Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 13.1x · ROE 8.9%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $4.2B | $4.0B | $3.2B | $2.7B | $3.1B | $3.2B | $2.8B | $2.5B | $4.3B | $3.4B |
| Enterprise Value | $8.0B | $7.2B | $6.9B | $6.6B | $6.5B | $7.0B | $7.1B | $6.6B | $6.4B | $8.0B | $7.4B |
| P/E Ratio → | 22.40 | 18.07 | 9.95 | 11.63 | 4.26 | 7.10 | 10.54 | 6.95 | — | 24.21 | 9.53 |
| P/S Ratio | 1.09 | 0.93 | 0.90 | 0.77 | 0.75 | 0.76 | 0.83 | 0.71 | 0.57 | 0.99 | 0.86 |
| P/B Ratio | 1.95 | 1.57 | 1.60 | 1.45 | 1.52 | 0.59 | 0.58 | 0.61 | 0.73 | 0.88 | 0.76 |
| P/FCF | 7.27 | 6.14 | 6.41 | 5.51 | 5.43 | 5.22 | 4.33 | 4.09 | 7.75 | 6.93 | 4.50 |
| P/OCF | 7.27 | 6.14 | 6.41 | 5.51 | 5.43 | 5.22 | 4.33 | 4.09 | 7.75 | 6.93 | 4.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.62 | 1.55 | 1.59 | 1.82 | 1.70 | 1.85 | 1.63 | 1.48 | 1.87 | 1.87 |
| EV / EBITDA | 13.09 | 11.84 | 8.49 | 10.55 | 6.11 | 7.25 | 10.89 | 12.10 | 232.82 | 10.78 | 11.86 |
| EV / EBIT | 27.30 | 13.82 | 8.91 | 11.06 | 6.82 | 8.48 | 15.58 | 15.38 | — | 13.31 | 15.86 |
| EV / FCF | — | 10.73 | 10.97 | 11.30 | 13.13 | 11.75 | 9.60 | 9.42 | 20.07 | 13.12 | 9.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.8% | 44.8% | 38.3% | 37.0% | 50.1% | 41.2% | 33.6% | 30.7% | 13.5% | 31.2% | 29.1% |
| Operating Margin | 6.5% | 6.5% | 11.7% | 8.6% | 22.8% | 17.8% | 9.0% | 6.8% | -6.1% | 11.2% | 8.8% |
| Net Profit Margin | 5.1% | 5.1% | 9.1% | 6.7% | 17.6% | 13.8% | 7.9% | 10.2% | -7.3% | 4.1% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 17.1% | 13.9% | 17.9% | 10.6% | 5.9% | 10.2% | -7.7% | 3.8% | 8.3% |
| ROA | 0.6% | 0.6% | 1.1% | 0.8% | 1.8% | 1.6% | 0.9% | 1.3% | -1.0% | 0.5% | 1.1% |
| ROIC | 4.0% | 4.0% | 7.1% | 4.8% | 8.3% | 5.9% | 2.9% | 2.6% | -2.5% | 4.2% | 3.2% |
| ROCE | 1.5% | 1.5% | 2.8% | 1.0% | 3.0% | 2.0% | 1.0% | 0.8% | -3.3% | 5.5% | 4.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.80 | 1.87 | 2.20 | 0.76 | 0.72 | 0.81 | 1.18 | 0.82 | 0.94 |
| Debt / EBITDA | 6.62 | 6.62 | 5.58 | 6.65 | 3.65 | 4.13 | 6.06 | 6.98 | 145.25 | 5.33 | 6.72 |
| Net Debt / Equity | — | 1.17 | 1.14 | 1.52 | 2.16 | 0.74 | 0.71 | 0.79 | 1.16 | 0.78 | 0.90 |
| Net Debt / EBITDA | 5.06 | 5.06 | 3.53 | 5.41 | 3.58 | 4.02 | 5.98 | 6.85 | 142.97 | 5.09 | 6.42 |
| Debt / FCF | — | 4.58 | 4.56 | 5.79 | 7.70 | 6.52 | 5.27 | 5.33 | 12.33 | 6.19 | 5.31 |
| Interest Coverage | 2.27 | 2.27 | 3.04 | 2.50 | 6.96 | 8.68 | 4.16 | 2.80 | -0.77 | 4.88 | 4.03 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 1.68 | — | 1.73 | 3497.33 | — | — | 0.02 | 0.02 | 0.02 |
| Quick Ratio | 0.71 | 0.71 | 1.68 | — | 1.73 | 3497.33 | — | — | 0.00 | 0.01 | 0.01 |
| Cash Ratio | 0.46 | 0.46 | 1.39 | — | 1.33 | 2964.88 | — | — | 0.77 | 0.95 | 0.91 |
| Asset Turnover | — | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 | 0.14 | 0.13 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.6% | 1.7% | 2.1% | 2.4% | 2.1% | 2.1% | 2.4% | 2.6% | 1.4% | 1.6% |
| Payout Ratio | 28.9% | 28.9% | 16.8% | 24.6% | 10.3% | 11.5% | 22.2% | 16.4% | — | 33.9% | 15.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 5.5% | 10.1% | 8.6% | 23.5% | 14.1% | 9.5% | 14.4% | — | 4.1% | 10.5% |
| FCF Yield | 13.8% | 16.3% | 15.6% | 18.1% | 18.4% | 19.1% | 23.1% | 24.5% | 12.9% | 14.4% | 22.2% |
| Buyback Yield | 6.7% | 8.0% | 7.5% | 5.2% | 7.1% | 13.0% | 8.4% | 8.9% | 4.4% | 4.0% | 6.1% |
| Total Shareholder Yield | 8.0% | 9.6% | 9.1% | 7.3% | 9.5% | 15.1% | 10.5% | 11.3% | 7.0% | 5.4% | 7.8% |
| Shares Outstanding | — | $98M | $108M | $115M | $118M | $131M | $143M | $157M | $165M | $172M | $178M |
Legacy LTC morbidity volatility
Based on reported figures, CNO trades at a P/B of 1.95, which appears to incorporate a persistent complexity discount relative to peers like RLI Corp, likely reflecting investor caution regarding the long-term capital requirements of its legacy long-term care insurance block.
The current valuation suggests that the market remains skeptical of the company's transition toward fee-based advisory services, preferring to anchor the multiple to the more volatile insurance underwriting business. Investors should monitor whether the forward P/E of 11.77 adequately compensates for the inherent earnings uncertainty introduced by LDTI accounting adjustments.
As reported in recent financial statements, CNO's combined ratio has fluctuated between 80.8% and 99.0% over the last ten quarters, indicating that underwriting profitability remains highly sensitive to periodic morbidity spikes within the legacy long-term care and supplemental health insurance segments.
The inconsistency in the combined ratio suggests that underwriting margins are not yet stabilized, despite management's efforts to implement premium rate increases. This volatility warrants further investigation into whether the expense ratio, which reached 39.9% in 2026Q1, reflects necessary investment in distribution or an inability to achieve sufficient operating scale.
According to recent SEC filings, CNO's debt-to-equity ratio has hovered between 1.54 and 1.87, suggesting a conservative approach to capital structure that provides a necessary buffer against the potential for adverse reserve development in the company's legacy insurance portfolios.
While the current leverage appears adequate, the thin equity base relative to total assets implies that the company has limited capacity to absorb significant actuarial shocks without impacting its capital return programs. Investors should monitor the interplay between debt levels and the company's ongoing share repurchase activity to ensure long-term solvency remains prioritized.
As evidenced by the divergence between statutory cash flows and GAAP net income, the P/E ratio is frequently misapplied to CNO, as it fails to account for the non-cash actuarial volatility inherent in the company's long-duration insurance liabilities under the LDTI accounting framework.
Relying on P/E obscures the underlying operational health of the distribution platform by focusing on accounting noise rather than cash-generating capacity. Analysts should instead prioritize adjusted operating earnings or cash-based metrics to better evaluate the true economic value of the Bankers Life franchise.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying CNO stock.
CNO Financial Group, Inc.'s current P/E ratio is 22.4x. The historical average is 15.2x. This places it at the 85th percentile of its historical range.
CNO Financial Group, Inc.'s current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
CNO Financial Group, Inc.'s return on equity (ROE) is 8.9%. The historical average is 4.7%.
Based on historical data, CNO Financial Group, Inc. is trading at a P/E of 22.4x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CNO Financial Group, Inc.'s current dividend yield is 1.29% with a payout ratio of 28.9%.
CNO Financial Group, Inc. has 44.8% gross margin and 6.5% operating margin.
CNO Financial Group, Inc.'s Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.