Horace Mann Educators vs Waterdrop
Horace Mann Educators is the larger business, with $1.70bn of revenue in fiscal 2025 against $553m for Waterdrop (3.1 times as much). Waterdrop grew faster (43.7% against 6.7%). Waterdrop kept more of each dollar of sales as profit: a net margin of 14.3% against 9.5%. Waterdrop carries less debt relative to equity (0.9% against 40.0%).
| Latest fiscal year | Horace Mann EducatorsHMN, 2025 | WaterdropWDH, 2025 |
|---|---|---|
| Revenue | $1.70bn | $553m |
| Revenue growth | 6.7% | 43.7% |
| Net income | $162m | $79.2m |
| Operating margin | — | 9.3% |
| Net margin | 9.5% | 14.3% |
| Return on equity | 11.7% | 11.4% |
| Free cash flow | — | $29.8m |
| Cash | $27.5m | $69.1m |
| Total debt | $593m | $6.7m |
| Debt to equity | 40.0% | 0.9% |
| Dividend per share | $1.40 | — |
| Dividend yield | 2.9% | 5.0% |
| Share buybacks | $20.8m | $12.7m |
| Employees | 1,800 | — |
| Market value | $1.96bn | $361m |
| Price vs our value range | — | — |
| Moat score | 43 (Weak) | — |
| Insider trades, 12 months | 2 buys, 26 sales | 0 buys, 0 sales |