CITIZENS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CITIZENS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	245	253	244	251	239	251	233	241	245	256
Pre-tax income	5.48	-2.99	2	5.75	-12.3	30.5	27.4	26.2	15	17.5
Income tax	3.51	35.1	13.1	7.12	-1.33	-42.2	1.37	1.74	0.07	2.88
Net income	1.97	-38.1	-11.1	-1.37	-11	72.7	26	24.4	14.9	14.6
Shares, basic (weighted)	50.1	50.1	50.1	50.2	50.4	50	50.1	49.7
Shares, diluted (weighted)	50.1	50.1	50.1	50.3	50.9	50.6	50.9	50.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35.5	46.1	45.5	46.2	34.1	27.3	23	27	29.3	23
Short-term investments						0	1.24
Property, plant and equipment	7.89	6.62	5.94	5.9	16.3	14.1	12.9	11.8	10.6	9.84
Lease right-of-use assets					11.9
Goodwill	17.3	12.6	12.6	12.6
Long-term investments	1,129	1,209	1,231	1,378	1,489	1,471	1,180
Total assets	1,584	1,644	1,616	1,745	1,843	1,855	1,591	1,669	1,685	1,755
Total liabilities	1,335	1,421	1,428	1,485	1,542	1,534	1,463	1,497	1,475	1,520
Retained earnings	-16.2	-54.4	-69.6	-71	-82.4	-45.6	16.3	42.2	57.1	71.7
Treasury stock	-11	-11	-11	-11	-11	-20.1	-22.8	-23.7	-23.7	-23.7
Other comprehensive income							-137	-118	-96	-88.4
Shareholders' equity	249	224	188	260	301	100	128	172	210	235
Total equity	249	224	188	260	301	100	128	-118	-96	235
Total liabilities and equity	1,584	1,644	1,616	1,745	1,843	1,855	1,591	1,669	1,685	1,755

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.97	-38.1	-11.1	-1.37	-11	72.7	26	24.4	14.9	14.6
Depreciation and amortization	0.81	1.07	1.45	1.68	1.42	1.14	0.54	0.52	0.62	0.74
Stock-based compensation	0	0	0.41	2.2	2.4	0.7	0.6	0.9
Deferred income tax	9.83	-20.7	62.6	1.57	-0.4	1.7	1.92	0.86	-1.8	1.47
Cash from operations	102	93	84.6	72.2	48.8	40.5	56.9	22.1	31.9	18
Capital expenditures	-2.21	-1.33	-0.72	-0.51	-0.22	-1.01	-0.1	-0.44	-0.66	-0.45
Acquisitions	0
Purchases of investments	-235	-168	-195	-330	-271	-94.3	-120	-72.8	-84.4	-170
Sales and maturities of investments	56	74.9	65.9	182	220	53.1	44.5	29.5	51.2	40.6
Cash from investing	-152	-85	-85.1	-69.3	-61.8	-41.1	-60.7	-14.5	-27.2	-19.7
Stock issued				0	0	2.26	2.24	0
Share buybacks				0	0	-9.09	-2.71	-0.92	0
Cash from financing	2.49	2.55	-0.06	-2.17	0.9	-6.22	-0.5	-3.54	-2.47	-4.61
Net change in cash	-47.3	10.6	-0.57	0.71	-12.1	-6.84	-4.32	4.02	2.27	-6.3
Free cash flow	100	91.7	83.9	71.7	48.6	39.4	56.8	21.6	31.3	17.5
Income taxes paid	4.06	2.68	2.51	2.2	0	1.2	0.3	1.8	0.47	1.89

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	5.6%	Pre-tax income / revenue.
Net margin	4.5%	Net income / revenue.
FCF margin	5.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.1%	Cash from operations / revenue.
Effective tax rate	18.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-43.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-43.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-32.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-18.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	86.6%	Total liabilities / total assets.
Tangible book value	$235.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	27.8x	Revenue / average property, plant and equipment.
FCF conversion	129.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.4%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$181.8M	Share price x shares outstanding.
Enterprise value	$164.8M	Market cap + total debt - cash - short-term investments.
P/E	15.7x	Market cap / net income. Only when net income is positive.
P/S	0.71x	Market cap / revenue.
P/B	0.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.77x	Market cap / tangible book value, when positive.
P/FCF	12.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	0.65x	Enterprise value / revenue.
EV/FCF	11.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).

What was CITIZENS, INC.'s revenue in fiscal 2025?

CITIZENS, INC. reported revenue of $255.6M for fiscal 2025, 4.3% higher than the year before.

Was CITIZENS, INC. profitable in fiscal 2025?

Yes. Net income was $14.6M, a net margin of 5.7%.

How much free cash flow did CITIZENS, INC. generate in fiscal 2025?

Cash from operations of $18.0M minus capital expenditures of $447.0K left free cash flow of $17.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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