CIA
Citizens, Inc.Citizens, Inc., through its subsidiaries, provides life insurance products in the United States and internationally. It operates in two segments, Life Insurance and Home Service Insurance. The Life Insurance segment issues ordinary whole life insurance and endowment policies in the United States dollar-denominated amounts to non-U.S. residents in through independent marketing agencies and consultants. The Home Service Insurance segment offers final expense life insurance and property insurance p
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 66.5 | 5.0 | -- | 3.7 | -- | 5.3 | -0.1 | 57.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 66.0 | 5.9 | -- | 5.0 | -- | 4.6 | -0.1 | 51.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 59.0 | 3.0 | -- | 2.1 | -- | 2.4 | -0.1 | 47.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 66.0 | 5.6 | -- | 4.3 | -- | 8.6 | -0.1 | 44.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 64.5 | 4.5 | -- | 3.2 | -- | 4.5 | -0.1 | 36.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 64.0 | 5.4 | -- | 4.5 | -- | 3.8 | -0.1 | 31.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 57.5 | 2.3 | -- | 1.4 | -- | 1.7 | -0.1 | 28.0 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 58.2 | 2.5 | 2.4 | 2.3 | -0.3 | -0.7 | -0.3 | 18.5 | 0.0 | 51.0 | 4.2% | -- | 11.5x |
| Est | 2025-Q4 | 64.5 | 5.2 | -- | 3.9 | -- | 7.7 | -0.1 | 26.3 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 72.1 | 8.0 | 7.9 | 7.3 | 9.1 | 9.0 | -0.1 | 49.7 | 0.0 | 51.0 | 13.7% | -- | 11.6x |
| Act | 2025-Q3 | 62.8 | 4.7 | 4.5 | 2.4 | 4.7 | 4.6 | -0.1 | 53.5 | 0.0 | 51.0 | 5.6% | -- | 9.0x |
| Act | 2025-Q2 | 65.1 | 7.1 | 6.9 | 6.5 | 3.5 | 3.3 | -0.2 | 42.2 | 0.0 | 51.0 | 12.0% | -- | 14.7x |
| Act | 2025-Q1 | 55.7 | -1.5 | -1.8 | -1.6 | 0.8 | 0.6 | -0.1 | 47.9 | 0.0 | 50.9 | -3.1% | -- | 18.6x |
| Act | 2024-Q4 | 63.5 | 3.9 | 3.7 | 3.6 | 10.8 | 10.7 | -0.1 | 20.6 | 1.4 | 49.9 | 7.1% | -- | 10.3x |
| Act | 2024-Q3 | 61.7 | 3.2 | 3.0 | 2.8 | 9.7 | 9.3 | -0.4 | 45.8 | 0.0 | 50.7 | 5.5% | -- | 4.7x |
| Act | 2024-Q2 | 62.1 | 3.5 | 3.3 | 4.0 | 4.6 | 4.5 | -0.1 | 40.0 | 0.0 | 50.8 | 6.9% | -- | 2.9x |
| Act | 2024-Q1 | 57.7 | 5.1 | 4.9 | 4.5 | 6.8 | 6.7 | -0.1 | 38.4 | 0.0 | 50.6 | 9.2% | -- | 3.9x |
| Act | 2023-Q4 | 66.9 | 8.9 | 8.8 | 10.7 | 6.6 | 6.5 | -0.2 | 1,266 | 0.0 | 49.6 | 19.9% | -- | -- |
| Act | 2023-Q3 | 59.4 | 4.8 | 4.6 | 2.7 | 3.3 | 3.0 | -0.2 | 31.3 | 0.0 | 50.5 | 7.5% | -- | 4.4x |
| Act | 2023-Q2 | 58.5 | 6.2 | 6.0 | 6.1 | 4.8 | 4.8 | -0.0 | 36.1 | 0.0 | 50.6 | 15.5% | -- | 7.0x |
| Act | 2023-Q1 | 55.9 | 6.8 | 6.7 | 4.9 | 7.4 | 7.3 | -0.1 | 1,250 | 0.0 | 50.6 | 11.7% | -- | -- |
| Act | 2022-Q4 | 67.3 | 2.5 | 2.3 | 3.4 | 17.2 | 17.1 | -0.0 | 1,204 | 0.0 | 49.8 | 6.5% | -- | -- |
| Act | 2022-Q3 | 56.2 | 5.0 | 4.8 | 3.4 | 17.4 | 17.4 | -0.0 | 1,183 | 0.0 | 50.8 | -- | -- | -- |
| Act | 2022-Q2 | 53.7 | 4.1 | 4.0 | 2.5 | 10.2 | 10.2 | -0.0 | 1,259 | 0.0 | 51.1 | -- | -- | -- |
| Act | 2022-Q1 | 55.4 | 7.3 | 7.2 | 6.5 | 12.1 | 12.1 | -0.0 | 1,377 | 0.0 | 50.9 | 40.3% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2.13 | — | 8.1% | 19 | — | — | 10.7× | 0.7× |
| 2023 | 2.69 | +3.5% | 11.1% | 27 | — | — | 5.9× | 0.6× |
| 2024 | 4.01 | +1.8% | 6.4% | 16 | 10.3× | 5.1× | 12.0× | 0.7× |
| 2025 | 4.83 | +4.3% | 7.1% | 18 | 11.6× | 12.1× | 17.9× | 1.0× |
| TTM | 5.19 | +6.3% | 8.6% | 22 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 5.19 | -2.4% | 0.1% | 0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Citizens, Inc. is a low-quality life insurer trading at ~24x trailing earnings with compressed net margins (~4.4%), aggressive DAC accounting, a $150M unrealized loss portfolio, and a dual-class governance structure that insulates management. While record insurance in force and consecutive premium growth quarters are positives, the international concentration risk, BBB-heavy investment portfolio, and poor customer sentiment create a fragile earnings profile. The stock trades at ~1.04x revenue which is not cheap for a business generating sub-5% net margins and mid-single-digit ROIC. Russell 2000 re-inclusion and management's bullish 2026 guidance provide modest near-term support, but the risk/reward is unattractive relative to higher-quality insurance peers. The 9.2% short interest with 53 days to cover reflects legitimate fundamental skepticism.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $2.00/$3.20 | 0 | --/$0.10 | 0 |
| $5.00 | $0.40/$1.25 | 0 | $0.45/$1.20 | 0 |
| $7.50 | --/$0.75 | 0 | $2.10/$3.30 | 0 |
| $10.00 | --/$0.20 | 0 | $4.50/$5.70 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 2.1% of float, sold 1.2%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $16.4M | $3.72 | −$167K | +$11.7M | -0.2% | $5.69T |
| CONTINENTAL GENERAL INSURANCE CO | $12.8M | $4.73 | +$1.9M | +$12.8M | -8.3% | $693M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $9.8M | $5.03 | +$9.8M | +$9.8M | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $5.3M | $3.53 | +$109K | +$2.9M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $3.4M | $4.14 | +$255K | +$2.5M | -0.2% | $2.89T |
| UBS Group AG | $3.3M | $3.90 | −$613K | −$778K | -0.3% | $562.11B |
| First Eagle Investment Management, LLC | $2.9M | $2.91 | −$25K | +$128K | +0.7% | $58.96B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.5M | $3.77 | +$107K | +$409K | -2.3% | $4.93B |
| NORTHERN TRUST CORPPassive | $1.7M | $3.64 | +$131K | +$1.2M | -0.2% | $755.34B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.5M | $5.03 | +$1.5M | +$1.5M | — | $395.83B |
| DIMENSIONAL FUND ADVISORS LPPassive | $1.3M | $4.33 | −$25K | −$28K | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.3M | $5.03 | +$1.3M | +$1.3M | — | $1.91T |
| Empowered Funds, LLC | $1.2M | $3.42 | +$92K | +$409K | +0.2% | $15.64B |
| RENAISSANCE TECHNOLOGIES LLC | $868K | $4.07 | −$16K | −$183K | +1.2% | $63.91B |
| BARCLAYS PLC | $709K | $4.40 | −$377K | +$91K | -0.1% | $279.69B |
| GOLDMAN SACHS GROUP INC | $674K | $4.53 | +$173K | −$331K | -0.2% | $760.93B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $626K | $3.52 | −$68K | +$502K | +0.7% | $645.81B |
| Bank of New York Mellon Corp | $569K | $3.77 | −$13K | +$569K | -0.2% | $543.21B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $448K | $4.27 | +$0 | −$253K | +0.1% | $184.72B |
| HighTower Advisors, LLC | $382K | $3.59 | +$120K | +$120K | -0.2% | $93.93B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 67.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 63M | 6M | 3M | $0.06 | $0.06 – $0.06 | 1 |
| 2025 Q4 | 68M | 7M | 4M | $0.08 | $0.08 – $0.08 | 1 |
| 2026 Q1 | 59M | 6M | 2M | $0.03 | $0.03 – $0.03 | 1 |
| 2026 Q2 | 64M | 6M | 4M | $0.07 | $0.07 – $0.07 | 1 |
| 2026 Q3 | 65M | 6M | 4M | $0.08 | $0.08 – $0.08 | 1 |
| 2026 Q4 | 71M | 7M | 6M | $0.11 | $0.11 – $0.11 | 1 |
| 2027 Q1 | 64M | 6M | 3M | $0.06 | $0.06 – $0.06 | 1 |
| 2027 Q2 | 67M | 7M | 4M | $0.08 | $0.08 – $0.08 | 1 |
| 2027 Q3 | 68M | 7M | 5M | $0.09 | $0.09 – $0.09 | 1 |
| 2027 Q4 | 73M | 7M | 6M | $0.12 | $0.12 – $0.12 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-30 | BUY | Stenberg Jon | director, officer: President & CEO | 50,000 | $4.70 | $235K | $1.45M |
| 2026-03-25 | BUY | DAVIS CYNTHIA H | director | 100 | $4.53 | $453 | $453 |
| 2026-03-17 | BUY | Stenberg Jon | director, officer: President & CEO | 10,000 | $4.81 | $48K | $1.00M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Life Insurance Business Segment | $47.6M | +1% |
| Home Service Insurance Segment | $14.9M | +5% |
Filing Risk Analysis
Filing Risk Scores
Citizens, Inc.: Masked Earnings Growth Amidst Negative Operating Cash Flow and Substantial Unrealized Portfolio Losses
Counter-Thesis
Counter-Thesis & Recent News
Citizens, Inc. (CIA) reported record levels of insurance in force reaching $5.38 billion in Q3 2025, supported by eleven consecutive quarters of year-over-year premium growth. Management issued a bullish outlook for 2026, projecting both revenue and profit growth. To drive visibility, the company recently participated in the Noble Capital Markets and Sidoti Virtual Conferences (Feb 2026). Additionally, the company rejoined the Russell 2000 and 3000 indexes, which bears may be overlooking as a catalyst for institutional inflow.
The short thesis centers on 'thin' profitability and high policy surrender rates that offset new sales. As of late 2025, profit margins (4.4%) were significantly lower than the prior year (8.9%). Bears argue the stock's high P/E ratio (~24x) is unjustified for a company with stagnant net income and a heavy reliance on a 60% international revenue mix that is susceptible to currency volatility and political instability.
A major concern is the company's investment portfolio, which holds roughly 37% in BBB-rated fixed-income securities (the lowest investment-grade tier). Customer reviews also highlight a 'sketchy' user interface for their online portal and significant difficulty reaching representatives by phone, which has led some beneficiaries to label the service as unresponsive or unreliable (BBB complaints, Jan 2026).
CIA operates in niche international markets but faces a 'B++' (Good) financial strength rating from AM Best, which is lower than top-tier competitors like Mutual of Omaha (A+). In Latin America, the entry of new Managing General Agents (MGAs) and a new pro-policyholder regulatory framework in Brazil (Dec 2025) are increasing competition and compliance costs.
Sentiment is polarized. Positive feedback focuses on the company's ability to provide localized service in native languages (Spanish, Portuguese, Mandarin), which is a unique selling point for its CICA Life of America brand. However, recent online reviews (Reddit, BBB) reflect high frustration with claims processing delays and a lack of modern digital infrastructure, contributing to a moderate average rating of 2.9/5 across major platforms.