HMN (Horace Mann Educators) Beneish M-Score: -2.63 (As of Jun. 25, 2026)


HMN Horace Mann Educators Corp HMN
75 GF Score
Price $50.57
GF Value $43.19
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Horace Mann Educators Beneish M-Score?

Horace Mann Educators HMN -0.35% 75 Beneish M-Score is -2.63 as of Jun. 25, 2026. GuruFocus rates HMN with a GF Score™ of 75/100 and a GF Value™ of $43.19 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 397 Insurance companies, Horace Mann Educators ranks better than 64.99% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Horace Mann Educators's Beneish M-Score or its related term are showing as below:

HMN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.55   Max: -0.82
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Horace Mann Educators was -0.82. The lowest was -2.89. And the median was -2.55.

HMN
75GF Score
Horace Mann Educators Corp HMN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Horace Mann Educators Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Horace Mann Educators for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9411+0.528 * 1+0.404 * 1.0004+0.892 * 1.0481+0.115 * 0.9556
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.027039-0.327 * 1.0295
=-2.63

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $419 Mil.
Revenue was $1,625 Mil.
Gross Profit was $1,625 Mil.
Total Current Assets was $0 Mil.
Total Assets was $15,267 Mil.
Property, Plant and Equipment(Net PPE) was $71 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $593 Mil.
Net Income was $162 Mil.
Gross Profit was $22 Mil.
Cash Flow from Operations was $553 Mil.
 Total Receivables was $425 Mil.
Revenue was $1,550 Mil.
Gross Profit was $1,550 Mil.
Total Current Assets was $0 Mil.
Total Assets was $14,488 Mil.
Property, Plant and Equipment(Net PPE) was $73 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $547 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(419 / 1624.9) / (424.8 / 1550.4)
=0.257862 / 0.273994
=0.9411

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1550.4 / 1550.4) / (1624.9 / 1624.9)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 70.8) / 15266.6) / (1 - (0 + 73.4) / 14487.8)
=0.995362 / 0.994934
=1.0004

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1624.9 / 1550.4
=1.0481

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(26.4 / (26.4 + 73.4)) / (27.1 / (27.1 + 70.8))
=0.264529 / 0.276813
=0.9556

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 1624.9) / (0 / 1550.4)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((593.4 + 0) / 15266.6) / ((547 + 0) / 14487.8)
=0.038869 / 0.037756
=1.0295

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(162.1 - 21.7 - 553.2) / 15266.6
=-0.027039

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Horace Mann Educators has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.63 mean?
Horace Mann Educators (HMN) has a Beneish M-Score of -2.63 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Horace Mann Educators and its competitors. According to the industry distribution chart, Horace Mann Educators ranks #139 out of 397 companies in the Insurance industry, placing it in the top 35%.
Is Horace Mann Educators' Beneish M-Score too high?
Horace Mann Educators' current Beneish M-Score is -2.63. Based on the distribution chart, Horace Mann Educators ranks #139 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Horace Mann Educators has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Horace Mann Educators' Beneish M-Score compare to SKWD and HCI?
According to the Insurance industry distribution chart, Horace Mann Educators ranks #139 out of 397 companies for Beneish M-Score. This puts Horace Mann Educators in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Horace Mann Educators and its competitors. Horace Mann Educators's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Horace Mann Educators stock overvalued right now?
Based on GuruFocus' analysis, Horace Mann Educators (HMN) is currently considered Modestly Overvalued. The stock's GF Value™ is $43.19, compared to a current price of $50.57 — trading 17.1% above its estimated fair value. The current Beneish M-Score is -2.63. Horace Mann Educators' overall GF Score™ is 75/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Horace Mann Educators (HMN), the current Beneish M-Score is -2.63 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Horace Mann Educators (HMN) Overvalued in 2026?

Based on GuruFocus' analysis, Horace Mann Educators stock appears to be overvalued. The current stock price of $50.57 is trading 17.1% above its estimated GF Value™ of $43.19. GuruFocus considers Horace Mann Educators to be Modestly Overvalued.

Key valuation signals for HMN:

  • Beneish M-Score: -2.63
  • GF Value™: $43.19 vs. price of $50.57 (17.1% above fair value)
  • GF Score™: 75/100 with 7 warning signs

No single metric tells the full story. See the HMN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Horace Mann Educators Business Description

Address 1 Horace Mann Plaza, Springfield, IL, USA, 62715-0001
Horace Mann Educators Corp is a diversified insurance holding company that markets and underwrites personal lines of property and casualty insurance, retirement annuities, and life insurance. The company's property and casualty operations focus on automobile and homeowner insurance, while the retirement annuities are tax-qualified products. Horace Mann Educators markets its products to kindergarten through 12th-grade teachers, administrators, and other employees of public schools and their families. The Company conducts and manages its business in four reporting segments: (1) Property & Casualty, (2) Life & Retirement, (3) Supplemental & Group Benefits and (4) Corporate & Other.
75GF Score

Get the complete analysis for HMN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$50.57
Price
$43.19
GF Value