025 dividend was 28.9% of earnings. The yield was 1.29% as of October 28, 2026. CNO spends far more on buybacks: $1.4 billion over fiscal 2021–2025, against $332.5 million on dividends.
Is CNO Financial the same company as Conseco?
Yes, in effect. CNO is the successor to Conseco, Inc., which went through a bankruptcy reorganization that took effect on September 10, 2003. Conseco was organized in 1979 and began operations in 1982. The company later changed its name to CNO. The stock lost 97.7% of its value in the 2008 financial crisis. It did not climb back to its October 2007 peak until November 2013, 56 months after the low.
How has CNO stock performed over the long term?
It did well over the 10 years to October 28, 2026. As of that date, the stock returned 37.2% over one year, an average of 19.6% a year over five years and 16.2% a year over ten. Its full 21-year record is weaker, at 5.7% a year, because shares lost 97.7% in the 2008 financial crisis. They also fell 53.4% in the 2020 COVID crash and 35.4% in 2022. Over the past year the stock had a beta of 0.41, which means it moved less than the overall market.
What are the biggest risks for CNO Financial stock?
Interest rates and investments are the main ones. CNO profits from the spread between its investment income and what it credits customers. A long stretch of low rates could squeeze that spread, and rising rates can lead more customers to surrender policies. The 10-K also warns that its reserves for future claims could prove too low and that regulators may be slow to approve higher premiums. The holding company also depends on its insurance subsidiaries to send it cash. Earnings can swing: in 2025, net income fell 45.5% while revenue rose 0.9%.