Latest Ratios: P/E Ratio 12.0x · EV/EBITDA 9.7x · ROE 31.9%. (2007–2025 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 | $8.6B | $8.4B | $9.3B | $7.4B | $5.4B | $6.1B | $5.4B | $5.5B | $4.3B | $4.6B | $3.3B |
| Enterprise Value | $9.6B | $9.5B | $10.5B | $8.9B | $7.0B | $7.7B | $6.6B | $6.9B | $5.4B | $5.5B | $3.9B |
| P/E Ratio → | 11.98 | 11.28 | 19.80 | 12.91 | 11.50 | 16.27 | 13.99 | 15.15 | 13.26 | 13.34 | 15.07 |
| P/S Ratio | 2.65 | 2.62 | 3.00 | 2.70 | 2.03 | 2.24 | 2.43 | 2.69 | 2.26 | 2.75 | 2.16 |
| P/B Ratio | 3.67 | 3.45 | 4.11 | 3.59 | 2.66 | 2.91 | 2.93 | 3.34 | 2.94 | 3.27 | 2.69 |
| P/FCF | 9.78 | 9.65 | 11.15 | 11.26 | 7.38 | 9.61 | 8.74 | 12.01 | 9.25 | 12.15 | 11.78 |
| P/OCF | 9.50 | 9.37 | 10.77 | 10.70 | 7.13 | 9.25 | 8.36 | 11.38 | 8.99 | 11.94 | 11.23 |
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 | — | 2.95 | 3.41 | 3.22 | 2.63 | 2.85 | 2.98 | 3.35 | 2.83 | 3.24 | 2.60 |
| EV / EBITDA | 9.68 | 9.57 | 10.96 | 11.03 | 9.30 | 11.47 | 12.60 | 13.89 | 11.76 | 12.97 | 16.86 |
| EV / EBIT | 9.87 | 9.52 | 10.94 | 11.10 | 9.38 | 11.46 | 12.34 | 13.60 | 3.34 | 3.74 | 10.24 |
| EV / FCF | — | 10.86 | 12.66 | 13.46 | 9.56 | 12.22 | 10.73 | 14.95 | 11.58 | 14.33 | 14.16 |
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 | 80.5% | 80.5% | 42.3% | 40.1% | 38.9% | 39.0% | 35.2% | 36.2% | 87.9% | 88.8% | 88.0% |
| Operating Margin | 30.2% | 30.2% | 30.4% | 28.1% | 27.0% | 23.7% | 22.9% | 23.2% | 23.4% | 24.2% | 14.4% |
| Net Profit Margin | 23.3% | 23.3% | 15.2% | 21.0% | 17.8% | 17.6% | 17.4% | 17.9% | 17.1% | 20.7% | 14.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.9% | 31.9% | 21.8% | 28.1% | 22.9% | 24.3% | 22.1% | 23.5% | 22.5% | 26.5% | 18.5% |
| ROA | 5.1% | 5.1% | 3.2% | 3.9% | 3.1% | 3.1% | 2.7% | 2.8% | 2.6% | 2.9% | 2.0% |
| ROIC | 20.8% | 20.8% | 20.0% | 16.2% | 14.6% | 14.2% | 12.5% | 12.9% | 13.9% | 14.8% | 9.1% |
| ROCE | 6.9% | 6.9% | 6.7% | 5.5% | 4.7% | 4.1% | 3.5% | 3.6% | 3.6% | 3.4% | 2.0% |
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 | 0.74 | 0.74 | 0.86 | 0.99 | 1.03 | 0.98 | 0.97 | 0.98 | 0.92 | 0.78 | 0.72 |
| Debt / EBITDA | 1.83 | 1.83 | 2.03 | 2.54 | 2.77 | 3.03 | 3.38 | 3.25 | 2.94 | 2.63 | 3.74 |
| Net Debt / Equity | — | 0.43 | 0.56 | 0.70 | 0.78 | 0.79 | 0.67 | 0.82 | 0.74 | 0.58 | 0.54 |
| Net Debt / EBITDA | 1.07 | 1.07 | 1.31 | 1.81 | 2.12 | 2.45 | 2.34 | 2.73 | 2.36 | 1.97 | 2.84 |
| Debt / FCF | — | 1.22 | 1.52 | 2.20 | 2.18 | 2.61 | 1.99 | 2.94 | 2.33 | 2.17 | 2.38 |
| Interest Coverage | 41.68 | 41.68 | 38.52 | 30.02 | 27.39 | 22.02 | 18.57 | 17.56 | 55.94 | 51.34 | 13.42 |
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 | 6.59 | 6.59 | 9.48 | 9.36 | — | — | — | — | 21.50 | 88.68 | 76.03 |
| Quick Ratio | 6.59 | 6.59 | 9.48 | 9.36 | — | — | — | — | 23.12 | 286.28 | 267.79 |
| Cash Ratio | 2.67 | 2.67 | 5.15 | 4.69 | — | — | — | — | 7.46 | 90.33 | 77.73 |
| Asset Turnover | — | 0.21 | 0.21 | 0.18 | 0.18 | 0.17 | 0.15 | 0.15 | 0.15 | 0.14 | 0.13 |
| 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 | 1.5% | 1.6% | 1.2% | 1.3% | 1.6% | 1.2% | 1.2% | 1.0% | 1.0% | 0.8% | 1.0% |
| Payout Ratio | 18.1% | 18.1% | 24.0% | 16.3% | 17.7% | 15.6% | 16.7% | 15.7% | 13.6% | 10.2% | 15.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 8.9% | 5.1% | 7.7% | 8.7% | 6.1% | 7.1% | 6.6% | 7.5% | 7.5% | 6.6% |
| FCF Yield | 10.2% | 10.4% | 9.0% | 8.9% | 13.5% | 10.4% | 11.4% | 8.3% | 10.8% | 8.2% | 8.5% |
| Buyback Yield | 5.3% | 5.3% | 4.6% | 5.1% | 6.6% | 0.3% | 4.3% | 4.1% | 4.9% | 3.2% | 4.6% |
| Total Shareholder Yield | 6.8% | 6.9% | 5.8% | 6.3% | 8.1% | 1.5% | 5.5% | 5.1% | 5.9% | 4.0% | 5.6% |
| Shares Outstanding | — | $33M | $34M | $36M | $38M | $40M | $40M | $42M | $44M | $46M | $47M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying PRI stock.
Primerica, Inc.'s current P/E ratio is 12.0x. The historical average is 13.6x. This places it at the 31th percentile of its historical range.
Primerica, Inc.'s current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Primerica, Inc.'s return on equity (ROE) is 31.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 18.1%.
Based on historical data, Primerica, Inc. is trading at a P/E of 12.0x. This is at the 31th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Primerica, Inc.'s current dividend yield is 1.52% with a payout ratio of 18.1%.
Primerica, Inc. has 80.5% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Primerica, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Reserve volatility and investment opacity
Metrics are mathematically derived from official filings.
Underwriting Discipline Masks Loss Ratio Volatility
Primerica's combined ratio improved to 70.2% in 2026Q2 from 72.5% a year earlier, per the latest quarterly report, yet the loss ratio swung from 56.5% to 17.0% within a year, suggesting reserve releases may be smoothing results.
The combined ratio has remained consistently below 75% over the past ten quarters, indicating strong underwriting profitability. However, the loss ratio's extreme volatility—spiking to 56.5% in 2025Q3 and then collapsing to 17.0% by 2026Q2—implies that reserve adjustments, rather than stable claims experience, are driving the reported figures. Investors should monitor reserve adequacy closely, as the apparent stability in the combined ratio may not reflect true underlying claims trends.
ROE Resilience Despite Investment Income Opacity
Primerica's ROE has held steady around 8% over the past year, as reported in financial statements, with underwriting margins near 30% compensating for the lack of disclosed investment income, which appears to be a growing contributor to net income.
ROE has remained in a tight 7.5%-9.0% band over the last ten quarters, suggesting a stable earnings base. The underwriting margin, consistently above 26%, is the primary driver, but the 19.4% net income growth in 2026Q2, per the income statement, hints that investment returns may be increasingly important. Given the opacity of investment income data, the sustainability of ROE hinges on both underwriting discipline and the performance of the investment portfolio, which warrants further investigation.
Expense Ratio Efficiency Gains Are Real
Primerica's expense ratio declined to 53.1% in 2026Q2 from 54.6% a year earlier, as per financial statements, reflecting improved operating leverage, though the ratio remains high relative to peers due to its distribution model.
The expense ratio has trended downward from 54.6% in 2025Q2 to 53.1% in 2026Q2, indicating that the company is scaling its operations effectively. However, this ratio is significantly higher than the 11-13% seen in 2025Q3-Q4, which likely reflects a different business mix or accounting treatment. The elevated expense ratio is a structural feature of Primerica's independent agent model, but the recent improvement suggests management is gaining efficiency, which could support margins if sustained.
Leverage Declines as Equity Builds
Primerica's debt-to-equity ratio fell to 0.25 in 2026Q2 from 0.87 a year earlier, according to the latest balance sheet, while equity grew to $2.5B, indicating a strengthening capital base and reduced financial leverage.
The sharp reduction in D/E from 0.87 to 0.25 over four quarters reflects both equity growth and debt repayment, as evidenced by the balance sheet data. This deleveraging enhances financial flexibility and reduces interest expense, which is also reflected in the high interest coverage ratio of 45.27 in 2026Q2. The lower leverage positions Primerica well to absorb potential claims volatility or investment losses, though the underwriting leverage (premium-to-surplus) is not directly disclosed and should be monitored.
Premium Valuation Justified by Underwriting Strength
Primerica trades at a P/B of 4.19, a premium to peers like Globe Life (2.48) and CNO (2.05), as per market data, reflecting its superior combined ratio and ROE stability, though the gap may narrow if reserve releases fade.
Primerica's P/B of 4.19 is the highest among its peer group, justified by its consistently strong combined ratio (70.2% vs. industry norms) and stable ROE around 8%. In contrast, peers like Globe Life have higher ROE (20.3%) but lower P/B, suggesting the market values Primerica's underwriting quality and growth prospects. However, the premium could be vulnerable if the loss ratio volatility indicates deteriorating claims experience, which would compress the multiple.
Combined Ratio May Overstate Underlying Profitability
The combined ratio, while impressive at 70.2% in 2026Q2, may be misleading due to reserve releases that have masked loss ratio volatility, as reported in quarterly data, obscuring the true cost of claims.
The combined ratio is the most commonly misapplied metric for insurers, and Primerica is a case in point. The reported combined ratio of 70.2% suggests exceptional underwriting, but the loss ratio's wild swings—from 56.5% in 2025Q3 to 17.0% in 2026Q2—indicate that reserve releases are artificially suppressing the ratio. Analysts should adjust for reserve development to assess the underlying loss cost, which may be higher than reported. Using the combined ratio without this adjustment could lead to an overvaluation of Primerica's underwriting profitability.