Citizens, Inc. (CIA) valuation at a glance
- Price
- $3.53
- Forward P/E
- 17.6×
- Market cap
- $179M
- P/S (TTM)
- 0.7×
CompaniesCIA
CIA
Citizens, Inc.
Financial Serviceslife insurancemicro-capbelow bookinsider buying
Overview
$3.530%
Market Cap
$179M
SEC filings
P/E (TTM)
15.4×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
26.9%
SEC filings
FCF Yield
8.4%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
2/5Debt-free life insurer at 0.78x book with a recent officer purchase, offset by flat premiums and a small Q2 2026 loss.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 45/100
Value4/4
Future0/1
Past3/4
Health1/2
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Citizens, Inc. is an Austin-based life insurer selling US-dollar whole-life and final-expense policies mainly to residents of Latin America and Asia, plus a US home-service segment. It screens as deep value because equity of 235.164M USD, or 4.64 USD per share, stood against a market value near 183M USD at the Q2 2026 10-Q, the company carries no debt, and an officer bought 12,000 shares in the open market on 2026-08-11. The counter-evidence is that growth is absent and earnings are volatile: Q2 2026 premiums of 43.703M USD rose only 0.7%, the quarter showed a net loss of 425K USD against 6.459M USD net income a year earlier, and H1 2026 net income was 1.843M USD. Life insurers are judged on reserve adequacy, which a generic screen cannot see, so the discount to book may reflect uncertainty about the benefits ratio rather than a mispricing. The shares drifted to a 52-week low in mid-September 2026 with no filing or news identified. Confirmation would require the Q3 2026 10-Q to show quarterly net income back in the 2M to 6M USD range with book value per share holding at or above 4.50 USD.
Bull Case
ValuationStockholders equity was 235.164M USD (4.64 USD per share) at 2026-06-30 with zero debt, per the 10-Q filed 2026-08-06.
InsiderOfficer Jon Stenberg purchased 12,000 shares at 3.6496 USD on 2026-08-11 (Form 4 accession 0002015793-26-000014); no insider sales in 90 days.
StabilityH1 2026 revenue of 120.1M USD was within 0.5% of the prior-year half, and the share count rose only 0.8% over the year.
Bear Case
EarningsQ2 2026 produced a 425K USD net loss versus 6.459M USD net income in Q2 2025, taking H1 2026 net income to 1.843M USD.
GrowthQ2 2026 premiums of 43.703M USD grew 0.7%, leaving trailing return on equity near 4.9% per the research file.
MarketThe shares fell from 3.97 to 3.54 USD in the week to 2026-09-17, near the 52-week low of 3.46, with no filing or news identified as the cause.
Key Metrics
Market Cap
$179M
SEC filings
Enterprise Value
–
Calculated from SEC filings
Revenue (TTM)
$255M
SEC filings
P/E (TTM)
15.4×
SEC filings
Forward P/E
17.6×
yfinance
P/S (TTM)
0.7×
SEC filings
P/B
0.8×
SEC filings
EV/EBITDA
10.9×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
26.9%
SEC filings
Operating Margin
-0.9%
SEC filings
Net Margin
4.5%
SEC filings
Free Cash Flow
$15M
SEC filings
FCF Yield
8.4%
Calculated from SEC filings
Debt / Equity
–
SEC filings
Current Ratio
0.6×
SEC filings
Short Interest
8.8%
SEC filings
Institutional Own.
30.6%
SEC filings
Insider Own.
11.6%
SEC filings
Shares Out.
50.6M
SEC filings
Float
45.1M
SEC filings
Valuation
Price vs Fair Value
Now $3.53
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CIA | $176M | 15.8× | 0.7× | 10.9× | -7.0% | 27.0% | 5.0% |
| GL | $13.29B | 11.5× | 2.1× | 9.7× | +8.0% | 34.0% | 20.0% |
| AMSF | $456M | 9.9× | 1.4× | 6.2× | +13.0% | 28.0% | 14.0% |
| KCLI | $351M | 16.6× | 0.7× | 13.4× | +3.0% | 26.0% | 4.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 232.5 | 240.7 | 245.0 | 255.6 |
| Net Income | 26.0 | 24.4 | 14.9 | 14.6 |
| Diluted EPS | 0.51 | 0.48 | 0.29 | 0.28 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 23.0 | 27.0 | 27.7 | 21.4 |
| Total Assets | 1,591 | 1,669 | 1,685 | 1,755 |
| Total Liabilities | 1,463 | 1,497 | 1,475 | 1,520 |
| Shareholders' Equity | 127.8 | 65.9 | 210.4 | 235.0 |
| Shares Out. (M) | 49.8 | 49.6 | 49.9 | 50.3 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 56.9 | 22.1 | 31.9 | 18.0 |
| Capital Expenditure | (0.1) | (0.4) | (0.7) | (0.4) |
| Free Cash Flow | 56.8 | 21.6 | 31.3 | 17.5 |
| Investing Cash Flow | (60.7) | (14.5) | (27.2) | (19.7) |
| Financing Cash Flow | (0.5) | (3.5) | (2.5) | (4.6) |
Figures normalized from Citizens, Inc.'s SEC 10-K filed 2026-03-12. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-03-12 ↗
Catalysts
Q3 2026 10-Q, early November
Earningshigh relevance
Third quarter 2026 results
The test is whether the Q2 loss reverses and the benefits ratio normalizes.
FY2026 10-K, March 2027
Earnings
Annual reserve and assumption review
Year-end actuarial assumption updates are where reserve strengthening would surface.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Reserve strengthening charge | Financial | High | Medium | A charge that drops equity below about 215M USD would remove the book-value support. |
| Two consecutive quarterly losses | Financial | Medium | Medium | Would confirm the Q2 loss as a trend rather than noise. |
| Foreign policyholder regulatory or currency exposure | Regulatory | Medium | Low | Policies are sold to non-US residents in USD; a change in cross-border sales rules would cut new business. |
| Thin liquidity in a micro-cap | Liquidity | Medium | High | Price drifts on low volume without news, as in September 2026. |
Technical Snapshot
52-Week Range
–$3.53–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
No controlling shareholder identified in the research file; insider ownership percentage not extracted. Recent Form 4 direction is positive: one open-market purchase (Stenberg, 12,000 shares, 2026-08-11) and no sales in 90 days; directors accrue shares under a plan (code L, Harwood 2026-09-01). An S-8 filed 2026-06-17 covers an employee plan only; no common dividend.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Harwood Michael Philip | Director | Buy | 10K | $3.80 | 2026-08-31 | $38K |
| Hoxworth Seth Alan | Chief Actuary | Buy | 5.4K | $3.83 | 2026-08-11 | $20.6K |
| Stenberg Jon | President & CEO | Buy | 12K | $3.65 | 2026-08-11 | $43.8K |
| Stenberg Jon | President & CEO | Buy | 50K | $3.99 | 2026-08-10 | $199.6K |
| Stenberg Jon | President & CEO | Buy | 10K | $4.82 | 2026-05-21 | $48.2K |
| Davis Cynthia H | Director | Buy | 100 | $4.53 | 2026-03-25 | $453 |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CIA | $176M | 15.8× | 0.7× | 10.9× | -7.0% | 27.0% | 5.0% |
| GL | $13.29B | 11.5× | 2.1× | 9.7× | +8.0% | 34.0% | 20.0% |
| AMSF | $456M | 9.9× | 1.4× | 6.2× | +13.0% | 28.0% | 14.0% |
| KCLI | $351M | 16.6× | 0.7× | 13.4× | +3.0% | 26.0% | 4.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026 results
Premiums of 43.703M USD rose 0.7% and the quarter showed a 425K USD net loss versus 6.459M USD net income a year earlier. Equity was 235.164M USD with no debt and cash of 16.96M USD.
2026-09-17Research
Update since 2026-09-10
No SEC filing since 2026-09-10 per the EDGAR submissions feed. The shares moved to about 3.54 USD, near the 52-week low, with no news item identified.
Sources
Citizens, Inc. valuation questions
What is Citizens, Inc.'s forward P/E ratio?
Citizens, Inc. (CIA) trades at a forward P/E of 17.6×, and 0.7× trailing sales.
What is Citizens, Inc.'s market cap?
Citizens, Inc. (CIA) has a market capitalization (its market value, often searched as "net worth") of $179M.