ProAssurance (PRA) Financials

$23.16 -0.14 (-0.58%)

Closing price 04/17/2025 03:59 PM Eastern

Extended Trading

$23.19 +0.04 (+0.15%)

As of 04/17/2025 04:07 PM Eastern

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-153	107	104	977	47	90	-176	144	-0.40	-39	53
Consolidated Net Income / (Loss)	197	116	104	977	47	1.00	-176	144	-0.40	-39	53
Net Income / (Loss) Continuing Operations	-153	107	104	977	47	90	-176	144	-0.40	-39	53
Total Pre-Tax Income	262	129	176	129	29	-29	-217	147	-6.22	-39	63
Total Operating Income	-107	181	155	999	45	30	-219	68	14	-16	85
Total Gross Profit	471	399	826	1,719	752	1,059	730	190	934	974	970
Total Revenue	834	810	826	1,719	886	999	858	1,124	1,108	1,140	1,154
Operating Revenue	834	810	835	1,732	887	990	859	1,100	1,108	1,140	1,154
Total Cost of Revenue	363	411	0.00	0.00	134	-60	127	910	174	166	184
Operating Cost of Revenue	363	411	-	-	134	-60	127	910	174	166	184
Total Operating Expenses	577	218	671	721	707	1,029	949	123	920	990	884
Amortization Expense	-	80	88	96	105	115	111	111	133	135	135
Other Operating Expenses / (Income)	576	0.85	443	485	603	913	677	12	785	808	746
Impairment Charge	1.21	-	-	-	0.00	-	161	0.00	1.77	47	3.30
Total Other Income / (Expense), net	19	-62	-26	-0.68	-16	0.00	0.18	79	-20	-23	-22
Interest Expense	14	15	15	17	16	-	16	20	20	23	22
Income Tax Expense	65	13	25	21	-18	-60	-41	2.48	-5.81	-0.55	10
Basic Earnings per Share	$3.32	$2.12	$2.84	$2.01	$0.88	$0.02	($3.26)	$2.67	($0.01)	($0.73)	$1.03
Weighted Average Basic Shares Outstanding	59.29M	54.80M	53.22M	53.39M	53.60M	53.74M	53.86M	53.96M	54.01M	52.64M	51.10M
Diluted Earnings per Share	$3.30	$2.11	$2.83	$2.00	$0.88	$0.02	($3.26)	$2.67	($0.01)	($0.73)	$1.03
Weighted Average Diluted Shares Outstanding	59.53M	55.02M	53.45M	53.61M	53.75M	53.84M	53.91M	54.06M	54.14M	52.79M	51.27M
Weighted Average Basic & Diluted Shares Outstanding	-	53.08M	53.26M	53.46M	-	53.84M	53.91M	54.06M	53.96M	50.97M	51.16M
Cash Dividends to Common per Share	$3.86	$2.24	$5.93	$5.93	$1.74	$1.24	$0.46	$0.20	$0.20	$0.05	$0.00

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 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-9.13	14	-6.17	11	-49	6.38	4.36	16	16	16
Consolidated Net Income / (Loss)	-9.13	14	-6.17	11	-49	6.38	4.63	16	16	16
Net Income / (Loss) Continuing Operations	-9.13	14	-6.17	11	-49	6.38	4.36	16	16	16
Total Pre-Tax Income	-12	15	-8.35	14	-54	9.73	5.32	18	21	19
Total Operating Income	1.98	-1.53	-2.88	19	-46	14	11	24	27	24
Total Gross Profit	37	426	241	250	237	247	46	244	239	441
Total Revenue	273	283	276	292	278	295	285	290	287	291
Operating Revenue	281	274	276	292	278	294	285	291	287	291
Total Cost of Revenue	244	-152	35	42	41	48	239	46	48	-149
Operating Cost of Revenue	244	-152	35	42	41	48	239	46	48	-149
Total Operating Expenses	35	428	243	231	283	233	35	221	212	417
Amortization Expense	35	31	33	35	33	34	34	34	32	36
Other Operating Expenses / (Income)	0.62	395	208	196	206	199	1.02	187	178	380
Total Other Income / (Expense), net	-14	16	-5.46	-5.50	-8.22	-3.97	-5.93	-5.65	-5.70	-5.07
Interest Expense	5.51	5.50	5.46	5.50	5.51	6.67	5.66	5.65	5.70	5.34
Income Tax Expense	-2.67	0.81	-2.17	2.93	-4.66	3.36	0.69	2.42	4.66	2.56
Basic Earnings per Share	($0.17)	$0.26	($0.11)	$0.20	($0.95)	$0.13	$0.09	$0.30	$0.32	$0.32
Weighted Average Basic Shares Outstanding	53.99M	54.01M	53.99M	53.82M	51.84M	52.64M	51.01M	51.06M	51.16M	51.10M
Diluted Earnings per Share	($0.17)	$0.26	($0.11)	$0.20	($0.95)	$0.13	$0.09	$0.30	$0.32	$0.32
Weighted Average Diluted Shares Outstanding	54.12M	54.14M	54.12M	53.92M	52.01M	52.79M	51.15M	51.23M	51.28M	51.27M
Weighted Average Basic & Diluted Shares Outstanding	53.96M	53.96M	54.03M	52.06M	50.97M	50.97M	51.01M	51.16M	51.16M	51.16M

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	68	44	-124	17	-54	95	40	-72	-114	36	-11
Net Cash From Operating Activities	96	111	179	173	177	148	92	74	-30	-50	-11
Net Cash From Continuing Operating Activities	96	111	179	173	177	148	92	74	-30	-50	-11
Net Income / (Loss) Continuing Operations	197	116	151	107	47	1.00	-176	144	-0.40	-39	53
Consolidated Net Income / (Loss)	197	116	151	107	47	1.00	-176	144	-0.40	-39	53
Depreciation Expense	6.96	36	33	29	21	19	21	37	38	26	18
Amortization Expense	33	-5.60	-2.42	-3.45	-3.86	-1.45	8.37	-12	0.79	-2.19	1.31
Non-Cash Adjustments To Reconcile Net Income	-20	46	-27	-34	70	-61	190	-163	67	40	38
Changes in Operating Assets and Liabilities, net	-120	-82	25	75	43	191	49	67	-136	-75	-120
Net Cash From Investing Activities	267	228	-289	200	215	51	-8.48	-86	-62	141	11
Net Cash From Continuing Investing Activities	267	228	-289	200	215	51	-8.48	-86	-62	141	11
Purchase of Property, Plant & Equipment	-2.88	-9.52	-11	-10	-9.64	-9.59	-7.48	-3.84	-4.35	-4.79	-9.02
Purchase of Investments	-790	-886	-1,091	-873	-1,055	-849	-1,022	-1,669	-682	-462	-782
Sale and/or Maturity of Investments	1,004	1,197	859	1,141	1,363	969	1,076	1,829	672	639	826
Other Investing Activities, net	30	-74	-46	-57	-84	-60	-55	-20	-48	-32	-24
Net Cash From Financing Activities	-295	-295	-14	-357	-446	-104	-43	-61	-22	-55	-11
Net Cash From Continuing Financing Activities	-295	-295	-14	-357	-446	-104	-43	-61	-22	-55	-11
Repayment of Debt	-4.42	-5.29	-2.97	-85	-129	-5.56	-2.44	-36	1.14	-253	-1.29
Repurchase of Common Equity	-222	-173	-2.11	-	-1.01	-5.02	0.00	0.00	-3.25	-50	0.01
Payment of Dividends	-71	-218	-119	-315	-316	-93	-39	-14	-11	-5.38	0.00
Issuance of Debt	0.00	100	100	40	-	-	-	0.00	0.00	250	-4.69
Issuance of Common Equity	-	-	9.95	2.94	-	-	-2.35	-	-8.93	3.50	-5.01
Cash Interest Paid	13	14	15	16	16	14	15	15	20	22	23
Cash Income Taxes Paid	23	43	-8.68	17	5.73	2.75	-8.83	-9.51	2.34	-11	1.37

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 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	6.54	-11	26	-10	16	3.79	-0.50	-29	8.42	9.58
Net Cash From Operating Activities	10	-37	-30	-32	15	-3.24	-12	-13	14	-0.24
Net Cash From Continuing Operating Activities	10	-37	-30	-32	15	-3.24	-12	-13	14	-0.24
Net Income / (Loss) Continuing Operations	-9.13	14	-6.17	11	-49	6.38	4.63	16	16	16
Consolidated Net Income / (Loss)	-9.13	14	-6.17	11	-49	6.38	4.63	16	16	16
Depreciation Expense	9.64	8.02	7.68	5.95	6.45	5.93	5.33	4.43	3.88	4.11
Amortization Expense	-1.90	6.87	-5.83	0.98	-4.26	6.92	-3.28	2.58	-2.79	4.80
Non-Cash Adjustments To Reconcile Net Income	-3.47	19	31	-81	59	32	-3.18	-45	61	25
Changes in Operating Assets and Liabilities, net	15	-85	-56	31	3.93	-54	-15	9.51	-65	-50
Net Cash From Investing Activities	-0.64	30	60	46	31	3.80	12	-14	-3.75	16
Net Cash From Continuing Investing Activities	-0.64	30	60	46	31	3.80	12	-14	-3.75	16
Purchase of Property, Plant & Equipment	-1.25	-0.87	-0.93	-1.19	-1.23	-1.45	-0.96	-1.74	-3.95	-2.36
Purchase of Investments	-160	-133	-81	-69	-145	-167	-248	-235	-188	-111
Sale and/or Maturity of Investments	184	179	145	124	177	193	266	226	192	142
Other Investing Activities, net	-24	-15	-3.32	-7.66	0.27	-21	-4.79	-3.12	-4.60	-11
Net Cash From Financing Activities	-3.17	-4.65	-3.35	-25	-31	3.23	-0.97	-1.58	-1.85	-6.58
Net Cash From Continuing Financing Activities	-3.17	-4.65	-3.35	-25	-31	3.23	-0.97	-1.58	-1.85	-6.58
Repayment of Debt	-0.06	-0.01	-0.64	-2.07	-0.02	-250	-0.97	-1.58	-1.85	3.11
Repurchase of Common Equity	-3.25	-	-	-	-31	-	-	-	-	0.01
Issuance of Common Equity	-	-	-	-	-	-	-	-	-	-5.01

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	5,169	4,906	5,065	4,929	4,601	4,806	4,655	6,191	5,700	5,632	5,574
Total Current Assets	3,473	3,121	3,173	134	80	2,851	3,011	4,194	3,748	3,844	3,892
Cash & Equivalents	197	241	117	134	80	175	216	144	30	66	55
Short-Term Investments	3,276	2,880	3,055	-	-	2,676	2,795	4,051	3,718	3,778	3,837
Plant, Property, & Equipment, net	40	38	32	32	31	30	31	30	30	30	30
Total Noncurrent Assets	1,656	1,747	1,861	4,763	4,489	1,924	1,613	1,967	1,922	1,759	1,653
Long-Term Investments	733	771	870	3,687	3,349	714	594	778	670	572	530
Noncurrent Note & Lease Receivables	447	476	502	-	-	653	601	707	693	467	656
Goodwill	211	211	211	211	211	211	50	50	50	5.50	5.50
Intangible Assets	101	92	84	83	77	71	66	73	67	60	54
Noncurrent Deferred & Refundable Income Taxes	0.00	15	10	9.93	29	44	57	118	210	186	164
Other Noncurrent Operating Assets	164	182	183	773	823	231	246	241	233	468	243
Total Liabilities & Shareholders' Equity	5,169	4,906	5,065	4,929	4,601	4,806	4,655	6,191	5,700	5,632	5,574
Total Liabilities	3,011	2,948	3,266	3,334	3,078	3,294	3,306	4,763	4,596	4,520	4,373
Total Current Liabilities	17	30	30	2,485	2,591	53	40	23	29	24	27
Other Current Liabilities	17	30	30	2,485	2,591	53	40	23	29	24	27
Total Noncurrent Liabilities	2,994	2,918	3,236	849	487	3,241	3,266	4,740	4,567	4,496	4,345
Long-Term Debt	250	348	448	412	288	286	285	425	427	427	425
Asset Retirement Reserve & Litigation Obligation	2,058	2,005	1,993	-	-	2,347	2,417	3,580	3,471	3,401	3,258
Other Noncurrent Operating Liabilities	667	564	795	438	199	608	564	736	649	668	663
Total Equity & Noncontrolling Interests	2,158	1,958	1,799	1,595	1,523	1,512	1,349	1,428	1,104	1,112	1,202
Total Preferred & Common Equity	2,158	1,958	1,799	1,595	1,523	1,512	1,349	1,428	1,104	1,112	1,202
Total Common Equity	2,158	1,958	1,799	1,595	1,523	1,512	1,349	1,428	1,104	1,112	1,202
Common Stock	360	366	377	384	385	385	389	394	399	404	409
Retained Earnings	1,992	1,988	1,824	1,614	1,572	1,506	1,301	1,434	1,423	1,382	1,435
Treasury Stock	-252	-420	-420	-418	-417	-416	-416	-416	-419	-470	-470
Accumulated Other Comprehensive Income / (Loss)	58	24	17	15	-17	37	75	16	-299	-204	-172

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
Total Assets	5,783	5,748	5,657	5,574	5,650	5,615	5,732
Total Current Assets	3,805	3,822	3,760	3,711	3,794	3,840	3,962
Cash & Equivalents	41	56	46	62	65	37	45
Short-Term Investments	3,764	3,766	3,714	3,649	3,728	3,803	3,917
Plant, Property, & Equipment, net	30	30	30	30	30	30	30
Total Noncurrent Assets	1,948	1,895	1,868	1,833	1,827	1,745	1,741
Long-Term Investments	622	616	602	582	605	549	544
Noncurrent Note & Lease Receivables	750	729	452	724	719	704	733
Goodwill	50	50	50	5.50	5.50	5.50	5.50
Intangible Assets	68	65	64	62	59	57	56
Noncurrent Deferred & Refundable Income Taxes	218	202	202	214	185	183	157
Other Noncurrent Operating Assets	241	234	498	246	254	246	245
Total Liabilities & Shareholders' Equity	5,783	5,748	5,657	5,574	5,650	5,615	5,732
Total Liabilities	4,717	4,610	4,538	4,562	4,537	4,483	4,501
Total Current Liabilities	38	26	27	32	29	28	34
Other Current Liabilities	38	26	27	32	29	28	34
Total Noncurrent Liabilities	4,679	4,583	4,511	4,530	4,508	4,454	4,468
Long-Term Debt	426	428	426	427	428	427	426
Asset Retirement Reserve & Litigation Obligation	3,545	3,469	3,421	3,396	3,383	3,368	3,340
Other Noncurrent Operating Liabilities	708	686	664	708	679	642	702
Total Equity & Noncontrolling Interests	1,066	1,138	1,120	1,012	1,113	1,132	1,231
Total Preferred & Common Equity	1,066	1,138	1,120	1,012	1,113	1,132	1,231
Total Common Equity	1,066	1,138	1,120	1,012	1,113	1,132	1,231
Common Stock	397	399	401	403	403	406	407
Retained Earnings	1,412	1,414	1,425	1,376	1,387	1,402	1,419
Treasury Stock	-419	-419	-439	-470	-470	-470	-470
Accumulated Other Comprehensive Income / (Loss)	-324	-256	-267	-297	-207	-206	-125

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.79%	-2.84%	1.92%	108.26%	-48.47%	12.76%	-14.15%	31.09%	-1.42%	2.88%	1.16%
EBITDA Growth	-126.00%	470.41%	-2.73%	469.07%	-188.13%	-24.00%	-497.60%	188.64%	-68.36%	-85.23%	1,233.41%
EBIT Growth	-154.28%	275.52%	-3.10%	564.38%	-167.16%	-32.84%	-821.46%	164.92%	-90.04%	-213.13%	633.27%
NOPAT Growth	-179.08%	304.09%	-18.90%	527.72%	-182.42%	-71.00%	-821.46%	143.41%	-85.11%	-213.13%	737.01%
Net Income Growth	-33.93%	-40.89%	-10.71%	841.34%	-190.36%	-97.87%	-17,602.69%	182.02%	-100.28%	-9,502.99%	236.63%
EPS Growth	-31.25%	-36.06%	34.12%	-29.33%	-168.00%	-97.73%	-16,400.00%	181.90%	-100.37%	-7,200.00%	241.10%
Operating Cash Flow Growth	148.70%	15.75%	61.07%	-3.13%	4.47%	-16.42%	-37.68%	-19.90%	-140.34%	-67.17%	78.52%
Free Cash Flow Firm Growth	582.30%	-123.39%	784.89%	147.56%	-114.35%	239.33%	-70.59%	2,325.60%	-119.94%	99.48%	-653.34%
Invested Capital Growth	-19.60%	11.88%	-13.32%	-1.02%	10.77%	-9.20%	-11.49%	-58.21%	8.08%	-0.35%	2.81%
Revenue Q/Q Growth	-18.80%	31.39%	2.02%	13.31%	-70.58%	13.74%	0.00%	0.00%	-4.34%	1.03%	-0.27%
EBITDA Q/Q Growth	-111.39%	128.86%	-65.44%	26.75%	-205.80%	810.07%	-831.94%	523.16%	-40.11%	240.94%	6.24%
EBIT Q/Q Growth	-121.47%	123.05%	-69.24%	27.73%	-57.49%	358.87%	0.00%	0.00%	-74.22%	49.07%	13.39%
NOPAT Q/Q Growth	-133.87%	130.87%	-68.91%	12.87%	-258.32%	210.11%	0.00%	0.00%	-82.97%	49.07%	19.37%
Net Income Q/Q Growth	-50.44%	342.51%	-29.34%	28.97%	-138.38%	-98.03%	0.00%	0.00%	-102.26%	-24.37%	22.80%
EPS Q/Q Growth	-47.37%	115.01%	15.51%	-25.93%	-93.98%	-97.01%	29.59%	14.10%	-103.03%	-21.67%	22.62%
Operating Cash Flow Q/Q Growth	-17.04%	10.64%	32.98%	3.10%	-24.14%	-7.21%	-0.21%	-16.45%	-364.55%	40.01%	21.91%
Free Cash Flow Firm Q/Q Growth	6.56%	92.45%	-18.55%	23.56%	-241.86%	4,038.82%	-86.27%	1.56%	-29.68%	98.76%	-117.33%
Invested Capital Q/Q Growth	-4.09%	0.51%	-13.07%	-17.86%	-2.86%	-9.16%	0.65%	1.91%	2.31%	-0.79%	1.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.45%	49.30%	100.00%	100.00%	84.91%	105.99%	85.16%	16.92%	84.29%	85.45%	84.06%
EBITDA Margin	-6.16%	23.49%	22.42%	61.27%	21.18%	4.76%	-22.03%	14.90%	4.78%	0.69%	9.05%
Operating Margin	-12.82%	22.40%	18.74%	58.08%	10.19%	3.03%	-25.50%	6.01%	1.28%	-1.40%	7.40%
EBIT Margin	-10.91%	19.71%	18.74%	59.79%	10.19%	3.03%	-25.50%	12.63%	1.28%	-1.40%	7.40%
Profit (Net Income) Margin	23.58%	14.34%	12.57%	56.80%	10.62%	0.10%	-20.49%	12.82%	-0.04%	-3.39%	4.57%
Tax Burden Percent	75.02%	90.18%	58.88%	759.29%	0.00%	-3.49%	80.96%	98.31%	6.47%	98.61%	83.62%
Interest Burden Percent	-287.98%	80.69%	113.87%	12.51%	0.00%	-95.00%	99.23%	103.23%	-43.95%	244.70%	73.93%
Effective Tax Rate	24.98%	9.82%	14.26%	16.61%	-186.38%	0.00%	0.00%	1.69%	0.00%	0.00%	16.38%
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)	8.64%	5.65%	5.52%	57.56%	0.00%	0.07%	-12.28%	10.38%	-0.03%	-3.48%	4.56%
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)	-1.76%	3.17%	3.10%	20.57%	1.89%	0.64%	-4.62%	2.62%	0.24%	-0.28%	1.52%
Return on Assets (ROA)	3.81%	2.31%	2.08%	19.54%	1.98%	0.02%	-3.72%	2.66%	-0.01%	-0.68%	0.94%
Return on Common Equity (ROCE)	8.64%	5.65%	5.52%	57.56%	0.00%	0.07%	-12.28%	10.38%	-0.03%	-3.48%	4.56%
Return on Equity Simple (ROE_SIMPLE)	9.11%	5.93%	5.77%	61.24%	9.27%	0.07%	-13.02%	10.09%	-0.04%	-3.47%	4.39%
Net Operating Profit after Tax (NOPAT)	-80	164	133	833	73	21	-153	66	9.90	-11	71
NOPAT Margin	-9.61%	20.20%	16.07%	48.44%	8.26%	2.12%	-17.85%	5.91%	0.89%	-0.98%	6.18%
Net Nonoperating Expense Percent (NNEP)	7.05%	-1.26%	-0.81%	4.11%	-1.60%	-0.63%	-0.69%	1.97%	-0.24%	-0.69%	-0.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	0.64%	-0.73%	4.39%
Cost of Revenue to Revenue	43.55%	50.70%	0.00%	0.00%	15.09%	-5.99%	14.84%	80.92%	15.71%	14.55%	15.94%
SG&A Expenses to Revenue	0.00%	16.98%	16.86%	8.14%	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	69.26%	26.90%	81.26%	41.92%	79.82%	102.96%	110.66%	10.90%	83.01%	86.85%	76.66%
Earnings before Interest and Taxes (EBIT)	-91	160	155	1,028	45	30	-219	142	14	-16	85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-51	190	185	1,053	63	48	-189	168	53	7.83	104
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	0.96	1.34	1.70	1.32	1.23	0.70	0.94	0.85	0.63	0.68
Price to Tangible Book Value (P/TBV)	0.97	1.13	1.60	2.08	1.63	1.51	0.76	1.03	0.95	0.67	0.71
Price to Revenue (P/Rev)	2.15	2.31	2.91	1.58	2.28	1.87	1.09	1.20	0.85	0.62	0.71
Price to Earnings (P/E)	0.00	17.51	23.19	2.78	42.87	20.72	0.00	9.36	0.00	0.00	15.43
Dividend Yield	11.33%	3.51%	12.44%	11.07%	3.80%	3.58%	2.64%	0.80%	1.15%	1.45%	0.00%
Earnings Yield	0.00%	5.71%	4.31%	36.01%	2.33%	4.83%	0.00%	10.69%	0.00%	0.00%	6.48%
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	0.12	0.18	0.25	0.26	0.00	0.19	0.21	0.30	0.40	0.38	0.35
Long-Term Debt to Equity	0.12	0.18	0.25	0.26	0.00	0.19	0.21	0.30	0.40	0.38	0.35
Financial Leverage	-1.73	-1.82	-1.90	-2.06	0.00	-2.12	-2.31	-2.83	-3.36	-3.59	-3.45
Leverage Ratio	2.27	2.45	2.65	2.95	0.00	3.10	3.31	3.90	4.70	5.11	4.84
Compound Leverage Factor	-6.53	1.98	3.02	0.37	5.90	-2.94	3.28	4.03	-2.06	12.51	3.58
Debt to Total Capital	10.38%	15.08%	19.95%	20.52%	47.67%	15.90%	17.43%	22.93%	28.82%	27.75%	26.12%
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	10.38%	15.08%	19.95%	20.52%	0.00%	15.90%	17.43%	22.93%	28.82%	27.75%	26.12%
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	89.62%	84.92%	80.05%	79.48%	252.33%	84.10%	82.57%	77.07%	71.18%	72.25%	73.88%
Debt to EBITDA	-4.87	1.83	2.42	0.39	9.20	6.01	-1.51	2.54	8.43	54.56	4.07
Net Debt to EBITDA	77.01	-18.62	-19.42	-3.24	-100.48	-69.00	17.57	-27.14	-74.92	-509.52	-38.30
Long-Term Debt to EBITDA	-4.87	1.83	2.42	0.39	9.20	6.01	-1.51	2.54	8.43	54.56	4.07
Debt to NOPAT	-3.12	2.13	3.38	0.49	7.86	13.47	-1.86	6.39	45.15	-38.14	5.96
Net Debt to NOPAT	49.36	-21.66	-27.10	-4.09	-85.87	-154.55	21.69	-68.41	-401.10	356.14	-56.03
Long-Term Debt to NOPAT	-3.12	2.13	3.38	0.49	3.93	13.47	-1.86	6.39	45.15	-38.14	5.96
Altman Z-Score	1.80	1.98	1.95	1.41	1.34	1.71	1.36	1.56	1.46	1.44	1.56
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	199.03	103.63	105.76	0.05	0.09	53.85	75.28	185.37	131.44	160.02	142.62
Quick Ratio	199.03	103.63	105.76	0.05	0.00	53.85	75.28	185.37	131.44	160.02	142.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	215	-50	344	851	-122	170	50	1,214	-242	-1.27	-9.54
Operating Cash Flow to CapEx	3,329.93%	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%
Free Cash Flow to Firm to Interest Expense	15.24	-3.44	22.87	50.53	-7.58	0.00	3.23	61.56	-11.88	-0.05	-0.43
Operating Cash Flow to Interest Expense	6.82	7.61	11.91	10.29	22.00	0.00	5.96	3.75	-1.46	-2.15	-0.48
Operating Cash Flow Less CapEx to Interest Expense	6.61	6.96	11.18	9.67	20.80	0.00	5.47	3.56	-1.68	-2.36	-0.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.17	0.34	0.37	0.21	0.18	0.21	0.19	0.20	0.21
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	20.63	20.70	23.49	53.91	84.26	32.48	28.15	36.94	36.76	38.19	38.88
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	-1,799	-1,585	-1,796	-1,814	-1,619	-1,768	-1,971	-3,119	-2,867	-2,877	-2,796
Invested Capital Turnover	-0.50	-0.48	-0.49	-0.95	-1.03	-0.59	-0.46	-0.44	-0.37	-0.40	-0.41
Increase / (Decrease) in Invested Capital	-295	214	-211	-18	195	-149	-203	-1,147	252	-9.93	81
Enterprise Value (EV)	-2,166	-1,668	-1,189	-697	-1,125	-1,417	-2,381	-3,198	-3,031	-3,286	-3,184
Market Capitalization	1,791	1,875	2,406	2,712	2,017	1,863	939	1,349	940	703	814
Book Value per Share	$37.74	$36.85	$33.78	$29.86	$28.40	$28.11	$25.04	$26.46	$20.46	$21.82	$23.49
Tangible Book Value per Share	$32.29	$31.15	$28.24	$24.36	$23.03	$22.87	$22.90	$24.18	$18.30	$20.53	$22.32
Total Capital	2,408	2,306	2,247	2,007	1,811	1,798	1,634	1,853	1,551	1,539	1,627
Total Debt	250	348	448	412	288	286	285	425	447	427	425
Total Long-Term Debt	250	348	448	412	288	286	285	425	447	427	425
Net Debt	-3,957	-3,543	-3,595	-3,409	-3,142	-3,280	-3,320	-4,547	-3,971	-3,989	-3,997
Capital Expenditures (CapEx)	2.88	9.52	11	10	9.64	9.59	7.48	3.84	4.35	4.79	9.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-17	-30	-30	-2,485	-2,591	-53	-40	-23	-29	-24	-27
Debt-free Net Working Capital (DFNWC)	3,456	3,091	3,143	-2,350	-2,510	2,798	2,971	4,172	3,719	3,820	3,865
Net Working Capital (NWC)	3,456	3,091	3,143	-2,350	-2,510	2,798	2,971	4,172	3,719	3,820	3,865
Net Nonoperating Expense (NNE)	-277	47	29	-144	26	20	23	-78	10	27	19
Net Nonoperating Obligations (NNO)	-3,957	-3,543	-3,595	-3,409	-3,142	-3,280	-3,320	-4,547	-3,971	-3,989	-3,997
Total Depreciation and Amortization (D&A)	40	31	30	25	17	17	30	26	39	24	19
Debt-free, Cash-free Net Working Capital to Revenue	-2.09%	-3.72%	-3.63%	-144.53%	-877.17%	-5.30%	-4.66%	-2.01%	-2.57%	-2.11%	-2.37%
Debt-free Net Working Capital to Revenue	414.53%	381.53%	380.69%	-136.71%	-566.62%	280.10%	346.38%	371.01%	335.54%	334.96%	335.01%
Net Working Capital to Revenue	414.53%	381.53%	380.69%	-136.71%	-283.31%	280.10%	346.38%	371.01%	335.54%	334.96%	335.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.32	$2.12	$2.84	$2.01	$0.88	$0.02	($3.26)	$2.67	($0.01)	($0.73)	$1.03
Adjusted Weighted Average Basic Shares Outstanding	59.29M	54.80M	53.22M	53.39M	53.60M	53.74B	53.86M	53.96M	54.01M	52.64M	51.10M
Adjusted Diluted Earnings per Share	$3.30	$2.11	$2.83	$2.00	$0.88	$0.02	($3.26)	$2.67	($0.01)	($0.73)	$1.03
Adjusted Weighted Average Diluted Shares Outstanding	59.53M	55.02M	53.45M	53.61M	53.75M	53.84B	53.91M	54.06M	54.14M	52.79M	51.27M
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	0.00	53.08M	53.26M	53.46M	0.00	53.79M	53.89M	54.06M	53.96M	50.97M	51.16M
Normalized Net Operating Profit after Tax (NOPAT)	-79	164	133	833	32	21	-40	66	11	22	74
Normalized NOPAT Margin	-9.51%	20.20%	16.07%	48.44%	10.70%	2.12%	-4.70%	5.91%	1.01%	1.92%	6.42%
Pre Tax Income Margin	31.43%	15.91%	21.34%	7.48%	3.28%	-2.88%	-25.31%	13.04%	-0.56%	-3.43%	5.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.46	10.94	10.29	61.03	5.60	0.00	-14.11	7.20	0.69	-0.69	3.82
NOPAT to Interest Expense	-5.69	11.21	8.83	49.44	4.54	0.00	-9.88	3.37	0.49	-0.48	3.19
EBIT Less CapEx to Interest Expense	-6.66	10.29	9.57	60.41	4.41	0.00	-14.59	7.01	0.48	-0.90	3.42
NOPAT Less CapEx to Interest Expense	-5.90	10.56	8.10	48.82	11.83	0.00	-10.36	3.18	0.27	-0.69	2.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.25%	187.29%	114.52%	32.28%	1,345.08%	9,283.27%	-22.00%	9.61%	-2,678.61%	-13.93%	0.00%
Augmented Payout Ratio	149.37%	335.98%	116.55%	32.28%	1,349.35%	9,783.67%	-22.00%	9.61%	-3,487.56%	-144.72%	-0.02%

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.67%	-15.10%	-7.07%	14.07%	1.91%	4.11%	3.30%	-0.51%	3.14%	-1.05%
EBITDA Growth	-55.11%	-72.66%	-106.41%	88.51%	-551.27%	100.21%	1,357.14%	17.93%	163.65%	22.94%
EBIT Growth	-88.52%	-103.91%	-123.31%	1,332.78%	-2,427.47%	1,006.33%	480.68%	24.05%	158.23%	72.57%
NOPAT Growth	-92.14%	-104.34%	-123.31%	1,504.81%	-2,427.47%	728.34%	573.06%	36.85%	164.83%	127.31%
Net Income Growth	-174.80%	-56.62%	-73.43%	740.57%	-441.74%	-54.26%	174.93%	45.93%	133.26%	153.55%
EPS Growth	-173.91%	-56.67%	-57.14%	766.67%	-458.82%	-50.00%	181.82%	50.00%	133.68%	146.15%
Operating Cash Flow Growth	-73.03%	-892.58%	-309.20%	-78.41%	46.95%	91.12%	60.97%	59.84%	-7.76%	92.66%
Free Cash Flow Firm Growth	-120.07%	-121.46%	-117.87%	2.08%	53.69%	107.51%	87.71%	110.67%	114.36%	-416.31%
Invested Capital Growth	7.70%	8.08%	6.09%	5.77%	2.74%	-0.35%	1.14%	0.13%	0.16%	2.81%
Revenue Q/Q Growth	6.75%	3.62%	-2.60%	5.89%	-4.63%	5.85%	-3.35%	1.99%	-1.14%	1.55%
EBITDA Q/Q Growth	-29.45%	37.53%	-107.76%	2,604.44%	-268.88%	161.02%	-51.29%	134.93%	-8.85%	17.85%
EBIT Q/Q Growth	48.98%	-177.49%	-88.19%	759.49%	-342.01%	130.18%	-20.96%	114.91%	13.61%	-10.58%
NOPAT Q/Q Growth	48.98%	-204.63%	-39.37%	838.67%	-316.07%	128.25%	4.93%	113.69%	2.35%	-0.96%
Net Income Q/Q Growth	-450.03%	252.79%	-144.28%	272.13%	-565.17%	112.90%	-27.46%	235.24%	6.02%	-1.65%
EPS Q/Q Growth	-466.67%	252.94%	-142.31%	281.82%	-575.00%	113.68%	-30.77%	233.33%	6.67%	0.00%
Operating Cash Flow Q/Q Growth	157.67%	-453.00%	18.27%	-7.22%	147.50%	-121.34%	-259.09%	-10.31%	209.12%	-101.70%
Free Cash Flow Firm Q/Q Growth	-51.39%	-4.10%	25.71%	16.36%	28.40%	116.88%	-1,348.89%	172.58%	-3.64%	-472.05%
Invested Capital Q/Q Growth	1.79%	2.31%	-0.20%	1.97%	-1.36%	-0.79%	0.69%	0.97%	-1.32%	1.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	13.70%	150.62%	87.27%	85.55%	85.22%	83.86%	16.05%	84.09%	83.27%	151.23%
EBITDA Margin	3.56%	4.72%	-0.38%	8.89%	-15.74%	9.08%	4.57%	10.54%	9.72%	11.28%
Operating Margin	0.72%	-0.54%	-1.05%	6.52%	-16.53%	4.71%	3.86%	8.12%	9.33%	8.22%
EBIT Margin	0.72%	-0.54%	-1.05%	6.52%	-16.53%	4.71%	3.86%	8.12%	9.33%	8.22%
Profit (Net Income) Margin	-3.34%	4.93%	-2.24%	3.64%	-17.76%	2.16%	1.62%	5.34%	5.73%	5.55%
Tax Burden Percent	77.34%	94.52%	73.98%	78.40%	91.39%	65.53%	86.99%	86.50%	77.93%	86.31%
Interest Burden Percent	-596.76%	-962.86%	289.49%	71.29%	117.55%	70.09%	48.46%	76.02%	78.74%	78.18%
Effective Tax Rate	0.00%	5.48%	0.00%	21.60%	0.00%	34.47%	13.01%	13.50%	22.07%	13.69%
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%
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%
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%
Return on Equity (ROE)	1.43%	-0.03%	-0.25%	0.81%	-2.99%	-3.48%	-2.47%	-2.04%	3.83%	4.56%
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%
Operating Return on Assets (OROA)	0.14%	-0.10%	-0.19%	1.27%	-3.29%	0.95%	0.78%	1.65%	1.91%	1.69%
Return on Assets (ROA)	-0.64%	0.92%	-0.41%	0.71%	-3.53%	0.44%	0.33%	1.09%	1.17%	1.14%
Return on Common Equity (ROCE)	1.43%	-0.03%	-0.25%	0.81%	-2.99%	-3.48%	-2.47%	-2.04%	3.83%	4.56%
Return on Equity Simple (ROE_SIMPLE)	1.67%	0.00%	-0.27%	0.83%	-3.07%	0.00%	-2.50%	-2.02%	3.49%	0.00%
Net Operating Profit after Tax (NOPAT)	1.38	-1.45	-2.02	15	-32	9.10	9.55	20	21	21
NOPAT Margin	0.51%	-0.51%	-0.73%	5.11%	-11.57%	3.09%	3.35%	7.03%	7.27%	7.10%
Net Nonoperating Expense Percent (NNEP)	-0.24%	0.36%	-0.10%	-0.11%	-0.44%	-0.07%	-0.12%	-0.12%	-0.11%	-0.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.09%	-	-	-	0.59%	-	-	-	1.27%
Cost of Revenue to Revenue	89.32%	-53.54%	12.73%	14.45%	14.78%	16.14%	83.95%	15.91%	16.73%	-51.23%
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%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.98%	151.16%	88.32%	79.03%	101.75%	79.15%	12.19%	75.97%	73.93%	143.01%
Earnings before Interest and Taxes (EBIT)	1.98	-1.53	-2.88	19	-46	14	11	24	27	24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.71	13	-1.04	26	-44	27	13	31	28	33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.98	0.85	0.88	0.73	0.97	0.63	0.59	0.55	0.62	0.68
Price to Tangible Book Value (P/TBV)	1.10	0.95	0.97	0.81	1.04	0.67	0.62	0.58	0.66	0.71
Price to Revenue (P/Rev)	0.90	0.85	0.92	0.73	0.87	0.62	0.57	0.54	0.67	0.71
Price to Earnings (P/E)	58.83	0.00	0.00	87.95	0.00	0.00	0.00	0.00	18.03	15.43
Dividend Yield	1.03%	1.15%	1.08%	1.33%	1.06%	1.45%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.70%	0.00%	0.00%	1.14%	0.00%	0.00%	0.00%	0.00%	5.55%	6.48%
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
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
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
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
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
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
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
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.40	0.38	0.38	0.42	0.38	0.40	0.39	0.35	0.35
Long-Term Debt to Equity	0.40	0.40	0.38	0.38	0.42	0.38	0.40	0.39	0.35	0.35
Financial Leverage	-3.46	-3.36	-3.45	-3.53	-3.79	-3.59	-3.54	-3.50	-3.54	-3.45
Leverage Ratio	4.87	4.70	4.88	5.04	5.47	5.11	5.06	5.01	5.04	4.84
Compound Leverage Factor	-29.04	-45.21	14.12	3.60	6.43	3.58	2.45	3.80	3.97	3.79
Debt to Total Capital	28.57%	28.82%	27.30%	27.56%	29.66%	27.75%	28.62%	28.19%	25.70%	26.12%
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%
Long-Term Debt to Total Capital	28.57%	28.82%	27.30%	27.56%	29.66%	27.75%	28.62%	28.19%	25.70%	26.12%
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%
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%
Common Equity to Total Capital	71.43%	71.18%	72.70%	72.44%	70.34%	72.25%	71.38%	71.81%	74.30%	73.88%
Debt to EBITDA	4.82	8.43	11.94	8.88	-76.81	54.56	20.39	16.75	4.34	4.07
Net Debt to EBITDA	-45.21	-74.92	-112.05	-82.03	696.04	-509.52	-180.59	-148.63	-41.53	-38.30
Long-Term Debt to EBITDA	4.82	8.43	11.94	8.88	-76.81	54.56	20.39	16.75	4.34	4.07
Debt to NOPAT	7.33	45.15	-549.73	22.63	-19.40	-38.14	-297.79	261.17	7.13	5.96
Net Debt to NOPAT	-68.81	-401.10	5,156.94	-209.03	175.79	356.14	2,637.39	-2,317.04	-68.28	-56.03
Long-Term Debt to NOPAT	7.33	45.15	-549.73	22.63	-19.40	-38.14	-297.79	261.17	7.13	5.96
Altman Z-Score	1.46	1.45	1.45	1.46	1.44	1.46	1.44	1.47	1.49	1.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	99.52	131.44	144.95	138.30	115.90	160.02	128.88	134.78	117.93	142.62
Quick Ratio	99.52	131.44	144.95	138.30	115.90	160.02	128.88	134.78	117.93	142.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-243	-253	-188	-157	-113	19	-23	17	16	-60
Operating Cash Flow to CapEx	826.20%	-4,201.84%	-3,208.92%	-2,688.99%	1,240.90%	-224.50%	-1,212.17%	-737.23%	354.90%	-10.08%
Free Cash Flow to Firm to Interest Expense	-44.15	-46.08	-34.45	-28.61	-20.44	2.85	-4.09	2.97	2.84	-11.28
Operating Cash Flow to Interest Expense	1.88	-6.64	-5.46	-5.82	2.76	-0.49	-2.06	-2.28	2.46	-0.04
Operating Cash Flow Less CapEx to Interest Expense	1.65	-6.80	-5.63	-6.03	2.53	-0.70	-2.23	-2.58	1.77	-0.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.18	0.19	0.20	0.20	0.20	0.20	0.20	0.21
Accounts Receivable Turnover	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
Fixed Asset Turnover	38.15	36.76	35.92	37.07	37.51	38.19	38.34	38.13	38.71	38.88
Accounts Payable Turnover	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
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	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	-2,934	-2,867	-2,872	-2,816	-2,854	-2,877	-2,840	-2,812	-2,849	-2,796
Invested Capital Turnover	-0.38	-0.37	-0.37	-0.39	-0.39	-0.40	-0.40	-0.41	-0.41	-0.41
Increase / (Decrease) in Invested Capital	245	252	186	172	81	-9.93	33	3.61	4.70	81
Enterprise Value (EV)	-2,954	-3,031	-3,013	-3,120	-2,882	-3,286	-3,297	-3,321	-3,311	-3,184
Market Capitalization	1,047	940	997	815	984	703	655	623	769	814
Book Value per Share	$19.75	$20.46	$21.09	$20.72	$19.43	$21.82	$21.82	$22.20	$24.07	$23.49
Tangible Book Value per Share	$17.57	$18.30	$18.97	$18.63	$18.14	$20.53	$20.56	$20.97	$22.87	$22.32
Total Capital	1,492	1,551	1,566	1,546	1,438	1,539	1,559	1,577	1,657	1,627
Total Debt	426	447	428	426	427	427	446	445	426	425
Total Long-Term Debt	426	447	428	426	427	427	446	445	426	425
Net Debt	-4,000	-3,971	-4,011	-3,935	-3,866	-3,989	-3,953	-3,945	-4,080	-3,997
Capital Expenditures (CapEx)	1.25	0.87	0.93	1.19	1.23	1.45	0.96	1.74	3.95	2.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-38	-29	-26	-27	-32	-24	-29	-28	-34	-27
Debt-free Net Working Capital (DFNWC)	3,767	3,719	3,796	3,732	3,679	3,820	3,764	3,811	3,928	3,865
Net Working Capital (NWC)	3,767	3,719	3,796	3,732	3,679	3,820	3,764	3,811	3,928	3,865
Net Nonoperating Expense (NNE)	11	-15	4.16	4.28	17	2.72	4.92	4.89	4.44	4.51
Net Nonoperating Obligations (NNO)	-4,000	-3,971	-4,011	-3,935	-3,866	-3,989	-3,953	-3,945	-4,080	-3,997
Total Depreciation and Amortization (D&A)	7.73	15	1.85	6.93	2.20	13	2.05	7.01	1.09	8.91
Debt-free, Cash-free Net Working Capital to Revenue	-3.30%	-2.57%	-2.42%	-2.42%	-2.84%	-2.11%	-2.56%	-2.48%	-2.90%	-2.37%
Debt-free Net Working Capital to Revenue	325.06%	335.54%	349.06%	332.23%	325.93%	334.96%	327.48%	332.03%	339.63%	335.01%
Net Working Capital to Revenue	325.06%	335.54%	349.06%	332.23%	325.93%	334.96%	327.48%	332.03%	339.63%	335.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	$0.26	($0.11)	$0.20	($0.95)	$0.13	$0.09	$0.30	$0.32	$0.32
Adjusted Weighted Average Basic Shares Outstanding	53.99M	54.01M	53.99M	53.82M	51.84M	52.64M	51.01M	51.06M	51.16M	51.10M
Adjusted Diluted Earnings per Share	($0.17)	$0.26	($0.11)	$0.20	($0.95)	$0.13	$0.09	$0.30	$0.32	$0.32
Adjusted Weighted Average Diluted Shares Outstanding	54.12M	54.14M	54.12M	53.92M	52.01M	52.79M	51.15M	51.23M	51.28M	51.27M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.96M	53.96M	54.03M	52.06M	50.97M	50.97M	51.01M	51.16M	51.16M	51.16M
Normalized Net Operating Profit after Tax (NOPAT)	1.38	-1.45	0.04	15	-1.33	9.19	9.55	20	22	21
Normalized NOPAT Margin	0.51%	-0.51%	0.01%	5.12%	-0.48%	3.12%	3.35%	7.02%	7.76%	7.10%
Pre Tax Income Margin	-4.32%	5.21%	-3.03%	4.64%	-19.43%	3.30%	1.87%	6.17%	7.35%	6.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.36	-0.28	-0.53	3.46	-8.34	2.08	1.94	4.18	4.70	4.49
NOPAT to Interest Expense	0.25	-0.26	-0.37	2.71	-5.84	1.36	1.69	3.61	3.66	3.87
EBIT Less CapEx to Interest Expense	0.13	-0.44	-0.70	3.24	-8.57	1.86	1.77	3.87	4.01	4.05
NOPAT Less CapEx to Interest Expense	0.02	-0.42	-0.54	2.49	-6.06	1.15	1.52	3.30	2.97	3.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	60.53%	-2,678.61%	-356.93%	87.02%	-25.99%	-13.93%	-9.68%	0.00%	0.00%	0.00%
Augmented Payout Ratio	78.80%	-3,487.56%	-356.93%	337.54%	-188.65%	-144.72%	-9.68%	-133.13%	0.00%	-0.02%

Frequently Asked Questions About ProAssurance's Financials

When does ProAssurance's fiscal year end?

According to the most recent income statement we have on file, ProAssurance's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has ProAssurance's net income changed over the last 10 years?

ProAssurance's net income appears to be on a downward trend, with a most recent value of $52.74 million in 2024, falling from $196.57 million in 2014. The previous period was -$38.60 million in 2023.

What is ProAssurance's operating income?

ProAssurance's total operating income in 2024 was $85.32 million, based on the following breakdown:

Total Gross Profit: $969.69 million
Total Operating Expenses: $884.37 million

How has ProAssurance revenue changed over the last 10 years?

Over the last 10 years, ProAssurance's total revenue changed from $833.69 million in 2014 to $1.15 billion in 2024, a change of 38.4%.

How much debt does ProAssurance have?

ProAssurance's total liabilities were at $4.37 billion at the end of 2024, a 3.3% decrease from 2023, and a 45.2% increase since 2014.

How much cash does ProAssurance have?

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 $54.88 million as of their latest financial filing in 2024.

How has ProAssurance's book value per share changed over the last 10 years?

Over the last 10 years, ProAssurance's book value per share changed from 37.74 in 2014 to 23.49 in 2024, a change of -37.7%.

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This page (NYSE:PRA) was last updated on 4/20/2025 by MarketBeat.com Staff

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ProAssurance (PRA) Financials

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