HMN
Horace Mann Educators Corporation (HMN) está financeiramente saudável?
Horace Mann Educators Corporation (HMN)'s balance sheet currently shows net-debt-to-EBITDA of 2.14x, debt-to-equity of 0.40x, and a current ratio of 0.00. Financial health on the Buffett-Fit framework asks whether a bad year would force the business to issue equity, sell assets at the wrong time, or cut the dividend. The full breakdown is below. Educational only, not investment advice.
Debt position. Horace Mann Educators Corporation carries net-debt-to-EBITDA of 2.14x and a debt-to-equity ratio of 0.40x. Buffett's rough rule for non-financial businesses: net-debt-to-EBITDA below 2x in most sectors, with utilities and REITs allowed more room because their cash flows are more predictable. Above 3-4x is where forced deleveraging in a downturn becomes a real risk.
Liquidity. Current ratio (current assets / current liabilities) sits at 0.00. Below 1.0 means the business doesn't have enough short-term assets to cover short-term obligations - Graham's defensive cut-off is 2.0, but most healthy modern businesses run 1.2-1.8 because working-capital efficiency has improved over the decades. The key is the direction over time, not the absolute number.
Cash-flow quality. Interest coverage runs at 5.5x, and the FCF-to-net-income ratio is 0.60x. The first tells you whether earnings comfortably cover debt service; the second tells you whether accounting earnings are showing up as cash. Both above 1.5x is the comfortable zone - below 1.0x is where Buffett would walk away regardless of how cheap the stock looks.
How invest-like measures this
A saúde financeira no invest-like.com mede se um balanço é robusto o suficiente para que um ano mau não force o negócio a emitir capital, vender ativos no momento errado ou cortar o dividendo. Três âncoras quantitativas: dívida líquida/EBITDA abaixo da mediana setorial (menos de 2x na maioria dos casos), margem de free cash-flow acima de 10% com ruído limitado de capital circulante, e cobertura de juros que aguenta mesmo a taxas de pico.
Balanços conservadores são o fator isolado mais determinante de quais negócios sobrevivem aos ciclos «isto também passará» do Buffett. A nota do pilar pondera todos os três mais o rácio FCF/lucro líquido (lucros contabilísticos que não aparecem como caixa são um sinal de alerta).
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