PROASSURANCE CORP (PRA) intrinsic value & 10-year financials
PROASSURANCE CORP (PRA) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 2.6% a year to $1.1B, with an average return on invested capital of 1.7%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 2.6%
- ROIC (10-yr avg)
- 1.7%
- Free cash flow (FY2025)
- -$29.2M
PRA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $50.9M | $0.99 | -$29.2M | — | 3.1% |
| FY2024 | $1.2B | $52.7M | $1.03 | -$19.7M | — | 3.5% |
| FY2023 | $1.1B | -$38.6M | -$0.73 | -$54.7M | — | -2.6% |
| FY2022 | $1.1B | -$402.0K | -$0.01 | -$34.2M | — | -0.0% |
| FY2021 | $1.1B | $144.1M | $2.67 | $70.1M | — | 9.2% |
| FY2020 | $874.9M | -$175.7M | -$3.26 | $84.9M | — | -11.6% |
| FY2019 | $999.8M | $1.0M | $0.02 | $138.6M | — | 0.1% |
| FY2018 | $886.0M | $47.1M | $0.88 | $167.6M | — | 2.6% |
| FY2017 | $866.1M | $107.3M | $2.00 | $138.5M | — | 5.4% |
| FY2016 | $870.2M | $151.1M | $2.83 | $158.2M | — | 7.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PROASSURANCE CORP has demonstrated mature, steady growth, with revenue compounding at 2.6% annually over the past decade.
PROASSURANCE CORP has historically struggled to out-earn its cost of capital, averaging just 1.7% ROIC.
PROASSURANCE CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PROASSURANCE CORP is modeled at -11.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-11.56 per share.