Unum Group

Finance
Accident &Health Insurance
www.unum.com

Earnings Score
Moat Score
Safety Score

Market Cap $13.98B
PE 8
Debt $3.47B
Cash $163.40M
EV $17.29B
FCF $1.23B

Earnings

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Sales & Net Margins

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Earnings	$1.76B
EBIT	$1.97B
ROE	16%
ROA	3%
FCF	$1.23B
Equity	$10.95B
Growth Stability	56%
PE	7.94
PEG	0.6
PB	1.28
P/FCF	11.35
P/S	1.09
Price/Cash	0.01
Debt/Equity	0.32
Debt/FCF	2.82
Net Margins	15%
Op. Margins	15%
Earnings CAGR	6%
Sales Growth YoY	4%
Sales Growth QoQ	-1%
Sales CAGR	2%
FCF CAGR	-1%
Equity CAGR	2%
Earnings Stability	0.27
Earnings Growth YoY	220%
Earnings Growth QoQ	66%

Earnings CAGR 5Y	13%
Sales CAGR 5Y	0%
FCF CAGR 5Y	12%
Equity CAGR 5Y	-1%
Earnings CAGR 3Y	3%
Sales CAGR 3Y	3%
FCF CAGR 3Y	-9%
Equity CAGR 3Y	1%
Market Cap	$13.98B
Revenue	$12.80B
Dividend Yield	2%
Payout Ratio	17%
Assets	$64.14B
Total Debt	$3.47B
Cash	$163.40M
Shares Outstanding	186.4M
EV	17.29B
Earnings Score	12%
Moat Score	73%
Safety Score	75%
Final Score	53%
Shares Growth 3y	-3%
Equity Growth QoQ	5%
Equity Growth YoY	14%

Assets & ROA

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Stockholders Equity & ROE

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Unum Group is a provider of group and individual income protection insurance products in the United States, the United Kingdom, Poland, and other countries. It is the largest domestic disability insurer, with the majority of premiums generated from employer plans. The company also offers a complementary portfolio of other insurance products, including long-term care insurance, life insurance, and employer- and employee-paid group benefits. It has the following operating business segments: Unum US, Unum International, and Colonial Life. The majority of the revenue is earned from the Unum US segment. The firm markets its products primarily through brokers.

SEC Filings

Direct access to Unum Group (UNM) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Unum Group compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Unum Group compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 6%

Stability 27%

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Unum Group Discounted Cash Flow

Fully customizable DCF calculator online for Unum Group.

Years

Calculation mode

= $11B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$11B
DCF		$1.1B	$992M	$891M	$800M	$718M	$644M	$579M	$519M	$466M	$419M	$4.2B
Value	$11B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	8%	8%	9%	5%	9%	6%	7%	11%	10%	15%
ROA	-	2%	2%	1%	2%	2%	2%	3%	3%	3%
ROE	-	10%	10%	6%	11%	7%	7%	14%	13%	16%

Good Net Margins (14.82%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	2.91	3.01	2.13	2.34	6.99	2.7	2.61	3.21	2.82
Debt over Equity	0.37	0.33	0.33	0.34	0.37	0.31	0.3	0.37	0.36	0.32
Growth Stability	-	-	-	56%	100%	91%	100%	100%	100%	56%

Neutral Debt/FCF ratio (2.82)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.32)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (56%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	3%	2%	3%	3%	10%	-9%	-0%	3%	0%
Earnings YoY growth	-	7%	7%	-47%	110%	-28%	4%	59%	-2%	13%
Equity YoY growth	-	4%	7%	-10%	16%	9%	5%	-19%	5%	-1%
FCF YoY growth	-	-13%	1%	33%	14%	-70%	167%	3%	-19%	12%