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olivLaw · US equity research

Citizens, Inc. CIA

Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)

4.13USD+8.12% · 1 dayClose 04 Nov 2026

At the close of 04 Nov 2026, Citizens, Inc. (CIA) stock was 4.13 USD (+8.12% on the day), with market capitalisation 209.2 m USD, P/E 18.0, beta 1.31, 52-week range 3.37–6.38 USD. Latest reported quarter (Q2 2026): revenue of 60.4 m USD (−7.2% YoY), net income of -425.0 k USD (−106.6% YoY).

Data as of · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
209.2 m USD
shares as of 31 Jul 2026
P/E (TTM)
18.0
market cap ÷ net income
E/P (TTM)
5.55%
Dividend yield
unavailable
Beta (2y)
1.31
Volatility (1y) 52%
52-week range
3.376.38

Price history

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Technical reading

RSI (14)
68.0
strong (55–70)
Bollinger (20, 2)
3.24 – 3.98
above the upper band · %B 1.21 · band width 20.3%
SMA 50 / 200
3.64 / 4.84
mixed trend
MACD (12, 26, 9)
0.07 / 0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+16.0%−2.0%+18.0 pp—
3 months−11.2%−2.2%−9.0 pp—
6 months−26.5%+4.3%−30.8 pp—
Year to date−14.5%+10.6%−25.1 pp—
1 year−29.4%+10.5%−39.9 pp+5.9%
3 years+36.3%+73.7%−37.4 pp+51.2%
5 years−39.9%+61.7%−101.6 pp—
Max drawdown (1y)
−47.2%
26 Jun 2026 → 14 Oct 2026
Max drawdown (5y)
−74.5%
08 Nov 2021 → 09 May 2023
Compound annual growth (5y)
−9.7%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
60.4 m USD
−7.2% YoY
Net income
-425.0 k USD
−106.6% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-0.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue61.7 m63.5 m55.7 m65.1 m62.8 m72.1 m59.7 m60.4 m
Pre-tax income3.0 m3.7 m-1.8 m6.9 m4.5 m7.9 m2.4 m-529.0 k
Income tax247.0 k95.0 k-164.0 k455.0 k2.1 m526.0 k106.0 k-104.0 k
Net income2.8 m3.6 m-1.6 m6.5 m2.4 m7.3 m2.3 m-425.0 k
Operating cash flow9.7 m ≈10.8 m748.0 k3.5 m ≈4.7 m ≈9.1 m-323.0 k2.0 m ≈
Capex372.0 k ≈102.0 k107.0 k176.0 k ≈60.0 k ≈104.0 k326.0 k35.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue244.0 m250.5 m238.9 m250.5 m232.5 m240.7 m245.0 m255.6 m
Revenue YoY−3.4%+2.7%−4.7%+4.9%−7.2%+3.5%+1.8%+4.3%
Net income-11.1 m-1.4 m-11.0 m72.7 m26.0 m24.4 m14.9 m14.6 m
Net income YoYunavailableunavailableunavailableunavailable−64.2%−6.0%−39.0%−2.2%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-4.5%-0.5%-4.6%29.0%11.2%10.2%6.1%5.7%
Free cash flow83.9 m71.7 m48.6 m39.4 m56.8 m21.6 m31.3 m17.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
23.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
235.0 m USD
Total assets
1.8 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
unavailable
ROA
0.8%
FCF margin
6.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Pre-tax income
2023
26.2 m
2024
15.0 m
2025
17.5 m

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
24.4 m
2024
14.9 m
2025
14.6 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
27.0 m
2024
29.3 m
2025
23.0 m

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
1.7 bn
2024
1.7 bn
2025
1.8 bn

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
1.5 bn
2024
1.5 bn
2025
1.5 bn

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
-118.2 m
2024
-96.0 m
2025
235.0 m †

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
4.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
3.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
1.4%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-2.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-17.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing

Profitability

Net margin
4.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
5.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing

Market and valuation

Market capitalisation
209.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
18.0x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
18.0x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
5.5%
computed by olivLawTTM to 30 Jun 2026
P/B
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.13 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 209.2 m USD

Key indicators

Market capitalisation
209.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
18.0x
computed by olivLawTTM to 30 Jun 2026
P/B
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
5.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
4.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
4.3%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

6/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 1152derived 83

Score by group

62% · Insufficient data

Estimated value range

Low
1.51
USD per share
Mid
3.10
USD per share
High
3.64
USD per share
Price: 4.13 USD
The price is above the range
Potential to the central value: -25.0% (value / price − 1)
Margin of safety: -33.4% (1 − price / value)
Agreement between methods: low · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.80 – 9.38 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income4.11 – 4.30 (Mid 4.20)
  • Justified P/B1.49 – 2.00 (Mid 1.71)
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
  • Peers: P/E0.80 – 2.98 (Mid 2.08)
    16 companies used · median multiple 9.1x · quartiles 3.5x – 13.0x
    AAME, ANG-PD, ATHS, BHF, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
  • Peers: P/B1.53 – 9.38 (Mid 4.11)
    16 companies used · median multiple 0.9x · quartiles 0.3x – 2.0x
    AAME, ANG-PD, ATHS, BHF, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Multiple comparisons use the SIC vertical: Life Insurance (SIC 6311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6

FactorValueScoreWeight used
ROE · Quality5.0%11 (vs peers)29%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Revenue CAGR 3Y · Growth3.2%32 (on a fixed band)13%
ROA · Balance sheet0.7%7 (on a fixed band)13%
P/B · Valuation0.9x50 (vs peers)23%
P/E (TTM) · Valuation18.0x6 (vs peers)23%
Dividend yield · Returnsunavailableunavailable—
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet7/100 · 1/1 factors with a value
  • Growth· partial32/100 · 1/2 factors with a value
  • Quality· partial11/100 · 1/2 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation28/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CITIZENS, INC. (CIA). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: YoY growth 4.3%; net margin 4.5%; ROE 5.0%.

The estimated value range is 1.51–3.64 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 3.10 USD, the price of 4.13 USD leaves a potential of -25.0% (value / price − 1) and a margin of safety of -33.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROE: 5.0%
  • ROA: 0.7%
  • P/E (TTM): 18.0x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Loss ratio, EPS CAGR 3Y, Dividend yield, Payout ratio (EPS).

Versus the vertical median

Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies

Multiples and returns vs the median

P/E
18.0x
vertical median 9.1x
above median (+98.6%)
EV/EBITDA
—
vertical median —
P/S
0.8x
vertical median 0.5x
above median (+73.3%)
P/B
0.9x
vertical median 0.9x
at median
ROE
5.0%
vertical median 12.6%
below median (−60.4%)
Net margin
4.5%
vertical median 9.5%
below median (−52.3%)
EBIT margin
—
vertical median —
Revenue YoY
4.3%
vertical median 6.6%
below median (−33.9%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 2.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PUKPrudential PLC67.2 bn17.221.2%34.6%+7.0%−10% / +20%
METMetLife, Inc.64.0 bn19.113.2%4.6%+8.6%+31% / +58%
RGAReinsurance Group Of America, Incorporated17.3 bn11.611.7%5.8%+7.2%+39% / +62%
GLGlobe Life Inc.12.4 bn10.720.9%19.6%+3.7%+20% / +31%
VOYAVoya Financial, Inc.9.5 bn17.513.1%7.4%+1.7%+49% / +46%
CRBDCorebridge Financial, Inc.9.3 bn4.621.7%10.6%−1.2%−11% / unavailable
JXNJackson Financial Inc.9.1 bn11.19.5%13.4%+104.3%+40% / +188%
PRIPrimerica, Inc.8.8 bn11.433.0%23.2%+6.6%+11% / +36%
LNCLincoln National Corp8.0 bn3.622.6%12.2%−1.2%+1% / +75%
PFHPrudential Financial Inc5.3 bn1.412.6%6.0%−13.7%−11% / −20%
GNWGenworth Financial, Inc.3.5 bn17.52.4%2.9%+0.1%+6% / +56%
FGF&G Annuities & Life, Inc.2.9 bn7.49.2%6.9%−0.2%−32% / −46%
BHFBrighthouse Financial, Inc.2.4 bn3.313.6%12.5%+43.2%−35% / −18%
CIACitizens, Inc.209.2 m18.05.0%4.5%+4.3%−29% / +36%
AAMEAtlantic American Corporation24.3 m4.35.2%2.9%+11.9%−51% / −39%
ATHSAthene Holding Ltd4.7 m0.04.5%2.9%+24.1%−8% / unavailable
ANG-PDAmerican National Group Inc.215.5 k0.08.4%12.6%−0.4%−15% / unavailable
SLFSun Life Financial Inc——14.2%8.5%+8.0%+39% / +62%
AEGAegon Ltd.——10.5%—+1.1%+7% / +56%
MFCManulife Financial Corporation——11.0%68.5%+7.1%+31% / +135%

1- and 3-year price returns: for CIA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
2.41
Total return -42% · Per year -42%
4.26
Total return 3% · Per year 3%
6.42
Total return 56% · Per year 56%
3 years
2.28
Total return -45% · Per year -18%
4.54
Total return 10% · Per year 3%
7.52
Total return 82% · Per year 22%
5 years
2.15
Total return -48% · Per year -12%
4.84
Total return 17% · Per year 3%
8.81
Total return 113% · Per year 16%
What moves the 3-year price the most
  • Exit P/E± 1.14
  • Net margin± 0.79
  • Annual revenue growth± 0.66
  • Annual dilution± 0.07

AI analysis

The qualitative analysis has not been written for this company yet.

Products, market & competition

The qualitative analysis has not been written for this company yet.

News & filings

In the press

SEC filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Citizens, Inc. (CIA): stock, results, valuation and forecast · olivLaw