The company's underwriting profitability remains structurally impaired, as evidenced by a combined ratio that reached a peak of 151.5% in 2024Q3.
| 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 |
|---|
| Revenue | 32.52M | 36.94M | 66.3M | 89.97M | 101.48M | 115.96M | 103.49M | 94.63M | 94.19M | 96.35M | 104.19M | 83.63M | 69.7M | 43.49M |
| Revenue Growth % | -45.02% | -44.28% | -26.31% | -11.34% | -12.49% | 12.05% | 9.36% | 0.47% | -2.24% | -7.52% | 24.58% | 19.99% | 60.25% | - |
| Medical Costs & Claims | 39.88M | 46.95M | 86.64M | 98.21M | 109.02M | 98.31M | 82.33M | 84.66M | 88.05M | 100.16M | 84.28M | 55.06M | 55.43M | 23.49M |
| Medical Cost Ratio % | 122.64% | 127.08% | 130.68% | 109.16% | 107.43% | 84.78% | 79.56% | 89.46% | 93.48% | 103.96% | 80.9% | 65.84% | 79.52% | 54.01% |
| Gross Profit | -7.36M | -10M | -20.34M | -8.24M | -7.54M | 17.65M | 21.16M | 9.98M | 6.14M | -3.81M | 19.9M | 28.57M | 14.27M | 20M |
| Gross Margin % | -22.64% | -27.08% | -30.68% | -9.16% | -7.43% | 15.22% | 20.44% | 10.54% | 6.52% | -3.96% | 19.1% | 34.16% | 20.48% | 45.99% |
| Gross Profit Growth % | - | 50.82% | -146.84% | -9.28% | -142.72% | -16.56% | 112.02% | 62.59% | 260.91% | -119.16% | -30.33% | 100.13% | -28.64% | - |
| Operating Expenses | 8.87M | 8.29M | 15.74M | 19.39M | 12.95M | 19.36M | 21.39M | 20.46M | 20.33M | 18.73M | 18.24M | 15.57M | 12.72M | 9.7M |
| OpEx / Revenue % | 27.28% | 22.45% | 23.74% | 21.55% | 12.76% | 16.7% | 20.67% | 21.62% | 21.58% | 19.44% | 17.51% | 18.62% | 18.25% | 22.31% |
| Depreciation & Amortization | 254K | 255K | 1.67M | 545K | 417K | 423K | 437K | 453K | 386K | 372K | 401K | 398K | 371K | 268K |
| Combined Ratio % | 149.92% | 149.53% | 154.42% | 130.71% | 120.19% | 101.47% | 100.23% | 111.08% | 115.07% | 123.4% | 98.41% | 84.47% | 97.77% | 76.31% |
| Operating Income | -16.23M | -18.3M | -36.08M | -27.63M | -20.49M | -1.71M | -238K | -10.49M | -14.19M | -22.54M | 1.66M | 12.99M | 1.55M | 10.3M |
| Operating Margin % | -49.92% | -49.53% | -54.42% | -30.71% | -20.19% | -1.47% | -0.23% | -11.08% | -15.07% | -23.4% | 1.59% | 15.53% | 2.23% | 23.69% |
| Operating Income Growth % | - | 49.29% | -30.57% | -34.86% | -1098.25% | -618.49% | 97.73% | 26.1% | 37.05% | -1458.83% | -87.23% | 737.65% | -84.94% | - |
| EBITDA | -15.98M | -18.04M | -34.41M | -27.09M | -20.07M | -1.29M | 199K | -10.03M | -13.8M | -22.17M | 2.06M | 13.39M | 1.92M | 10.57M |
| EBITDA Margin % | -49.14% | -48.84% | -51.9% | -30.11% | -19.78% | -1.11% | 0.19% | -10.6% | -14.66% | -23.01% | 1.98% | 16.01% | 2.76% | 24.3% |
| Interest Expense | 4.62M | 3.19M | 4.88M | 3.21M | 2.97M | 2.85M | 2.92M | 2.88M | 2.64M | 1.36M | 647K | 769K | 584K | 541K |
| Non-Operating Income | -4.62M | -3.19M | -4.88M | -3.21M | -2.97M | -2.85M | -2.92M | -4.25M | -7.37M | -1.85M | 9.65M | 12.14M | 8.19M | 9.48M |
| Pretax Income | -16.23M | -18.3M | -36.08M | -27.63M | -20.12M | -886K | 601K | -9.12M | -9.46M | -22.05M | -8.64M | 83K | -7.22M | 283K |
| Pretax Margin % | -49.92% | -49.53% | -54.42% | -30.71% | -19.83% | -0.76% | 0.58% | -9.64% | -10.05% | -22.89% | -8.3% | 0.1% | -10.36% | 0.65% |
| Income Tax | 103K | 141K | -1.84M | -353K | -9.44M | 208K | 6K | -913K | 52K | -447K | -77K | 48K | -281K | 3K |
| Effective Tax Rate % | -0.63% | -0.77% | 5.1% | 1.28% | 46.92% | -23.48% | 1% | 10.01% | -0.55% | 2.03% | 0.89% | 57.83% | 3.89% | 1.06% |
| Net Income | -16.34M | -18.44M | 24.35M | -25.9M | -10.68M | -1.09M | 595K | -7.82M | -9.23M | -21.54M | -8.44M | 64K | -6.93M | 349K |
| Net Margin % | -50.24% | -49.91% | 36.72% | -28.79% | -10.53% | -0.94% | 0.57% | -8.27% | -9.8% | -22.36% | -8.1% | 0.08% | -9.95% | 0.8% |
| Net Income Growth % | -166.31% | -175.73% | 193.99% | -142.52% | -876.33% | -283.87% | 107.61% | 15.23% | 57.17% | -155.33% | -13282.81% | 100.92% | -2087.11% | - |
| EPS (Diluted) | -9.36 | -10.57 | 13.51 | -14.84 | -7.00 | -0.77 | 0.43 | -6.16 | -7.56 | -19.18 | -7.77 | -0.63 | -7.91 | 0.38 |
| EPS Growth % | -171.18% | -178.24% | 191.04% | -112% | -809.09% | -277.99% | 107.02% | 18.52% | 60.58% | -146.85% | -1133.33% | 92.04% | -2173.39% | - |
| EPS (Basic) | - | -10.57 | 13.51 | -14.84 | -7.00 | -0.77 | 0.43 | -6.16 | -7.56 | -19.18 | -7.77 | -0.63 | -7.91 | 0.38 |
| Diluted Shares Outstanding | 1.75M | 1.75M | 1.75M | 1.75M | 1.53M | 1.38M | 1.38M | 1.27M | 1.22M | 1.12M | 1.09M | 767.14K | 914.76K | 914.76K |
Catastrophic underwriting loss volatility
As evidenced by the consistent quarterly revenue decline, with the most recent period showing a 38.5% year-over-year contraction, Presurance Holdings appears to be experiencing a structural loss of market share that warrants significant concern regarding the long-term viability of its current underwriting footprint and geographic strategy.
The sustained downward trend in top-line revenue suggests that the company is either intentionally retreating from high-risk markets or losing its competitive positioning to more efficient peers. Investors should monitor whether this contraction is a managed de-risking effort or an involuntary loss of capacity due to regulatory or reinsurance constraints.
Based on reported financial statements, the combined ratio has frequently breached the 100% threshold, peaking at 151.5% in 2024Q3, which indicates that the core underwriting business is currently failing to generate an operating profit and remains heavily dependent on external capital to cover claims and expenses.
The volatility in the loss ratio suggests that the company's pricing models may be failing to account for the severity of recent catastrophe events. This persistent inability to maintain a sub-100% combined ratio implies that the firm's niche focus is not currently yielding the expected margin benefits.
According to historical data, the extreme fluctuations in loss ratios, such as the drop to 2.6% in 2024Q4 followed by a return to higher levels, suggest that prior-year reserve adjustments may be significantly distorting the visibility of current period underwriting performance for external stakeholders.
Such erratic shifts in loss reporting often indicate that the company is struggling to accurately estimate the ultimate cost of claims. This lack of consistency makes it difficult to determine if the current underwriting book is actually improving or if the company is simply shifting liabilities between reporting periods.
While the company maintains a cash position of $27.3M, the recurring net losses, including the $17.0M loss in 2025Q4, suggest that the current capital runway may be shorter than anticipated if the underwriting losses continue to outpace the company's ability to retain premiums.
The market may be overestimating the company's ability to survive a prolonged hard market cycle given the current burn rate. Further investigation into the adequacy of the reinsurance tower is required to ensure that a single major event does not lead to a total exhaustion of the remaining capital.
Quick answers to the most common questions about buying PRHI stock.
For fiscal year 2025, Presurance Holdings, Inc. (PRHI) reported total revenue of $36.9M. This represents a 15.1% decline compared to $43.5M in 2013.
Presurance Holdings, Inc. (PRHI) reported a net loss of $18.4M for the fiscal year ending 2025.
Presurance Holdings, Inc. (PRHI) reported an operating income of $-18.3M, resulting in an operating profit margin of -49.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Presurance Holdings, Inc. (PRHI) generated $-10.0M in gross profit for the year, representing a gross profit margin of -27.1%. This demonstrates the company's core pricing power and production efficiency.