Stock fact sheet · data as of
CNO Financial Group, Inc. (CNO): fair value, margin of safety and Wheel Score
Ticker symbol CNO · Financial Services · Insurance - Life · United States · Value
Is CNO undervalued?
CNO has a margin of safety of 34%: the stock closed at 57.73 on 5 Nov 2026 against a GLS average fair value of 87.53. 4 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: DDM gives 10.30 while 10 Cap gives 179.45. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, CNO is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 53, growth score 32, out of 100).
Nine valuation models for CNO
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 167.00 | +189% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 50.68 | -12% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 94.91 | +64% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 29.28 | -49% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 35.10 | -39% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 179.45 | +211% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 170.73 | +196% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 10.30 | -82% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 50.33 | -13% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -246.17 | -526% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 57.67 | -0% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - CNO passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 3.9 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 3.4%, ROE 8.7%, ROA 0.6% - with debt at 1.54 times equity and a free-cash-flow yield of 13.2%.
The dividend yield is 1.21% with a payout ratio of 16% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Insurance Product Lines 100% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 2/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 3.4% |
|---|---|---|---|
| GLS Moat | 3.9 / 10 | ROE | 8.7% |
| Debt / equity | 1.54 | ROA | 0.6% |
| Free-cash-flow yield | 13.2% | Payout ratio | 16% |
| Institutions | 10 / 10 | Insiders · Congress | 2 · 5 / 10 |
Wheel Score 46: Weak
CNO scores 46 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (1,088 open interest, 65 a day), and the parts are thin too - value strong, premium strong, moat fair, health good, red flags good, option trading weak, stability good. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 33% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is thin - 1,088 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.2M shares a day on a market cap of $5.3B, with a beta of 0.81; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (1,088 open interest, 65 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 34% below fair value | |
| Premium | Strong | implied volatility 33% | |
| Moat | Fair | moat 3.9/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Weak | 65 contracts a day, 1,088 open interest | |
| Stability | Good | beta 0.81, $5.3B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CNO in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Insurance - Life
The 12 companies below are the closest to CNO Financial Group, Inc. by market cap within the Insurance - Life industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ATHS Athene Holding Ltd. 7.250% Fixe | 23.28 | 118.56 | +80% | 27No options | $4.5B |
| PRS Prudential Financial, Inc. 5.62 | 19.78 | 150.21 | +87% | 36No options | $6.8B |
| FGN F&G Annuities & Life, Inc. | 22.80 | 173.87 | +87% | 30No options | $4.1B |
| PRH Prudential Financial, Inc. 5.95 | 21.10 | 151.61 | +86% | 35No options | $7.3B |
| LNC Lincoln National Corporation | 41.60 | 151.08 | +72% | 52Fair | $8.0B |
| PRI Primerica, Inc. | 284.54 | 432.81 | +34% | 48Weak | $8.8B |
| JXN Jackson Financial Inc. | 137.35 | 479.49 | +71% | 84Good | $9.3B |
| VOYA Voya Financial, Inc. | 104.63 | 193.08 | +46% | 87Prime | $9.5B |
| FG F&G Annuities & Life, Inc. | 22.11 | 186.91 | +88% | 41Weak | $2.9B |
| BHFAL Brighthouse Financial, Inc. | 15.00 | 120.27 | +88% | 29No options | $2.5B |
| BHFAO Brighthouse Financial, Inc. | 12.89 | 125.14 | +90% | 29No options | $2.5B |
| BHFAN Brighthouse Financial, Inc. | 10.54 | 120.64 | +91% | 29No options | $2.5B |
⚖ Compare CNO with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CNO
Is CNO undervalued right now?
By the GLS models, yes: at 57.73 the stock is 34% below the average fair value of 87.53 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CNO and what does it mean?
CNO scores 46 out of 100 (Weak) - it fails Wheel Trade Filter 1. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for CNO?
87.53 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does CNO Financial Group, Inc. report earnings next?
No upcoming earnings date is recorded for CNO in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CNO have listed options, and how liquid are they?
Yes. The nightly snapshot found 60 listed contracts with 1,088 open interest across all expiries and implied volatility of 33% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.