At a glance
Horace Mann Educators Corporation is worth $1.85B, about 12 times its fiscal 2025 earnings. Revenue grew 6.7% to $1.70B in fiscal 2025, with 9.5% kept as profit; over 5 years it has grown 5.4% a year. It pays a 3.12% dividend yield, raised every year for at least 9 years, and returned $335.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +6.9% over the past year with dividends reinvested and +6.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.0% in the 2020 crash (S&P 500: 33.7%) and 22.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 28 months after the lows.
The business in plain English
Horace Mann Educators is a holding company that owns insurance companies. It focuses on one group of customers: K-12 (kindergarten through 12th grade) teachers, administrators and other public school employees, plus their families. Its products are auto and property insurance for individuals, life insurance, retirement savings products, supplemental health coverage and group benefits, meaning coverage offered to a whole group of workers.
Most of its retirement products are tax-qualified fixed and variable annuities, which qualify for tax-advantaged retirement saving. An annuity is a savings contract with an insurer: a fixed annuity credits a set interest rate, while a variable annuity rises and falls with the investments chosen. Supplemental policies cover accidents, cancer, critical illness, hospital stays and disability. The company reports four segments: Property & Casualty, Life & Retirement, Supplemental & Group Benefits, and Corporate & Other.
Like most insurers, Horace Mann earns money two ways: from premiums (the price customers pay for coverage) and from investing that money until claims and benefits come due. It invests mainly in bonds, including mortgage-backed and other asset-backed securities, plus stakes in private funds. Revenue was $1.70 billion in fiscal 2025, up 6.7%, and net income was $162.1 million. Revenue grew about 5.4% a year over the five years from fiscal 2020.
Price history
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HMN +6.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $443.5M, up 7.7% from a year earlier, and net income was $41.6M (+41.5%).
- For fiscal 2025, revenue was $1.70B (+6.7% year over year; +5.4% a year from FY2020 to FY2025) with a 9.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.4% good |
|---|---|
| Return on equity (FY2025) | 10.9% watch |
| Return on assets (FY2025) | 1.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.31B | $133.3M | — |
| FY2021 | $1.33B | $170.4M | — |
| FY2022 | $1.38B | $19.8M | — |
| FY2023 | $1.49B | $45.0M | — |
| FY2024 | $1.60B | $102.8M | — |
| FY2025 | $1.70B | $162.1M | — |
Valuation snapshot
| Market value | $1.85B |
|---|---|
| P/E ratio | 11.7 |
| Dividend yield | 3.12% |
Rank among 1514 US companies
Market value at each year end
Horace Mann Educators’s market value went from $1.72B at the end of 2016 to $1.85B on Oct 28, 2026, up 8%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.85B | -1.3% |
| 2025 | $1.88B | +17.5% |
| 2024 | $1.60B | +19.7% |
| 2023 | $1.34B | -12.6% |
| 2022 | $1.53B | -4.8% |
| 2021 | $1.61B | -7.8% |
| 2020 | $1.74B | -3.3% |
| 2019 | $1.80B | +17.4% |
| 2018 | $1.53B | -14.5% |
| 2017 | $1.79B | +4.2% |
| 2016 | $1.72B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HMN price data to Oct 28, 2026 | +1.5% | +6.9% | +17.9% | +6.7% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.5% |
| 2025 | +21.5% |
| 2024 | +24.6% |
| 2023 | -8.8% |
| 2022 | -0.0% |
| 2021 | -5.0% |
| 2020 | -0.5% |
| 2019 | +19.8% |
| 2018 | -12.8% |
| 2017 | +5.9% |
| 2016 | +33.0% |
| 2015 | +3.0% |
| 2014 | +8.5% |
| 2013 | +63.1% |
| 2012 | +50.0% |
| 2011 | -21.5% |
| 2010 | +47.5% |
| 2009 | +39.0% |
| 2008 | -50.2% |
| 2007 | -4.3% |
| 2006 | +9.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.3% over that stretch · deepest drop along the way 75.3%, back to its old high 47.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.9% over that stretch · deepest drop along the way 30%, back to its old high 11.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1% over that stretch · deepest drop along the way 22.2%, back to its old high 27.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 19 sales ($3.2M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 1, 2026 | Marita Zuraitis President & CEO, Director | sell (plan) | $395K |
| Aug 3, 2026 | Marita Zuraitis President & CEO, Director | sell (plan) | $390K |
| Sep 1, 2026 | Marita Zuraitis President & CEO, Director | sell (plan) | $382K |
| Jun 2, 2026 | Marita Zuraitis President & CEO, Director | sell (plan) | $347K |
| Apr 23, 2026 | Marita Zuraitis President & CEO, Director | sell (plan) | $346K |
Who owns it
Large shareholders (13G filings)
| Franklin Resources, Inc. | 7.4% | Mar 31, 2026 |
| Vanguard Portfolio Management | 7.1% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 6.3% | Mar 31, 2026 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 4.91% | Mar 31, 2026 |
ETFs with the most weight in HMN
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.11% |
| SVAL iShares US Small Cap Value Factor ETF | 0.59% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.56% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.51% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.42% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.38% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 0.36% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.3% |
What could go wrong
- Tied to one group of customers. Horace Mann's customers are mainly K-12 teachers, administrators and other public school employees and their families. That focus is its niche, but it ties the company's growth to a single occupational group.
- Profits can swing sharply year to year. Net income fell from $170.4 million in 2021 to $19.8 million in 2022, then climbed back to $162.1 million in 2025. Earnings per share went from $4.04 to $0.47 in that one year.
- Claim reserves rest on estimates. Horace Mann sets aside money for unpaid auto and property claims and for future policy benefits. Its 10-K lists these among its most significant estimates. If actual claims run higher, earnings take the hit.
- Private fund stakes are slow to value. Horace Mann holds stakes in private equity, real estate, infrastructure and mortgage loan funds whose results are booked about three months late. A 2025 error correction tied to these funds cut net income $8.1 million.
- Bonds expose it to rates and defaults. The company invests mostly in bonds and mortgage-backed securities. When interest rates rise, bond prices fall, shrinking shareholders' equity on paper. If borrowers default, credit losses flow straight into earnings.
- Debt adds fixed obligations. Total debt was $594.2 million as of June 30, 2026, against shareholders' equity of $1.50 billion. A July 21, 2026 filing reported a major agreement and a new debt or financial obligation.
Recent events
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
Horace Mann has raised its dividend at least 9 years in a row through fiscal 2025, and the streak may be longer. It grew from $1.20 per share in 2020 to $1.40 in 2025, about 3.1% a year. Dividends took 35.2% of 2025 earnings, and the yield was 3.12% as of October 28, 2026. The raises continued in 2022, when the $1.28 dividend was more than double earnings of $0.47 per share. Buybacks are smaller: $65.2 million over fiscal 2021–2025, versus $270.5 million in dividends, and the share count fell 2.4% between October 2021 and July 2026.
The stock has fallen hard in downturns. It dropped 75.3% in 2007–2008 and took about 48 months from the low to regain its peak. It fell 30% in the 2020 COVID crash, recovering in about 11.5 months, and 22.2% in 2022, needing about 27.6 months. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Horace Mann raise its dividend every year?
Yes, so far. SEC filings show a higher dividend per share in every fiscal year from FY2016 to FY2025. That makes at least 9 straight increases, and the streak may be longer. The raises have been small: from $1.20 a share in FY2020 to $1.40 in FY2025, about 3.1% a year. The dividend took 35.2% of FY2025 earnings, and the yield was 3.12% as of October 28, 2026. In FY2022, though, earnings of $0.47 a share fell well short of the $1.28 dividend.
How does Horace Mann make money?
Horace Mann sells insurance and retirement products, mainly to K-12 teachers, administrators, other public school employees and their families. Its subsidiaries write auto and property insurance, life insurance, and annuities (savings contracts that can later pay income), mostly tax-qualified. It also sells supplemental policies such as cancer and accident coverage, plus group disability and life benefits. It also earns investment income on the money it holds, mostly from bonds and similar fixed-income securities. Revenue was $1.70 billion in FY2025.
What is Horace Mann's P/E ratio?
About 11.7 times earnings, as of October 28, 2026. The P/E ratio divides the share price by yearly earnings per share. Here it uses FY2025 earnings of $3.90 a share. The company's market value was about $1.85 billion. That multiple rests on a strong year, as net income rose 57.7% to $162.1 million. Earnings have swung widely, from $4.04 a share in FY2021 to $0.47 in FY2022, so the ratio can look very different from one year to the next.
How far did Horace Mann stock fall in 2008?
About 75%. HMN shares dropped 75.3% from October 10, 2007, to October 27, 2008. They did not regain that peak until October 25, 2012, almost 48 months after the low. In the 2020 COVID crash the stock fell 30% and recovered in about 11.5 months. From April to July 2022 it fell 22.2% and took about 27.6 months to recover. Its deepest drop in the year to October 28, 2026, was 17%. Swings like these matter for retirees who may need to sell shares.
Are Horace Mann insiders selling stock?
Yes, and none were buying. Insider filings from October 29, 2025, to October 29, 2026, show 19 sales and no purchases, based on 25 of the 45 filings in that span. Fifteen sales ran under pre-set trading plans, which insiders arrange ahead of time so trades happen on a schedule. The largest sales came from President and CEO Marita Zuraitis, including one worth $394,613 on July 1, 2026. Insiders often sell for taxes or diversification, so sales do not always signal a view on the stock.