Detailed financial statements for Kemper Corporation (KMPR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kemper Corporation functions as a comprehensive insurance holding entity, providing a wide array of property and casualty, alongside life and health insurance coverage throughout the United States. Its operations are divided into three primary segments: Specialty Property & Casualty Insurance, Preferred Property & Casualty Insurance, and Life & Health Insurance.
Analysis Summary
Kemper Corporation reported revenue of $4.80B in the most recent fiscal year, growing at a 5-year CAGR of -1.5%. Net income reached $143.3M, with a -19.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 36.2%, operating margin -11.4%, net margin -10.8%. Free cash flow grew at 7.0% CAGR over 5 years.
At the current price of $27.40, KMPR has negative trailing earnings (P/E not meaningful) and an ROE of -19.33%. Market capitalisation stands at $1.6B.
Balance sheet quality for KMPR: current ratio of 0.0, net debt of $551.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $553.9M represents 387% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.67B | $3.69B | $5.02B | $5.18B | $5.61B | $5.45B | $4.95B | $4.63B | $4.80B |
| Cost of Revenue | $2.16B | $2.23B | $2.92B | $3.83B | $4.02B | $5.26B | $5.66B | $3.82B | $4.04B | $3.38B |
| Gross Profit | $357.5M | $439.2M | $766.9M | $1.19B | $1.16B | $354.8M | -$211.3M | $1.13B | $589.4M | $1.43B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $209.0M | $196.2M | $231.9M | $278.0M | $371.5M | $339.5M | $358.4M | 0 | -$2.6M | $1.16B |
| Operating Expenses | $354.0M | $278.1M | $567.8M | $528.4M | $650.8M | $604.2M | $159.7M | $1.47B | $200.9M | $1.26B |
| Operating Income | $3.5M | $161.1M | $199.1M | $661.6M | $510.1M | -$249.4M | -$371.0M | -$347.1M | $388.5M | $160.7M |
| EBITDA | $67.4M | $214.2M | $414.4M | $766.6M | $601.1M | -$105.9M | -$245.4M | -$232.4M | $499.1M | $273.5M |
| Interest Expense | $44.4M | $34.9M | $43.4M | $42.5M | $36.0M | $43.6M | $54.7M | $56.1M | $56.9M | $38.5M |
| Pre-tax Income | $3.5M | $161.1M | $199.1M | $661.6M | $510.1M | -$249.3M | -$371.0M | -$347.1M | $388.5M | $160.7M |
| Income Tax | -$9.2M | $41.2M | $10.7M | $130.5M | $100.2M | -$125.6M | -$84.4M | -$74.8M | $76.0M | $28.1M |
| Net Income | $16.8M | $120.9M | $190.1M | $531.1M | $409.9M | -$123.7M | -$286.6M | -$272.1M | $317.8M | $143.3M |
| EPS | $0.33 | $2.34 | $3.27 | $8.04 | $6.24 | $-1.88 | $-4.49 | $-4.25 | $4.95 | $2.31 |
| EPS (Diluted) | $0.33 | $2.33 | $3.24 | $7.96 | $6.14 | $-1.88 | $-4.49 | $-4.25 | $4.91 | $2.29 |
| Shares Outstanding (Diluted) | $51.2M | $51.6M | $58.8M | $66.5M | $66.7M | $64.3M | $63.8M | $64.0M | $64.8M | $62.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.24B | $1.14B | $1.11B | $1.09B |
| Gross Profit | -$500000 | $281.3M | $280.1M | $1.09B |
| Operating Income | -$33.1M | -$13.5M | -$7.9M | -$467.0M |
| EBITDA | $11.7M | -$29.9M | $13.0M | -$434.9M |
| Net Income | -$21.0M | -$8.0M | -$1.7M | -$464.8M |
| EPS | $-0.34 | $-0.14 | $-0.03 | $-7.90 |
| EPS (Diluted) | $-0.34 | $-0.14 | $-0.03 | $-7.90 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $115.7M | $45.7M | $75.1M | $136.8M | $206.1M | $148.2M | $212.4M | $64.1M | $65.4M | $126.0M |
| Short-term Investments | $5.40B | $5.62B | $6.71B | $470.9M | $875.4M | $284.1M | $7.17B | $522.9M | $1.07B | $327.9M |
| Receivables | 0 | 0 | 0 | $1.38B | $1.43B | $1.80B | $1.72B | $1.23B | $1.24B | $965.2M |
| Inventory | -$1.04B | -$1.00B | -$1.78B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $6.06B | $6.23B | $8.08B | 0 | 0 | $2.23B | $692.0M | $1.81B | 0 | $1.09B |
| Property, Plant & Equipment | $6.35B | $6.43B | $9.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $323.0M | $323.0M | $1.11B | $1.11B | $1.11B | $1.31B | $1.30B | $1.25B | $1.25B | $1.25B |
| Intangible Assets | $332.0M | $181.0M | $308.8M | $328.4M | $320.1M | $971.4M | $316.4M | $910.0M | $315.5M | $656.7M |
| Total Assets | $8.21B | $8.38B | $11.54B | $12.99B | $14.34B | $14.92B | $13.36B | $12.74B | $12.63B | $12.47B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | -$449.3M | 0 | 0 | 0 |
| Short-term Debt | $359.8M | 0 | 0 | $448.6M | $448.8M | $449.0M | $449.3M | 0 | $449.6M | $17.1M |
| Total Current Liabilities | $359.8M | $5.00B | $448.4M | 0 | 0 | $6.70B | $167.6M | $4.69B | 0 | 0 |
| Long-term Debt | $751.6M | $592.3M | $909.0M | $329.8M | $724.0M | $672.9M | $1.39B | $1.39B | $941.7M | $943.5M |
| Total Liabilities | $6.24B | $607.1M | $8.49B | $9.02B | $9.78B | $10.91B | $10.92B | $10.24B | $9.85B | $9.80B |
| Retained Earnings | $1.17B | $1.24B | $1.36B | $1.81B | $2.07B | $1.76B | $1.38B | $1.01B | $1.23B | $1.16B |
| Total Equity | $1.98B | $2.12B | $3.05B | $3.97B | $4.56B | $4.01B | $2.44B | $2.51B | $2.79B | $2.68B |
| Total Debt | $751.6M | $592.3M | $909.0M | $778.4M | $1.17B | $1.12B | $1.39B | $1.39B | $1.42B | $1.00B |
| Net Debt | -$4.76B | -$5.07B | -$5.88B | $170.7M | $91.3M | $689.6M | -$6.00B | $802.2M | $294.2M | $551.0M |
| Working Capital | $5.71B | $1.23B | $7.63B | 0 | 0 | -$4.46B | $524.4M | -$2.88B | 0 | $1.09B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $107.4M | $126.0M | $92.6M | $80 |
| Total Assets | $12.44B | $12.47B | $12.41B | $11.93B |
| Total Liabilities | $9.72B | $9.80B | $9.78B | $9.75B |
| Total Equity | $2.73B | $2.68B | $2.65B | $2.19B |
| Total Debt | $943.1M | $943.5M | $944.0M | $944.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $16.8M | $120.9M | $190.1M | $531.1M | $409.9M | -$120.5M | -$301.2M | -$272.1M | $312.5M | $143.3M |
| Depreciation & Amortization | $19.5M | $18.2M | $171.9M | $62.5M | $55.0M | $99.8M | $70.9M | 0 | $53.7M | $74.3M |
| Stock-based Compensation | $4.7M | $9.4M | $18.6M | 0 | 0 | $28.0M | $17.7M | 0 | 0 | 0 |
| Change in Working Capital | $177.6M | $135.6M | $115.6M | $146.3M | $13.7M | $512.1M | -$95.5M | -$51.3M | -$17.9M | $361.0M |
| Operating Cash Flow | $240.5M | $240.6M | $540.0M | $534.3M | $448.0M | $350.7M | -$210.3M | -$135.3M | $382.9M | $584.5M |
| Capital Expenditure | -$17.6M | -$35.5M | -$65.3M | -$84.0M | -$53.4M | -$57.8M | -$30.8M | -$53.8M | -$53.2M | -$30.6M |
| Acquisitions | $6.4M | $20.2M | -$589.6M | 0 | 0 | -$316.6M | $14.8M | 0 | 0 | 0 |
| Stock Repurchased | -$3.8M | 0 | 0 | 0 | -$110.4M | -$161.7M | 0 | 0 | -$38.9M | -$301.9M |
| Dividends Paid | -$49.2M | -$49.5M | -$56.4M | -$67.8M | -$78.9M | -$80.6M | -$79.7M | -$80.1M | -$80.1M | -$79.6M |
| Free Cash Flow | $222.9M | $205.1M | $474.7M | $450.3M | $394.6M | $292.9M | -$241.1M | -$189.1M | $329.7M | $553.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $139.9M | $175.0M | $88.8M | $119.3M |
| Capital Expenditure | -$6.5M | -$8.8M | -$10.9M | -$22.3M |
| Free Cash Flow | $133.4M | $166.2M | $77.9M | $97.0M |
| Dividends Paid | -$19.7M | -$18.9M | -$18.3M | -$37.6M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.8% | +38.2% | +36.1% | +3.2% | +8.4% | -2.9% | -9.3% | -6.3% | +3.6% | |
| Net Income Growth (YoY) | +619.6% | +57.2% | +179.4% | -22.8% | -130.2% | -131.7% | +5.1% | +216.8% | -54.9% | |
| EPS Growth (YoY) | +609.1% | +39.7% | +145.9% | -22.4% | -130.1% | -138.8% | +5.3% | +216.5% | -53.3% | |
| Shares Change (YoY) | +0.7% | +13.9% | +13.3% | +0.3% | -3.7% | -0.7% | +0.3% | +1.2% | -3.3% | |
| FCF Growth (YoY) | -8.0% | +131.4% | -5.1% | -12.4% | -25.8% | -182.3% | +21.6% | +274.4% | +68.0% | |
| Gross Margin | 14.2% | 16.5% | 20.8% | 23.7% | 22.4% | 6.3% | -3.9% | 22.8% | 12.7% | 29.7% |
| Operating Margin | 0.1% | 6.0% | 5.4% | 13.2% | 9.8% | -4.4% | -6.8% | -7.0% | 8.4% | 3.3% |
| EBITDA Margin | 2.7% | 8.0% | 11.2% | 15.3% | 11.6% | -1.9% | -4.5% | -4.7% | 10.8% | 5.7% |
| Net Margin | 0.7% | 4.5% | 5.2% | 10.6% | 7.9% | -2.2% | -5.3% | -5.5% | 6.9% | 3.0% |
| FCF Margin | 8.8% | 7.7% | 12.9% | 9.0% | 7.6% | 5.2% | -4.4% | -3.8% | 7.1% | 11.5% |
| Effective Tax Rate | -262.9% | 25.6% | 5.4% | 19.7% | 19.6% | 50.4% | 22.7% | 21.5% | 19.6% | 17.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.35 | $3.98 | $8.08 | $6.77 | $5.91 | $4.56 | $-3.78 | $-2.95 | $5.09 | $8.85 |
| Dividends Per Share | $0.96 | $0.96 | $0.96 | $1.02 | $1.18 | $1.25 | $1.25 | $1.25 | $1.24 | $1.27 |
| Shares Outstanding (Basic) | $51.2M | $51.3M | $58.1M | $65.9M | $65.6M | $64.3M | $63.8M | $64.0M | $64.2M | $62.0M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when FMP does not expose it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | -19.33% |
| Return on Invested Capital | -4.23% |
| Return on Assets | -4.15% |
| Gross Margin | 36.16% |
| Operating Margin | -11.40% |
| Net Margin | -10.83% |
Financial Health
| Debt / Equity | 0.43 |
| Current Ratio | 0.00 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 134.24 | 29.44 | 20.30 | 9.64 | 12.31 | -31.27 | -10.96 | -11.45 | 13.42 | 17.55 |
| P/B | 1.15 | 1.67 | 1.27 | 1.29 | 1.11 | 0.94 | 1.29 | 1.24 | 1.53 | 0.94 |
| P/S | 0.90 | 1.33 | 1.05 | 1.02 | 0.97 | 0.67 | 0.58 | 0.63 | 0.92 | 0.52 |
| Gross Margin | 14.2% | 16.5% | 20.8% | 23.7% | 22.4% | 6.3% | -3.9% | 22.8% | 12.7% | 29.7% |
| Operating Margin | 0.1% | 6.0% | 5.4% | 13.2% | 9.8% | -4.4% | -6.8% | -7.0% | 8.4% | 3.3% |
| Net Margin | 0.7% | 4.5% | 5.2% | 10.6% | 7.9% | -2.2% | -5.3% | -5.5% | 6.9% | 3.0% |
Related companies: AHL · BHF · ECC · HCI · NMIH · PLMR · SLDE
Explore sector: Financial Services · Insurance - Property & Casualty
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