Horace Mann Educators Corporation (HMN) Balance Sheet
HMN balance sheet, 2025
December 31, 2025 · U.S. dollars$15.27B assets = $13.78B liabilities + $1.48B equity
Both columns are drawn to the same scale: what HMN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HMN financial health
Descriptive bands, not a rating. Fiscal 2025.
HMN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.58B2016 | $15.27B2025 | +4.2%/yr | |
| Total liabilities | $9.28B2016 | $13.78B2025 | +4.5%/yr | |
| Shareholders’ equity | $1.29B2016 | $1.48B2025 | +1.5%/yr | |
| Cash & short-term investments | $8.02B2016 | $634.5M2025 | −24.6%/yr | |
| Total debt | $247.2M2016 | $593.4M2025 | +10.2%/yr | |
| Net cash (debt) | $7.77B2016 | $41.1M2025 | −$7.7B | |
| Working capital | −$9.04B2016 | $1.94B2023 | +$11.0B | |
| Book value per share | $31.182016 | $35.642025 | +1.5%/yr | |
| Debt / equity | 0.192016 | 0.402025 | +0.21 | |
| Shares outstanding | 41.5M2016 | 41.6M2025 | +0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HMN assets
HMN liabilities and equity
HMN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HMN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $634.5M | $513.3M | $5.49B | $5.55B | $6.72B | $6.71B | $6.18B | $7.82B | $8.36B | $8.02B |
| Cash & equivalents | $26.2M | $33.1M | $29.0M | $42.8M | $133.0M | $21.8M | $25.5M | $11.9M | $7.6M | $16.7M |
| Short-term investments | $608.3M | $480.2M | $5.46B | $5.50B | $6.59B | $6.69B | $6.15B | $7.92B | $8.35B | $8.00B |
| Receivables | $419.0M | $424.8M | $480.5M | $506.2M | $153.2M | $2.42B | $2.35B | $20.8M | $16.3M | $3.8M |
| Inventory | $0 | $0 | −$1.03B | −$795.1M | −$547.2M | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.69B | $0 | $0 | $794.5M | $394.0M | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $5.74B | $938.1M | $29.0M | $6.05B | $6.72B | $21.8M | $25.5M | $395.7M | $1,000 | $1,000 |
| Property, plant & equipment (net) | $70.8M | $73.4M | $68.6M | $69.3M | $75.0M | $64.7M | $60.1M | $41.0M | $38.9M | $32.2M |
| Goodwill & intangible assets | $554.0M | $210.1M | $224.6M | $239.5M | $188.9M | $202.0M | $226.3M | $346.1M | $305.2M | $315.0M |
| Long-term investments | $7.17B | $6.78B | $6.69B | $6.59B | $7.45B | $7.26B | $6.64B | $8.25B | $8.35B | $8.00B |
| Other non-current assets | $1.73B | $6.49B | $7.04B | $361.4M | $0 | $5.92B | $5.53B | $2.00B | $2.50B | $2.23B |
| Total assets | $15.27B | $14.49B | $14.05B | $13.31B | $14.38B | $13.47B | $12.48B | $11.03B | $11.20B | $10.58B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $585.1M | $425.9M | $438.8M | $442.9M | $396.7M | $347.7M | $329.9M |
| Short-term debt | $0 | $0 | $0 | $249.0M | $249.0M | $135.0M | $135.0M | $0 | $872.5M | $247.2M |
| Deferred revenue | $372.1M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | — | — | −$1.91B | $249.0M | $249.0M | $135.0M | $135.0M | $9.44B | $9.40B | $9.04B |
| Long-term debt | $593.4M | $547.0M | $546.0M | $498.0M | $253.6M | $302.3M | $298.0M | $297.7M | $297.5M | $247.2M |
| Other long-term liabilities | $13.19B | $12.65B | $12.33B | $0 | $12.32B | $11.38B | $10.61B | $9.44B | $0 | $0 |
| Total liabilities | $13.78B | $13.20B | $12.87B | $12.21B | $12.58B | $11.68B | $10.91B | $9.74B | $9.70B | $9.28B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $66,000 | $66,000 | $65,000 | $65,000 |
| Retained earnings (deficit) | $1.65B | $1.55B | $1.50B | $1.51B | $1.52B | $1.43B | $1.35B | $1.22B | $1.23B | $1.16B |
| Treasury stock | — | — | — | — | −$493.4M | −$488.1M | −$486.0M | −$486.0M | −$480.9M | −$479.2M |
| Accumulated other comprehensive income | −$154.6M | −$253.5M | −$314.0M | −$399.4M | $280.5M | $355.1M | $219.7M | $84.8M | $287.0M | $163.9M |
| Minority interest | — | — | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | $1.48B | $1.29B | $1.18B | $1.10B | $1.81B | $1.79B | $1.57B | $1.29B | $1.50B | $1.29B |
| Key figures | ||||||||||
| Total debt | $593.4M | $547.0M | $546.0M | $747.0M | $502.6M | $437.3M | $433.0M | $297.7M | $1.17B | $247.2M |
| Net cash (debt) | $41.1M | −$33.7M | $4.95B | $4.80B | $6.22B | $6.28B | $5.75B | $7.52B | $7.19B | $7.77B |
| Working capital | — | — | $1.94B | $5.80B | $6.47B | −$113.2M | −$109.5M | −$9.05B | −$9.40B | −$9.04B |
| Tangible book value | $928.7M | $1.08B | $950.7M | $858.8M | $1.62B | $1.59B | $1.34B | $944.4M | $1.20B | $979.0M |
| Book value per share | $35.64 | $31.02 | $28.39 | $26.28 | $42.83 | $42.62 | $37.41 | $30.81 | $36.10 | $31.18 |
| Shares outstanding | 41.6M | 41.5M | 41.4M | 41.8M | 42.2M | 42.0M | 41.9M | 41.9M | 41.6M | 41.5M |
| Current ratio | — | — | — | 24.31 | 27.00 | 0.16 | 0.19 | 0.04 | 0.00 | 0.00 |
| Quick ratio | — | — | — | 24.31 | 27.61 | 67.66 | 63.15 | 0.83 | 0.89 | 0.89 |
| Debt / equity | 0.40 | 0.42 | 0.46 | 0.68 | 0.28 | 0.24 | 0.28 | 0.23 | 0.78 | 0.19 |
| Equity / assets | 9.7% | 8.9% | 8.4% | 8.3% | 12.6% | 13.3% | 12.6% | 11.7% | 13.4% | 12.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.81B | $497.5M | $634.5M | $674.9M | $5.49B | $485.2M | $513.3M | $501.4M | $477.2M | $474.1M | $5.49B | $650.2M |
| Cash & equivalents | $46.2M | $19.1M | $26.2M | $46.7M | $40.9M | $29.0M | $33.1M | $39.4M | $14.2M | $19.8M | $29.0M | $33.7M |
| Short-term investments | $5.77B | $478.4M | $608.3M | $628.2M | $5.45B | $456.2M | $480.2M | $462.0M | $463.0M | $454.3M | $5.46B | $616.5M |
| Receivables | $409.2M | $421.5M | $419.0M | $423.1M | $403.7M | $413.0M | $424.8M | $438.6M | $456.6M | $449.3M | $480.5M | $441.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$933.8M | −$923.4M | −$1.03B | $3.15B |
| Other current assets | $0 | $1.8M | — | $255.8M | $0 | $0 | $0 | $0 | $14.2M | $753.5M | $0 | $753.9M |
| Total current assets | $5.81B | $920.8M | — | $1.35B | $5.49B | $898.2M | $938.1M | $39.4M | $14.2M | $753.5M | $29.0M | $5.00B |
| Property, plant & equipment (net) | $0 | $0 | $70.8M | $0 | $0 | $0 | $73.4M | $0 | $0 | $0 | $68.6M | $0 |
| Goodwill & intangible assets | $188.7M | $549.5M | $554.0M | $557.7M | $202.9M | $206.5M | $196.7M | $213.7M | $217.4M | $221.0M | $224.6M | $228.3M |
| Long-term investments | $7.09B | $7.10B | $7.17B | $7.14B | $6.90B | $6.87B | $6.78B | $6.94B | $6.71B | $6.72B | $6.69B | $6.52B |
| Other non-current assets | $2.51B | $6.39B | $7.48B | $6.43B | $2.13B | $6.42B | $6.50B | $7.52B | $7.34B | $6.54B | $7.04B | $1.67B |
| Total assets | $15.60B | $14.97B | $15.27B | $15.49B | $14.73B | $14.40B | $14.49B | $14.71B | $14.28B | $14.24B | $14.05B | $13.41B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $586.6M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | $0 |
| Deferred revenue | $369.1M | $363.1M | $372.1M | $378.4M | — | — | — | — | — | — | — | — |
| Total current liabilities | — | $5.99B | — | $6.03B | — | — | — | −$1.86B | −$1.87B | −$1.89B | −$1.91B | −$1.93B |
| Long-term debt | $594.2M | $593.8M | $593.4M | $842.9M | $547.5M | $547.2M | $547.0M | $546.7M | $546.5M | $546.2M | $546.0M | $546.1M |
| Other long-term liabilities | $13.51B | $6.91B | $13.19B | $7.17B | $12.82B | $12.51B | $12.65B | $0 | $12.53B | $12.48B | $11.87B | $11.82B |
| Total liabilities | $14.10B | $13.50B | $13.78B | $14.05B | $13.37B | $13.05B | $13.20B | $13.43B | $13.07B | $13.02B | $12.87B | $12.36B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| Retained earnings (deficit) | $1.70B | $1.68B | $1.65B | $1.63B | $1.59B | $1.57B | $1.55B | $1.52B | $1.50B | $1.51B | $1.50B | $1.48B |
| Accumulated other comprehensive income | −$174.4M | −$175.2M | −$154.6M | −$178.4M | −$217.1M | −$222.4M | −$253.5M | −$223.0M | −$282.7M | −$292.3M | −$314.0M | −$409.9M |
| Total shareholders' equity | $1.50B | $1.47B | $1.48B | $1.44B | $1.36B | $1.34B | $1.29B | $1.29B | $1.21B | $1.21B | $1.18B | $1.05B |
| Key figures | ||||||||||||
| Total debt | $594.2M | $593.8M | $593.4M | $842.9M | $547.5M | $547.2M | $547.0M | $546.7M | $546.5M | $546.2M | $546.0M | $546.1M |
| Net cash (debt) | $5.22B | −$96.3M | $41.1M | −$168.0M | $4.95B | −$62.0M | −$33.7M | −$45.3M | −$69.3M | −$72.1M | $4.95B | $104.1M |
| Working capital | — | −$5.07B | — | −$4.68B | — | — | — | $1.90B | $1.88B | $2.64B | $1.94B | $6.93B |
| Tangible book value | $1.31B | $920.5M | $928.7M | $883.6M | $1.16B | $1.14B | $1.09B | $1.07B | $991.4M | $990.4M | $950.7M | $823.0M |
| Book value per share | $36.48 | $35.68 | $35.64 | $34.65 | $32.70 | $32.28 | $31.02 | $31.09 | $29.06 | $29.19 | $28.32 | $25.39 |
| Shares outstanding | 41.2M | 41.2M | 41.6M | 41.6M | 41.6M | 41.6M | 41.5M | 41.4M | 41.6M | 41.5M | 41.5M | 41.4M |
| Current ratio | — | 0.15 | — | 0.22 | — | — | — | — | — | — | — | — |
| Quick ratio | — | 0.15 | — | 0.18 | — | — | — | — | — | — | — | — |
| Debt / equity | 0.40 | 0.40 | 0.40 | 0.58 | 0.40 | 0.41 | 0.42 | 0.42 | 0.45 | 0.45 | 0.46 | 0.52 |
| Equity / assets | 9.6% | 9.8% | 9.7% | 9.3% | 9.2% | 9.3% | 8.9% | 8.7% | 8.5% | 8.5% | 8.4% | 7.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
HMN financial position
At the end of fiscal 2025 (December 31, 2025), Horace Mann Educators had total assets of $15.3 billion (up 5.4% from a year earlier), total liabilities of $13.8 billion and shareholders' equity of $1.5 billion. It held $634.5 million in cash and short-term investments against $593.4 million of debt, a net cash position of $41.1 million. In the latest quarter (ended June 30, 2026) total assets were $15.6 billion and equity $1.5 billion.
Related: HMN income statement, HMN cash flow statement, HMN key metrics. See the HMN stock overview for the latest quote and news.
HMN balance sheet FAQ
What are Horace Mann Educators's total assets?
Horace Mann Educators reported total assets of $15.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $14.5 billion a year earlier.
How much debt does Horace Mann Educators have?
Horace Mann Educators had $593.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.40.
How much cash does Horace Mann Educators have?
Horace Mann Educators held $634.5 million in cash and short-term investments at the end of fiscal 2025; with $593.4 million of debt that is net cash of $41.1 million.
What is Horace Mann Educators's book value?
Horace Mann Educators's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $35.64 per share.
How much goodwill does Horace Mann Educators have?
Horace Mann Educators carried $554.0 million of goodwill and intangible assets, 3.6% of total assets, at the end of fiscal 2025.