The business behind the dividend
| Measure | HMN | Median | Formula |
|---|---|---|---|
| Return on equity | 10.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 11.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 9.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -2.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 10.9% | 8.0% | 3.8% | 1.8% | 11.4% | 7.4% | 11.8% | 1.4% | 11.3% | 6.5% | 7.4% |
| Operating margin | 11.8% | 8.1% | 3.6% | 1.2% | 15.8% | 12.2% | 16.5% | 1.6% | 7.6% | 10.1% | 8.1% |
| Net margin | 9.5% | 6.4% | 3.0% | 1.4% | 12.8% | 10.2% | 12.9% | 1.5% | 14.5% | 7.4% | 7.4% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Horace Mann Educators pays out less than 142 of them. The median for that group is 30.6%, against this company’s 35.9%.
Closest on GAAP earnings
- First Northern Community Bancorp (FNRN) 35.7%
- Wilson Bank Holding (WBHC) 35.9%
- Piper Sandler Companies (PIPR) 36.0%
- First American Financial (FAF) 36.3%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →