Citizens Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that dozens of governments keep standing still and that the new whole life and final expense business outruns the endowment wave before the old renewal premiums run out — and pays price-to-book of 1.3 for it after a 70 percent rally. Whoever waits will see in the coming quarterly reports whether first year premiums keep growing double-digit and the international segment stabilizes its pre-tax income — at this trading volume, you rarely miss much at once. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Citizens is a genuine curiosity with substance: a debt-free niche machine, 55 years old, selling dollar policies into countries where it has never applied for a license — disclosed, profitable, growing again. Against that stand the contractually fixed endowment payout wave ($76.8 million in 2025, a company record), a profit a third below its 2023 level, political risk from Caracas to Washington, not one dividend in the company's entire history and wafer-thin trading. After a roughly 70 percent price gain in twelve months, this is no longer an undiscovered bargain but a paid-up bet on the durability of a gray zone. Not investment advice.
Business model & niche
U.S. dollar life insurance for the emerging-market middle class as protection against devaluation and inflation — established since 1975, policies in over 80 countries, plus a growing final expense business in 43 U.S. states. First year premiums up 71 percent (2024) and 16 percent (2025) to $38.3 million; 2025 brought the second-highest amount of new insurance written in company history (annual report 10-K for 2025).
Regulatory foundation
The company is not licensed as an insurer in any of its foreign markets and has never submitted its international policies to a regulator for approval ("non-admitted", 10-K 2025, Item 1); 64 percent of direct premiums hang on this gray zone. The report itself warns of fines, criminal penalties and market exclusions — plus Venezuela as a top market and a high-risk money laundering jurisdiction per the U.S. Treasury.
Endowment wave & earnings quality
Maturity payouts rose to $76.8 million in 2025 (a company record; 2024: $53.6 million; 2023: $41.9 million) and squeeze renewal premiums; the international segment's pre-tax income fell from $23.5 million to $14.4 million. Consolidated net income of $14.6 million sits a third below its 2023 level ($24.4 million) even though revenue grew.
Balance sheet & capital
No debt, $1.4 billion of investments (89 percent bonds, yielding 4.67 percent), an Altman Z-score around 3.8, FHLB access as a liquidity reserve; Q1 2026 back in the black at $2.3 million. On the other side: $88.4 million of negative valuation reserve inside equity and a domestic subsidiary (CLOA) barred from distributions in 2026 without special approval (12/31/2025 and data as of July 10, 2026).
Valuation & tradability
A P/E around 18 and price-to-book around 1.3 are no longer a bargain for a niche insurer standing on a gray-zone foundation — after a roughly 70 percent gain in twelve months, part of the rediscovery is already paid for; adjusted for valuation losses (book value $6.43 per share) it is roughly substance price. Also: no dividend, ever; trading volume around $0.5 million a day; 2 trend hits in our in-house stock scanner (data as of July 10, 2026).
Worth Noting
CIA reached our research list via the Reddit hype scanner (ApeWisdom, 2 mentions in 24 hours, as of July 15, 2026) — deliberately framed here as an anti-hype finding: despite a 70 percent twelve-month gain, the stock is practically unwatched. The 1 hit in our in-house stock scanner carries the July 10, 2026 data cut-off and rotates daily.
Scanner metrics (P/E, P/B, relative strength, Piotroski, Altman Z) are computed from trailing twelve-month figures; the Q1 2026 return to profit and the further course of the endowment wave show up in them only with a lag.
Price and valuation figures are dated to July 10, 2026 (about $6, market value roughly $0.3 billion); analyses are evergreen, daily prices are not a buy argument — and at roughly $0.5 million of daily volume, your own order is itself a price factor.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CIA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.50 $ to 6.40 $ · Last price: 3.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Insurance - Life
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Citizens Inc CIA | 0.2 | 10.7 | 0.0 | 26.9 | – | 4.3 | -35.6 |
| MetLife Inc MET | 62.3 | 19.2 | 0.0 | 24.0 | 9.9 | 8.6 | 27.0 |
| Aflac Incorporated AFL | 59.3 | 13.6 | 0.0 | 50.9 | 29.6 | -8.8 | 10.8 |
| Prudential Financial, Inc. PRU | 41.0 | 12.3 | 0.0 | 29.0 | 4.7 | -14.0 | 20.7 |
| Unum Group UNM | 15.4 | 20.6 | 0.0 | 29.3 | 10.6 | 2.1 | 30.4 |
| Globe Life Inc GL | 13.4 | 12.1 | 0.0 | 33.9 | 23.8 | 3.8 | 21.6 |
| Jackson Financial Inc JXN | 9.0 | – | -5.7 | 48.8 | 44.6 | 116.1 | 38.0 |
| Primerica Inc PRI | 8.9 | 12.7 | 0.0 | 72.1 | 30.3 | 4.4 | 9.0 |
| Lincoln National Corporation LNC | 8.2 | 4.7 | 0.0 | 27.1 | -4.1 | 1.2 | 12.5 |
| Median of companies shown | 13.4 | 12.5 | 0.0 | 29.3 | 17.2 | 3.8 | 20.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 245 | 5 | 2 | 0.04 | 102 | 249 | 1,584 |
| 2017 | 253 | -3 | -38 | -0.76 | 93 | 224 | 1,644 |
| 2018 | 244 | 2 | -11 | -0.22 | 85 | 188 | 1,616 |
| 2019 | 251 | 6 | -1 | -0.03 | 72 | 260 | 1,745 |
| 2020 | 239 | -12 | -11 | -0.22 | 49 | 301 | 1,843 |
| 2021 | 251 | 31 | 73 | 1.44 | 40 | 321 | 1,855 |
| 2022 | 233 | 27 | 26 | 0.51 | 57 | 128 | 1,591 |
| 2023 | 241 | 194 | 24 | 0.48 | 22 | 172 | 1,669 |
| 2024 | 245 | 15 | 15 | 0.29 | 32 | 210 | 1,685 |
| 2025 | 256 | 17 | 15 | 0.29 | 18 | 235 | 1,755 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.07 | -66.30 | 64 | -5.00 | 5.70 | 11 | 11 |
| 2025: Q1 | -0.03 | -135.70 | 56 | -3.60 | -2.90 | 1 | 1 |
| 2025: Q2 | 0.13 | 63.10 | 65 | 4.80 | 9.90 | 4 | 3 |
| 2025: Q3 | 0.05 | -13.40 | 63 | 1.70 | 3.80 | 5 | 5 |
| 2025: Q4 | 0.15 | 102.70 | 72 | 13.50 | 10.20 | 9 | 9 |
| 2026: Q1 | 0.04 | – | 58 | 4.60 | 3.90 | 0 | -1 |
| 2026: Q2 | – | – | 60 | -7.20 | -0.70 | 2 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.12 | 0.12 – 0.12 | 256 | -57.1% | 1 |
| 12/31/2027 | 0.20 | 0.20 – 0.20 | 267 | 66.7% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 0.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $15.0M |
|---|---|
| Market cap | $179.0M |
| Free cash flow in year ten | $16.0M |
| Terminal value as a share of market value | 47.0% |
For comparison: over the past five years free cash flow shrank by 18.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 16.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 12.03.2026) und 2024 (13.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In den ausgewerteten SEC-Filings von Citizens, Inc. findet sich kein wesentlicher firmenindividueller KI-Bezug. Beide 10-K erwähnen generative KI ausschließlich als Branchenkontext — der 10-K 2025 unter „Technology, Innovation and Digitization“ (Versicherer investierten branchenweit in digitale Vertriebswege, automatisiertes Underwriting, Analytik und generative KI), der 10-K 2024 unter „Technology Adoption“ (die KI-Entwicklung „fordere die Branche heraus“, man müsse den Wandel annehmen). Weder wird KI als Umsatzquelle beschrieben (die Produkte sind klassische Lebens-, Endowment- und Final-Expense-Policen) noch ein konkreter eigener operativer KI-Einsatz dokumentiert (das erwähnte datengestützte Underwriting bei CLOA nutzt „zusätzliche Medizin- und Labordaten Dritter“, ohne KI-Bezug), noch ein konkretes KI-Geschäftsrisiko fürs eigene Modell benannt — Branchen-Boilerplate ist nach dem Kriterienkatalog kein Bedroht-Beleg. Die vier 10-Q enthalten keinerlei KI-Erwähnungen. Negativ-Befund dokumentiert, daher „neutral“.
View the full file — quotes, sources, reviewed filings
„Insurers are investing in digital distribution capabilities, automated underwriting, advanced analytics, and generative artificial intelligence to improve customer experience, enhance agent productivity, and streamline operations."
Versicherer investieren in digitale Vertriebsfähigkeiten, automatisiertes Underwriting, fortgeschrittene Analytik und generative Künstliche Intelligenz, um das Kundenerlebnis zu verbessern, die Produktivität der Vermittler zu steigern und Abläufe zu verschlanken.
10-K · 2026-03-12 · View SEC filing
„Innovation and digital development strategies, including the use of generative AI, continue to evolve and impact all industries, including the insurance industry."
Innovations- und Digitalisierungsstrategien, einschließlich des Einsatzes generativer KI, entwickeln sich weiter und wirken sich auf alle Branchen aus, auch auf die Versicherungsbranche.
10-K · 2025-03-13 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-03-12 · 10-K 2025-03-13
Rated on July 16, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 3.2%
- More than 10% revenue growth is expected for the coming year 4.7%
- Share count grows by less than 3% a year 0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 11.2%
- Gross margin at 40% or higher and without meaningful erosion 35.4%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 42 m net cash
- Operating cash flow covers the profits of the last three years 18 m
- Return on capital at 15% or higher, or up versus two years ago 1.0%
- Insiders hold at least 10% or are net buyers 11.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 0.5%
- Exp. sales growth 3Y > 5% 2.2%
- EBIT growth 10Y > 5% 13.7%
- Exp. EBIT growth 3Y > 5% -16.4%
- Net debt < 4x EBIT -2.4x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 267.6%
- ROCE > 15% 1.0%
- Expected return > 10% -8.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Harwood Michael Philip | Director | Buy | 10,000 | 3.80 | 38,000 |
| Aug 28, 2026 | Harwood Michael Philip | Director | Other | 256 | 3.88 | 993 |
| Aug 15, 2026 | Guerrero Paula L | Chief Information Officer | Other | 796 | 3.97 | 3,160 |
| Aug 15, 2026 | Guerrero Paula L | Chief Information Officer | Other | 2,709 | – | – |
| Aug 15, 2026 | Lewis Bryon Matthew | Chief Operations Officer | Other | 640 | 3.97 | 2,541 |
| Aug 15, 2026 | Lewis Bryon Matthew | Chief Operations Officer | Other | 2,626 | – | – |
| Aug 11, 2026 | Hoxworth Seth Alan | Chief Actuary | Buy | 5,376 | 3.83 | 20,590 |
| Aug 11, 2026 | Stenberg Jon | President & CEO | Buy | 12,000 | 3.65 | 43,795 |
| Aug 10, 2026 | Stenberg Jon | President & CEO | Buy | 50,000 | 3.99 | 199,630 |
| Jul 31, 2026 | Guerrero Paula L | Chief Information Officer | Other | 209 | 4.75 | 993 |
The company
About the Company
Citizens, Inc. ist ein diversifiziertes Finanzdienstleistungsunternehmen, das Lebens-, Living-Benefits- und Sterbegeldversicherungen sowie andere Finanzprodukte für Privatpersonen und Kleinunternehmen in den USA anbietet.
- Employees
- 243
- Headquarters
- Austin, TX
- Address
- 11815 Alterra Parkway, 78758 Austin, United States
- Phone
- 512 837 7100
- Website
- citizensinc.com
- IPO Date
- 12/05/1988
- ISIN
- US1747401008
- Stock Split
- 107:100 on 12/13/2005
- Stock Split
- 107:100 on 11/29/2004
- Stock Split
- 107:100 on 11/26/2003
Management
| Name | Title | Birth Year |
|---|---|---|
| Jon Scott Stenberg | President CEO & Director | 1966 |
| Jeffery Paul Conklin | CFO, Chief Investment Officer & Treasurer | 1970 |
| Sheryl L. Kinlaw J.D. | Chief Legal Officer & Secretary | 1969 |
| Bryon Matthew Lewis | Chief Operating Officer | 1974 |
| Paula Guerrero | Chief Information Officer | 1965 |
| David Scott Jorgensen CPA | General Manager for International Operations of CICA Life Insurance Company of America | 1964 |
| Seth Alan Hoxworth | Chief Actuary & Chief Risk Officer | 1986 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 CITIZENS, INC. (CIA): Results of Operations and Financial Condition SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.