# Horace Mann Educators Corporation (HMN)

> Source: Nexqual · https://nexqual.com/HMN · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Horace Mann Educators Corporation (HMN), nexqual.com/HMN" · informational, not investment advice.

**Price:** USD 46.3 (-2.26% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 47.37 · day 46.1–47.24 · 52w 41.29–55.56 · market cap $1.88B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.75B, net income $177M (10.2% margin) (SEC filings).
- Valuation: P/E 10.6x (avg 19.3x at the last 3 fiscal year-ends), net cash $5.22B.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $3.2M; 4 not under a Rule 10b5-1 plan ($605K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (3 analysts), mean target USD 56.5 (range 54–59).
- Total return with dividends: 1Y +6.3% vs S&P 500 +13.4%; 5Y +41.1% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD 1.11, revenue estimate $444M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.33B | $1.38B | $1.49B | $1.60B | $1.70B | $1.75B |
| Net income | $170M | $19.8M | $45.0M | $103M | $162M | $177M |
| EPS (diluted) | $4.04 | $0.47 | $1.09 | $2.48 | $3.90 | — |
| Net margin | 12.8% | 1.4% | 3.0% | 6.4% | 9.5% | 10.2% |
| Revenue growth | +1.4% | +3.9% | +8.0% | +6.9% | +6.7% | — |
| Cash + short-term investments | $6.37B | $5.23B | $5.26B | $5.43B | $5.74B | — |
| Total debt | $503M | $498M | $546M | $547M | $593M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.6x · P/S 1.1x · EV/Sales -1.9x · P/B 1.3x · Earnings yield 9.45% · Dividend yield (paid, TTM) 3.07% · Net cash $5.22B · EV -$3.34B
P/E at fiscal year-ends: Dec 2025 11.9x, Dec 2024 15.8x, Dec 2023 30.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15…2026-10-16 | Zuraitis Marita | President & CEO | 6,850 | $317K | 2.3% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-10-08 | Zuraitis Marita | President & CEO | 550 | $25K | 0.2% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-10-06 | Zuraitis Marita | President & CEO | 100 | $5K | 0% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-03 | Carley Donald M | General Counsel | 2,054 | $107K | 6.7% | No | Too little history (no open-market trades in 2023) |
| 2026-09-03 | Hines Perry G. | Director | 3,237 | $169K | 11.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Zuraitis Marita | President & CEO | 7,500 | $382K | 2.4% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Reece Henry Wade | Director | 1,359 | $70K | 3.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12 | Bradley Thomas A | Director | 5,000 | $259K | 18.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Zuraitis Marita | President & CEO | 7,500 | $390K | 2.4% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Zuraitis Marita | President & CEO | 7,500 | $395K | 2.3% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Zuraitis Marita | President & CEO | 7,500 | $347K | 2.4% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-19 | Zuraitis Marita | President & CEO | 14 | $1K | 0% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-05…2026-05-06 | Zuraitis Marita | President & CEO | 405 | $19K | 0.1% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-01…2026-05-04 | Zuraitis Marita | President & CEO | 7,081 | $327K | 2.2% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-23 | Zuraitis Marita | President & CEO | 7,500 | $346K | 2.3% | Yes (adopted December 23, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 3 analysts; mean target USD 56.5 (low 54, high 59).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +6.3% | +41.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +6.3% | +7.1% |
| Volatility (annualized) | 20.7% | 22.2% |
| Max drawdown | -17.0% (Jul 2026→Sep 2026) | -29.8% (Mar 2022→Sep 2023) |

## Peers (Insurance - Property & Casualty)
PRCH (Porch Group, Inc.) USD 17.73 -1.17% · HCI (HCI Group, Inc.) USD 204.06 -1.27% · SKWD (Skyward Specialty Insurance Gro) USD 60.39 -2.85% · SLDE (Slide Insurance Holdings, Inc.) USD 28.55 +2.88% · LMND (Lemonade, Inc.) USD 44.92 -1.08% · PLMR (Palomar Holdings, Inc.) USD 141.78 -1.90%

## More
Full page: https://nexqual.com/HMN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-05)

- "Life & Retirement Life Insurance Product Lines: • Annualized sales: Annualized sales are based on the total yearly premium that the Company would expect to receive if all first year recurring premium policies would remain in force, plus 10% of single and indexed universal life excess premiums."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.11 | $1.07 | +2.9% | $444.2M | 3 |
| Next quarter (ends 2026-12-31) | $1.29 | $1.40 | -7.2% | $449.9M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.86 | $4.52 | +7.4% | $1.77B | 3 |
| Next fiscal year (ends 2027-12-31) | $5.36 | $5.06 | +6.1% | $2.07B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±8.3%; last 8 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 48.9% | ±8.3% |
| 2027-02-19 | 118 | 29.6% | ±13.4% |
| 2027-05-21 | 209 | 27.6% | ±16.5% |