$46.27

-0.22 (-0.47%)

Weekly Expected Move ±2.5%

$44 $45 $46 $47 $49

NYSE · Financial Services · Insurance - Property & Casualty · Tech Score Neutral · Power 56 · $1.9B mcap · 40M float · 0.719% daily turnover · Short 55% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $46.0M held by 64 funds, 80 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NO EDGE

39.7 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: -4.8%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. HMN has No discernible competitive edge (39.7/100). The business operates without significant structural advantages. The primary source of advantage is Intangible Assets. Negative ROIC of -4.8% indicates the company is currently destroying value, though this may reflect a growth investment phase.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$59

Low

$59

Avg Target

$59

High

Based on 1 analyst since Aug 5, 2026 earnings

Analyst Recommendations

Strong Buy: 1Buy: 3Hold: 5Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$59.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-13	Raymond James	—	$42	$59	+17	+13.5%	$51.97
2025-07-28	BMO Capital	Michael Zaremski	Initiated	$48	—	+18.1%	$40.64
2024-08-06	Raymond James	Wilma Burdis	Initiated	$42	—	+28.2%	$32.76
2024-06-28	Piper Sandler	John Barnidge	$37	$35	-2	+5.8%	$33.09
2024-05-10	Piper Sandler	John Barnidge	$39	$37	-2	+4.9%	$35.27
2024-04-05	Piper Sandler	John Barnidge	Initiated	$39	—	+7.9%	$36.15

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. HMN receives an overall rating of B+. Strongest factors: DCF (4/5), ROE (4/5). Areas of concern: P/B (2/5).

Rating Change History

Date	From	To
2026-10-19	A-	B+
2026-10-01	B+	A-
2026-07-30	A-	B+
2026-07-01	B+	A-
2026-05-11	C	B+
2026-05-08	B	C
2026-05-04	B+	B
2026-04-22	A-	B+
2026-04-21	A	A-
2026-04-01	B	A

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 60 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. HMN scores highest in Safety (100/100) and lowest in Profitability (43/100). An overall grade of A places HMN among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-I Score

4.47

Safe Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✗ ✗ ✓ ✓ ✓

Beneish M-Score

-2.79

Unlikely Manipulator

Ohlson O-Score

-6.12

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

A+

Score: 76.0/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 3.19x

Accruals: -2.6%

The Altman-I Score is adapted for insurance companies, emphasizing return on equity, tangible net worth, and cash reserves alongside the standard equity and earnings components. HMN scores 4.47, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. HMN scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. HMN's score of -2.79 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. HMN's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. HMN receives an estimated rating of A+ (score: 76.0/100), with a stable trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). HMN's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

10.74x

PEG

0.40x

P/S

1.10x

P/B

1.26x

P/FCF

3.73x

P/OCF

3.73x

EV/EBITDA

-11.04x

EV/Revenue

-1.82x

EV/EBIT

-12.21x

EV/FCF

-5.49x

Earnings Yield

8.39%

FCF Yield

26.80%

Shareholder Yield

4.24%

Graham Number

$59.43

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 10.7x earnings, HMN trades at a reasonable valuation. An earnings yield of 8.4% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $59.43 per share, suggesting a potential 28% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.819

NI / EBT

Interest Burden

0.851

EBT / EBIT

EBIT Margin

0.149

EBIT / Rev

Asset Turnover

0.113

Rev / Assets

Equity Multiplier

10.594

Assets / Equity

ROE

12.4%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. HMN's ROE of 12.4% is driven by financial leverage (equity multiplier: 10.59x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$165.68

Price/Value

0.31x

Margin of Safety

69.05%

Premium

-69.05%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with HMN's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. HMN trades at a -69% premium to its adjusted intrinsic value of $165.68, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 10.7x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$46.27

Median 1Y

$46.29

5th Pctile

$28.57

95th Pctile

$75.09

Ann. Volatility

29.0%

Analyst Target

$59.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Marita Zuraitis & resident & Chief Executive Officer	$1,040,000	$3,328,000	$8,453,113
Stephen J. McAnena Former Executive Vice President & Chief Operating Officer	$566,667	$520,000	$2,061,095
Bret A. Conklin Former Executive Vice President, Finance Transformation	$545,000	$—	$1,432,651
Donald M. Carley Executive Vice President, General Counsel and Chief Administrative Officer	$453,750	$320,000	$1,342,739
Ryan E. Greenier Executive Vice President & Chief Financial Officer	$410,417	$300,000	$1,233,747
Mark R. Desrochers Senior Vice President, Chief Actuarial & Strategy Officer	$412,917	$275,000	$1,066,471

CEO Pay Ratio

39:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $8,453,113

Avg Employee Cost (SGA/emp): $216,389

Employees: 1,800

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

1,800

+2.9% YoY

Revenue / Employee

$945,222

Rev: $1,701,400,000

Profit / Employee

$90,056

NI: $162,100,000

SGA / Employee

$216,389

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	8.5%	7.9%	7.7%	4.7%	5.4%	1.2%	0.3%	-0.4%	-1.2%	4.0%	5.5%	7.1%	8.9%	8.3%	9.0%	10.9%	12.0%	11.7%	11.7%	12.4%	12.38%
ROA	1.1%	1.0%	0.9%	0.5%	0.6%	0.1%	0.0%	-0.0%	-0.1%	0.3%	0.5%	0.6%	0.7%	0.7%	0.8%	1.0%	1.1%	1.1%	1.1%	1.2%	1.17%
ROIC	-3.3%	-3.2%	-2.9%	-1.7%	-1.9%	-0.5%	0.1%	0.2%	-1.8%	-1.2%	5.1%	6.4%	7.8%	7.8%	8.2%	-3.9%	10.2%	11.2%	10.5%	-4.8%	-4.77%
ROCE	1.4%	1.3%	1.2%	0.7%	0.8%	0.3%	0.1%	0.1%	0.0%	0.6%	0.8%	0.9%	1.1%	1.1%	1.2%	1.4%	1.5%	1.6%	2.7%	1.6%	1.63%
Gross Margin	23.4%	32.0%	29.0%	20.0%	30.6%	18.9%	26.9%	17.6%	22.3%	32.1%	32.5%	24.0%	31.0%	35.5%	33.6%	32.0%	38.1%	37.3%	58.9%	58.0%	57.99%
Operating Margin	6.1%	16.3%	7.5%	-1.8%	6.9%	-8.4%	2.3%	-4.6%	3.8%	12.3%	8.7%	1.2%	10.7%	12.3%	11.9%	9.3%	17.1%	10.9%	11.7%	11.0%	11.05%
Net Margin	5.2%	13.3%	6.1%	-1.3%	6.0%	-5.5%	1.9%	-3.8%	3.3%	10.3%	7.0%	1.0%	8.6%	9.7%	9.5%	7.5%	14.0%	8.6%	9.6%	9.4%	9.38%
EBITDA Margin	9.0%	18.1%	9.8%	0.7%	12.3%	-4.6%	6.1%	-0.7%	7.7%	16.3%	12.7%	5.2%	14.5%	16.2%	15.8%	13.2%	20.9%	14.9%	15.5%	14.7%	14.72%
FCF Margin	13.0%	16.1%	12.2%	13.1%	10.9%	12.8%	12.0%	18.0%	18.4%	21.1%	19.8%	17.5%	23.5%	29.2%	33.0%	38.5%	38.5%	34.0%	28.6%	33.1%	33.12%
OCF Margin	13.0%	16.1%	12.2%	13.1%	10.9%	12.8%	12.0%	18.0%	18.4%	21.1%	19.8%	17.5%	23.5%	29.2%	33.0%	38.5%	38.5%	34.0%	28.6%	33.1%	33.12%
ROE 3Y Avg	snapshot only																				9.61%
ROE 5Y Avg	snapshot only																				6.85%
ROA 3Y Avg	snapshot only																				0.89%
ROIC Economic	snapshot only																				8.59%
Cash ROA	snapshot only																				3.63%
NOPAT Margin	snapshot only																				10.37%
Pretax Margin	snapshot only																				12.66%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				0.00%
SBC / Revenue	snapshot only																				0.29%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	9.37	9.66	12.11	18.89	16.52	75.48	284.41	-254.66	-84.39	27.47	21.76	15.47	13.04	14.99	14.82	12.28	11.10	11.58	10.50	11.91	10.735
P/S Ratio	1.08	1.08	1.16	1.07	0.97	1.01	0.90	0.80	0.79	0.86	0.96	0.84	0.88	0.99	1.08	1.09	1.14	1.15	1.05	1.24	1.096
P/B Ratio	0.78	0.76	0.98	1.09	1.18	1.24	1.07	0.99	1.04	1.05	1.17	1.04	1.06	1.20	1.26	1.26	1.26	1.27	1.18	1.41	1.259
P/FCF	8.27	6.73	9.45	8.18	8.92	7.92	7.54	4.46	4.30	4.09	4.87	4.80	3.76	3.41	3.27	2.82	2.95	3.39	3.66	3.73	3.731
P/OCF	8.27	6.73	9.45	8.18	8.92	7.92	7.54	4.46	4.30	4.09	4.87	4.80	3.76	3.41	3.27	2.82	2.95	3.39	3.66	3.73	3.731
EV/EBITDA	-22.73	-23.36	-23.93	-35.32	-28.86	-58.02	-79.09	-87.34	31.73	-33.98	10.91	8.41	7.45	8.30	8.59	-13.63	7.48	6.94	6.83	-11.04	-11.044
EV/Revenue	-3.83	-3.80	-3.37	-3.25	-2.90	-2.65	-2.91	-2.88	0.72	-2.59	1.01	0.89	0.91	1.02	1.12	-2.04	1.24	1.13	1.10	-1.82	-1.818
EV/EBIT	-25.32	-25.64	-26.33	-40.55	-34.79	-105.67	-202.40	-315.13	202.65	-44.71	13.51	10.08	8.65	9.65	9.88	-15.39	8.34	7.73	7.59	-12.21	-12.212
EV/FCF	-29.44	-23.63	-27.56	-24.75	-26.59	-20.70	-24.33	-16.05	3.90	-12.28	5.11	5.06	3.88	3.48	3.39	-5.29	3.23	3.32	3.86	-5.49	-5.488
Earnings Yield	10.7%	10.4%	8.3%	5.3%	6.1%	1.3%	0.4%	-0.4%	-1.2%	3.6%	4.6%	6.5%	7.7%	6.7%	6.7%	8.1%	9.0%	8.6%	9.5%	8.4%	8.39%
FCF Yield	12.1%	14.9%	10.6%	12.2%	11.2%	12.6%	13.3%	22.4%	23.2%	24.4%	20.5%	20.9%	26.6%	29.3%	30.6%	35.4%	33.9%	29.5%	27.3%	26.8%	26.80%
PEG Ratio	snapshot only																				0.396
Price/Tangible Book	snapshot only																				1.607
EV/OCF	snapshot only																				-5.488
EV/Gross Profit	snapshot only																				-3.765
Acquirers Multiple	snapshot only																				-14.356
Shareholder Yield	snapshot only																				4.24%
Graham Number	snapshot only																				$59.43

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	—	27.00	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.15	—	—
Quick Ratio	—	27.00	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.15	—	—
Debt/Equity	0.22	0.28	0.33	0.40	0.46	0.45	0.44	0.45	0.52	0.46	0.45	0.45	0.42	0.42	0.41	0.40	0.58	0.40	0.40	0.40	0.395
Net Debt/Equity	-3.57	-3.44	-3.82	-4.40	-4.70	-4.47	-4.54	-4.57	-0.10	-4.21	0.06	0.06	0.04	0.03	0.05	-3.64	0.12	-0.03	0.07	-3.47	-3.473
Debt/Assets	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.04	0.04	0.04	0.038
Debt/EBITDA	1.76	2.43	2.75	4.22	3.79	8.14	9.98	11.04	17.45	5.00	4.01	3.45	2.90	2.89	2.67	2.31	3.17	2.24	2.22	2.11	2.112
Net Debt/EBITDA	-29.11	-30.02	-32.13	-47.01	-38.54	-80.22	-103.60	-111.62	-3.33	-45.30	0.53	0.44	0.24	0.18	0.30	-20.90	0.63	-0.16	0.36	-18.55	-18.553
Interest Coverage	14.23	13.58	11.61	6.80	6.41	1.73	0.88	0.50	0.18	2.79	3.47	3.94	4.67	4.72	5.11	6.04	6.84	6.53	6.51	6.69	6.695
Equity Multiplier	7.94	7.96	9.39	10.92	12.37	12.12	11.99	12.41	12.76	11.95	11.75	11.82	11.43	11.25	10.72	10.83	10.75	10.30	10.18	10.38	10.383
Debt Service Coverage	snapshot only																				7.403
Cash to Debt	snapshot only																				9.783
FCF to Debt	snapshot only																				0.953
Defensive Interval	snapshot only																				3730.6 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.10	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.113
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	—	—	5.08	5.16	5.26	5.73	2.77	2.87	2.95	3.02	3.19	3.30	3.50	3.42	3.64	3.68	3.72	3.86	3.97	4.20	4.205
Payables Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
DSO	0	0	72	71	69	64	132	127	124	121	114	111	104	107	100	99	98	95	92	87	86.8 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—
Cash Conversion Cycle	0	0	72	71	69	64	132	127	124	121	114	111	104	107	100	99	98	95	92	87	—
Cash Velocity	snapshot only																				0.294
Capital Intensity	snapshot only																				9.130

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	1.6%	-1.3%	0.4%	-2.8%	0.0%	5.3%	4.6%	6.5%	6.1%	6.8%	7.8%	9.9%	11.1%	8.1%	7.3%	5.4%	4.0%	5.1%	5.6%	8.0%	8.01%
Net Income	26.7%	7.1%	-19.7%	-57.2%	-48.7%	-87.4%	-96.5%	-1.1%	-1.2%	1.5%	14.1%	20.0%	9.0%	1.3%	76.4%	71.9%	57.6%	57.7%	44.2%	26.6%	26.55%
EPS	26.4%	7.1%	-19.7%	-56.9%	-48.0%	-87.2%	-96.5%	-1.1%	-1.2%	1.5%	14.1%	19.9%	9.0%	1.3%	76.0%	71.9%	56.9%	57.3%	45.6%	27.8%	27.78%
FCF	-9.6%	-21.1%	-49.6%	-20.2%	-16.2%	-16.3%	2.3%	45.8%	78.8%	76.2%	78.9%	7.1%	41.8%	49.7%	78.6%	1.3%	70.6%	22.4%	-8.6%	-7.1%	-7.12%
EBITDA	23.2%	4.6%	-19.6%	-52.2%	-40.4%	-70.5%	-72.7%	-61.7%	-76.2%	78.4%	1.7%	2.5%	5.0%	73.6%	50.4%	49.6%	41.3%	39.6%	30.8%	18.8%	18.84%
Op. Income	30.0%	9.6%	-19.8%	-58.3%	-50.0%	-91.9%	-1.0%	-1.1%	-1.2%	2.8%	30.0%	9.0%	6.8%	1.4%	83.0%	77.8%	59.8%	56.5%	42.5%	23.7%	23.66%
OCF Growth	snapshot only																				-7.12%
Asset Growth	snapshot only																				5.95%
Equity Growth	snapshot only																				10.48%
Debt Growth	snapshot only																				8.53%
Shares Change	snapshot only																				-0.96%
Dividend Growth	snapshot only																				3.30%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	2.4%	2.3%	2.3%	-1.9%	-1.7%	-2.1%	-1.6%	1.9%	2.5%	3.6%	4.3%	4.4%	5.6%	6.7%	6.6%	7.2%	7.0%	6.7%	6.9%	7.8%	7.76%
Revenue 5Y	3.1%	2.4%	2.5%	2.2%	2.6%	2.7%	2.8%	2.7%	2.7%	3.8%	3.8%	2.0%	2.3%	1.6%	2.0%	4.2%	4.5%	4.8%	5.1%	5.3%	5.30%
EPS 3Y	-3.2%	97.7%	59.4%	-14.8%	-16.0%	-53.8%	-70.5%	—	—	-30.0%	-24.7%	-21.5%	-10.9%	-9.9%	-2.2%	24.5%	28.7%	1.1%	2.4%	—	—
EPS 5Y	11.6%	10.9%	10.5%	2.4%	3.8%	-36.1%	-52.3%	—	—	19.9%	16.6%	-7.0%	-4.2%	-10.8%	-7.5%	5.7%	7.0%	4.3%	1.8%	1.2%	1.25%
Net Income 3Y	-2.9%	98.2%	59.8%	-14.9%	-16.3%	-54.0%	-70.7%	—	—	-30.4%	-25.0%	-21.8%	-11.5%	-10.4%	-2.6%	24.3%	28.7%	1.1%	2.4%	—	—
Net Income 5Y	12.0%	11.3%	10.9%	2.5%	3.8%	-36.1%	-52.3%	—	—	19.7%	16.4%	-7.2%	-4.5%	-11.0%	-7.7%	5.4%	6.7%	4.0%	1.4%	0.8%	0.81%
EBITDA 3Y	32.1%	85.4%	55.3%	-11.8%	-11.9%	-38.7%	-41.6%	-35.1%	-44.1%	-18.0%	-15.7%	-13.8%	-5.1%	-2.9%	3.9%	26.2%	26.5%	62.9%	75.1%	84.1%	84.08%
EBITDA 5Y	11.6%	10.5%	11.0%	4.6%	7.3%	-9.5%	-14.1%	-16.6%	-20.0%	27.4%	22.8%	-1.7%	-0.4%	-6.5%	-4.0%	7.5%	8.3%	6.0%	3.3%	2.7%	2.66%
Gross Profit 3Y	13.1%	18.6%	14.5%	-7.2%	-6.3%	-14.3%	-14.0%	-7.3%	-9.9%	-5.0%	-3.4%	-2.4%	2.8%	6.3%	7.6%	16.2%	15.4%	20.3%	28.4%	37.0%	37.00%
Gross Profit 5Y	7.0%	5.8%	6.4%	3.9%	5.8%	2.7%	2.2%	1.2%	0.3%	8.5%	8.2%	0.0%	0.9%	-1.8%	-1.1%	5.3%	6.6%	6.6%	10.1%	12.9%	12.89%
Op. Income 3Y	30.4%	1.1%	64.2%	-17.2%	-18.2%	-60.8%	—	—	—	-30.6%	-25.5%	-22.3%	-11.5%	-9.7%	-1.9%	25.9%	30.4%	1.4%	—	—	—
Op. Income 5Y	9.8%	8.9%	9.4%	1.3%	2.6%	-30.7%	—	—	—	22.2%	17.9%	-8.6%	-5.4%	-11.5%	-7.9%	6.7%	7.6%	4.7%	1.5%	0.6%	0.61%
FCF 3Y	-10.5%	0.7%	-14.5%	4.5%	-9.2%	10.4%	21.6%	7.9%	10.6%	5.2%	-2.6%	7.6%	28.6%	30.2%	48.4%	53.6%	62.9%	47.8%	42.9%	32.1%	32.13%
FCF 5Y	-14.3%	-0.3%	-4.8%	-7.6%	-12.8%	-7.7%	-8.7%	-0.6%	1.5%	8.5%	2.7%	12.3%	13.7%	28.8%	41.9%	25.6%	26.8%	16.3%	8.5%	21.8%	21.84%
OCF 3Y	-10.5%	0.7%	-14.5%	4.5%	-9.2%	10.4%	21.6%	7.9%	10.6%	5.2%	-2.6%	7.6%	28.6%	30.2%	48.4%	53.6%	62.9%	47.8%	42.9%	32.1%	32.13%
OCF 5Y	-14.3%	-0.3%	-4.9%	-7.6%	-12.9%	-7.7%	-8.7%	-0.6%	1.5%	8.5%	2.7%	12.3%	13.7%	28.8%	41.9%	25.6%	26.8%	16.3%	8.5%	21.8%	21.85%
Assets 3Y	8.1%	9.2%	7.7%	5.3%	2.6%	2.2%	4.5%	2.8%	1.0%	1.4%	1.2%	0.2%	1.0%	0.2%	-0.1%	2.3%	5.2%	4.7%	3.1%	4.5%	4.51%
Assets 5Y	5.9%	6.3%	6.0%	4.8%	3.8%	3.5%	4.3%	4.2%	3.5%	5.0%	4.3%	3.9%	3.6%	3.0%	3.8%	3.2%	3.6%	2.5%	1.7%	1.9%	1.92%
Equity 3Y	11.3%	11.9%	2.6%	-5.6%	-12.0%	-11.2%	-8.3%	-12.4%	-15.1%	-13.1%	-10.6%	-12.7%	-10.5%	-10.7%	-4.4%	2.6%	10.2%	10.5%	8.9%	10.9%	10.90%
Book Value 3Y	11.0%	11.6%	2.3%	-5.6%	-11.7%	-10.8%	-7.9%	-12.0%	-14.6%	-12.6%	-10.1%	-12.3%	-9.9%	-10.2%	-4.0%	2.7%	10.2%	10.5%	9.0%	11.1%	11.08%
Dividend 3Y	1.1%	1.0%	0.8%	1.1%	1.2%	1.2%	1.3%	1.2%	1.3%	1.4%	1.4%	1.3%	1.7%	1.5%	1.4%	1.1%	0.9%	1.0%	1.0%	0.9%	0.93%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.60	0.36	0.40	0.34	0.35	0.18	0.26	0.80	0.91	0.89	0.90	0.28	0.31	0.21	0.32	0.81	0.86	0.93	0.95	0.92	0.918
Earnings Stability	0.41	0.09	0.09	0.00	0.00	0.10	0.18	0.61	0.70	0.07	0.08	0.32	0.31	0.46	0.34	0.03	0.00	0.00	0.01	0.06	0.061
Margin Stability	0.87	0.78	0.80	0.86	0.87	0.83	0.83	0.84	0.83	0.81	0.83	0.86	0.84	0.83	0.84	0.86	0.83	0.84	0.78	0.72	0.719
Rev. Growth Consistency	0.50	0.00	0.50	0.00	1.00	0.50	1.00	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.89	0.97	0.92	0.50	0.81	0.50	0.50	0.20	0.20	0.50	0.50	0.20	0.20	0.50	0.50	0.50	0.50	0.50	0.82	0.89	0.894
Earnings Smoothness	0.76	0.93	0.78	0.20	0.36	0.00	0.00	—	—	0.14	0.00	—	—	0.22	0.45	0.47	0.55	0.55	0.64	0.77	0.766
ROE Trend	0.01	-0.02	-0.02	-0.02	-0.00	-0.06	-0.08	-0.08	-0.09	-0.01	0.01	0.04	0.05	0.05	0.06	0.07	0.08	0.05	0.04	0.03	0.033
Gross Margin Trend	0.01	-0.03	-0.04	-0.07	-0.04	-0.07	-0.08	-0.07	-0.09	-0.03	-0.01	0.03	0.05	0.06	0.06	0.07	0.09	0.07	0.13	0.18	0.178
FCF Margin Trend	-0.01	0.02	-0.03	-0.02	-0.03	-0.05	-0.06	0.03	0.06	0.07	0.08	0.02	0.09	0.12	0.17	0.21	0.18	0.09	0.02	0.05	0.051
Sustainable Growth Rate	5.6%	5.1%	4.5%	1.4%	1.7%	-2.4%	-3.6%	—	—	-0.8%	0.9%	2.3%	4.2%	3.8%	4.6%	6.5%	7.9%	7.6%	7.7%	8.4%	8.36%
Internal Growth Rate	0.7%	0.7%	0.5%	0.1%	0.2%	—	—	—	—	—	0.1%	0.2%	0.3%	0.3%	0.4%	0.6%	0.7%	0.7%	0.7%	0.8%	0.80%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	1.13	1.43	1.28	2.31	1.85	9.53	37.72	-57.07	-19.61	6.71	4.47	3.23	3.47	4.40	4.53	4.35	3.76	3.41	2.87	3.19	3.193
FCF/OCF	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF/Net Income	snapshot only																				3.193
OCF/EBITDA	snapshot only																				2.012
CapEx/Revenue	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
CapEx/Depreciation	snapshot only																				0.000
Accruals Ratio	-0.00	-0.00	-0.00	-0.01	-0.00	-0.01	-0.01	-0.02	-0.02	-0.02	-0.02	-0.01	-0.02	-0.02	-0.03	-0.03	-0.03	-0.03	-0.02	-0.03	-0.026
Sloan Accruals	snapshot only																				0.019
Cash Flow Adequacy	snapshot only																				9.828
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	3.6%	3.7%	3.4%	3.8%	4.1%	3.9%	4.3%	4.9%	4.9%	4.4%	3.8%	4.3%	4.1%	3.6%	3.3%	3.3%	3.1%	3.0%	3.3%	2.7%	3.09%
Dividend/Share	$1.21	$1.22	$1.23	$1.25	$1.26	$1.26	$1.28	$1.29	$1.29	$1.30	$1.31	$1.31	$1.33	$1.34	$1.34	$1.35	$1.36	$1.37	$1.39	$1.40	$1.43
Payout Ratio	34.0%	36.0%	41.8%	71.5%	67.9%	2.9%	12.3%	—	—	1.2%	83.7%	67.1%	53.0%	54.0%	48.8%	40.2%	34.6%	35.2%	34.8%	32.5%	32.49%
FCF Payout Ratio	30.0%	25.1%	32.6%	31.0%	36.7%	30.7%	32.6%	21.7%	21.0%	17.8%	18.7%	20.8%	15.3%	12.3%	10.8%	9.2%	9.2%	10.3%	12.1%	10.2%	10.17%
Total Payout Ratio	35.1%	39.7%	46.6%	95.9%	1.0%	4.3%	18.4%	—	—	1.3%	86.9%	73.9%	61.3%	62.4%	56.5%	48.2%	43.0%	48.1%	58.3%	50.5%	50.48%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.08	0.07	0.07	0.07	0.07	0.06	0.07	0.07	0.07	0.07	0.06	0.07	0.07	0.07	0.06	0.06	0.06	0.06	0.06	0.05	0.050
Buyback Yield	0.1%	0.4%	0.4%	1.3%	2.2%	1.8%	2.1%	1.4%	0.6%	0.5%	0.1%	0.4%	0.6%	0.6%	0.5%	0.7%	0.8%	1.1%	2.2%	1.5%	1.51%
Net Buyback Yield	0.1%	0.4%	0.4%	1.3%	2.2%	1.8%	2.1%	1.4%	0.6%	0.5%	0.1%	0.4%	0.6%	0.6%	0.5%	0.7%	0.8%	1.1%	2.2%	1.3%	1.34%
Total Shareholder Return	3.7%	4.1%	3.8%	5.1%	6.3%	5.6%	6.5%	6.3%	5.5%	4.9%	4.0%	4.8%	4.7%	4.2%	3.8%	3.9%	3.9%	4.2%	5.5%	4.1%	4.06%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.82	0.82	0.82	0.83	0.84	1.27	-1.59	0.35	0.59	0.84	0.83	0.83	0.82	0.80	0.80	0.80	0.81	0.81	0.81	0.82	0.819
Interest Burden (EBT/EBIT)	0.93	0.93	0.91	0.85	0.84	0.42	-0.14	-0.98	-4.51	0.64	0.71	0.75	0.79	0.79	0.80	0.83	0.85	0.85	0.85	0.85	0.851
EBIT Margin	0.15	0.15	0.13	0.08	0.08	0.03	0.01	0.01	0.00	0.06	0.08	0.09	0.11	0.11	0.11	0.13	0.15	0.15	0.15	0.15	0.149
Asset Turnover	0.10	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.113
Equity Multiplier	7.76	7.74	8.72	9.08	9.60	9.53	10.49	11.61	12.56	12.03	11.87	12.10	12.03	11.59	11.21	11.29	11.07	10.74	10.44	10.59	10.594

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$3.56	$3.38	$2.94	$1.74	$1.85	$0.43	$0.10	$-0.10	$-0.31	$1.08	$1.56	$1.96	$2.51	$2.48	$2.75	$3.37	$3.94	$3.90	$4.01	$4.30	$4.30
Book Value/Share	$42.57	$42.83	$36.50	$30.15	$25.88	$26.40	$27.52	$26.62	$25.39	$28.32	$29.19	$29.06	$31.09	$31.02	$32.28	$32.70	$34.65	$35.64	$35.68	$36.48	$36.75
Tangible Book/Share	$38.01	$38.35	$30.40	$24.10	$19.91	$20.64	$21.82	$21.01	$19.88	$22.91	$23.87	$23.83	$25.93	$25.96	$27.31	$27.82	$29.85	$22.32	$22.34	$31.90	$31.90
Revenue/Share	$30.97	$30.19	$30.81	$30.69	$31.43	$32.25	$32.79	$32.99	$33.49	$34.54	$35.27	$36.09	$37.22	$37.34	$37.74	$38.04	$38.51	$39.13	$40.22	$41.48	$41.79
FCF/Share	$4.03	$4.86	$3.77	$4.03	$3.43	$4.12	$3.92	$5.93	$6.16	$7.28	$6.99	$6.32	$8.73	$10.89	$12.46	$14.65	$14.83	$13.30	$11.50	$13.74	$13.84
OCF/Share	$4.03	$4.86	$3.77	$4.03	$3.43	$4.12	$3.92	$5.93	$6.16	$7.28	$6.99	$6.32	$8.73	$10.89	$12.46	$14.65	$14.83	$13.30	$11.50	$13.74	$13.84
Cash/Share	$161.20	$159.30	$151.37	$144.50	$133.70	$129.98	$136.90	$133.63	$15.71	$132.36	$11.42	$11.47	$12.11	$12.37	$11.66	$132.07	$16.22	$15.25	$12.08	$141.10	$142.13
EBITDA/Share	$5.22	$4.91	$4.34	$2.82	$3.16	$1.47	$1.21	$1.09	$0.76	$2.63	$3.28	$3.80	$4.55	$4.57	$4.92	$5.69	$6.40	$6.36	$6.50	$6.83	$6.83
Debt/Share	$9.21	$11.91	$11.94	$11.91	$11.97	$11.97	$12.03	$12.03	$13.19	$13.16	$13.16	$13.14	$13.21	$13.18	$13.15	$13.16	$20.26	$14.26	$14.41	$14.42	$14.42
Net Debt/Share	$-151.99	$-147.39	$-139.43	$-132.59	$-121.73	$-118.01	$-124.87	$-121.60	$-2.51	$-119.21	$1.74	$1.67	$1.09	$0.81	$1.49	$-118.91	$4.04	$-0.99	$2.34	$-126.67	$-126.67

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman-I Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.473
Altman Z-Prime	snapshot only																				3.067
Piotroski F-Score	5	5	4	4	6	5	5	4	4	7	6	6	8	8	7	8	6	6	7	7	7
Beneish M-Score	-2.34	-2.67	-2.34	-2.13	-2.58	-1.73	-2.58	-2.57	-2.47	-2.73	-2.66	-2.65	-2.68	-2.76	-2.72	-3.01	-2.73	-2.59	-2.77	-2.79	-2.792
Ohlson O-Score	snapshot only																				-6.118
ROIC (Greenblatt)	snapshot only																				4.38%
Net-Net WC	snapshot only																				$-201.17

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				A+
Credit Score	80.16	84.75	78.38	70.45	65.96	53.00	48.56	49.43	38.02	61.09	53.16	56.07	60.15	60.60	64.27	75.96	65.19	69.51	69.04	76.02	76.021
Credit Grade	snapshot only																				5
Credit Trend	snapshot only																				0.064
Implied Spread (bps)	snapshot only																				125.000
Industry Credit Rank	snapshot only																				37
Sector Credit Rank	snapshot only																				81

HMN NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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