PRA

MKT CAP:$1B

ProAssurance Corporation

Market Cap

$1B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$24.56+$0.54 (+2.25%)

Apr 22, 2026

Company Details

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, Segr...

CEO

Edward Lewis Rand Jr.

IPO Date

Sep 4, 1991

Website

www.proassurance.com

Key Metrics TTM

Revenue

$1.1B

-3.9% YoY

Net Income

$51M

EPS (Diluted)

$0.98

Free Cash Flow

-$29M

Revenue / Share

$20.94

Gross Margin

29.6%

Operating Margin

6.6%

Net Margin

4.7%

FCF Margin

-2.7%

P/S

1.2x

P/E

25.0x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 23, 2026

$1.1B-2.7%EPS $0.99

Q4 2025

Feb 23, 2026

$270M-5.1%EPS $0.64

Q3 2025

Nov 4, 2025

$275M-2.0%EPS $0.03

Q2 2025

Aug 5, 2025

$272M-3.4%EPS $0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$275M	$33M	-$6M
Q2 22	$251M	$39M	-$4M
Q3 22	$280M	$47M	-$12M
Q4 22	$296M	$73M	$15M
Q1 23	$274M	$36M	-$8M
Q2 23	$285M	$59M	$14M
Q3 23	$276M	$34M	-$54M
Q4 23	$296M	$66M	$10M
Q1 24	$282M	$53M	$5M
Q2 24	$282M	$62M	$18M
Q3 24	$280M	$72M	$21M
Q4 24	$284M	$66M	$19M
Q1 25	$268M	$46M	-$6M
Q2 25	$272M	$80M	$27M
Q3 25	$275M	$54M	$4M
Q4 25	$270M	$140M	$47M

Valuation

Quarter	P/S	P/E
Q1 22	1.3x	10.8x
Q2 22	1.1x	32.1x
Q3 22	0.9x	58.8x
Q4 22	0.9x	—
Q1 23	0.9x	—
Q2 23	0.7x	86.7x
Q3 23	0.8x	—
Q4 23	0.6x	—
Q1 24	0.6x	—
Q2 24	0.5x	—
Q3 24	0.7x	17.9x
Q4 24	0.7x	15.1x
Q1 25	1.1x	28.2x
Q2 25	1.1x	24.0x
Q3 25	1.1x	36.5x
Q4 25	1.1x	24.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$14M	$13M
Q2 22	-$18M	-$19M
Q3 22	$10M	$9M
Q4 22	-$37M	-$37M
Q1 23	-$30M	-$31M
Q2 23	-$32M	-$33M
Q3 23	$15M	$14M
Q4 23	-$3M	-$5M
Q1 24	-$12M	-$13M
Q2 24	-$13M	-$15M
Q3 24	$14M	$10M
Q4 24	-$238.0K	-$3M
Q1 25	-$12M	-$12M
Q2 25	-$28M	-$28M
Q3 25	$27M	$24M
Q4 25	-$13M	-$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$811.0K
Q2 22	$1M
Q3 22	$1M
Q4 22	$869.0K
Q1 23	$930.0K
Q2 23	$1M
Q3 23	$1M
Q4 23	$1M
Q1 24	$961.0K
Q2 24	$2M
Q3 24	$4M
Q4 24	$2M
Q1 25	$350.0K
Q2 25	$350.0K
Q3 25	$3M
Q4 25	$62.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+29.2%	+37.2%
Q2 22	-7.1%	+40.3%
Q3 22	-4.9%	+3.3%
Q4 22	-0.8%	+8.0%
Q1 23	-0.6%	+0.4%
Q2 23	+13.8%	+6.8%
Q3 23	-1.5%	+13.1%
Q4 23	-0.1%	+1.7%
Q1 24	+2.9%	-2.0%
Q2 24	-1.2%	-2.9%
Q3 24	+1.7%	-21.4%
Q4 24	-3.8%	-7.1%
Q1 25	-4.9%	-0.7%
Q2 25	-3.4%	-7.2%
Q3 25	-2.0%	+4.3%
Q4 25	-5.1%	-16.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	0.5%
Q2 22	$1M	0.4%
Q3 22	$1M	0.5%
Q4 22	$1M	0.4%
Q1 23	$1M	0.4%
Q2 23	$1M	0.4%
Q3 23	$1M	0.5%
Q4 23	$1M	0.5%
Q1 24	$945.0K	0.3%
Q2 24	$1M	0.5%
Q3 24	$2M	0.6%
Q4 24	$2M	0.8%
Q1 25	$2M	0.7%
Q2 25	$2M	0.8%
Q3 25	$2M	0.7%
Q4 25	$2M	0.7%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$72M	$3.9B	$4.0B
Q2 22	$35M	$3.9B	$3.9B
Q3 22	$41M	$3.7B	$3.8B
Q4 22	$30M	$3.7B	$3.7B
Q1 23	$56M	$3.7B	$3.8B
Q2 23	$46M	$3.7B	$3.7B
Q3 23	$62M	$3.6B	$3.7B
Q4 23	$66M	$0	$66M
Q1 24	$65M	$3.7B	$3.8B
Q2 24	$37M	$3.8B	$3.8B
Q3 24	$45M	$4.1B	$4.1B
Q4 24	$55M	$4.0B	$4.1B
Q1 25	$44M	$4.0B	$4.1B
Q2 25	$42M	$4.0B	$4.1B
Q3 25	$54M	$4.1B	$4.1B
Q4 25	$36M	$4.1B	$4.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	54M	+0.1%	+0.3%
Q2 22	54M	+0.1%	+0.3%
Q3 22	54M	-0.1%	+0.1%
Q4 22	54M	-0.0%	+0.0%
Q1 23	54M	+0.0%	-0.0%
Q2 23	54M	-0.4%	-0.5%
Q3 23	52M	-3.5%	-3.9%
Q4 23	51M	-1.6%	-5.5%
Q1 24	51M	-0.0%	-5.5%
Q2 24	51M	+0.1%	-5.0%
Q3 24	51M	+0.1%	-1.4%
Q4 24	51M	+0.3%	+0.5%
Q1 25	51M	+0.1%	+0.6%
Q2 25	52M	+0.5%	+0.9%
Q3 25	52M	+0.2%	+0.9%
Q4 25	52M	+0.1%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$269.8K	1K
Q2 22	$245.5K	1K
Q3 22	$274.2K	1K
Q4 22	$273.1K	1K
Q1 23	$252.8K	1K
Q2 23	$263.3K	1K
Q3 23	$254.7K	1K
Q4 23	$270.2K	1K
Q1 24	$257.5K	1K
Q2 24	$257.5K	1K
Q3 24	$256.4K	1K
Q4 24	$274.4K	1K
Q1 25	$258.7K	1K
Q2 25	$262.7K	1K
Q3 25	$265.3K	1K
Q4 25	$269.6K	1K

Revenue / Employee