Operating cash flow remains deeply negative, highlighted by a $25.2M outflow in 2025Q4 that necessitates constant liquidation of the investment portfolio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -36.93M | -43.88M | -32.68M | -13.39M | -40.47M | 5.36M | 2.98M | 15.36M | -17.01M | 9.09M | 6.17M | -3.14M | 6.3M | 2.54M |
| Operating CF Growth % | 186.07% | -34.28% | -144.02% | 66.91% | -855.82% | 79.58% | -80.59% | 190.32% | -287.11% | 47.42% | 296.62% | -149.74% | 148.03% | - |
| Operating CF / Revenue % | -113.57% | -118.79% | -49.29% | -14.88% | -39.88% | 4.62% | 2.88% | 16.23% | -18.06% | 9.43% | 5.92% | -3.75% | 9.05% | 5.84% |
| Net Income | -16.34M | -18.44M | -34.24M | -25.9M | -10.68M | -1.09M | 595K | -7.82M | -9.23M | -21.54M | -8.44M | -17K | -6.94M | 349K |
| Depreciation & Amortization | 33K | -407K | 1.67M | 545K | 417K | 423K | 437K | 453K | 386K | 372K | 401K | 398K | 371K | 268K |
| Stock-Based Compensation | 54K | 56K | 78K | 190K | 211K | 218K | 706K | 959K | 970K | 895K | 856K | 303K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 328K | -9.4M | 0 | 0 | 0 | 0 | 0 | -147K | 0 | -302K | 4K |
| Other Non-Cash Items | -4.61M | -4.93M | 557K | -3.89M | -8.9M | -12.8M | -8.8M | -1.41M | -17K | -22K | -506K | 187K | 124K | -3.6M |
| Working Capital Changes | -16.07M | -20.16M | -745K | 15.34M | -12.12M | 18.61M | 10.04M | 23.18M | -9.12M | 29.39M | 14M | -4.01M | 13.05M | 5.52M |
| Cash from Investing | 37.87M | 28.09M | 70.29M | -272K | 56.5M | 1.38M | -7.34M | -25.01M | 12.22M | -25.95M | -10.75M | -15.29M | -47.7M | 3.67M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | -78K | -61K | -86K | -13K | -195K | -167K | -444K | -283K |
| Acquisitions | 0 | 10M | 58.28M | -934K | 30.32M | 4M | 0 | 0 | 0 | 0 | 0 | -1.32M | 0 | 8.83M |
| Purchase of Investments | -304.56M | -301.15M | -193.59M | -234.87M | -318.23M | -226.79M | -391.59M | -157.24M | -91.29M | -218.49M | -166.97M | -118.62M | -130.39M | -67.44M |
| Sale/Maturity of Investments | 332.43M | 319.24M | 212.79M | 233.2M | 344.42M | 224.24M | 384.33M | 132.28M | 103.6M | 192.55M | 156.41M | 104.82M | 83.14M | 62.55M |
| Other Investing | 10M | 0 | -7.18M | 2.33M | 0 | -71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 14.25M | 15.5M | -21.09M | -3.25M | 2.09M | -5.01M | 5.08M | 6.32M | 3.71M | 16.24M | 4.38M | 12.64M | 48.59M | 1.15M |
| Dividends Paid | 0 | 0 | -439K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -384K | -191K | 0 |
| Share Repurchases | -7.5M | 0 | 0 | -3K | 0 | -12K | -36K | -676K | -636K | 0 | -625K | -6.28M | 0 | 0 |
| Stock Issued | 14M | 1.92M | 0 | 0 | 5.01M | 0 | 0 | 5M | 0 | 5M | 0 | 36.07M | 28.48M | 50K |
| Debt Issuance (Net) | 0 | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | 7.25M | 0 | 0 | -2M | 0 | 0 | 0 | 0 | -1.45M | -1.01M | 0 | -1.95M | -182K | 0 |
| Net Change in Cash | 15.19M | -292K | 16.53M | -16.91M | 18.12M | 1.72M | 729K | -3.33M | -1.08M | -625K | -210K | -5.79M | 7.19M | 7.36M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 27.36M | 27.65M | 11.13M | 28.04M | 9.91M | 8.19M | 7.46M | 10.79M | 11.87M | 12.49M | 12.7M | 18.49M | 11.3M | 3.94M |
| Cash at End | 25.47M | 27.36M | 27.65M | 11.13M | 28.04M | 9.91M | 8.19M | 7.46M | 10.79M | 11.87M | 12.49M | 12.7M | 18.49M | 11.3M |
| Free Cash Flow | -36.93M | -43.88M | -32.68M | -13.39M | -40.47M | 5.36M | 2.9M | 15.3M | -17.09M | 9.08M | 5.97M | -3.3M | 5.86M | 2.26M |
| FCF Growth % | 34.19% | -34.28% | -144.02% | 66.91% | -855.82% | 84.4% | -81.02% | 189.51% | -288.32% | 52.02% | 280.78% | -156.36% | 159.45% | - |
| FCF Margin % | -113.57% | -118.79% | -49.29% | -14.88% | -39.88% | 4.62% | 2.81% | 16.17% | -18.15% | 9.42% | 5.73% | -3.95% | 8.41% | 5.19% |
| FCF per Share | -21.15 | -25.13 | -18.72 | -7.67 | -26.5 | 3.87 | 2.11 | 12.06 | -14.01 | 8.08 | 5.49 | -4.31 | 6.41 | 2.47 |
Persistent underwriting cash drain
As reported in quarterly financial statements, Presurance Holdings has consistently failed to generate positive operating cash flow, with the most recent period showing a $25.2M outflow, highlighting a structural inability to cover claims and operating expenses through premium collection alone during the 2025 fiscal year.
The persistent negative operating cash flow suggests that the company is effectively subsidizing its underwriting operations through the liquidation of investment assets. This pattern indicates that the core business model is currently consuming capital rather than generating the float necessary to sustain long-term insurance operations.
Based on the provided cash flow data, the company has engaged in aggressive portfolio turnover, frequently selling investments to offset operational shortfalls, as evidenced by the $100.6M in asset sales during 2025Q4 which barely covered the ongoing cash burn and claims payment requirements.
The high frequency of asset sales relative to the investment portfolio size suggests a lack of organic cash generation from premiums. Investors should monitor whether this reliance on portfolio liquidation will eventually exhaust the company's liquidity, particularly if market conditions prevent the realization of gains on remaining fixed-income holdings.
According to historical data, claims payments have remained highly volatile, peaking at $35.9M in 2024Q4, which creates significant uncertainty regarding the company's ability to maintain adequate liquidity to meet its obligations to policyholders during periods of elevated catastrophe activity or adverse loss development.
The erratic nature of claims payments relative to net income suggests that the company may be struggling with reserve adequacy or unpredictable loss emergence. This volatility complicates cash flow forecasting and may necessitate further capital injections to maintain regulatory solvency requirements.
As indicated by the extreme OCF/NI ratios, such as the -29.23 figure in 2025Q1, there is a profound disconnect between reported net income and actual cash generation, suggesting that non-cash accruals and reserve adjustments are significantly obscuring the underlying cash-burning nature of the business.
The wide variance between accounting profits and cash flow implies that the company's reported earnings are not reflective of its ability to sustain operations. This divergence warrants further investigation into the quality of earnings and the extent to which reserve releases may be masking a deteriorating cash position.
Quick answers to the most common questions about buying PRHI stock.
Presurance Holdings, Inc. (PRHI) generated $-43.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Presurance Holdings, Inc. (PRHI) reported negative free cash flow of $43.9M in 2025, indicating capital requirements exceeded cash from operations.
Presurance Holdings, Inc. (PRHI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.