A Business at a Glance
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PROASSURANCE CORP
PRA
$1.3B
Mkt Cap
PROASSURANCE CORP (PRA) has a current P/E ratio of 24.8, compared to its historical median P/E of 20.1. The stock is currently considered Fair based on its historical valuation range.
PROASSURANCE CORP (PRA) has a 5-year average return on invested capital (ROIC) of 2.4%. This is below average and may indicate limited pricing power.
PROASSURANCE CORP (PRA) has a market capitalization of $1.6B. It is classified as a small-cap stock.
PROASSURANCE CORP (PRA) does not currently pay a regular dividend.
Based on historical P/E analysis, PROASSURANCE CORP (PRA) appears fair. The current P/E of 24.8 is 23% above its historical median of 20.1. The estimated fair value CAGR (P/E method) is 5.2%.
PROASSURANCE CORP (PRA) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
PROASSURANCE CORP (PRA) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Table of Contents PART I ProAssurance Corporation is a holding company for property and casualty insurance companies. For the year ended December 31, 2025, our net premiums written totaled $0.9 billion, and at December 31, 2025 we had total assets of $5.4 billion and $1.3 billion of shareholders' equity. Our Mission We Protect Others Our Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers and professionals. Through an integrated family of specialty companies, products and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the Employer of Choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, advance diversity, equity and inclusion, and accomplish our mission with infectious enthusiasm and unbending integrity.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.2B | 1.1B | 1.1B | 1.1B |
| Net Income | 65M | 51M | 53M | -39M | -402K | 144M |
| EPS | $1.15 | $0.99 | $1.03 | $-0.73 | $-0.01 | $2.67 |
| Free Cash Flow | 0 | -26M | -11M | -50M | -30M | 74M |
| ROIC | 0.0% | 3.0% | 3.3% | -2.5% | -0.0% | 8.3% |
| Gross Margin | - | 6.6% | 5.5% | -3.4% | -0.6% | 6.4% |
| Debt/Equity | 0.31 | 0.31 | 0.35 | 0.38 | 0.39 | 0.30 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.10 | $0.20 | $0.20 |
| Operating Income | 0 | 72M | 63M | -39M | -6.2M | 147M |
| Operating Margin | 0.0% | 6.6% | 5.5% | -3.4% | -0.6% | 13.0% |
| ROE | 4.9% | 4.0% | 4.6% | -3.5% | -0.0% | 10.4% |
| Shares Outstanding | 64M | 51M | 51M | 53M | 40M | 54M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 852M | 772M | 870M | 866M | 886M | 1000M | 875M | 1.1B | 1.1B | 1.1B | 1.2B | 1.1B | 1.1B |
| Gross Margin | 30.7% | 16.7% | 20.2% | 14.8% | 3.3% | -2.9% | -24.8% | 6.4% | -0.6% | -3.4% | 5.5% | 6.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 262M | 129M | 176M | 129M | 29M | -29M | -217M | 147M | -6.2M | -39M | 63M | 72M | 0 |
| Op. Margin | 30.7% | 16.7% | 20.2% | 14.8% | 3.3% | -2.9% | -24.8% | 13.0% | -0.6% | -3.4% | 5.5% | 6.6% | 0.0% |
| Net Income | 197M | 116M | 151M | 107M | 47M | 1.0M | -176M | 144M | -402K | -39M | 53M | 51M | 65M |
| Net Margin | 23.1% | 15.0% | 17.4% | 12.4% | 5.3% | 0.1% | -20.1% | 12.8% | -0.0% | -3.4% | 4.6% | 4.6% | 6.0% |
| Non-Recurring | 1.5M | 0 | 0 | 0 | 0 | 0 | 161M | 0 | 0 | 44M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.8% | 5.3% | 7.2% | 5.0% | 2.5% | 0.1% | -10.2% | 8.3% | -0.0% | -2.5% | 3.3% | 3.0% | 0.0% |
| ROE | 8.6% | 5.6% | 8.0% | 6.3% | 3.0% | 0.1% | -12.3% | 10.4% | -0.0% | -3.5% | 4.6% | 4.0% | 4.9% |
| ROA | 3.8% | 2.3% | 3.0% | 2.1% | 1.0% | 0.0% | -3.7% | 2.7% | -0.0% | -0.7% | 0.9% | 0.9% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 96M | 111M | 179M | 173M | 177M | 148M | 92M | 74M | -30M | -50M | -11M | -26M | -35M |
| Free Cash Flow | 93M | 102M | 168M | 163M | 168M | 139M | 92M | 74M | -30M | -50M | -11M | -26M | 0 |
| Owner Earnings | 46M | 66M | 134M | 134M | 151M | 126M | 82M | 63M | -41M | -62M | -35M | -47M | -56M |
| CapEx | 2.9M | 9.5M | 11M | 10M | 9.6M | 9.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 40M | 36M | 33M | 29M | 21M | 19M | 6.2M | 6.4M | 6.5M | 6.5M | 18M | 14M | 13M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 40M | 36M | 33M | 29M | 21M | 19M | 6.2M | 6.4M | 6.5M | 6.5M | 18M | 14M | 13M |
| CapEx/OCF | 3.0% | 8.6% | 6.5% | 6.0% | 5.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 71M | 218M | 119M | 315M | 316M | 93M | 39M | 11M | 11M | 5.4M | 0 | 0 | 0 |
| Dividend Yield | 4.1% | 11.8% | 5.8% | 12.5% | 14.6% | 5.1% | 3.8% | 0.9% | 1.2% | 0.6% | N/A | N/A | N/A |
| Share Buybacks | 222M | 173M | 2.1M | 0 | 0 | 0 | 0 | 0 | 3.3M | 50M | 0 | 0 | 0 |
| Buyback Yield | 12.1% | 8.8% | 0.1% | N/A | N/A | N/A | N/A | N/A | 0.5% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 10M | 9.2M | 12M | 11M | 5.3M | 3.5M | 3.8M | 4.4M | 4.8M | 5.2M | 6.2M | 7.8M | 8.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -3.1B | -3.0B | -2.3B | -2.0B | -1.9B | -2.2B | -2.4B | -3.6B | -3.1B | -3.1B | -3.2B | -3.3B | 96M |
| Cash & Equiv. | 197M | 241M | 117M | 134M | 80M | 175M | 216M | 144M | 30M | 66M | 55M | 36M | 324M |
| Long-Term Debt | 250M | 0 | 448M | 412M | 288M | 286M | 285M | 425M | 427M | 427M | 425M | 420M | 419M |
| Debt/Equity | 0.12 | 0.00 | 0.25 | 0.26 | 0.19 | 0.19 | 0.21 | 0.30 | 0.39 | 0.38 | 0.35 | 0.31 | 0.31 |
| Interest Coverage | 18.6 | 8.8 | 11.7 | 7.6 | 1.8 | -1.7 | -14.0 | 7.4 | -0.3 | -1.7 | 2.8 | 3.5 | 3.5 |
| Equity | 2.2B | 2.0B | 1.8B | 1.6B | 1.5B | 1.5B | 1.3B | 1.4B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B |
| Total Assets | 5.2B | 4.9B | 5.1B | 4.9B | 4.6B | 4.8B | 4.7B | 6.2B | 5.7B | 5.6B | 5.6B | 5.4B | 5.4B |
| Total Liabilities | 3.0B | 2.9B | 3.3B | 3.3B | 3.1B | 3.3B | 3.3B | 4.8B | 4.6B | 4.5B | 4.4B | 4.1B | 4.1B |
| Intangibles | 26M | 26M | 26M | 26M | 26M | 26M | 26M | 38M | 38M | 38M | 38M | 38M | 48M |
| Retained Earnings | 2.0B | 2.0B | 1.8B | 1.6B | 1.6B | 1.5B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.5B | 1.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 3.30 | 2.11 | 2.83 | 2.00 | 0.88 | 0.02 | -3.26 | 2.67 | -0.01 | -0.73 | 1.03 | 0.99 | 1.15 |
| Owner EPS | 0.78 | 1.19 | 2.51 | 2.50 | 2.82 | 2.51 | 1.53 | 1.17 | -1.02 | -1.17 | -0.68 | -0.92 | -0.88 |
| Book Value | 36.23 | 35.56 | 33.69 | 29.74 | 28.48 | 30.12 | 25.03 | 26.46 | 27.46 | 21.03 | 23.47 | 26.23 | 20.85 |
| Cash Flow/Share | 1.61 | 2.02 | 3.35 | 3.23 | 3.31 | 2.95 | 1.71 | 1.37 | -0.74 | -0.94 | -0.21 | -0.50 | 1.21 |
| Dividends/Share | 1.20 | 3.95 | 2.23 | 5.93 | 5.92 | 1.86 | 0.72 | 0.20 | 0.20 | 0.10 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 59.6M | 55.1M | 53.4M | 53.6M | 53.5M | 50.2M | 53.9M | 54.0M | 40.2M | 52.9M | 51.2M | 51.4M | 64.2M |
| Valuation | |||||||||||||
| P/E Ratio | 9.4 | 16.8 | 16.0 | 25.4 | 42.1 | N/A | N/A | 9.3 | N/A | N/A | 15.2 | 24.3 | 21.4 |
| P/FCF | 19.8 | 19.3 | 14.3 | 16.7 | 11.8 | 12.5 | 10.5 | 18.1 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.9 | 1.0 | 1.3 | 1.7 | 1.3 | 1.1 | 0.7 | 0.9 | 0.6 | 0.7 | 0.7 | 0.9 | 1.2 |
| Price/Sales | 2.0 | 2.4 | 2.3 | 2.9 | 2.5 | 1.8 | 1.2 | 1.1 | 0.8 | 0.8 | 0.6 | 1.0 | 1.4 |
| FCF Yield | 5.1% | 5.2% | 7.0% | 6.0% | 8.5% | 8.0% | 9.5% | 5.5% | -4.4% | -6.7% | -1.3% | -2.1% | N/A |
| Market Cap | 1.8B | 2.0B | 2.4B | 2.7B | 2.0B | 1.7B | 971M | 1.3B | 681M | 741M | 802M | 1.2B | 1.6B |
| Avg. Price | 29.17 | 33.43 | 38.15 | 47.14 | 40.60 | 36.36 | 19.08 | 23.28 | 22.32 | 16.79 | 13.77 | 21.78 | 24.53 |
| Year-End Price | 30.90 | 35.55 | 45.16 | 50.77 | 37.06 | 34.45 | 18.02 | 24.81 | 16.94 | 14.01 | 15.66 | 24.06 | 24.53 |
PROASSURANCE CORP passes 1 of 9 quality checks, indicating weak fundamentals.
PROASSURANCE CORP trades at 24.8x trailing earnings, compared to its 15-year median P/E of 20.1x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 2.4% with a gross margin of 2.9%. At current prices, the estimated annualized return to fair value is -33.6%.
PROASSURANCE CORP (PRA) has a net profit margin of 4.6%. This is a modest margin.
PROASSURANCE CORP (PRA) generated $-26 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PROASSURANCE CORP (PRA) has a debt-to-equity ratio of 0.31. This indicates a conservatively financed balance sheet.
PROASSURANCE CORP (PRA) reported earnings per share (EPS) of $0.99 in its most recent fiscal year.
PROASSURANCE CORP (PRA) has a return on equity (ROE) of 4.0%. This indicates moderate shareholder returns.
PROASSURANCE CORP (PRA) has a 5-year average gross margin of 2.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for PROASSURANCE CORP (PRA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PROASSURANCE CORP (PRA) has a book value per share of $26.23, based on its most recent annual SEC filing.
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