PROASSURANCE CORP

PRA

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. It operates through three segments: Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Corporate.

About the company

Country: United StatesPrice: $25.00Market Cap: $1.3B

Investment snapshot

13%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

$10.74

-57.0% vs price

Models with upside

0 / 16

Positive margin of safety

Key risk

All 4 investors flag PRA's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL	PASS	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)		N/A	N/A	N/A		N/A				N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	-3.4%	N/A	N/A	N/A	-287.6%	N/A	-413.3%	-17.5%	-159.6%	N/A	-111.0%	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-03-31 · Annual history · FY 2025 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-23 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-03-31 · TTM ended 2026-03-31 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-23 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-08-01 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-23 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-03-31 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-23 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-08-01 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-08-01 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-23 Score computed: 2026-11-14	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Price history 2025-01-01–2026-08-01 · Annual history · FY 2025 Latest source filing: 2026-05-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-23 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-05 Score computed: 2026-11-14	TTM ended 2026-03-31 · Annual history · FY 2025 · Price history 2025-01-01–2026-08-01 Latest source filing: 2026-05-05 Score computed: 2026-11-14

Where It Passes

Where It Falls Short

Efficiency0% pass✗ 5▾
All 4 investors flag PRA's efficiency
Revenue / Total Assets Change YoY0.21x -> 0.20x
✗PiotroskiImproved YoY
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Valuation models0% pass✗ 6▾
PRA overvalued: all 6 models price fair value below $25.00 (median $10.74)
Graham fair value$24.18
✗Graham-3.4% margin vs $25.00
Dreman fair value$6.45
✗Dreman-287.6% margin vs $25.00
Pabrai fair value$4.87
✗Pabrai-413.3% margin vs $25.00
Akre fair value$21.27
✗Akre-17.5% margin vs $25.00
Marks fair value$9.63
✗Marks-159.6% margin vs $25.00
Templeton fair value$11.85
✗Templeton-111.0% margin vs $25.00
Profitability13% pass✓ 7✗ 25▾
13 of 15 flag PRA's profitability — Graham, Buffett, Lynch +10 more
Net income / market capitalization+5.05%; #1673/6340 (top 26.4%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)18/26 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)23/26 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)2.9%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$10.1M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 25.3x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-22.0%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE4.9%
✗Lynch> 15%
Net Income / Total Assets0.93%
✓PiotroskiROA > 0
ROA Change YoY0.95% -> 0.93% (delta: -0.01%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-0.47%, ROA=0.93%
✗PiotroskiCFO/Assets > ROA
Pre-Tax Income / Revenue8.0%
✓Dreman>= 8%
Net Income / Shareholders' Equity4.9%
✗Dreman> 12%
Margin of SafetyP/E=25.3x, P/B=1.0x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity1.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-287.6% (IV=$6.45 vs Price=$25.00)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency23/26 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity4.9%
✗Ackman>= 15%
5-Year EPS CAGR-22.0% CAGR over 4 years
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+4.87%; #2474/5226 (top 47.3%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0102; #837/5884 (top 14.2%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR-22.0% over 4 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years7/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Growth13% pass✓ 1✗ 11▾
7 of 8 flag PRA's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 25.3x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-22.0%
✗Lynch15-30% (Fast Grower); > 0% to pass
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency23/26 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth1.2%
✗Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR-22.0% CAGR over 4 years
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR4.6%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR-22.0% over 4 years
✗Neff7%-20% annualized
Verdicts15% pass✓ 2✗ 11▾
Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS
Overall verdict
✗GrahamFAIL (2/7)✗BuffettFAIL (0/7)✗LynchFAIL (1/6)✗PiotroskiFAIL (F-Score 1)✓DremanPASS (4/10)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (5/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation17% pass✓ 9✗ 17▾
10 of 12 flag PRA's valuation — Graham, Lynch, Dreman +7 more
Price / Book Value per Share1.0x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+5.05%; #1673/6340 (top 26.4%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS58.1x
✗Graham<= 15x
Price-to-Book Ratio1.0x
✓Graham<= 1.5x
P/E x P/B55.40
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 25.3x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
Price / EPS25.3x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Valuation ReasonablenessP/E=25.3x, OE Yield=5.0%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=25.3x
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=25.3x, P/B=1.0x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-287.6% (IV=$6.45 vs Price=$25.00)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+1.0377; #1426/6449 (top 22.1%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS25.3x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E-0.87
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.96x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+4.8%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.8437; #1973/5247 (top 37.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow20% pass✓ 2✗ 10▾
8 of 10 flag PRA's cash flow — Buffett, Lynch, Piotroski +5 more
Free Cash Flow Proxy$10.1M
✗BuffettPositive and growing
FCF Positive and Growing$138.6M
✗LynchPositive and growing
Operating Cash Flow$-25.6M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-0.47%, ROA=0.93%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldP/E=25.3x
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive7/7 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency20/24 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Debt & Leverage36% pass✓ 6✗ 7▾
7 of 11 flag PRA's debt & leverage — Buffett, Lynch, Piotroski +4 more
Debt Levels0.31
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Debt/Equity & Interest CoverageD/E: 0.31, IC: 4.8x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.31
✓Lynch< 0.33
Cash - Long-term Debt$-405.3M
✗LynchPositive preferred
LT Debt / Total Assets Change7.62% -> 7.72%
✗PiotroskiDecreased YoY
Total Debt / Shareholders' Equity0.31
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=4.8x, D/EBITDA=4.0x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.31
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.3132; #2036/4210 (top 48.4%)
✗AsnessTop 30% of eligible cross-section
Current Assets / Current Liabilities
✗SchlossCurrent ratio >= 1.50x (app cutoff)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Insurance

SIC Sector: Insurance Carriers

Size: Small Cap($1.3B)

Revenue: $1.1B-4.6% YoY

Net Income: $50.9M-3.5% YoY

Financial Snapshot

Operating Margin--

Return on Equity3.8%

Debt / Equity0.31

Current Ratio--

EPS (Diluted)$0.99−3.9% 1y

Shares Retired−0.5% / −0.9% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC

$365.1B

PGRPROGRESSIVE CORP/OH/

$136.6B

MRSHMARSH & MCLENNAN COMPANIES, INC.

$98.8B

CILJFCHINA LIFE INSURANCE CO LTD

$85.1B

Sector-adjusted criteria: Insurer

Insurers file unclassified balance sheets with no inventory or current accounts, so those criteria are omitted rather than failed for missing data. Return-on-invested-capital tests are omitted too: float funds the balance sheet but never appears in invested capital, and the portfolio it is invested in would be subtracted as spare cash. Debt tests are kept — an insurer’s borrowings are real leverage on top of underwriting.

Shareholder Return

Fiscal 2025

Issued 0.5% of shares last year, 0.9% issued over two.

Buybacks: —
Dividends: $0

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25

−3.9% = −3.5% + −0.4%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-03-31 2025-04-01 – 2026-03-31 Sources · derived quarter values 10-Q · 2025-08-05 10-Q · 2025-11-04 10-K · 2026-02-23 10-Q · 2026-05-05 Derived from cumulative filings: operating cash flow, re sale gains, revenue, net income, pre tax income.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-05	FY 2025 Sources 10-K · 2026-02-23	FY 2024 Sources 10-K · 2025-02-24	FY 2023 Sources 10-K · 2024-02-27	FY 2022 Sources 10-K · 2023-02-27	FY 2021 Sources 10-K · 2022-02-22
Market Cap	$1.3Bcurrent	--	$1.2Best.	$765.3Mest.	$686.1Mest.	$1.0Best.	$1.3Best.
Revenue	$1.1B↓4%	$262.6M↓3%	$1.1B↓5%	$1.2B↑1%	$1.1B↑3%	$1.1B↓2%	$1.1B
Operating Income	--	--	--	--	--	--	--
Net Income	$65.2M↑54%	$8.5M↑245%	$50.9M↓3%	$52.7M↑237%	-$38.6M↓9503%	-$402.0K↓100%	$144.1M
EPS (Diluted)	--	$0.16↑245%	$0.99↓4%	$1.03↑241%	$-0.73↓7200%	$-0.01↓100%	$2.67
Gross Margin	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—
ROE	4.9%↑42%	—	3.8%↓14%	4.4%↑226%	-3.5%↓9434%	-0.0%↓100%	10.1%
Total Debt	$419.3M↓1%	$419.3M↓1%	$420.4M↓1%	$424.9M↓1%	$427.1M	$427.0M	$425.0M
Shareholders' Equity	$1.3B↑9%	$1.3B↑9%	$1.3B↑12%	$1.2B↑8%	$1.1B↑1%	$1.1B↓23%	$1.4B
Current Ratio	—	—	—	—	—	—	—
Debt / Equity	0.31↓9%	0.31↓9%	0.31↓12%	0.35↓8%	0.38↓1%	0.39↑30%	0.30
Operating Cash Flow	-$35.3M↓231%	-$21.3M↓84%	-$25.6M↓139%	-$10.7M↑79%	-$49.9M↓67%	-$29.8M↓140%	$74.0M
Free Cash Flow	--	--	--	--	--	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Insurance

PRA vs Peers — Financial Grading

Revenue$1.1BBottom 25%

Net Income$50.9MBottom 25%

ROE3.8%Bottom 25%

D/E0.31Median

Op. Margin—

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
UNITEDHEALTH GROUP INCUNH	$365.1B	$407.46	$447.6B	$12.1B	12.0%	0.78	4.2%	0.79	3/7	4/7	2/6	F-Score 6	3/10
PROGRESSIVE CORP/OH/PGR	$136.6B	$235.78	$87.7B	$11.3B	37.3%	0.23	—	—	2/7	2/7	4/6	F-Score 6	8/10
MARSH & MCLENNAN COMPANIES, INC.MRSH	$98.8B	$207.78	$27.0B	$4.2B	27.2%	1.28	23.1%	1.10	3/7	3/7	2/6	F-Score 6	5/10
CHINA LIFE INSURANCE CO LTDCILJF	$85.1B	$3.01	—	—	—	—	—	—	5/7	1/7	3/6	F-Score 5	5/10
Aon plcAON	$71.8B	$338.31	$17.2B	$3.7B	39.5%	1.63	25.3%	1.11	2/7	4/7	3/6	F-Score 6	3/10
HUMANA INCHUM	$54.0B	$450.00	$129.7B	$1.2B	6.7%	0.70	2.1%	2.00	3/7	2/7	1/6	F-Score 4	4/10
SUN LIFE FINANCIAL INCSLF	$40.5B	$72.93	$30.6B	$2.6B	14.5%	0.33	—	—	3/7	3/7	2/6	F-Score 6	6/10
HARTFORD INSURANCE GROUP, INC.HIG	$36.8B	$137.48	$28.4B	$3.8B	20.2%	0.23	—	—	3/7	3/7	4/6	F-Score 7	8/10