CNO Financial Group, Inc. (CNO) Key Metrics
CNO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.06B
- Enterprise value
- $8.26B
- P/E (TTM)
- 18.9 10-yr median 10.0
- Forward P/E
- 9.7
- PEG ratio
- 1.29
- Price / sales
- 1.1 10-yr median 0.8
- Price / book
- 1.9 10-yr median 0.8
- EV / EBITDA
- —
- Dividend yield
- 1.32% $0.72 a year
- Beta
- 0.81
CNO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCNO valuation Price multiples at each fiscal year-end price.
CNO returns How much profit the business earns on the capital it uses.
CNO per-share figures Results divided by the shares outstanding at year-end.
CNO financial health Debt, liquidity and how easily interest is covered.
CNO efficiency & capital use Working capital cycle and where the cash goes.
CNO valuation history
CNO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CNO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CNO cash returned to shareholders
CNO price vs earnings per share
CNO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.15B | $4.02B | $3.21B | $2.69B | $3.13B | $3.18B | $2.85B | $2.46B | $4.25B | $3.41B |
| Enterprise value | −$669.4M | −$16.15B | −$14.92B | −$13.22B | −$16.64B | −$16.32B | $5.41B | −$12.07B | −$14.87B | −$13.65B |
| P/E ratio | 18.1 | 10.0 | 11.6 | 4.3 | 5.5 | 10.5 | 7.0 | — | 24.2 | 9.5 |
| Price / sales | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 1.0 | 0.9 |
| Price / book | 1.6 | 1.6 | 1.4 | 1.9 | 0.1 | 0.6 | 0.1 | 0.7 | 0.9 | 0.8 |
| Price / free cash flow | 6.1 | 6.4 | 5.5 | 5.4 | 5.2 | 4.3 | 4.1 | 7.7 | 6.9 | 4.5 |
| Price / operating cash flow | 6.1 | 6.4 | 5.5 | 5.4 | 5.2 | 4.3 | 4.1 | 7.7 | 6.9 | 4.5 |
| EV / sales | -0.1 | -3.6 | -3.6 | -3.7 | -4.0 | -4.3 | 1.3 | -2.8 | -3.5 | -3.4 |
| EV / EBITDA | — | — | — | — | — | — | 7.8 | — | — | — |
| EV / free cash flow | — | — | — | — | — | — | 7.8 | — | — | — |
| Earnings yield | 5.5% | 10.0% | 8.6% | 23.4% | 18.2% | 9.5% | 14.4% | −12.8% | 4.1% | 10.5% |
| Free cash flow yield | 16.3% | 15.6% | 18.1% | 18.4% | 19.1% | 23.1% | 24.5% | 12.9% | 14.4% | 22.2% |
| Dividend yield | 1.6% | 1.7% | 2.1% | 2.4% | 2.1% | 2.1% | 2.4% | 2.6% | 1.4% | 1.6% |
| Shareholder yield (dividends + buybacks) | 9.6% | 9.1% | 7.3% | 9.5% | 15.1% | 10.5% | 11.3% | 7.0% | 5.4% | 7.8% |
| Share price at fiscal year-end | $42.47 | $37.21 | $27.90 | $22.85 | $23.84 | $22.23 | $18.13 | $14.88 | $24.69 | $19.15 |
| Per share | ||||||||||
| Revenue per share | $45.90 | $41.12 | $36.02 | $30.38 | $31.44 | $26.69 | $25.55 | $26.07 | $24.99 | $22.39 |
| Earnings per share | $2.35 | $3.74 | $2.40 | $5.36 | $4.35 | $2.11 | $2.61 | −$1.90 | $1.02 | $2.01 |
| Operating cash flow per share | $6.91 | $5.81 | $5.06 | $4.21 | $4.56 | $5.14 | $4.43 | $1.92 | $3.56 | $4.26 |
| Free cash flow per share | $6.91 | $5.81 | $5.06 | $4.21 | $4.56 | $5.14 | $4.43 | $1.92 | $3.56 | $4.26 |
| Cash per share | $90.76 | $228.38 | $193.54 | $177.79 | $189.93 | $163.71 | $135.99 | $111.87 | $134.13 | $119.36 |
| Book value per share | $26.99 | $23.26 | $19.25 | $11.90 | $245.59 | $38.31 | $189.92 | $20.37 | $28.16 | $25.16 |
| Tangible book value per share | $0.94 | $1.81 | −$185.55 | −$6.16 | $235.41 | $29.39 | $180.43 | $10.30 | $20.11 | $17.05 |
| Dividends per share | $0.68 | $0.63 | $0.59 | $0.55 | $0.50 | $0.47 | $0.43 | $0.39 | $0.35 | $0.31 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $41.44 | $41.81 | $36.05 | $42.66 | $39.18 | $27.45 | $152.27 | $24.05 | $23.07 | $23.68 |
| Shares outstanding | 97.8M | 108.1M | 115.1M | 117.7M | 131.1M | 143.2M | 157.1M | 165.5M | 172.1M | 178.3M |
| Change in shares outstanding | −9.6% | −6.1% | −2.2% | −10.2% | −8.4% | −8.9% | −5.0% | −3.9% | −3.5% | −8.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.9% | 17.1% | 15.3% | 3.8% | 3.0% | 1.7% | 2.5% | −7.7% | 3.8% | 8.3% |
| Return on invested capital (ROIC) | — | — | — | — | — | — | 2.6% | — | — | — |
| Return on assets (ROA) | 0.6% | 1.1% | 0.8% | 1.8% | 1.6% | 0.9% | 1.3% | −1.0% | 0.5% | 1.1% |
| Return on tangible assets | 0.6% | 1.1% | 2.4% | 2.0% | 1.6% | 0.9% | 1.3% | −1.1% | 0.6% | 1.2% |
| Free cash flow margin | 15.1% | 14.1% | 14.1% | 13.9% | 14.5% | 19.2% | 17.3% | 7.4% | 14.3% | 19.0% |
| Income quality (OCF / net income) | 2.95 | 1.55 | 2.11 | 0.79 | 1.05 | 2.44 | 1.70 | — | 3.49 | 2.12 |
| Financial health | ||||||||||
| Total debt | $4.05B | $4.52B | $4.15B | $5.02B | $5.14B | $3.93B | $23.93B | $3.98B | $3.97B | $4.22B |
| Cash & short-term investments | $8.87B | $24.69B | $22.28B | $20.93B | $24.91B | $23.44B | $21.37B | $18.51B | $23.09B | $21.29B |
| Net debt | −$4.82B | −$20.17B | −$18.13B | −$15.91B | −$19.77B | −$19.51B | $2.56B | −$14.53B | −$19.12B | −$17.06B |
| Debt / equity | 1.54 | 1.80 | 1.87 | 3.58 | 0.16 | 0.72 | 0.80 | 1.18 | 0.82 | 0.94 |
| Debt / assets | 0.10 | 0.12 | 0.12 | 0.15 | 0.14 | 0.11 | 0.71 | 0.13 | 0.12 | 0.13 |
| Net debt / EBITDA | −5.72 | −18.94 | −50.81 | −13.23 | −18.56 | −25.77 | 3.68 | −82.00 | −21.98 | −22.91 |
| Current ratio | 0.71 | 1.68 | — | 166.75 | — | 4.86 | 188.70 | 0.02 | 0.02 | 0.02 |
| Quick ratio | 0.71 | 1.68 | — | 176.42 | — | 4.03 | 196.84 | 0.00 | 0.01 | 0.01 |
| Interest coverage | 1.3 | 2.0 | 1.5 | 6.0 | 7.7 | 3.2 | 1.8 | -1.8 | 3.9 | 3.0 |
| Working capital | −$5.56B | $12.17B | $27.24B | $25.67B | $29.37B | $4.38B | $26.45B | −$23.50B | −$23.71B | −$22.79B |
| Invested capital | −$2.18B | −$17.66B | −$15.91B | −$14.51B | $12.44B | −$14.02B | $32.40B | −$11.16B | −$14.27B | −$12.58B |
| Tangible asset value | $92.1M | $195.6M | −$21.36B | −$724.8M | $30.87B | $4.21B | $28.35B | $1.70B | $3.46B | $3.04B |
| Net current asset value | −$22.58B | −$5.35B | −$5.55B | −$6.11B | $25.38B | −$24.33B | $22.80B | −$27.47B | −$27.68B | −$27.01B |
| Graham number | $37.74 | $44.23 | $32.25 | $37.87 | $155.03 | $42.63 | $105.51 | — | $25.42 | $33.72 |
| Graham net-net per share | −$243.16 | −$64.07 | −$174.57 | −$65.43 | $181.08 | −$16.49 | $133.15 | −$30.98 | −$17.81 | −$21.14 |
| Capital allocation | ||||||||||
| Dividends paid | $66.2M | $67.7M | $68.1M | $64.8M | $65.7M | $67.0M | $67.1M | $64.8M | $59.6M | $54.8M |
| Share buybacks (net) | $331.4M | $300.2M | $166.1M | $190.1M | $407.8M | $268.3M | $254.5M | $108.0M | $168.3M | $210.0M |
| Dividend payout ratio | 28.9% | 16.8% | 24.6% | 10.3% | 11.5% | 22.2% | 16.4% | — | 33.9% | 15.3% |
| Dividends + buybacks / free cash flow | 58.8% | 58.6% | 40.2% | 51.5% | 79.1% | 45.6% | 46.2% | 54.4% | 37.2% | 34.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | 0.5% | 0.7% | −7.7% | −6.3% | −7.9% | 0.6% | 0.5% | 0.6% |
| SG&A / revenue | 6.8% | 6.8% | 7.0% | 8.0% | 6.5% | 6.6% | 5.9% | 5.4% | 5.5% | 5.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 391.7 | 407.7 | 457.0 | 504.1 | 409.8 | 477.7 | 489.6 | 342.6 | 237.3 | 311.2 |
| Days of inventory on hand | — | — | -4,891.2 | -258.1 | -6.8 | -15.0 | -40.3 | 45.5 | 42.5 | 23.1 |
| Days payables outstanding | — | — | — | 97.9 | 80.1 | 78.0 | 68.5 | 51.4 | 63.6 | 63.7 |
| Cash conversion cycle (days) | — | — | — | 148.1 | 322.8 | 384.7 | 380.8 | 336.7 | 216.2 | 270.5 |
| Receivables turnover | 0.93 | 0.90 | 0.80 | 0.72 | 0.89 | 0.76 | 0.75 | 1.07 | 1.54 | 1.17 |
| Payables turnover | — | — | — | 3.73 | 4.56 | 4.68 | 5.33 | 7.10 | 5.74 | 5.73 |
| Inventory turnover | — | — | — | — | — | — | — | 8.02 | 8.58 | 15.83 |
| Asset turnover | 0.12 | 0.12 | 0.12 | 0.10 | 0.12 | 0.11 | 0.12 | 0.13 | 0.13 | 0.13 |
| Average receivables | $4.82B | $4.97B | $5.19B | $4.94B | $4.63B | $5.00B | $5.39B | $4.05B | $2.80B | $3.40B |
| Average payables | — | — | — | $479.1M | $531.8M | $542.0M | $522.1M | $526.1M | $515.5M | $494.2M |
| Average inventory | — | — | −$14.05B | −$1.26B | −$45.4M | −$104.4M | −$307.4M | $465.6M | $344.6M | $178.8M |
| Intangibles / total assets | 6.6% | 6.1% | 67.3% | 6.4% | 3.7% | 3.6% | 4.4% | 5.3% | 4.2% | 4.5% |
Computed from CNO's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CNO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), CNO Financial traded at 18.1 times earnings, against a 10-year median of 10.0. Based on the latest twelve months, the trailing P/E is 18.9 and the forward P/E is 9.7. CNO Financial earned a return on equity of 8.9% in fiscal 2025. It ended the year with $4.1 billion of debt and $8.9 billion in cash and short-term investments, a net cash position of $4.8 billion. It returned $397.6 million to shareholders: $66.2 million in dividends and $331.4 million in share buybacks, 59% of free cash flow. The share count fell 45.2% from 178.3M to 97.8M over 9 years.
See the CNO income statement, the CNO chart for price history, or the CNO stock overview for the latest quote and news.
CNO key metrics FAQ
What is CNO Financial's P/E ratio?
CNO Financial's trailing P/E ratio is 18.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.7. At the end of fiscal 2025 it was 18.1, compared with a 10-year median of 10.0.
What is CNO Financial's return on equity?
CNO Financial's return on equity (ROE) was 8.9% in fiscal 2025: net income of $229.3 million on average shareholders' equity of $2.6 billion.
How much debt does CNO Financial have?
CNO Financial had total debt of $4.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.54 and more cash than debt.
What is CNO Financial's dividend yield?
CNO Financial's forward dividend yield is 1.32%. CNO Financial paid $66.2 million in dividends in fiscal 2025 ($0.68 per share), a payout ratio of 28.9%.
Does CNO Financial buy back its shares?
Yes. CNO Financial spent $331.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −9.6% over the year, to 97.8M..
What is CNO Financial's free cash flow yield?
CNO Financial generated $675.7 million of free cash flow in fiscal 2025, a free cash flow yield of 16.3% on its market value at year-end ($4.2 billion).
What is CNO Financial's current ratio?
CNO Financial's current ratio was 0.71 at the end of fiscal 2025: current assets were 0.71 times current liabilities.