Citizens
CIA on NYSE. Citizens sells life insurance to people living in foreign countries. Market value $180m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 16 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.76.
Profit per $100 you pay: $6.51.
Quality score: 66 of 100. Price score: 90 of 100. Our list needs 70 on quality and 60 on price.
$3.52 a share, 4% above its 1-year low
Over the past year the price has ranged from $3.38 to $6.54.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $251m | $233m | $241m | $245m | $256m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 1.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $60 million last quarter, down 7% on a year ago.
- A loss of $425,000, after a profit of $6 million a year ago.
- Spare cash over the past 12 months: $15 million, down from $24 million.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $62m |
| December 2024 | $63m |
| March 2025 | $56m |
| June 2025 | $65m |
| September 2025 | $63m |
| December 2025 | $72m |
| March 2026 | $60m |
| June 2026 | $60m |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $4m |
| March 2025 | -$2m |
| June 2025 | $6m |
| September 2025 | $2m |
| December 2025 | $7m |
| March 2026 | $2m |
| June 2026 | -$425,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 76 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $7m | <0.1% | Added |
Largest holders overall
- BlackRock$21mAdded
- Continental General Insurance$15mAdded
- Vanguard Capital Management$11m
- UBS Group AG$7mAdded
- First Eagle Investment Management$7mAdded
- Geode Capital Management$6mAdded
- State Street$4m
- Bridgeway Capital Management$3mAdded
- Northern Trust$2mAdded
- Vanguard Portfolio Management$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.1%+1.3 ptsSince 30 June 2026
- CONTINENTAL GENERAL INSURANCE COPassive investorat least 5.0%(filed with 3 related holders)Since 18 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.1%+1.3 pts | 30 June 2026 | |
CONTINENTAL GENERAL INSURANCE CO Passive investor | at least 5.0% (filed with 3 related holders) | 18 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $633,768 of shares on the open market.
- HARWOOD MICHAEL PHILIPDirectorBought
- Date
- 31 August 2026
- Shares
- 10,000
- Price
- $3.80
- Value
- $38,000
- Hoxworth Seth AlanChief ActuaryBought
- Date
- 11 August 2026
- Shares
- 5,376
- Price
- $3.83
- Value
- $20,590
- Stenberg JonPresident & CEO, DirectorBought
- Date
- 11 August 2026
- Shares
- 12,000
- Price
- $3.65
- Value
- $43,795
- Stenberg JonPresident & CEO, DirectorBought
- Date
- 10 August 2026
- Shares
- 50,000
- Price
- $3.99
- Value
- $199,630
- Stenberg JonPresident & CEO, DirectorBought
- Date
- 21 May 2026
- Shares
- 10,000
- Price
- $4.82
- Value
- $48,200
- Stenberg JonPresident & CEO, DirectorBought
- Date
- 30 March 2026
- Shares
- 50,000
- Price
- $4.70
- Value
- $235,000
- DAVIS CYNTHIA HDirectorBought
- Date
- 25 March 2026
- Shares
- 100
- Price
- $4.53
- Value
- $453
- Stenberg JonPresident & CEO, DirectorBought
- Date
- 17 March 2026
- Shares
- 10,000
- Price
- $4.81
- Value
- $48,100
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 August 2026 | HARWOOD MICHAEL PHILIP Director | Bought | 10,000 | $3.80 | $38,000 |
| 11 August 2026 | Hoxworth Seth Alan Chief Actuary | Bought | 5,376 | $3.83 | $20,590 |
| 11 August 2026 | Stenberg Jon President & CEO, Director | Bought | 12,000 | $3.65 | $43,795 |
| 10 August 2026 | Stenberg Jon President & CEO, Director | Bought | 50,000 | $3.99 | $199,630 |
| 21 May 2026 | Stenberg Jon President & CEO, Director | Bought | 10,000 | $4.82 | $48,200 |
| 30 March 2026 | Stenberg Jon President & CEO, Director | Bought | 50,000 | $4.70 | $235,000 |
| 25 March 2026 | DAVIS CYNTHIA H Director | Bought | 100 | $4.53 | $453 |
| 17 March 2026 | Stenberg Jon President & CEO, Director | Bought | 10,000 | $4.81 | $48,100 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.