CNO Financial GroupGolub Capital BDC

CNO Financial Group vs Golub Capital BDC

This page compares CNO Financial Group and Golub Capital BDC Inc, examining their business models, financial performance, and market context. It presents neutral analysis of strategy, revenue drivers,...

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Navigating Retirement State By State

Navigating Retirement State By State

A carefully curated collection of companies helping Americans prepare for retirement in different regions. With retirement costs varying dramatically by state and Social Security uncertainties growing, these financial providers offer solutions for creating personalized, location-specific retirement plans.

Published: July 1, 2025

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Investment Analysis

Pros

  • CNO Financial Group has a diversified product portfolio including annuity, life, and health insurance, supporting growth through strong collected and new premiums.
  • The company has demonstrated earnings growth with a 14.2% average earnings surprise in recent quarters and a 14.4% share price increase over the past year.
  • Strategic acquisitions and technological advancements are enhancing insurance policy income and operational momentum.

Considerations

  • CNO Financial's forward P/E ratio of 9.50X is slightly higher than the industry average, possibly indicating a premium valuation.
  • The company’s net income shows variability with relatively modest profitability in recent quarters, such as $23.1 million in Q3 2025.
  • As an insurance company, CNO is exposed to interest rate, regulatory, and underwriting risks typical in the insurance sector.

Pros

  • Golub Capital BDC focuses on senior secured and one-stop loans to U.S. middle-market companies, with a resilient strategy of over 90% first lien floating-rate loans.
  • The company benefits from strong underwriting standards and a history of low credit losses across multiple market cycles.
  • It is managed by Golub Capital, an award-winning specialist with over 30 years of experience and more than $80 billion in capital under management.

Considerations

  • Golub Capital BDC invests largely in below-investment-grade loans, exposing it to higher credit risk in middle-market companies.
  • The company’s externally managed structure and non-diversified portfolio could add governance and concentration risks.
  • Valuation metrics such as price/book being close to or below 1.0 suggest limited upside and a potentially compressed valuation environment.

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