HMNHORACE MANN EDUCATORS CORP /DE/

Fire, Marine & Casualty Insurance

Revenue: $1.7B; 6.7% YoY
Operating margin: —
EBITDA: —
Market cap: $1.9B
Employees: 1,800; $945K revenue each
Net debt / EBITDA: —; $547M net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
341% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
11% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$945K · 31st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.4B	$1.5B	$1.6B	$1.7B	6.7%
Net income	$143M	−$3M	$45M	$103M	$162M	58%
Operating cash flow	$205M	$172M	$302M	$452M	$553M	22%
Stock-based comp	$8M	$9M	$10M	$10M	$10M	3.0%
Dividends	$51M	$53M	$54M	$56M	$57M	2.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $157K · 2
Open-market sells, 12 mo: $4M · 26
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$12M	131	210
FY2024	$8M	$10M	108	202
FY2023	$6M	$4M	87	159
FY2022	$5M	$5M	95	146
FY2021	$6M	$6M	95	132