CNO Financial Group, Inc. Financial Ratios — CNO Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	39.37	112.93	71.55	28.92	-82.86	111.34	46.76	60.61	44.71	15.39	20.26	9.82
Return on Assets (%)	1.04	0.66	1.39	0.16	0.87	1.14	0.54	-0.98	1.26	0.88	1.59	1.82	0.81	1.15	0.6
Return on Capital (%)	- -	- -	- -	2.07	8.32	- -	4.69	- -	- -	8.82	13.14	13.76	7.94	9.65	6.19
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	7.42	3.59	6.81	4.22	9.67	8.85	11.17	-6.14	6.83	9.01	17.78	22.83	8.6	12.14	6.54
Profit Margin (%)	8.14	5.09	10.68	1.24	7.12	8.97	4.08	-7.3	10.19	7.9	13.83	17.63	6.67	9.47	5.11
Net Income to Common Margin (%)	8.14	5.09	10.68	1.24	7.12	8.97	4.08	-7.3	10.19	7.9	13.83	17.63	6.67	9.47	5.11
Effective Tax Rate (%)	- -	- -	- -	70.65	26.38	- -	63.45	- -	- -	12.34	22.21	22.77	22.51	22.06	21.85
Dvd Payout Ratio (%)	- -	6.29	5.1	99.22	19.21	15.3	33.94	-20.57	16.39	22.2	11.52	10.28	24.63	16.09	28.87
Sustainable Growth Rate (%)	- -	- -	- -	0.31	91.24	60.6	19.1	-99.91	93.09	36.38	53.62	40.12	11.6	17	6.98

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	3,054	3,422	3,769	3,571	4,136	4,223	3,972	3,980	3,786	3,930	4,001	3,883	4,151	4,520	4,052
ST Debt	- -	- -	- -	- -	100	100	100	100	- -	- -	- -	- -	- -	- -	- -
LT Debt	3,054	3,422	3,769	3,571	4,036	4,123	3,872	3,880	3,786	3,930	4,001	3,883	4,151	4,520	4,052
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	114	115	105	93	95	116	124	150	152	109	95	137	239	254	231
Common Equity/Total Assets	-1.61	-0.95	0.38	0.42	1.12	2.04	1.7	0.63	1.6	2.13	3.12	5.11	5.43	5.96	6.23
Long-Term Debt/Equity (%)	66.2	67.77	76.06	76.18	97.51	91.89	79.88	115.1	80.95	71.67	76.07	219.52	187.34	179.7	153.58
Long-Term Debt/Capital (%)	120.98	110.42	96.65	96.47	89.99	84.57	85.4	92.86	87.57	83.91	78	69.65	68.59	66.72	62.64
Long-Term Debt/Total Assets (%)	9.28	10.03	10.84	11.46	12.97	12.89	11.69	12.34	11.26	11.12	11.05	11.72	11.85	11.94	10.45
Total Debt/Equity (%)	66.2	67.77	76.06	76.18	99.93	94.12	81.94	118.06	80.95	71.67	76.07	219.52	187.34	179.7	153.58
Total Debt/Capital (%)	120.98	110.42	96.65	96.47	92.22	86.62	87.6	95.26	87.57	83.91	78	69.65	68.59	66.72	62.64
Total Debt/Total Assets (%)	9.28	10.03	10.84	11.46	13.29	13.21	12	12.66	11.26	11.12	11.05	11.72	11.85	11.94	10.45
Net Debt to Equity	64.59	66.7	73.95	74.72	91.12	89.9	78.25	116.21	79.35	70.68	74.18	215.61	152.38	113.84	117.34
Net Debt/Capital (%)	121.62	110.6	96.56	96.41	91.53	86.08	87.09	95.18	87.36	83.72	77.57	69.26	63.98	55.95	56.16
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-1.61	-0.95	0.38	0.42	1.12	2.04	1.7	0.63	1.6	2.13	3.12	5.11	5.43	5.96	6.23
Long-Term Debt/Equity (%)	66.2	67.77	76.06	76.18	97.51	91.89	79.88	115.1	80.95	71.67	76.07	219.52	187.34	179.7	153.58
Long-Term Debt/Capital (%)	120.98	110.42	96.65	96.47	89.99	84.57	85.4	92.86	87.57	83.91	78	69.65	68.59	66.72	62.64
Long-Term Debt/Total Assets (%)	9.28	10.03	10.84	11.46	12.97	12.89	11.69	12.34	11.26	11.12	11.05	11.72	11.85	11.94	10.45
Total Debt/Equity (%)	66.2	67.77	76.06	76.18	99.93	94.12	81.94	118.06	80.95	71.67	76.07	219.52	187.34	179.7	153.58
Total Debt/Capital (%)	120.98	110.42	96.65	96.47	92.22	86.62	87.6	95.26	87.57	83.91	78	69.65	68.59	66.72	62.64
Total Debt/Total Assets (%)	9.28	10.03	10.84	11.46	13.29	13.21	12	12.66	11.26	11.12	11.05	11.72	11.85	11.94	10.45
CFO/Total Liabilities	2.74	2.18	2.42	0.46	2.77	2.82	2.24	1.13	2.41	2.46	1.93	1.58	1.78	1.78	1.87
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.14	0.16	0.21	0.22	0.22	0.23	0.24	0.2	0.2	0.2	0.22	0.23	0.25	0.27	0.27

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	2.67	1.44	1.42	1.3	1.3	1.56	1.94	1.21	0.83	0.82	0.92	0.83	1	1.13	1.19
Days Sales Outstanding	136.77	252.94	257.67	281.07	280.93	234.03	188.19	300.42	441.33	447.52	395.73	437.66	363.7	324.12	306.33
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	1,565	2,180	3,921	3,666	3,685	3,383	4,198	2,462	2,829	3,159	3,061	2,644	3,160	3,950	4,152
- Cash & Cash Equivalents	74	54	104	68	364	189	179	62	75	54	100	69	774	1,657	956
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3,054	3,422	3,769	3,571	4,136	4,223	3,972	3,980	3,786	3,930	4,001	3,883	4,151	4,520	4,052
Enterprise Value	-18,972	-19,066	-15,620	-13,465	-12,426	-13,680	-14,920	-12,068	-14,755	-16,348	-17,843	-13,895	-14,970	-15,917	-375
Total Capital	2,525	3,099	3,899	3,702	4,484	4,876	4,534	4,178	4,323	4,684	5,129	5,575	6,052	6,774	6,469
Total Debt/Capital (%)	120.98	110.42	96.65	96.47	92.22	86.62	87.6	95.26	87.57	83.91	78	69.65	68.59	66.72	62.64
Total Debt / EV	-0.16	-0.18	-0.24	-0.27	-0.33	-0.31	-0.27	-0.33	-0.26	-0.24	-0.22	-0.28	-0.28	-0.28	-10.82
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	1,919	2,626	4,116	3,748	3,726	3,415	4,250	2,462	2,849	3,183	3,126	2,690	3,212	4,023	4,239
Diluted Enterprise Value	4,899	5,994	7,781	7,251	7,497	7,449	8,043	6,379	6,560	7,059	7,027	6,504	6,588	6,886	7,335
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	4,125	4,343	4,476	4,145	3,801	3,992	4,302	4,314	4,016	3,821	4,122	3,577	4,147	4,446	4,487
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	900	798	886	149	818	894	679	496	924	831	673	601	768	826	856
TTM Free Cash Flow to Firm	900	798	886	149	818	894	679	496	924	831	673	601	768	826	856

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	2.48	4.14	5.71	30.77	4.98	4.4	6.71	7.75	4.09	4.33	5.22	5.43	5.51	6.41	6.27
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-18,972	-19,066	-15,620	-13,465	-12,426	-13,680	-14,920	-12,068	-14,755	-16,348	-17,843	-13,895	-14,970	-15,917	-375
Low Price	4.73	6.03	9.34	15.44	14.89	14.3	18.54	13.64	14.01	8.79	21.06	16.56	19.95	24.92	34.63
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	4.66	9.87	8.2	71.33	13.61	9.44	23.91	- -	6.91	10.47	5.37	4.19	11.43	9.39	18.11
Price/Earnings Average	4.98	8.58	6.13	71.89	12.89	8.59	21.17	-10.95	6.32	7.84	5.48	3.96	9.77	7.81	16.73
Price/Earnings High	6.16	10.76	8.3	80.11	14.89	10.13	25.01	-13.9	7.36	11.06	6.28	4.91	11.63	10.32	18.76
Price/Earnings Low	3.49	6.38	4.33	63.96	10.62	7.05	17.95	-7.16	5.34	4.14	4.74	3.04	8.17	6.29	14.76
Price/Book Value	-2.95	-6.75	30.02	28.1	10.56	5.18	7.47	12.42	5.27	4.19	2.71	1.56	1.66	1.75	1.72
Price/Book Value Average	-3.15	-5.87	22.43	28.32	10	4.72	6.61	17.4	4.81	3.14	2.77	1.47	1.42	1.46	1.59
Price/Book Value High	-3.9	-7.37	30.39	31.55	11.55	5.56	7.81	22.1	5.61	4.43	3.17	1.83	1.69	1.93	1.78
Price/Book Value Low	-2.21	-4.37	15.85	25.19	8.24	3.87	5.61	11.39	4.07	1.66	2.4	1.13	1.19	1.17	1.4
Price/Tangible Book Value	0.34	0.43	0.79	0.78	0.89	0.75	0.87	0.73	0.6	0.58	0.58	1.5	1.43	1.57	1.57
Price/Tangible Book Value Average	0.36	0.38	0.59	0.79	0.84	0.69	0.77	1.02	0.55	0.43	0.59	1.41	1.22	1.31	1.45
Price/Tangible Book Value High	0.45	0.47	0.8	0.88	0.97	0.81	0.91	1.3	0.64	0.61	0.68	1.75	1.45	1.73	1.63
Price/Tangible Book Value Low	0.25	0.28	0.42	0.7	0.69	0.56	0.65	0.67	0.47	0.23	0.51	1.08	1.02	1.05	1.28
Price/Sales	0.38	0.5	0.88	0.88	0.97	0.85	0.98	0.57	0.7	0.83	0.74	0.74	0.76	0.89	0.93
Price/Sales Average	0.4	0.44	0.65	0.89	0.92	0.77	0.86	0.8	0.64	0.62	0.76	0.7	0.65	0.74	0.85
Price/Sales High	0.5	0.55	0.89	0.99	1.06	0.91	1.02	1.02	0.75	0.87	0.87	0.87	0.78	0.98	0.96
Price/Sales Low	0.28	0.32	0.46	0.79	0.76	0.63	0.73	0.52	0.54	0.33	0.66	0.54	0.54	0.59	0.75
Price/Cash Flow	2.02	3.43	5.44	30.1	4.93	4.36	6.63	7.75	4.06	4.29	5.12	5.34	5.42	6.29	6.14
Price/Cash Flow Average	2.16	2.99	4.07	30.34	4.66	3.97	5.87	10.85	3.71	3.22	5.22	5.03	4.64	5.24	5.68
Price/Cash Flow High	2.67	3.75	5.51	33.81	5.39	4.68	6.93	13.78	4.32	4.54	5.99	6.25	5.52	6.92	6.37
Price/Cash Flow Low	1.51	2.22	2.87	26.99	3.84	3.26	4.98	7.1	3.14	1.7	4.52	3.87	3.88	4.21	5.01
Price/Free Cash Flow Average	2.64	3.6	4.27	31.01	4.72	4.01	5.94	10.85	3.74	3.24	5.33	5.12	4.71	5.33	5.8
Price/Free Cash Flow High	3.27	4.51	5.79	34.56	5.45	4.72	7.02	13.78	4.35	4.57	6.11	6.35	5.61	7.05	6.5
Price/Free Cash Flow Low	1.86	2.67	3.02	27.59	3.89	3.29	5.04	7.1	3.16	1.71	4.62	3.93	3.94	4.29	5.12
EV/Sales Average	1.13	1.21	1.47	1.74	1.91	1.78	1.75	1.71	1.57	1.63	1.7	1.76	1.47	1.38	1.54
EV/Sales High	1.22	1.32	1.71	1.84	2.05	1.92	1.9	1.92	1.67	1.89	1.82	1.93	1.59	1.62	1.65
EV/Sales Low	1.01	1.1	1.28	1.64	1.75	1.64	1.61	1.43	1.47	1.34	1.6	1.6	1.36	1.24	1.44
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	6.31	9.33	17.69	17.22	19.09	19.15	24.69	14.88	18.13	22.23	23.84	22.85	27.9	37.21	42.47
High Price	8.34	10.18	17.91	19.34	20.88	20.55	25.83	26.47	19.3	23.5	27.89	26.74	28.39	40.91	44.01
Enterprise Value Average	4,650	5,264	6,594	7,198	7,260	7,111	7,511	7,366	6,297	6,243	7,024	6,308	6,079	6,149	6,932
Enterprise Value High	5,048	5,747	7,634	7,621	7,802	7,664	8,185	8,297	6,723	7,216	7,482	6,908	6,592	7,206	7,398
Enterprise Value Low	4,153	4,777	5,734	6,791	6,646	6,560	6,945	6,174	5,897	5,125	6,606	5,730	5,636	5,508	6,481

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	241	222	220	203	184	174	167	162	148	135	120	114	109	102	94
Diluted Weighted Avg Shares	304	281	233	218	195	178	172	165	157	143	131	118	115	108	100
Basic Weighted Avg Shares	248	234	222	213	193	177	170	165	156	142	128	116	113	106	98
Revenue per Share	16.63	18.58	20.2	19.47	19.69	22.6	25.3	26.07	25.74	26.89	32.1	30.91	36.61	41.88	45.9
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.35	0.95	2.16	0.24	1.4	2.03	1.03	-1.9	2.62	2.12	4.44	5.45	2.44	3.96	2.35
Basic EPS from Cont Ops	1.35	0.95	2.16	0.24	1.4	2.03	1.03	-1.9	2.62	2.12	4.44	5.45	2.44	3.96	2.35
Diluted EPS, GAAP	1.1	0.79	2.05	0.24	1.39	2.01	1.02	-1.9	2.61	2.11	4.35	5.36	2.4	3.89	2.3
Diluted EPS from Cont Ops	1.1	0.79	2.05	0.24	1.39	2.01	1.02	-1.9	2.61	2.11	4.35	5.36	2.4	3.89	2.3
Dividend per Share	- -	0.06	0.11	0.24	0.27	0.31	0.35	0.39	0.43	0.47	0.51	0.56	0.6	0.64	0.68
Cash Flow per Share	3.12	2.72	3.25	0.57	3.87	4.39	3.72	1.92	4.46	5.18	4.66	4.28	5.15	5.91	6.91
Free Cash Flow per Basic Share	3.12	2.72	3.25	0.57	3.87	4.39	3.72	1.92	4.46	5.18	4.66	4.28	5.15	5.91	6.91
Cash & Equivalents per Share	95.14	105.56	105.17	97.24	104.88	120.5	135.8	111.87	136.95	164.94	193.96	176.46	196.7	229.75	87.75
Book Value per Share	-2.14	-1.38	0.59	0.61	1.81	3.69	3.31	1.2	3.44	5.3	8.79	14.62	16.78	21.24	24.72
Tangible Book Value per Share	18.61	21.61	22.36	22.02	21.44	25.4	28.51	20.37	29.97	38.6	40.96	15.28	19.56	23.7	26.99

CNO Financial Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)