HMNHIGH SIGNALFINANCIAL10-K

HMN delivered exceptional financial performance with net income surging 57.7% to $162.1M while operating cash flow increased 22.4% and stockholders' equity grew 15.2%.

This represents a material improvement in profitability that significantly exceeds typical quarterly variations, suggesting either a major operational turnaround or substantial one-time gains that warrant investor scrutiny. The combination of strong earnings growth, robust cash generation, and equity expansion indicates the company has fundamentally strengthened its financial position.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

HMN showed remarkable financial strength across key metrics, with net income jumping 57.7% to $162.1M and operating cash flow rising 22.4% to $553.2M, demonstrating both profitability and cash generation improvements. While cash and equivalents declined 27.8% to $27.5M, this was more than offset by stockholders' equity growth of 15.2% to $1.5B and the company's reduction in outstanding shares from 40.9M to 40.4M shares. The overall picture signals a company that has achieved significant operational improvements and returned substantial value to shareholders while maintaining a strong balance sheet foundation.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+57.7%
$102.8M→$162.1M

Net income grew 57.7% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-27.8%
$38.1M→$27.5M

Cash decreased 27.8% — monitor burn rate and upcoming capital needs.

Operating Cash Flow
Cash Flow
+22.4%
$452.1M→$553.2M

Operating cash flow grew 22.4% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+15.2%
$1.3B→$1.5B

Equity base grew 15.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 17, 2026, the registrant had 40,449,550 shares of Common Stock, par value $0.001 per share, outstanding.
Business 1 Introduction 1 Forward-looking Information 1 Overview, History and Available Information 1 Corporate Strategy 2 Human Capital Resources 4 Reporting Segments 5 Investments 16 Cash Flow 18 Regulation 19 Changing Climate Conditions 20 Enterprise Risk Management 22 1A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Introduction 41 Consolidated Financial Highlights 42 Consolidated Results of Operations 43 Outlook for 202 6 45 Application of Critical Accounting Estimates 45 Results of Operations by Segment 50 Investment Results 57 Liquidity and Capital Resources 61 Future Adoption of New Accounting Standards 67 Effects of Inflation and Changes in Interest Rates 67 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 147 9A.
(MNL) from its former parent, Independence Holding Company (IHC).
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REMOVED
As of February 14, 2025, the registrant had 40,871,981 shares of Common Stock, par value $0.001 per share, outstanding.
Business 1 Introduction 1 Forward-looking Information 1 Overview, History and Available Information 1 Corporate Strategy 2 Human Capital Resources 4 Reporting Segments 6 Investments 17 Cash Flow 19 Regulation 20 Changing Climate Conditions 22 Enterprise Risk Management 23 1A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Introduction 42 Consolidated Financial Highlights 43 Consolidated Results of Operations 44 Outlook for 2025 46 Application of Critical Accounting Estimates 46 Results of Operations by Segment 51 Investment Results 58 Liquidity and Capital Resources 61 Future Adoption of New Accounting Standards 66 Effects of Inflation and Changes in Interest Rates 67 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 146 9A.
(Madison National) from its former parent, Independence Holding Company (IHC).
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