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ProAssurance (PRA) Financials

ProAssurance logo
$24.68 +0.08 (+0.34%)
Closing price 05/8/2026 03:59 PM Eastern
Extended Trading
$24.70 +0.01 (+0.04%)
As of 05/8/2026 05:40 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ProAssurance

Annual Income Statements for ProAssurance

This table shows ProAssurance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 107 104 977 47 90 -176 144 -0.40 -39 53 51
Consolidated Net Income / (Loss)		 116 104 977 47 1.00 -176 144 -0.40 -39 53 51
Net Income / (Loss) Continuing Operations		 107 104 977 47 90 -176 144 -0.40 -39 53 51
Total Pre-Tax Income 		129 176 129 29 -29 -217 147 -6.22 -39 63 72
Total Operating Income		 181 155 999 45 30 -219 68 14 -16 85 93
Total Gross Profit		 399 826 1,719 752 1,059 730 190 934 971 966 899
Total Revenue		 810 826 1,719 886 999 858 1,124 1,108 1,137 1,150 1,098
Operating Revenue		 810 835 1,732 887 990 859 1,100 1,108 1,140 1,154 1,100
Other Revenue		 - -9.77 -13 -0.49 9.22 -1.51 0.00 - -3.11 -3.20 -1.50
Total Cost of Revenue		 411 0.00 0.00 134 -60 127 910 174 166 184 199
Operating Cost of Revenue		 411 - - 134 -60 127 910 174 166 184 199
Total Operating Expenses		 218 671 721 707 1,029 949 123 920 987 881 806
Amortization Expense		 80 88 96 105 115 111 111 133 135 135 131
Other Operating Expenses / (Income)		 0.85 443 485 603 913 677 12 785 808 746 675
Impairment Charge		 - - - 0.00 - 161 0.00 1.77 44 0.00 0.00
Total Other Income / (Expense), net		 -62 -26 -0.68 -16 0.00 0.18 79 -20 -23 -22 -21
Interest Expense		 15 15 17 16 - 16 20 20 23 22 21
Income Tax Expense		 13 25 21 -18 -60 -41 2.48 -5.81 -0.55 10 21
Basic Earnings per Share		 $2.12 $2.84 $2.01 $0.88 $0.02 ($3.26) $2.67 ($0.01) ($0.73) $1.03 $0.99
Weighted Average Basic Shares Outstanding		 54.80M 53.22M 53.39M 53.60M 53.74M 53.86M 53.96M 54.01M 52.64M 51.10M 51.34M
Diluted Earnings per Share		 $2.11 $2.83 $2.00 $0.88 $0.02 ($3.26) $2.67 ($0.01) ($0.73) $1.03 $0.99
Weighted Average Diluted Shares Outstanding		 55.02M 53.45M 53.61M 53.75M 53.84M 53.91M 54.06M 54.14M 52.79M 51.27M 51.67M
Weighted Average Basic & Diluted Shares Outstanding		 53.08M 53.26M 53.46M - 53.84M 53.91M 54.06M 53.96M 50.97M 51.16M 51.41M
Cash Dividends to Common per Share		 $2.24 $5.93 $5.93 $1.74 $1.24 $0.46 $0.20 $0.20 $0.05 $0.00 $0.00

Quarterly Income Statements for ProAssurance

This table shows ProAssurance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -49 6.38 4.05 16 16 16 -5.82 22 0.84 34 8.46
Consolidated Net Income / (Loss)		 -49 6.38 4.63 16 16 16 -5.82 22 1.45 33 8.46
Net Income / (Loss) Continuing Operations		 -49 6.38 4.05 16 16 16 -5.82 22 0.84 34 8.46
Total Pre-Tax Income 		-54 9.73 5.32 18 21 19 -6.33 27 4.37 47 9.19
Total Operating Income		 -46 14 10 24 27 24 -1.17 33 9.00 53 14
Total Gross Profit		 237 247 241 244 239 441 221 227 234 217 222
Total Revenue		 278 295 286 290 287 291 272 276 281 269 263
Operating Revenue		 278 294 286 291 287 291 272 276 281 271 263
Other Revenue		 -0.14 - - -0.47 - - -0.26 - - - 0.00
Total Cost of Revenue		 41 48 44 46 48 -149 51 49 47 52 41
Operating Cost of Revenue		 41 48 44 46 48 -149 51 49 47 52 41
Total Operating Expenses		 283 233 231 221 212 417 222 194 225 164 207
Amortization Expense		 33 34 34 34 32 36 32 32 35 33 32
Other Operating Expenses / (Income)		 206 199 196 187 178 380 190 163 189 133 176
Total Other Income / (Expense), net		 -8.22 -3.97 -5.66 -5.65 -5.70 -5.07 -5.16 -5.22 -5.24 -5.22 -5.09
Interest Expense		 5.51 6.67 5.66 5.65 5.70 5.34 5.16 5.22 5.24 5.22 5.09
Income Tax Expense		 -4.66 3.36 0.69 2.42 4.66 2.56 -0.51 5.51 2.92 13 0.73
Basic Earnings per Share		 ($0.95) $0.13 $0.09 $0.30 $0.32 $0.32 ($0.11) $0.43 $0.03 $0.64 $0.16
Weighted Average Basic Shares Outstanding		 51.84M 52.64M 51.01M 51.06M 51.16M 51.10M 51.19M 51.35M 51.41M 51.34M 51.49M
Diluted Earnings per Share		 ($0.95) $0.13 $0.09 $0.30 $0.32 $0.32 ($0.11) $0.42 $0.03 $0.65 $0.16
Weighted Average Diluted Shares Outstanding		 52.01M 52.79M 51.15M 51.23M 51.28M 51.27M 51.45M 51.68M 51.76M 51.67M 51.81M
Weighted Average Basic & Diluted Shares Outstanding		 50.97M 50.97M 51.01M 51.16M 51.16M 51.16M 51.29M 51.41M 51.41M 51.41M 51.61M

Annual Cash Flow Statements for ProAssurance

This table details how cash moves in and out of ProAssurance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 44 -124 17 -54 95 40 -72 -114 36 -11 -18
Net Cash From Operating Activities		 111 179 173 177 148 92 74 -30 -50 -11 -26
Net Cash From Continuing Operating Activities		 111 179 173 177 148 92 74 -30 -50 -11 -26
Net Income / (Loss) Continuing Operations		 116 151 107 47 1.00 -176 144 -0.40 -39 53 51
Consolidated Net Income / (Loss)		 116 151 107 47 1.00 -176 144 -0.40 -39 53 51
Depreciation Expense		 36 33 29 21 19 21 37 38 26 18 14
Amortization Expense		 -5.60 -2.42 -3.45 -3.86 -1.45 8.37 -12 0.79 -2.19 1.31 1.74
Non-Cash Adjustments To Reconcile Net Income		 46 -27 -34 70 -61 190 -163 67 40 -149 -160
Changes in Operating Assets and Liabilities, net		 -82 25 75 43 191 49 67 -136 -75 66 68
Net Cash From Investing Activities		 228 -289 200 215 51 -8.48 -86 -62 141 11 19
Net Cash From Continuing Investing Activities		 228 -289 200 215 51 -8.48 -86 -62 141 11 19
Purchase of Property, Plant & Equipment		 -9.52 -11 -10 -9.64 -9.59 -7.48 -3.84 -4.35 -4.79 -9.02 -3.60
Purchase of Investments		 -886 -1,091 -873 -1,055 -849 -1,022 -1,669 -682 -462 -782 -900
Sale of Property, Plant & Equipment		 - - - - - - - - 0.00 0.00 19
Sale and/or Maturity of Investments		 1,197 859 1,141 1,363 969 1,076 1,829 672 639 826 940
Other Investing Activities, net		 -74 -46 -57 -84 -60 -55 -20 -48 -32 -24 -37
Net Cash From Financing Activities		 -295 -14 -357 -446 -104 -43 -61 -22 -55 -11 -12
Net Cash From Continuing Financing Activities		 -295 -14 -357 -446 -104 -43 -61 -22 -55 -11 -12
Repayment of Debt		 -5.29 -2.97 -85 -129 -5.56 -2.44 -36 1.14 -253 -1.29 -2.65
Repurchase of Common Equity		 -173 -2.11 - -1.01 -5.02 0.00 0.00 -3.25 -50 0.01 0.00
Payment of Dividends		 -218 -119 -315 -316 -93 -39 -14 -11 -5.38 0.00 0.00
Issuance of Debt		 100 100 40 - - - 0.00 0.00 250 -4.69 -6.25
Other Financing Activities, net		 0.84 - - - - - -10 - - -5.01 -3.31
Cash Interest Paid		 14 15 16 16 14 15 15 20 22 23 19

Quarterly Cash Flow Statements for ProAssurance

This table details how cash moves in and out of ProAssurance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 16 3.79 -0.50 -29 8.42 9.58 -11 -1.94 13 -18 -22
Net Cash From Operating Activities		 15 -3.24 -12 -13 14 -0.24 -12 -28 27 -13 -21
Net Cash From Continuing Operating Activities		 15 -3.24 -12 -13 14 -0.24 -12 -28 27 -13 -21
Net Income / (Loss) Continuing Operations		 -49 6.38 4.63 16 16 16 -5.82 22 1.45 33 8.46
Consolidated Net Income / (Loss)		 -49 6.38 4.63 16 16 16 -5.82 22 1.45 33 8.46
Depreciation Expense		 6.45 5.93 5.33 4.43 3.88 4.11 3.82 3.54 3.31 3.02 2.91
Amortization Expense		 -4.26 6.92 -3.28 2.58 -2.79 4.80 -2.10 1.36 -0.02 2.49 -2.94
Non-Cash Adjustments To Reconcile Net Income		 59 32 -3.18 -45 61 25 38 -103 18 -114 42
Changes in Operating Assets and Liabilities, net		 3.93 -54 -15 9.51 -65 -50 -45 48 4.22 62 -72
Net Cash From Investing Activities		 31 3.80 12 -14 -3.75 16 4.11 30 -13 -1.43 4.39
Net Cash From Continuing Investing Activities		 31 3.80 12 -14 -3.75 16 4.11 30 -13 -1.43 4.39
Purchase of Property, Plant & Equipment		 -1.23 -1.45 -0.96 -1.74 -3.95 -2.36 -0.35 -0.03 -3.16 -0.06 -0.21
Purchase of Investments		 -145 -167 -248 -235 -188 -111 -316 -161 -191 -230 -220
Sale of Property, Plant & Equipment		 - - 0.00 - - - 19 - - - 0.00
Sale and/or Maturity of Investments		 177 193 266 226 192 142 315 202 173 250 219
Other Investing Activities, net		 0.27 -21 -4.79 -3.12 -4.60 -11 -13 -11 8.18 -20 6.34
Net Cash From Financing Activities		 -31 3.23 -0.97 -1.58 -1.85 -6.58 -3.84 -3.99 -0.98 -3.39 -5.51
Net Cash From Continuing Financing Activities		 -31 3.23 -0.97 -1.58 -1.85 -6.58 -3.84 -3.99 -0.98 -3.39 -5.51
Issuance of Debt		 - - - - - - -1.56 - - - -1.56
Issuance of Common Equity		 - - - - - -5.01 -0.86 - - - -0.79
Other Financing Activities, net		 - - 0.00 - - - -1.42 - 0.59 -1.83 -3.16

Annual Balance Sheets for ProAssurance

This table presents ProAssurance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,906 5,065 4,929 4,601 4,806 4,655 6,191 5,700 5,632 5,574 5,447
Total Current Assets		 3,121 3,173 134 80 2,851 3,011 4,194 3,748 3,844 3,892 4,022
Cash & Equivalents		 241 117 134 80 175 216 144 30 66 55 36
Short-Term Investments		 2,880 3,055 - - 2,676 2,795 4,051 3,718 3,778 3,837 3,986
Plant, Property, & Equipment, net		 38 32 32 31 30 31 30 30 30 30 13
Total Noncurrent Assets		 1,747 1,861 4,763 4,489 1,924 1,613 1,967 1,922 1,759 1,653 1,412
Long-Term Investments		 771 870 3,687 3,349 714 594 778 670 572 530 444
Noncurrent Note & Lease Receivables		 476 502 - - 653 601 707 693 467 656 354
Goodwill		 211 211 211 211 211 50 50 50 5.50 5.50 5.50
Intangible Assets		 92 84 83 77 71 66 73 67 60 54 49
Noncurrent Deferred & Refundable Income Taxes		 15 10 9.93 29 44 57 118 210 186 164 122
Other Noncurrent Operating Assets		 182 183 773 823 231 246 241 233 468 243 438
Total Liabilities & Shareholders' Equity		 4,906 5,065 4,929 4,601 4,806 4,655 6,191 5,700 5,632 5,574 5,447
Total Liabilities		 2,948 3,266 3,334 3,078 3,294 3,306 4,763 4,596 4,520 4,373 4,098
Total Current Liabilities		 30 30 2,485 2,591 53 40 23 29 24 27 14
Other Current Liabilities		 30 30 2,485 2,591 53 40 23 29 24 27 14
Total Noncurrent Liabilities		 2,918 3,236 849 487 3,241 3,266 4,740 4,567 4,496 4,345 4,084
Long-Term Debt		 348 448 412 288 286 285 425 427 427 425 420
Asset Retirement Reserve & Litigation Obligation		 2,005 1,993 - - 2,347 2,417 3,580 3,471 3,401 3,258 3,018
Other Noncurrent Operating Liabilities		 564 795 438 199 608 564 736 649 668 663 645
Total Equity & Noncontrolling Interests		 1,958 1,799 1,595 1,523 1,512 1,349 1,428 1,104 1,112 1,202 1,349
Total Preferred & Common Equity		 1,958 1,799 1,595 1,523 1,512 1,349 1,428 1,104 1,112 1,202 1,349
Total Common Equity		 1,958 1,799 1,595 1,523 1,512 1,349 1,428 1,104 1,112 1,202 1,349
Common Stock		 366 377 384 385 385 389 394 399 404 409 414
Retained Earnings		 1,988 1,824 1,614 1,572 1,506 1,301 1,434 1,423 1,382 1,435 1,486
Treasury Stock		 -420 -420 -418 -417 -416 -416 -416 -419 -470 -470 -470
Accumulated Other Comprehensive Income / (Loss)		 24 17 15 -17 37 75 16 -299 -204 -172 -81

Quarterly Balance Sheets for ProAssurance

This table presents ProAssurance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 5,783 5,748 5,657 5,574 5,650 5,615 5,732 5,526 5,486 5,552 5,415
Total Current Assets		 3,805 3,822 3,760 3,711 3,794 3,840 3,962 3,951 3,959 4,037 3,980
Cash & Equivalents		 41 56 46 62 65 37 45 44 42 54 14
Short-Term Investments		 3,764 3,766 3,714 3,649 3,728 3,803 3,917 3,908 3,917 3,983 3,966
Plant, Property, & Equipment, net		 30 30 30 30 30 30 30 15 15 15 13
Total Noncurrent Assets		 1,948 1,895 1,868 1,833 1,827 1,745 1,741 1,560 1,512 1,500 1,421
Long-Term Investments		 622 616 602 582 605 549 544 481 462 455 437
Noncurrent Note & Lease Receivables		 750 729 452 724 719 704 733 635 632 381 351
Goodwill		 50 50 50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50
Intangible Assets		 68 65 64 62 59 57 56 53 51 50 48
Noncurrent Deferred & Refundable Income Taxes		 218 202 202 214 185 183 157 154 143 133 126
Other Noncurrent Operating Assets		 241 234 498 246 254 246 245 232 219 475 454
Total Liabilities & Shareholders' Equity		 5,783 5,748 5,657 5,574 5,650 5,615 5,732 5,526 5,486 5,552 5,415
Total Liabilities		 4,717 4,610 4,538 4,562 4,537 4,483 4,501 4,292 4,210 4,248 4,076
Total Current Liabilities		 38 26 27 32 29 28 34 22 22 26 21
Other Current Liabilities		 38 26 27 32 29 28 34 22 22 26 21
Total Noncurrent Liabilities		 4,679 4,583 4,511 4,530 4,508 4,454 4,468 4,270 4,188 4,222 4,056
Long-Term Debt		 426 428 426 427 428 427 426 424 423 422 419
Asset Retirement Reserve & Litigation Obligation		 3,545 3,469 3,421 3,396 3,383 3,368 3,340 3,181 3,135 3,119 2,980
Other Noncurrent Operating Liabilities		 708 686 664 708 679 642 702 666 631 681 656
Total Equity & Noncontrolling Interests		 1,066 1,138 1,120 1,012 1,113 1,132 1,231 1,234 1,275 1,304 1,339
Total Preferred & Common Equity		 1,066 1,138 1,120 1,012 1,113 1,132 1,231 1,234 1,275 1,304 1,339
Total Common Equity		 1,066 1,138 1,120 1,012 1,113 1,132 1,231 1,234 1,275 1,304 1,339
Common Stock		 397 399 401 403 403 406 407 409 411 413 413
Retained Earnings		 1,412 1,414 1,425 1,376 1,387 1,402 1,419 1,429 1,451 1,452 1,494
Treasury Stock		 -419 -419 -439 -470 -470 -470 -470 -470 -470 -470 -470
Accumulated Other Comprehensive Income / (Loss)		 -324 -256 -267 -297 -207 -206 -125 -135 -117 -91 -99

Annual Metrics And Ratios for ProAssurance

This table displays calculated financial ratios and metrics derived from ProAssurance's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -2.84% 1.92% 108.26% -48.47% 12.76% -14.15% 31.09% -1.42% 2.88% 1.16% -4.55%
EBITDA Growth		 470.41% -2.73% 469.07% -188.13% -24.00% -497.60% 188.64% -68.36% -85.23% 1,233.41% 3.68%
EBIT Growth		 275.52% -3.10% 564.38% -167.16% -32.84% -821.46% 164.92% -90.04% -213.13% 633.27% 8.76%
NOPAT Growth		 304.09% -18.90% 527.72% -182.42% -71.00% -821.46% 143.41% -85.11% -213.13% 737.01% -8.11%
Net Income Growth		 -40.89% -10.71% 841.34% -190.36% -97.87% -17,602.69% 182.02% -100.28% -9,502.99% 236.63% -3.47%
EPS Growth		 -36.06% 34.12% -29.33% -168.00% -97.73% -16,400.00% 181.90% -100.37% -7,200.00% 241.10% -3.88%
Operating Cash Flow Growth		 15.75% 61.07% -3.13% 4.47% -16.42% -37.68% -19.90% -140.34% -67.17% 78.52% -139.10%
Free Cash Flow Firm Growth		 -123.39% 784.89% 147.56% -114.35% 239.33% -70.59% 2,325.60% -119.94% 99.48% -653.34% -256.74%
Invested Capital Growth		 11.88% -13.32% -1.02% 10.77% -9.20% -11.49% -58.21% 8.08% -0.35% 2.81% 3.55%
Revenue Q/Q Growth		 31.39% 2.02% 13.31% -70.58% 13.74% 0.00% 0.00% -4.34% 1.03% -0.27% -1.90%
EBITDA Q/Q Growth		 128.86% -65.44% 26.75% -205.80% 810.07% -831.94% 523.16% -40.11% 240.94% 6.24% 29.44%
EBIT Q/Q Growth		 123.05% -69.24% 27.73% -57.49% 358.87% 0.00% 0.00% -74.22% 49.07% 13.39% 43.22%
NOPAT Q/Q Growth		 130.87% -68.91% 12.87% -258.32% 210.11% 0.00% 0.00% -82.97% 49.07% 19.37% 32.67%
Net Income Q/Q Growth		 342.51% -29.34% 28.97% -138.38% -98.03% 0.00% 0.00% -102.26% -24.37% 22.80% 51.02%
EPS Q/Q Growth		 115.01% 15.51% -25.93% -93.98% -97.01% 29.59% 14.10% -103.03% -21.67% 22.62% 50.00%
Operating Cash Flow Q/Q Growth		 10.64% 32.98% 3.10% -24.14% -7.21% -0.21% -16.45% -364.55% 40.01% 21.91% -101.51%
Free Cash Flow Firm Q/Q Growth		 92.45% -18.55% 23.56% -241.86% 4,038.82% -86.27% 1.56% -29.68% 98.76% -117.33% -1.49%
Invested Capital Q/Q Growth		 0.51% -13.07% -17.86% -2.86% -9.16% 0.65% 1.91% 2.31% -0.79% 1.88% 2.54%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 49.30% 100.00% 100.00% 84.91% 105.99% 85.16% 16.92% 84.29% 85.45% 84.06% 81.87%
EBITDA Margin		 23.49% 22.42% 61.27% 21.18% 4.76% -22.03% 14.90% 4.78% 0.69% 9.05% 9.87%
Operating Margin		 22.40% 18.74% 58.08% 10.19% 3.03% -25.50% 6.01% 1.28% -1.40% 7.40% 8.46%
EBIT Margin		 19.71% 18.74% 59.79% 10.19% 3.03% -25.50% 12.63% 1.28% -1.40% 7.40% 8.46%
Profit (Net Income) Margin		 14.34% 12.57% 56.80% 10.62% 0.10% -20.49% 12.82% -0.04% -3.39% 4.57% 4.64%
Tax Burden Percent		 90.18% 58.88% 759.29% 0.00% -3.49% 80.96% 98.31% 6.47% 98.61% 83.62% 70.65%
Interest Burden Percent		 80.69% 113.87% 12.51% 0.00% -95.00% 99.23% 103.23% -43.95% 244.70% 73.93% 77.57%
Effective Tax Rate		 9.82% 14.26% 16.61% -186.38% 0.00% 0.00% 1.69% 0.00% 0.00% 16.38% 29.35%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 5.65% 5.52% 57.56% 0.00% 0.07% -12.28% 10.38% -0.03% -3.48% 4.56% 3.99%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 3.17% 3.10% 20.57% 1.89% 0.64% -4.62% 2.62% 0.24% -0.28% 1.52% 1.69%
Return on Assets (ROA)		 2.31% 2.08% 19.54% 1.98% 0.02% -3.72% 2.66% -0.01% -0.68% 0.94% 0.92%
Return on Common Equity (ROCE)		 5.65% 5.52% 57.56% 0.00% 0.07% -12.28% 10.38% -0.03% -3.48% 4.56% 3.99%
Return on Equity Simple (ROE_SIMPLE)		 5.93% 5.77% 61.24% 9.27% 0.07% -13.02% 10.09% -0.04% -3.47% 4.39% 0.00%
Net Operating Profit after Tax (NOPAT)		 164 133 833 73 21 -153 66 9.90 -11 71 66
NOPAT Margin		 20.20% 16.07% 48.44% 8.26% 2.12% -17.85% 5.91% 0.89% -0.98% 6.18% 5.98%
Net Nonoperating Expense Percent (NNEP)		 -1.26% -0.81% 4.11% -1.60% -0.63% -0.69% 1.97% -0.24% -0.69% -0.47% -0.37%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 0.64% -0.73% 4.39% 3.71%
Cost of Revenue to Revenue		 50.70% 0.00% 0.00% 15.09% -5.99% 14.84% 80.92% 15.71% 14.55% 15.94% 18.13%
SG&A Expenses to Revenue		 16.98% 16.86% 8.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 26.90% 81.26% 41.92% 79.82% 102.96% 110.66% 10.90% 83.01% 86.85% 76.66% 73.41%
Earnings before Interest and Taxes (EBIT)		 160 155 1,028 45 30 -219 142 14 -16 85 93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 190 185 1,053 63 48 -189 168 53 7.83 104 108
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.96 1.34 1.70 1.32 1.23 0.70 0.94 0.85 0.63 0.68 0.92
Price to Tangible Book Value (P/TBV)		 1.13 1.60 2.08 1.63 1.51 0.76 1.03 0.95 0.67 0.71 0.96
Price to Revenue (P/Rev)		 2.31 2.91 1.58 2.28 1.87 1.09 1.20 0.85 0.62 0.71 1.13
Price to Earnings (P/E)		 17.51 23.19 2.78 42.87 20.72 0.00 9.36 0.00 0.00 15.43 24.40
Dividend Yield		 3.51% 12.44% 11.07% 3.80% 3.58% 2.64% 0.80% 1.15% 1.45% 0.00% 0.00%
Earnings Yield		 5.71% 4.31% 36.01% 2.33% 4.83% 0.00% 10.69% 0.00% 0.00% 6.48% 4.10%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.18 0.25 0.26 0.00 0.19 0.21 0.30 0.40 0.38 0.35 0.31
Long-Term Debt to Equity		 0.18 0.25 0.26 0.00 0.19 0.21 0.30 0.40 0.38 0.35 0.31
Financial Leverage		 -1.82 -1.90 -2.06 0.00 -2.12 -2.31 -2.83 -3.36 -3.59 -3.45 -3.15
Leverage Ratio		 2.45 2.65 2.95 0.00 3.10 3.31 3.90 4.70 5.11 4.84 4.32
Compound Leverage Factor		 1.98 3.02 0.37 5.90 -2.94 3.28 4.03 -2.06 12.51 3.58 3.35
Debt to Total Capital		 15.08% 19.95% 20.52% 47.67% 15.90% 17.43% 22.93% 28.82% 27.75% 26.12% 23.76%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 15.08% 19.95% 20.52% 0.00% 15.90% 17.43% 22.93% 28.82% 27.75% 26.12% 23.76%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 84.92% 80.05% 79.48% 252.33% 84.10% 82.57% 77.07% 71.18% 72.25% 73.88% 76.24%
Debt to EBITDA		 1.83 2.42 0.39 9.20 6.01 -1.51 2.54 8.43 54.56 4.07 3.88
Net Debt to EBITDA		 -18.62 -19.42 -3.24 -100.48 -69.00 17.57 -27.14 -74.92 -509.52 -38.30 -37.34
Long-Term Debt to EBITDA		 1.83 2.42 0.39 9.20 6.01 -1.51 2.54 8.43 54.56 4.07 3.88
Debt to NOPAT		 2.13 3.38 0.49 7.86 13.47 -1.86 6.39 45.15 -38.14 5.96 6.41
Net Debt to NOPAT		 -21.66 -27.10 -4.09 -85.87 -154.55 21.69 -68.41 -401.10 356.14 -56.03 -61.63
Long-Term Debt to NOPAT		 2.13 3.38 0.49 3.93 13.47 -1.86 6.39 45.15 -38.14 5.96 6.41
Altman Z-Score		 1.98 1.95 1.41 1.34 1.71 1.36 1.56 1.46 1.44 1.56 1.70
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 103.63 105.76 0.05 0.09 53.85 75.28 185.37 131.44 160.02 142.62 278.90
Quick Ratio		 103.63 105.76 0.05 0.00 53.85 75.28 185.37 131.44 160.02 142.62 278.90
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -50 344 851 -122 170 50 1,214 -242 -1.27 -9.54 -34
Operating Cash Flow to CapEx		 1,166.78% 1,638.74% 1,653.68% 3,679.22% 1,545.65% 1,234.86% 1,926.30% -685.53% -1,041.44% -118.84% 0.00%
Free Cash Flow to Firm to Interest Expense		 -3.44 22.87 50.53 -7.58 0.00 3.23 61.56 -11.88 -0.05 -0.43 -1.62
Operating Cash Flow to Interest Expense		 7.61 11.91 10.29 22.00 0.00 5.96 3.75 -1.46 -2.15 -0.48 -1.23
Operating Cash Flow Less CapEx to Interest Expense		 6.96 11.18 9.67 20.80 0.00 5.47 3.56 -1.68 -2.36 -0.88 -0.48
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.17 0.34 0.37 0.21 0.18 0.21 0.19 0.20 0.21 0.20
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 20.70 23.49 53.91 84.26 32.48 28.15 36.94 36.76 38.19 38.88 51.51
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -1,585 -1,796 -1,814 -1,619 -1,768 -1,971 -3,119 -2,867 -2,877 -2,796 -2,696
Invested Capital Turnover		 -0.48 -0.49 -0.95 -1.03 -0.59 -0.46 -0.44 -0.37 -0.40 -0.41 -0.40
Increase / (Decrease) in Invested Capital		 214 -211 -18 195 -149 -203 -1,147 252 -9.93 81 99
Enterprise Value (EV)		 -1,668 -1,189 -697 -1,125 -1,417 -2,381 -3,198 -3,031 -3,286 -3,184 -2,803
Market Capitalization		 1,875 2,406 2,712 2,017 1,863 939 1,349 940 703 814 1,242
Book Value per Share		 $36.85 $33.78 $29.86 $28.40 $28.11 $25.04 $26.46 $20.46 $21.82 $23.49 $26.24
Tangible Book Value per Share		 $31.15 $28.24 $24.36 $23.03 $22.87 $22.90 $24.18 $18.30 $20.53 $22.32 $25.19
Total Capital		 2,306 2,247 2,007 1,811 1,798 1,634 1,853 1,551 1,539 1,627 1,770
Total Debt		 348 448 412 288 286 285 425 447 427 425 420
Total Long-Term Debt		 348 448 412 288 286 285 425 447 427 425 420
Net Debt		 -3,543 -3,595 -3,409 -3,142 -3,280 -3,320 -4,547 -3,971 -3,989 -3,997 -4,045
Capital Expenditures (CapEx)		 9.52 11 10 9.64 9.59 7.48 3.84 4.35 4.79 9.02 -16
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -30 -30 -2,485 -2,591 -53 -40 -23 -29 -24 -27 -14
Debt-free Net Working Capital (DFNWC)		 3,091 3,143 -2,350 -2,510 2,798 2,971 4,172 3,719 3,820 3,865 4,008
Net Working Capital (NWC)		 3,091 3,143 -2,350 -2,510 2,798 2,971 4,172 3,719 3,820 3,865 4,008
Net Nonoperating Expense (NNE)		 47 29 -144 26 20 23 -78 10 27 19 15
Net Nonoperating Obligations (NNO)		 -3,543 -3,595 -3,409 -3,142 -3,280 -3,320 -4,547 -3,971 -3,989 -3,997 -4,045
Total Depreciation and Amortization (D&A)		 31 30 25 17 17 30 26 39 24 19 15
Debt-free, Cash-free Net Working Capital to Revenue		 -3.72% -3.63% -144.53% -877.17% -5.30% -4.66% -2.01% -2.57% -2.11% -2.37% -1.31%
Debt-free Net Working Capital to Revenue		 381.53% 380.69% -136.71% -566.62% 280.10% 346.38% 371.01% 335.54% 334.96% 335.01% 365.00%
Net Working Capital to Revenue		 381.53% 380.69% -136.71% -283.31% 280.10% 346.38% 371.01% 335.54% 334.96% 335.01% 365.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.12 $2.84 $2.01 $0.88 $0.02 ($3.26) $2.67 ($0.01) ($0.73) $1.03 $0.99
Adjusted Weighted Average Basic Shares Outstanding		 54.80M 53.22M 53.39M 53.60M 53.74B 53.86M 53.96M 54.01M 52.64M 51.10M 51.34M
Adjusted Diluted Earnings per Share		 $2.11 $2.83 $2.00 $0.88 $0.02 ($3.26) $2.67 ($0.01) ($0.73) $1.03 $0.99
Adjusted Weighted Average Diluted Shares Outstanding		 55.02M 53.45M 53.61M 53.75M 53.84B 53.91M 54.06M 54.14M 52.79M 51.27M 51.67M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 53.08M 53.26M 53.46M 0.00 53.79M 53.89M 54.06M 53.96M 50.97M 51.16M 51.41M
Normalized Net Operating Profit after Tax (NOPAT)		 164 133 833 32 21 -40 66 11 22 74 66
Normalized NOPAT Margin		 20.20% 16.07% 48.44% 10.70% 2.12% -4.70% 5.91% 1.01% 1.92% 6.42% 5.98%
Pre Tax Income Margin		 15.91% 21.34% 7.48% 3.28% -2.88% -25.31% 13.04% -0.56% -3.43% 5.47% 6.56%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.94 10.29 61.03 5.60 0.00 -14.11 7.20 0.69 -0.69 3.82 4.46
NOPAT to Interest Expense		 11.21 8.83 49.44 4.54 0.00 -9.88 3.37 0.49 -0.48 3.19 3.15
EBIT Less CapEx to Interest Expense		 10.29 9.57 60.41 4.41 0.00 -14.59 7.01 0.48 -0.90 3.42 5.21
NOPAT Less CapEx to Interest Expense		 10.56 8.10 48.82 11.83 0.00 -10.36 3.18 0.27 -0.69 2.79 3.90
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 187.29% 114.52% 32.28% 1,345.08% 9,283.27% -22.00% 9.61% -2,678.61% -13.93% 0.00% 0.00%
Augmented Payout Ratio		 335.98% 116.55% 32.28% 1,349.35% 9,783.67% -22.00% 9.61% -3,487.56% -144.72% -0.02% 0.00%

Quarterly Metrics And Ratios for ProAssurance

This table displays calculated financial ratios and metrics derived from ProAssurance's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 51,413,643.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 51,413,643.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.91% 4.11% 3.64% -0.51% 3.14% -1.05% -4.74% -4.99% -2.18% -6.30% -3.47%
EBITDA Growth		 -551.27% 100.21% 1,301.54% 17.93% 163.65% 22.94% -96.83% 22.76% -55.93% 73.14% 2,492.18%
EBIT Growth		 -2,427.47% 1,006.33% 460.70% 24.05% 158.23% 72.57% -112.76% 38.47% -66.41% 113.38% 1,318.69%
NOPAT Growth		 -2,427.47% 728.34% 548.24% 36.85% 164.83% 127.31% -110.27% 27.91% -85.74% 77.04% 1,702.35%
Net Income Growth		 -441.74% -54.26% 174.93% 45.93% 133.26% 153.55% -225.85% 41.35% -91.20% 106.38% 245.33%
EPS Growth		 -458.82% -50.00% 181.82% 50.00% 133.68% 146.15% -222.22% 40.00% -90.63% 103.13% 245.45%
Operating Cash Flow Growth		 46.95% 91.12% 60.97% 59.84% -7.76% 92.66% 0.34% -118.40% 93.97% -5,422.69% -83.68%
Free Cash Flow Firm Growth		 53.69% 107.51% 87.44% 110.67% 114.36% -416.31% -176.55% -474.94% -592.75% -3.52% -58.11%
Invested Capital Growth		 2.74% -0.35% 1.14% 0.13% 0.16% 2.81% 2.27% 3.17% 2.90% 3.55% 4.19%
Revenue Q/Q Growth		 -4.63% 5.85% -3.04% 1.99% -1.14% 1.55% -6.66% 1.39% 1.79% -4.11% -2.46%
EBITDA Q/Q Growth		 -268.88% 161.02% -53.44% 134.93% -8.85% 17.85% -98.80% 9,409.37% -67.28% 372.52% -75.45%
EBIT Q/Q Growth		 -342.01% 130.18% -25.11% 114.91% 13.61% -10.58% -105.54% 2,561.12% -72.44% 484.17% -72.83%
NOPAT Q/Q Growth		 -316.07% 128.25% -0.58% 113.69% 2.35% -0.96% -104.49% 2,909.24% -88.59% 1,164.00% -65.09%
Net Income Q/Q Growth		 -565.17% 112.90% -27.46% 235.24% 6.02% -1.65% -136.01% 476.52% -93.40% 2,207.75% -74.64%
EPS Q/Q Growth		 -575.00% 113.68% -30.77% 233.33% 6.67% 0.00% -134.38% 481.82% -92.86% 2,066.67% -75.38%
Operating Cash Flow Q/Q Growth		 147.50% -121.34% -259.09% -10.31% 209.12% -101.70% -4,777.73% -141.75% 196.91% -148.33% -62.23%
Free Cash Flow Firm Q/Q Growth		 28.40% 116.88% -224.19% 172.58% -3.64% -472.05% -8.58% 3.68% -26.64% 22.60% -67.18%
Invested Capital Q/Q Growth		 -1.36% -0.79% 1.29% 0.97% -1.32% 1.88% 0.73% 1.88% -1.60% 2.54% 1.39%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 85.22% 83.86% 84.49% 84.09% 83.27% 151.23% 81.33% 82.18% 83.33% 80.57% 84.41%
EBITDA Margin		 -15.74% 9.08% 4.36% 10.54% 9.72% 11.28% 0.15% 13.62% 4.38% 21.57% 5.43%
Operating Margin		 -16.53% 4.71% 3.64% 8.12% 9.33% 8.22% -0.49% 11.84% 3.21% 19.53% 5.44%
EBIT Margin		 -16.53% 4.71% 3.64% 8.12% 9.33% 8.22% -0.49% 11.84% 3.21% 19.53% 5.44%
Profit (Net Income) Margin		 -17.76% 2.16% 1.62% 5.34% 5.73% 5.55% -2.14% 7.95% 0.51% 12.39% 3.22%
Tax Burden Percent		 91.39% 65.53% 86.99% 86.50% 77.93% 86.31% 91.95% 79.90% 33.10% 71.61% 92.04%
Interest Burden Percent		 117.55% 70.09% 51.14% 76.02% 78.74% 78.18% 477.17% 84.00% 48.54% 88.63% 64.36%
Effective Tax Rate		 0.00% 34.47% 13.01% 13.50% 22.07% 13.69% 0.00% 20.10% 66.90% 28.39% 7.96%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -2.99% -3.48% -2.47% -2.04% 3.83% 4.56% 3.60% 4.05% 2.66% 3.99% 5.07%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -3.29% 0.95% 0.73% 1.65% 1.91% 1.69% -0.10% 2.40% 0.64% 3.89% 1.08%
Return on Assets (ROA)		 -3.53% 0.44% 0.33% 1.09% 1.17% 1.14% -0.44% 1.61% 0.10% 2.47% 0.64%
Return on Common Equity (ROCE)		 -2.99% -3.48% -2.47% -2.04% 3.83% 4.56% 3.60% 4.05% 2.66% 3.99% 5.07%
Return on Equity Simple (ROE_SIMPLE)		 -3.07% 0.00% -2.50% -2.02% 3.49% 0.00% 3.43% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -32 9.10 9.05 20 21 21 -0.93 26 2.98 38 13
NOPAT Margin		 -11.57% 3.09% 3.17% 7.03% 7.27% 7.10% -0.34% 9.46% 1.06% 13.98% 5.01%
Net Nonoperating Expense Percent (NNEP)		 -0.44% -0.07% -0.11% -0.12% -0.11% -0.11% -0.12% -0.11% -0.04% -0.11% -0.12%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.59% 0.58% - - 1.27% -0.06% 1.54% 0.17% 2.13% 0.75%
Cost of Revenue to Revenue		 14.78% 16.14% 15.51% 15.91% 16.73% -51.23% 18.67% 17.82% 16.67% 19.43% 15.59%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 101.75% 79.15% 80.85% 75.97% 73.93% 143.01% 81.81% 70.35% 80.12% 61.04% 78.97%
Earnings before Interest and Taxes (EBIT)		 -46 14 10 24 27 24 -1.33 33 9.00 53 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -44 27 12 31 28 33 0.40 38 12 58 14
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.97 0.63 0.59 0.55 0.62 0.68 0.97 0.92 0.95 0.92 0.95
Price to Tangible Book Value (P/TBV)		 1.04 0.67 0.62 0.58 0.66 0.71 1.02 0.96 0.99 0.96 0.99
Price to Revenue (P/Rev)		 0.87 0.62 0.57 0.54 0.67 0.71 1.05 1.04 1.10 1.13 1.17
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 18.03 15.43 27.96 23.83 36.79 24.40 19.49
Dividend Yield		 1.06% 1.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 5.55% 6.48% 3.58% 4.20% 2.72% 4.10% 5.13%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.42 0.38 0.40 0.39 0.35 0.35 0.34 0.33 0.32 0.31 0.31
Long-Term Debt to Equity		 0.42 0.38 0.40 0.39 0.35 0.35 0.34 0.33 0.32 0.31 0.31
Financial Leverage		 -3.79 -3.59 -3.54 -3.50 -3.54 -3.45 -3.39 -3.30 -3.21 -3.15 -3.11
Leverage Ratio		 5.47 5.11 5.06 5.01 5.04 4.84 4.76 4.61 4.45 4.32 4.25
Compound Leverage Factor		 6.43 3.58 2.59 3.80 3.97 3.79 22.73 3.87 2.16 3.83 2.74
Debt to Total Capital		 29.66% 27.75% 28.62% 28.19% 25.70% 26.12% 25.57% 24.89% 24.43% 23.76% 23.85%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 29.66% 27.75% 28.62% 28.19% 25.70% 26.12% 25.57% 24.89% 24.43% 23.76% 23.85%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 70.34% 72.25% 71.38% 71.81% 74.30% 73.88% 74.43% 75.11% 75.57% 76.24% 76.15%
Debt to EBITDA		 -76.81 54.56 20.94 16.75 4.34 4.07 4.59 4.26 5.04 3.88 3.44
Net Debt to EBITDA		 696.04 -509.52 -185.47 -148.63 -41.53 -38.30 -43.42 -40.27 -48.64 -37.34 -32.76
Long-Term Debt to EBITDA		 -76.81 54.56 20.94 16.75 4.34 4.07 4.59 4.26 5.04 3.88 3.44
Debt to NOPAT		 -19.40 -38.14 -234.66 261.17 7.13 5.96 7.00 6.40 8.52 6.41 5.20
Net Debt to NOPAT		 175.79 356.14 2,078.26 -2,317.04 -68.28 -56.03 -66.23 -60.51 -82.28 -61.63 -49.56
Long-Term Debt to NOPAT		 -19.40 -38.14 -234.66 261.17 7.13 5.96 7.00 6.40 8.52 6.41 5.20
Altman Z-Score		 1.44 1.46 1.44 1.47 1.49 1.53 1.59 1.62 1.61 1.68 1.66
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 115.90 160.02 128.88 134.78 117.93 142.62 178.25 179.90 154.74 278.90 192.58
Quick Ratio		 115.90 160.02 128.88 134.78 117.93 142.62 178.25 179.90 154.74 278.90 192.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -113 19 -24 17 16 -60 -65 -63 -80 -62 -103
Operating Cash Flow to CapEx		 1,240.90% -224.50% -1,212.17% -737.23% 354.90% -10.08% 0.00% -90,532.26% 862.06% -21,200.00% -9,964.02%
Free Cash Flow to Firm to Interest Expense		 -20.44 2.85 -4.18 2.97 2.84 -11.28 -12.67 -12.05 -15.23 -11.83 -20.27
Operating Cash Flow to Interest Expense		 2.76 -0.49 -2.06 -2.28 2.46 -0.04 -2.25 -5.37 5.19 -2.52 -4.19
Operating Cash Flow Less CapEx to Interest Expense		 2.53 -0.70 -2.23 -2.58 1.77 -0.49 1.42 -5.38 4.59 -2.53 -4.23
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.20 0.20 0.20 0.20 0.20 0.21 0.20 0.20 0.20 0.20 0.20
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 37.51 38.19 38.37 38.13 38.71 38.88 51.12 50.03 50.14 51.51 76.89
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -2,854 -2,877 -2,840 -2,812 -2,849 -2,796 -2,775 -2,723 -2,767 -2,696 -2,659
Invested Capital Turnover		 -0.39 -0.40 -0.40 -0.41 -0.41 -0.41 -0.41 -0.41 -0.40 -0.40 -0.40
Increase / (Decrease) in Invested Capital		 81 -9.93 33 3.61 4.70 81 64 89 83 99 116
Enterprise Value (EV)		 -2,882 -3,286 -3,297 -3,321 -3,311 -3,184 -2,814 -2,827 -2,837 -2,803 -2,727
Market Capitalization		 984 703 655 623 769 814 1,195 1,171 1,233 1,242 1,271
Book Value per Share		 $19.43 $21.82 $21.82 $22.20 $24.07 $23.49 $24.11 $24.86 $25.37 $26.24 $26.04
Tangible Book Value per Share		 $18.14 $20.53 $20.56 $20.97 $22.87 $22.32 $22.98 $23.76 $24.29 $25.19 $25.01
Total Capital		 1,438 1,539 1,559 1,577 1,657 1,627 1,657 1,698 1,726 1,770 1,758
Total Debt		 427 427 446 445 426 425 424 423 422 420 419
Total Long-Term Debt		 427 427 446 445 426 425 424 423 422 420 419
Net Debt		 -3,866 -3,989 -3,953 -3,945 -4,080 -3,997 -4,009 -3,998 -4,071 -4,045 -3,998
Capital Expenditures (CapEx)		 1.23 1.45 0.96 1.74 3.95 2.36 -19 0.03 3.16 0.06 0.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -32 -24 -29 -28 -34 -27 -22 -22 -26 -14 -21
Debt-free Net Working Capital (DFNWC)		 3,679 3,820 3,764 3,811 3,928 3,865 3,929 3,937 4,011 4,008 3,960
Net Working Capital (NWC)		 3,679 3,820 3,764 3,811 3,928 3,865 3,929 3,937 4,011 4,008 3,960
Net Nonoperating Expense (NNE)		 17 2.72 4.42 4.89 4.44 4.51 4.89 4.17 1.53 4.28 4.68
Net Nonoperating Obligations (NNO)		 -3,866 -3,989 -3,953 -3,945 -4,080 -3,997 -4,009 -3,998 -4,071 -4,045 -3,998
Total Depreciation and Amortization (D&A)		 2.20 13 2.05 7.01 1.09 8.91 1.72 4.90 3.29 5.51 -0.03
Debt-free, Cash-free Net Working Capital to Revenue		 -2.84% -2.11% -2.56% -2.48% -2.90% -2.37% -1.94% -1.96% -2.33% -1.31% -1.90%
Debt-free Net Working Capital to Revenue		 325.93% 334.96% 327.21% 332.03% 339.63% 335.01% 344.63% 349.75% 358.37% 365.00% 363.75%
Net Working Capital to Revenue		 325.93% 334.96% 327.21% 332.03% 339.63% 335.01% 344.63% 349.75% 358.37% 365.00% 363.75%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.95) $0.13 $0.09 $0.30 $0.32 $0.32 ($0.11) $0.43 $0.03 $0.64 $0.16
Adjusted Weighted Average Basic Shares Outstanding		 51.84M 52.64M 51.01M 51.06M 51.16M 51.10M 51.19M 51.35M 51.41M 51.34M 51.49M
Adjusted Diluted Earnings per Share		 ($0.95) $0.13 $0.09 $0.30 $0.32 $0.32 ($0.11) $0.42 $0.03 $0.65 $0.16
Adjusted Weighted Average Diluted Shares Outstanding		 52.01M 52.79M 51.15M 51.23M 51.28M 51.27M 51.45M 51.68M 51.76M 51.67M 51.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 50.97M 50.97M 51.01M 51.16M 51.16M 51.16M 51.29M 51.41M 51.41M 51.41M 51.61M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.33 9.19 10 20 22 21 -0.82 25 7.60 37 13
Normalized NOPAT Margin		 -0.48% 3.12% 3.63% 7.02% 7.76% 7.10% -0.30% 9.20% 2.71% 13.68% 5.01%
Pre Tax Income Margin		 -19.43% 3.30% 1.86% 6.17% 7.35% 6.43% -2.33% 9.94% 1.56% 17.31% 3.50%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -8.34 2.08 1.84 4.18 4.70 4.49 -0.26 6.25 1.72 10.08 2.81
NOPAT to Interest Expense		 -5.84 1.36 1.60 3.61 3.66 3.87 -0.18 5.00 0.57 7.22 2.58
EBIT Less CapEx to Interest Expense		 -8.57 1.86 1.67 3.87 4.01 4.05 3.42 6.25 1.12 10.06 2.76
NOPAT Less CapEx to Interest Expense		 -6.06 1.15 1.43 3.30 2.97 3.43 3.49 4.99 -0.03 7.20 2.54
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -25.99% -13.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -188.65% -144.72% 0.00% -133.13% 0.00% -0.02% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

ProAssurance (NYSE: PRA) has shown some earnings improvement late in 2025, but cash flow and operating performance remain mixed across quarters. Below are the most meaningful takeaways from PRA’s quarterly statements over the last four years, focused on the last four years of data you provided.

  • Q4 2025 net income from continuing operations: $34.13 million with basic/diluted EPS of $0.64 / $0.65, signaling a solid quarterly profit at year-end.
  • Q4 2025 gross margin remained strong at about 80% (Total Gross Profit $216.944 million on Operating Revenue $270.509 million), indicating efficient cost of goods and insurance-related revenue capture.
  • Q4 2025 earnings per share improved to $0.64–$0.65 after a weaker start to 2025, suggesting momentum recovery in profitability by year-end.
  • Balance sheet remains solid and leverages modestly for an insurer: Total assets around $5.55 billion in 2025 (Q3), with current assets near $4.04 billion, long-term debt about $0.42 billion, and total equity near $1.3 billion.
  • Revenue levels have fluctuated with no clear, sustained growth over the period (Q4 2025 Total Revenue about $269.3 million vs higher levels in earlier years), suggesting cyclicality tied to insurance premium timing and claims.
  • Operating cash flow has been volatile in 2025: Q3 2025 produced positive net cash from continuing operating activities, while Q1, Q2, and Q4 of 2025 showed negative cash flow from operations, indicating working capital timing effects.
  • Insurance-related liabilities (Asset Retirement Obligation & Litigation Obligation) are material, contributing to sizable noncurrent liabilities (in the low-to-mid trillions in accumulated terms across periods shown as noncurrent obligations) but typical for PRA’s line of business and reserve framework.
  • Q1 2025 net income from continuing operations was negative (-$5.98 million), showing a trough early in 2025 before year-end improvement.
  • Net cash from continuing operating activities was negative in several 2025 quarters (e.g., Q2 2025 around -$28.1 million; Q4 2025 around -$13.1 million), signaling ongoing near-term cash-flow headwinds despite improving profitability.
  • Net Change in Cash & Equivalents was negative in multiple 2025 quarters (for example, Q4 2025 shows a decline of about $17.96 million), implying continued variability in liquidity despite earnings gains.

If you’d like, I can break this down further by year and quarter and add a quick chart showing the trend lines for revenue, net income, and operating cash flow to help visualize PRA’s near-term health and long-term trajectory.

05/09/26 10:16 PM ETAI Generated. May Contain Errors.

ProAssurance Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ProAssurance's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

ProAssurance's net income appears to be on a downward trend, with a most recent value of $50.92 million in 2025, falling from $116.20 million in 2015. The previous period was $52.74 million in 2024. See where experts think ProAssurance is headed by visiting ProAssurance's forecast page.

ProAssurance's total operating income in 2025 was $92.91 million, based on the following breakdown:
  • Total Gross Profit: $898.93 million
  • Total Operating Expenses: $806.02 million

Over the last 10 years, ProAssurance's total revenue changed from $810.04 million in 2015 to $1.10 billion in 2025, a change of 35.6%.

ProAssurance's total liabilities were at $4.10 billion at the end of 2025, a 6.3% decrease from 2024, and a 39.0% increase since 2015.

In the past 10 years, ProAssurance's cash and equivalents has ranged from $29.96 million in 2022 to $241.10 million in 2015, and is currently $36.49 million as of their latest financial filing in 2025.

Over the last 10 years, ProAssurance's book value per share changed from 36.85 in 2015 to 26.24 in 2025, a change of -28.8%.


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Financial statements for NYSE:PRA last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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