Citizens Inc CIA

FinancialsInsuranceUnited States of America

Last close 3.72 USD on Nov 2, 2026, −23.0% year to date

Quant rating

Quant rating D Rank 567 of 799 in Financials

Growth C 537 of 799
Valuation B 125 of 799
Quality C 531 of 799
Revisions C 458 of 799
Momentum D 710 of 799

Wall Street consensus Buy (2.00)Average target 5.25 USD +41.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 188M
Enterprise value: 171M
52-week range: 3.31 – 6.54
3-year range: 1.92 – 6.54
Dividend yield: –
Beta (5 years): 0.44
Shares outstanding: 50.6M
Next earnings: Nov 4, 2026

About the company

Citizens, Inc. is a diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the United States (U.S.), Latin America, and Asia. It operates two segments: Life Insurance and Home Service Insurance. The Life Insurance segment sells U.S. dollar-denominated whole life insurance, endowment and critical illness policies to non-U.S. residents, located principally in Latin America and the Pacific Rim. In the U.S. it primarily sells whole-life final expense insurance and insurance with living benefits. This segment operates business through CICA Life, A.I. (CICA International) and CICA Life Insurance Company of America (CICA Domestic). The Home Service Insurance segment offers affordable life insurance policies to lower-income households in Louisiana, Mississippi and Arkansas, conducting business through Security Plan Life Insurance Company and Magnolia Guaranty Life Insurance Company.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	183	178	171	177	178	–
Revenue growth	3.1%	4.2%	−3.8%	−0.4%	0.5%	0.7%
EPS (basic, normalized)	0.28	0.29	–	–	–	–
EPS growth	−3.4%	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.7%	6.1%	10.2%	11.2%	29.0%	12.4%
ROE	–	7.8%	–	–	–	7.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	0
Net debt (mil)	–
Total equity (mil)	235
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	183	+3.1%	0.9x	–	–	–	0.28	−3.4%	13.3x
2026	256	+39.7%	0.7x	–	–	–	0.12	−57.1%	31.0x
2027	267	+4.3%	0.6x	–	–	–	0.28	+129.2%	13.5x
2028	272	+2.0%	0.6x	–	–	–	0.32	+14.5%	11.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	256	0.0%	−1.2%	−1.8%	0.12	0.0%	−60.0%	−60.0%
2027	267	0.0%	−1.6%	−2.0%	0.28	0.0%	−23.6%	−23.6%
2028	272	0.0%	–	–	0.32	0.0%	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	62.1	61.7	63.5	55.7	65.1	62.8	72.1	59.7	60.4
Sales mean (mil)	–	59.2	62.5	65.2	58.8	62.7	63.5	67.9	61.2	63.9
Surprise	–	+4.8%	−1.3%	−2.7%	−5.4%	+3.8%	−1.0%	+6.2%	−2.4%	−5.4%
EPS reported	–	0.08	0.05	0.07	−0.03	0.13	0.04	0.14	0.03	−0.01
EPS mean	–	0.06	0.08	0.10	0.05	0.04	0.06	0.08	0.05	0.07
Surprise	–	+33.3%	−37.5%	−26.3%	−160.0%	+225.0%	−33.3%	+75.0%	−40.0%	−114.3%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
CIA Citizens Inc	188M	–	5.7%	0.80x	31.0x	13.5x	–	–
601628 China Life Insurance Co Ltd	133.1B	27.9%	43.7%	1.52x	8.9x	7.8x	1.5x	1.2x
PNGAY Ping An Insurance (Group) Company of China, Ltd.	132.9B	14.0%	–	–	12.1x	10.7x	1.4x	1.3x
MFC Manulife Financial Corporation	74.2B	16.5%	13.6%	1.96x	14.0x	12.4x	1.6x	2.1x
MET MetLife, Inc.	64.1B	21.4%	4.1%	2.35x	9.9x	9.1x	2.0x	1.7x
AFL Aflac Incorporated	62.5B	14.4%	21.2%	2.06x	17.7x	16.3x	2.1x	2.1x
Mean		18.8%	17.7%	1.74x	15.6x	11.6x	1.7x	1.7x
Median		16.5%	13.6%	1.96x	13.1x	11.5x	1.6x	1.7x

Technical analysis

1M+5.1%
3M−21.4%
1Y−33.2%
3Y+21.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Citizens Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	183	178	171	177	178	177
Other revenue	72.2	67.1	70.0	55.1	72.5	61.7
Total revenue	256	245	241	233	251	239
Losses, benefits and adjustments	160	154	146	139	144	163
Amortization of policy acquisition costs	18.9	17.4	15.5	14.4	13.4	27.4
Selling, general & administrative expenses	58.6	57.6	52.7	51.2	49.5	59.3
Depreciation/amortization	0.5	0.6	0.6	0.6	0.8	1.8
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	0	0	0	0	12.6	0
Operating income	17.5	15.0	26.2	27.4	30.5	−12.3
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	17.5	15.0	26.2	27.4	30.5	−12.3
Provision for taxes	2.9	0.1	1.7	1.4	−42.2	−1.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	14.6	14.9	24.4	26.0	72.7	−11.0
Extraordinary items	–	–	–	–	–	–
Net income	14.6	14.9	24.4	26.0	72.7	−11.0
Basic weighted average shares (mil)	50.1	49.7	49.7	50.1	50.0	50.4
Diluted weighted average shares (mil)	51.5	50.7	50.7	50.9	50.6	50.4
Basic EPS, normalized	0.28	0.29	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Citizens Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	9.8	10.6	11.8	12.9	14.1	17.6
Goodwill	–	–	–	–	–	–
Intangibles	9.0	9.4	10.0	10.6	11.6	25.1
Insurance receivables	11.3	11.7	11.3	11.8	10.7	11.3
Long-term investments	1,442	1,391	1,402	1,341	1,623	1,622
Note receivable	0.7	0.1	1.5	0.6	0.8	–
Other long-term assets	–	–	–	–	–	–
Deferred policy acquisition costs	221	200	176	163	140	105
Other assets	38.3	33.3	29.2	28.0	26.5	28.2
Total assets	1,755	1,685	1,669	1,591	1,855	1,843
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	1.3
Policy liabilities	1,382	1,339	1,377	1,338	1,409	1,361
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	138	136	119	125	125	180
Total liabilities	1,520	1,475	1,497	1,463	1,534	1,542
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	275	273	272	271	269	266
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	71.7	57.1	42.1	16.3	−45.6	−82.4
Treasury stock	−23.7	−23.7	−23.7	−22.8	−20.1	−11.0
Other equity	−88.4	−96.0	−118	−137	117	128
Total equity	235	210	172	128	321	301
Total liabilities & shareholders' equity	1,755	1,685	1,669	1,591	1,855	1,843

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Citizens Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	14.6	14.9	24.4	−6.6	36.8	−11.0
Depreciation, depletion & amortization	1.2	1.2	1.1	1.5	2.3	3.2
Deferred taxes	1.5	−1.8	0.9	0.1	0.4	−0.4
Non-cash items	7.1	9.3	4.8	15.0	7.8	8.8
Changes in working capital	−6.3	8.3	−9.1	46.9	−7.0	48.2
Cash from operations	18.0	31.9	22.1	56.9	40.5	48.8
Investing activities
Capital expenditures	−0.4	−0.7	−0.4	−0.1	−1.0	−0.2
Other investing cash flows	−19.2	−26.5	−14.1	−60.6	−40.1	−61.6
Cash from investing	−19.7	−27.2	−14.5	−60.7	−41.1	−61.8
Financing activities
Financing cash flow items	−4.3	−2.1	−2.6	0.1	1.1	1.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−0.3	−0.4	−1.0	−0.6	−7.3	−0.9
Cash from financing	−4.6	−2.5	−3.5	−0.5	−6.2	0.9
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−6.3	2.3	4.0	−4.3	−6.8	−12.1
Free cash flow	17.5	31.3	21.6	56.8	39.4	48.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.