PRA is no longer listed. Its last trade on record was Jul 2, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | — | $1.2B | $816M | $728M | $946M | $1.4B | $959M | $1.9B | $2.2B | $3.1B | $3.0B |
| Enterprise Value | — | $1.6B | $1.2B | $1.1B | $1.4B | $1.7B | $1.0B | $2.1B | $2.4B | $3.3B | $3.3B |
| P/E Ratio → | — | 24.40 | 15.45 | — | — | 9.48 | — | 1943.01 | 46.09 | 28.57 | 19.86 |
| P/S Ratio | — | 1.14 | 0.72 | 0.64 | 0.86 | 1.27 | 1.08 | 1.93 | 2.49 | 3.57 | 3.43 |
| P/B Ratio | — | 0.93 | 0.68 | 0.65 | 0.86 | 0.96 | 0.71 | 1.29 | 1.43 | 1.92 | 1.67 |
| P/FCF | — | — | — | — | — | 19.50 | 11.30 | 14.04 | 13.01 | 18.81 | 17.87 |
| P/OCF | — | — | — | — | — | 18.49 | 10.39 | 13.13 | 12.30 | 17.67 | 16.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.50 | 1.07 | 0.98 | 1.24 | 1.55 | 1.18 | 2.06 | 2.72 | 3.89 | 3.81 |
| EV / EBITDA | — | 19.20 | 14.88 | — | 42.79 | 9.08 | — | — | 47.48 | 21.22 | 15.96 |
| EV / EBIT | — | 17.73 | 14.08 | — | 96.27 | 10.04 | — | — | 52.89 | 22.97 | 17.44 |
| EV / FCF | — | — | — | — | — | 23.81 | 12.35 | 15.00 | 14.24 | 20.51 | 19.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | 39.4% | 22.5% | 17.3% | 17.4% | 19.8% | 13.0% | 13.9% | 20.5% | 34.2% | 39.3% |
| Operating Margin | — | 6.6% | 5.6% | -3.5% | -0.6% | 13.6% | -24.5% | -2.9% | 3.3% | 15.0% | 20.1% |
| Net Profit Margin | — | 4.6% | 4.7% | -3.4% | -0.0% | 13.4% | -19.8% | 0.1% | 5.4% | 12.5% | 17.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | 4.0% | 4.6% | -3.5% | -0.0% | 10.4% | -12.3% | 0.1% | 3.0% | 6.3% | 8.0% |
| ROA | — | 0.9% | 0.9% | -0.7% | -0.0% | 2.7% | -3.7% | 0.0% | 1.0% | 2.1% | 3.0% |
| ROIC | — | 3.2% | 3.1% | -1.9% | -0.3% | 6.9% | -10.6% | -1.3% | 1.2% | 4.8% | 6.3% |
| ROCE | — | 4.0% | 2.9% | -1.4% | -0.1% | 2.7% | -4.6% | -0.6% | 0.6% | 2.6% | 3.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | 0.32 | 0.37 | 0.40 | 0.40 | 0.31 | 0.23 | 0.20 | 0.19 | 0.26 | 0.25 |
| Debt / EBITDA | — | 5.07 | 5.47 | — | 14.04 | 2.42 | — | — | 5.72 | 2.62 | 2.14 |
| Net Debt / Equity | — | 0.30 | 0.32 | 0.34 | 0.38 | 0.21 | 0.07 | 0.09 | 0.14 | 0.17 | 0.18 |
| Net Debt / EBITDA | — | 4.65 | 4.79 | — | 13.09 | 1.64 | — | — | 4.12 | 1.76 | 1.58 |
| Debt / FCF | — | — | — | — | — | 4.31 | 1.05 | 0.96 | 1.24 | 1.70 | 1.97 |
| Interest Coverage | — | 4.46 | 3.82 | -0.69 | 0.69 | 8.43 | -13.00 | -0.73 | 2.80 | 8.64 | 12.72 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | 1.33 | — | 0.18 | — | 217.72 | — | — | — | — | — |
| Quick Ratio | — | 1.33 | — | 0.18 | — | 217.72 | — | — | — | — | — |
| Cash Ratio | — | 1.16 | 1.06 | 1.35 | — | 185.37 | — | — | — | — | — |
| Asset Turnover | — | 0.20 | 0.20 | 0.20 | 0.19 | 0.17 | 0.19 | 0.21 | 0.19 | 0.17 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.7% | 1.1% | 0.8% | 4.0% | 4.8% | 14.5% | 10.3% | 4.0% |
| Payout Ratio | — | — | — | — | — | 7.5% | — | 9283.3% | 672.5% | 293.9% | 78.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 4.1% | 6.5% | — | — | 10.6% | — | 0.1% | 2.2% | 3.5% | 5.0% |
| FCF Yield | — | — | — | — | — | 5.1% | 8.8% | 7.1% | 7.7% | 5.3% | 5.6% |
| Buyback Yield | — | 0.0% | 0.0% | 6.9% | 0.3% | 0.8% | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | — | 0.0% | 0.0% | 7.7% | 1.5% | 1.5% | 4.3% | 4.8% | 14.6% | 10.3% | 4.0% |
| Shares Outstanding | — | $52M | $51M | $53M | $54M | $54M | $54M | $54M | $54M | $54M | $53M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PRA stock.
Based on historical data, ProAssurance Corporation is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Social inflation and reserve volatility
Metrics are mathematically derived from official filings.
Discounted Valuation Reflects Underwriting Uncertainty
As reported in recent financial statements, ProAssurance trades at a price-to-book ratio of 0.96, which suggests that the market is pricing the company at a discount to its accounting equity due to persistent concerns regarding long-tail medical professional liability reserve adequacy and overall underwriting profitability.
The current P/B multiple below parity indicates that investors are skeptical of the company's ability to generate returns on equity that exceed its cost of capital. This valuation discount appears to be a direct consequence of the volatility in recent combined ratios, which forces the market to apply a risk premium to the firm's book value.
Combined Ratio Volatility Impairs Profitability
Based on quarterly data, the combined ratio has exhibited significant instability, peaking at 102.4% in 2025Q1, which indicates that the firm's core underwriting operations have struggled to maintain consistent profitability in the face of rising medical malpractice claims and broader social inflation trends.
The fluctuation in the loss ratio, which reached as high as 82.9% in 2025Q1, suggests that the company's actuarial estimates are frequently challenged by unpredictable legal outcomes. When the combined ratio exceeds 100%, the firm effectively loses money on its insurance products, leaving it entirely dependent on investment income to achieve a positive net result.
Expense Ratio Stability Amid Contraction
According to historical quarterly filings, the expense ratio has remained relatively contained, fluctuating between 15.6% and 34.8%, which suggests that management has maintained a disciplined approach to operating costs even as the company's top-line premium volume has faced persistent downward pressure over the last ten quarters.
While the expense ratio appears stable, the lack of scale benefits from declining premiums may eventually pressure operating margins. Investors should monitor whether the company can continue to manage these administrative costs effectively if the current trend of revenue contraction persists into future periods.
Misapplication of P/E in Insurance
As indicated by the company's 25.25x TTM P/E ratio, investors frequently misapply earnings-based multiples to ProAssurance, which obscures the reality that the firm's net income is highly sensitive to non-cash reserve adjustments and volatile investment gains rather than stable, recurring underwriting cash flows.
The P/E ratio is a flawed metric for this insurer because it fails to account for the long-tail nature of medical professional liability, where current earnings can be artificially inflated or deflated by reserve releases or additions. Analysts should prioritize the combined ratio and book value growth as more reliable indicators of the company's underlying financial health and long-term value creation.