(CNO) CNO Financial - Overview
Stock: Health, Life, Annuity, Supplemental, Medicare
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.71% |
| Yield on Cost 5y | 3.46% |
| Yield CAGR 5y | 7.06% |
| Payout Consistency | 100.0% |
| Payout Ratio | 15.7% |
| Risk 5d forecast | |
|---|---|
| Volatility | 24.7% |
| Relative Tail Risk | -1.69% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.22 |
| Alpha | -8.75 |
| Character TTM | |
|---|---|
| Beta | 0.957 |
| Beta Downside | 1.157 |
| Drawdowns 3y | |
|---|---|
| Max DD | 21.09% |
| CAGR/Max DD | 0.99 |
Description: CNO CNO Financial January 11, 2026
CNO Financial Group (NYSE:CNO) operates through subsidiaries that provide a suite of insurance and annuity products-Medicare supplement, Medicare Advantage, long-term care, and various life-insurance policies-to middle-income pre-retirees and retirees across the United States. The firm distributes these offerings via phone, virtual platforms, online channels, and face-to-face agents, and also sells voluntary benefit products directly at workplaces for businesses and associations.
Key product lines include fixed indexed annuities, fixed-interest deferred annuities, single-premium immediate annuities, and supplemental health products such as accident and hospital indemnity coverage. Its life-insurance portfolio spans universal life, whole life, graded-benefit, term, and single-premium whole-life policies, marketed under the Bankers Life, Washington National, and Colonial Penn brands.
From a financial-performance perspective, CNO reported FY 2024 revenue of roughly $2.2 billion, a 5 % year-over-year increase driven primarily by higher Medicare Advantage enrollment and strong annuity sales. The company’s combined ratio in its insurance segment has hovered around 93 %, indicating underwriting profitability, while its net interest margin on annuity assets has benefited from the recent upward shift in long-term interest rates.
Macro-driven factors that shape CNO’s outlook include the aging U.S. population-projected to add ~10 million new Medicare beneficiaries annually over the next decade-and the prevailing interest-rate environment, which directly impacts annuity yields and the valuation of interest-sensitive life products. Additionally, regulatory changes to Medicare Advantage reimbursement rates can materially affect revenue growth.
For a deeper dive into CNO’s valuation metrics, you might explore the analysis on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: 294.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 0.12 > 1.0 |
| NWC/Revenue: 317.2% < 20% (prev 1.45%; Δ 315.8% < -1%) |
| CFO/TA 0.02 > 3% & CFO 671.0m > Net Income 294.7m |
| Net Debt (2.83b) to EBITDA (934.9m): 3.03 < 3 |
| Current Ratio: 390.2 > 1.5 & < 3 |
| Outstanding Shares: last quarter (98.6m) vs 12m ago -6.19% < -2% |
| Gross Margin: 40.31% > 18% (prev 0.37%; Δ 3994 % > 0.5%) |
| Asset Turnover: 11.70% > 50% (prev 12.00%; Δ -0.31% > 0%) |
| Interest Coverage Ratio: 2.60 > 6 (EBITDA TTM 934.9m / Interest Expense TTM 239.7m) |
Altman Z'' 2.76
| A: 0.37 (Total Current Assets 14.12b - Total Current Liabilities 36.2m) / Total Assets 38.30b |
| B: 0.06 (Retained Earnings 2.34b / Total Assets 38.30b) |
| C: 0.02 (EBIT TTM 622.1m / Avg Total Assets 37.97b) |
| D: 0.03 (Book Value of Equity 1.22b / Total Liabilities 35.69b) |
| Altman-Z'' Score: 2.76 = A |
Beneish M -3.37
| DSRI: 0.96 (Receivables 4.44b/4.70b, Revenue 4.44b/4.52b) |
| GMI: 0.92 (GM 40.31% / 37.13%) |
| AQI: 0.63 (AQ_t 0.63 / AQ_t-1 1.00) |
| SGI: 0.98 (Revenue 4.44b / 4.52b) |
| TATA: -0.01 (NI 294.7m - CFO 671.0m) / TA 38.30b) |
| Beneish M-Score: -3.37 (Cap -4..+1) = AA |
What is the price of CNO shares?
Over the past week, the price has changed by +0.80%, over one month by -2.40%, over three months by +5.31% and over the past year by +6.54%.
Is CNO a buy, sell or hold?
- StrongBuy: 0
- Buy: 1
- Hold: 4
- Sell: 0
- StrongSell: 1
What are the forecasts/targets for the CNO price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 47.3 | 13% |
| Analysts Target Price | 47.3 | 13% |
| ValueRay Target Price | 48.4 | 15.7% |
CNO Fundamental Data Overview January 27, 2026
P/E Forward = 9.7087
P/S = 0.8878
P/B = 1.4856
P/EG = 1.58
Revenue TTM = 4.44b USD
EBIT TTM = 622.1m USD
EBITDA TTM = 934.9m USD
Long Term Debt = 4.05b USD (from longTermDebt, last quarter)
Short Term Debt = 2.44b USD (from shortTermDebt, two quarters ago)
Debt = 4.05b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.83b USD (from netDebt column, last quarter)
Enterprise Value = 6.75b USD (3.94b + Debt 4.05b - CCE 1.24b)
Interest Coverage Ratio = 2.60 (Ebit TTM 622.1m / Interest Expense TTM 239.7m)
EV/FCF = 10.06x (Enterprise Value 6.75b / FCF TTM 671.0m)
FCF Yield = 9.94% (FCF TTM 671.0m / Enterprise Value 6.75b)
FCF Margin = 15.11% (FCF TTM 671.0m / Revenue TTM 4.44b)
Net Margin = 6.64% (Net Income TTM 294.7m / Revenue TTM 4.44b)
Gross Margin = 40.31% ((Revenue TTM 4.44b - Cost of Revenue TTM 2.65b) / Revenue TTM)
Gross Margin QoQ = 38.69% (prev 38.92%)
Tobins Q-Ratio = 0.18 (Enterprise Value 6.75b / Total Assets 38.30b)
Interest Expense / Debt = 1.40% (Interest Expense 56.6m / Debt 4.05b)
Taxrate = 36.19% (13.1m / 36.2m)
NOPAT = 397.0m (EBIT 622.1m * (1 - 36.19%))
Current Ratio = 390.2 (out of range, set to none) (Total Current Assets 14.12b / Total Current Liabilities 36.2m)
Debt / Equity = 1.55 (Debt 4.05b / totalStockholderEquity, last quarter 2.61b)
Debt / EBITDA = 3.03 (Net Debt 2.83b / EBITDA 934.9m)
Debt / FCF = 4.22 (Net Debt 2.83b / FCF TTM 671.0m)
Total Stockholder Equity = 2.54b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.78% (Net Income 294.7m / Total Assets 38.30b)
RoE = 11.60% (Net Income TTM 294.7m / Total Stockholder Equity 2.54b)
RoCE = 9.44% (EBIT 622.1m / Capital Employed (Equity 2.54b + L.T.Debt 4.05b))
RoIC = 5.82% (NOPAT 397.0m / Invested Capital 6.82b)
WACC = 5.11% (E(3.94b)/V(7.99b) * Re(9.44%) + D(4.05b)/V(7.99b) * Rd(1.40%) * (1-Tc(0.36)))
Discount Rate = 9.44% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -6.86%
[DCF Debug] Terminal Value 87.05% ; FCFF base≈648.0m ; Y1≈698.3m ; Y5≈858.9m
Fair Price DCF = 236.8 (EV 25.41b - Net Debt 2.83b = Equity 22.58b / Shares 95.4m; r=5.90% [WACC]; 5y FCF grow 8.78% → 2.90% )
EPS Correlation: 21.98 | EPS CAGR: -38.32% | SUE: -4.0 | # QB: 0
Revenue Correlation: 69.99 | Revenue CAGR: 2.72% | SUE: 0.95 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.92 | Chg30d=-0.003 | Revisions Net=+2 | Analysts=3
EPS next Year (2026-12-31): EPS=4.37 | Chg30d=+0.044 | Revisions Net=+2 | Growth EPS=+9.4% | Growth Revenue=+3.7%