CNO Financial Group, Inc. CNO

FinancialsInsuranceUnited States of America

Last close 57.67 USD on Nov 1, 2026, +37.3% year to date

Quant rating

Quant rating B Rank 168 of 799 in Financials

Growth C 434 of 799
Valuation D 573 of 799
Quality D 582 of 799
Revisions A 76 of 799
Momentum A 28 of 799

Wall Street consensus Hold (2.86)Average target 58.00 USD +0.6%

Historical valuation

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

Key data

Market cap: 5.3B
Enterprise value: 8.5B
52-week range: 39.29 – 57.69
3-year range: 23.06 – 57.69
Dividend yield: 1.25%
Beta (5 years): 0.83
Shares outstanding: 91.7M
Next earnings: Feb 6, 2027

About the company

CNO Financial Group, Inc. is a holding company for a group of insurance companies. It provides life and health insurance, annuities, financial services and workforce benefits solutions through its family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. It is focused on serving middle-income pre-retiree and retired Americans. It markets its products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations and other membership groups, interacting with customers at their place of employment and virtually. It also offers a suite of voluntary benefits, benefits administration technology and advocacy services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,819	2,751	2,716	2,696	2,682	–
Revenue growth	2.5%	1.3%	0.7%	0.5%	1.8%	1.4%
EPS (basic, normalized)	4.40	3.97	3.09	2.33	2.79	–
EPS growth	10.8%	28.5%	32.6%	−16.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.0%	9.3%	6.6%	17.5%	13.9%	10.5%
ROE	17.1%	18.2%	17.9%	8.2%	6.8%	13.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	4,552
Net debt (mil)	–
Total equity (mil)	2,592
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	2,819	+2.5%	3.0x	27.92	−15.2%	2.1x	4.40	+10.8%	13.1x
2026	4,069	+44.3%	2.1x	38.94	+39.5%	1.5x	5.01	+13.8%	11.5x
2027	4,202	+3.3%	2.0x	41.10	+5.5%	1.4x	5.13	+2.4%	11.2x
2028	4,352	+3.6%	2.0x	43.76	+6.5%	1.3x	5.62	+9.5%	10.3x

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	4,069	0.0%	+0.4%	+0.5%	5.01	+5.8%	+11.3%	+13.6%
2027	4,202	0.0%	+0.1%	+0.3%	5.13	+0.5%	+2.6%	+4.1%
2028	4,352	0.0%	+0.1%	+0.4%	5.62	+0.8%	+2.8%	+1.8%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,156	1,092	1,143	1,097	1,004	1,152	1,189	1,143	1,030	1,285
Sales mean (mil)	936	944	945	970	976	979	974	1,003	1,003	999
Surprise	+23.6%	+15.7%	+20.9%	+13.1%	+2.9%	+17.7%	+22.1%	+13.9%	+2.6%	+28.6%
EPS reported	0.52	1.05	1.11	1.31	0.79	0.87	1.29	1.47	1.05	1.26
EPS mean	0.65	0.71	0.82	1.06	0.79	0.85	0.92	1.21	0.94	0.96
Surprise	−19.7%	+48.5%	+34.7%	+23.4%	+0.1%	+2.6%	+40.7%	+21.8%	+12.1%	+31.7%

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
CNO CNO Financial Group, Inc.	5.3B	17.1%	5.0%	2.06x	11.5x	11.2x	1.5x	1.4x
PNGAY Ping An Insurance (Group) Company of China, Ltd.	131.7B	14.0%	–	–	12.0x	10.5x	1.4x	1.3x
MFC Manulife Financial Corporation	73.8B	16.5%	13.6%	1.95x	13.9x	12.3x	1.8x	2.0x
MET MetLife, Inc.	63.6B	21.4%	4.1%	2.32x	9.8x	9.0x	1.9x	1.7x
ALL Allstate Corp	65.7B	37.2%	15.0%	1.96x	7.2x	9.3x	1.9x	1.7x
AFL Aflac Incorporated	62.1B	14.4%	21.2%	2.05x	17.6x	16.3x	2.1x	2.1x
Mean		20.1%	11.8%	2.07x	12.0x	11.4x	1.8x	1.7x
Median		16.8%	13.6%	2.05x	11.8x	10.9x	1.8x	1.7x

Technical analysis

1M+7.5%
3M+8.1%
1Y+45.5%
3Y+170.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CNO Financial Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	2,819	2,751	2,716	2,696	2,682	2,635
Other revenue	1,728	1,775	1,500	898	1,418	1,205
Total revenue	4,547	4,525	4,216	3,595	4,101	3,840
Losses, benefits and adjustments	2,548	2,450	2,318	1,615	2,188	2,158
Amortization of policy acquisition costs	278	251	227	213	198	268
Selling, general & administrative expenses	440	426	402	402	379	364
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	769	664	694	551	530	596
Operating income	512	734	574	813	805	453
Net interest income (expense)	−218	−194	−217	3.2	−72.3	−109
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	293	540	357	816	733	344
Provision for taxes	64.1	119	80.3	186	163	76.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	229	421	276	631	570	268
Extraordinary items	–	–	–	–	–	34.0
Net income	229	421	276	631	570	302
Basic weighted average shares (mil)	97.8	106	113	116	128	142
Diluted weighted average shares (mil)	99.8	108	115	118	131	143
Basic EPS, normalized	4.40	3.97	3.09	2.33	2.79	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CNO Financial Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	83.6	90.7	85.3	46.6	48.2	54.7
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Insurance receivables	–	–	–	–	–	–
Long-term investments	29,998	27,872	26,216	24,408	28,926	27,584
Note receivable	–	–	–	–	–	–
Other long-term assets	713	819	936	1,063	118	199
Deferred policy acquisition costs	2,397	2,159	1,944	1,771	1,112	1,028
Other assets	4,614	4,915	5,032	5,200	5,268	5,482
Total assets	38,791	37,853	35,102	33,133	36,204	35,340
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	92.7	97.0	90.7	–	52.3	60.0
Policy liabilities	31,100	29,612	27,880	26,776	26,113	25,103
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	4,052	4,520	4,151	3,883	4,001	3,930
Minority interest	–	–	–	–	–	–
Other liabilities	908	1,125	766	705	779	762
Total liabilities	36,152	35,354	32,887	31,364	30,945	29,856
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.9	1.0	1.1	1.1	1.2	1.3
Additional paid-in capital	1,336	1,632	1,892	2,034	2,184	2,544
Retained earnings (accumulated deficit)	2,416	2,236	1,900	1,691	1,127	752
Treasury stock	–	–	–	–	–	–
Other equity	−1,115	−1,371	−1,577	−1,957	1,947	2,186
Total equity	2,638	2,498	2,216	1,769	5,260	5,484
Total liabilities & shareholders' equity	38,791	37,853	35,102	33,133	36,204	35,340

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CNO Financial Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	713	683	642	529	578	764
Cash from operations	676	628	583	495	598	736
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−1,667	−1,489	−872	−1,781	−1,526	−608
Cash from investing	−1,667	−1,489	−872	−1,781	−1,526	−608
Financing activities
Financing cash flow items	848	1,971	416	1,561	1,052	384
Cash dividends paid	−66.2	−67.7	−68.1	−64.8	−65.7	−67.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−805	66.6	186	−297	−318	−107
Cash from financing	−22.6	1,970	534	1,199	668	210
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−1,014	1,109	244	−86.8	−260	337
Free cash flow	676	628	583	495	598	736

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 1, 2026 after market close.