Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 10.6x · 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 | $9.5B | $8.4B | $9.3B | $7.4B | $5.4B | $6.1B | $5.4B | $5.5B | $4.3B | $4.6B | $3.3B |
| Enterprise Value | $10.6B | $9.5B | $10.5B | $8.8B | $7.0B | $7.7B | $6.6B | $6.9B | $5.4B | $5.5B | $3.9B |
| P/E Ratio → | 13.21 | 11.28 | 19.80 | 12.91 | 11.50 | 16.27 | 13.99 | 15.15 | 13.26 | 13.34 | 15.07 |
| P/S Ratio | 2.94 | 2.62 | 3.00 | 2.70 | 2.03 | 2.24 | 2.43 | 2.69 | 2.26 | 2.75 | 2.16 |
| P/B Ratio | 4.04 | 3.45 | 4.11 | 3.59 | 2.66 | 2.91 | 2.93 | 3.34 | 2.94 | 3.27 | 2.69 |
| P/FCF | 10.79 | 9.59 | 11.15 | 11.26 | 7.38 | 9.61 | 8.74 | 12.01 | 9.25 | 12.15 | 11.78 |
| P/OCF | 10.48 | 9.31 | 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 | 10.63 | 9.57 | 10.96 | 11.00 | 9.30 | 11.47 | 12.60 | 13.89 | 11.76 | 12.97 | 16.86 |
| EV / EBIT | 10.84 | 9.52 | 10.94 | 11.07 | 9.38 | 11.46 | 12.34 | 13.60 | 3.34 | 3.74 | 10.24 |
| EV / FCF | — | 10.79 | 12.66 | 13.42 | 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% | 20.1% | 16.3% | 14.6% | 14.2% | 12.5% | 12.9% | 13.9% | 14.8% | 9.1% |
| ROCE | 6.9% | 6.9% | 6.5% | 5.2% | 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 | 0.69 | 0.78 | 0.79 | 0.67 | 0.82 | 0.74 | 0.58 | 0.54 |
| Net Debt / EBITDA | 1.07 | 1.07 | 1.31 | 1.78 | 2.12 | 2.45 | 2.34 | 2.73 | 2.36 | 1.97 | 2.84 |
| Debt / FCF | — | 1.21 | 1.52 | 2.17 | 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 | 9.64 | 71.34 | — | — | — | — | 21.50 | 88.68 | 76.03 |
| Quick Ratio | 6.59 | 6.59 | 9.64 | 296.45 | — | — | — | — | 23.12 | 286.28 | 267.79 |
| Cash Ratio | 2.67 | 2.67 | 3.45 | 71.34 | — | — | — | — | 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 | 1.4% | 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 | 7.6% | 8.9% | 5.1% | 7.7% | 8.7% | 6.1% | 7.1% | 6.6% | 7.5% | 7.5% | 6.6% |
| FCF Yield | 9.3% | 10.4% | 9.0% | 8.9% | 13.5% | 10.4% | 11.4% | 8.3% | 10.8% | 8.2% | 8.5% |
| Buyback Yield | 4.7% | 5.3% | 4.6% | 5.1% | 6.6% | 0.3% | 4.3% | 4.1% | 4.9% | 3.2% | 4.6% |
| Total Shareholder Yield | 6.1% | 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 |
Regulatory Compensation Model Shifts
With a P/B ratio of 3.79 as of the most recent data, Primerica trades at a significant premium to traditional life insurers, suggesting that investors are pricing in the unique, capital-light efficiency of its massive, decentralized sales force rather than just book value growth.
The elevated P/B multiple appears to be a direct reflection of the company's ability to generate high returns on equity without the heavy capital requirements associated with spread-based products. Investors should monitor whether this valuation premium remains sustainable if the company's expansion into the more volatile Senior Health segment begins to compress overall ROE expectations.
As evidenced by the reported combined ratio of 70.9% in 2026Q1, Primerica continues to demonstrate superior underwriting discipline, consistently maintaining profitability levels that significantly outperform the industry standard of 100% for underwriting break-even.
The trajectory of the combined ratio suggests that the company's core term life business remains a highly efficient engine for generating underwriting profit. While the loss ratio has shown notable variance, the overall stability of the combined ratio indicates that management is successfully offsetting claims volatility through rigorous expense management and product pricing.
Based on financial disclosures, Primerica maintains a lean capital structure with a D/E ratio of 0.70 in 2026Q1, indicating that the company operates with minimal financial leverage compared to peers who rely on debt-funded asset accumulation to drive returns.
This conservative leverage profile appears to be a strategic choice that aligns with the company's focus on fee-based and commission-driven revenue streams. The lack of significant debt suggests that the company is well-positioned to navigate potential interest rate volatility without the pressure of servicing heavy interest obligations.
The P/E ratio is frequently misapplied to Primerica, as it obscures the significant impact of non-cash DAC amortization and reserve adjustments that can create artificial volatility in reported net income, thereby misrepresenting the company's true underlying cash-generating capacity.
Analysts should prioritize P/B and ROE metrics, as these better capture the value of the company's invested assets and the efficiency of its capital-light distribution model. Relying on P/E may lead to an incomplete assessment of the company's long-term earnings power, particularly given the accounting nuances inherent in the life insurance sector.
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 13.2x. The historical average is 13.6x. This places it at the 44th percentile of its historical range.
Primerica, Inc.'s current EV/EBITDA is 10.6x. 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 13.2x. This is at the 44th 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 1.38% 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.