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Primerica, Inc.

PRI Financial Insurance Life

Primerica, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 6.56% from fiscal 2024.

Revenue
+9.04%
EPS
+19.4%
Free cash flow
+5.06%
Total debt
−9.95%

Quarter to June 2026, against a year earlier

281.09 2.46 −0.87%
Market cap
$8.7B
P/E
11.3×
Fwd P/E
11.1×
Dividend yield
1.65%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Term Life Insurance Segment
  • Investment and Savings Products Segment
  • Corporate and Other Distributed Products Segment

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 3.38
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 1 2 — 1 1 — 3 — — —
Insider Ownership 1.88%

Capital & Financial Ratios $m

Size
Market Cap 8,730.00
Revenue ttm 3,431.30
Net income ttm 796.21
Free cash flow ttm 842.16
Net debt Q 1,068.82
Valuation
P/E 11.29
Forward P/E 11.10
Price / sales 2.56
Forward P/S Powerpack
Price / FCF 10.43
Price / book 3.48
Financial health
Current ratio Q 0.33
Debt / equity Q 0.66
Interest coverage Q 45.27
Growth
Revenue growth Q +9.04% (above 0%: growing)
Operating income growth Q +10.12% (above 0%: growing)
EPS, this year +10.24%
EPS, next year A +7.71%
Revenue, next year A +7.27%
EPS, past 5 yrs +19.08% (at or above 15%: strong)
EPS, next 5 yrs A +9.35%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 9.99%
10-year low 10-year high
P/S against its own 10 years 51.19%
10-year low 10-year high
P/B against its own 10 years 67.46%
10-year low 10-year high

Dividends raised every year since 2016

Yield
1.65%
Annual rate
4.64
Payout ratio
18.6%
Growth, 2016–25
+21.9%/yr
  1. 0.70 ’16
  2. 0.78 ’17 +11%
  3. 1.00 ’18 +28%
  4. 1.36 ’19 +36%
  5. 1.60 ’20 +18%
  6. 1.88 ’21 +17%
  7. 2.20 ’22 +17%
  8. 2.60 ’23 +18%
  9. 3.30 ’24 +27%
  10. 4.16 ’25 +26%
  11. 4.80 ’26e +15%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 594 688 756 600
Receivables 3,285 3,027 2,840 2,451
Inventory — — — —
Other — — — —
3,879 3,715 3,596 3,051
2023 2024 2025 Q'26
Payables 7,271 7,007 7,329 7,309
ST’ Debt 1,980 1,898 1,770 1,669
Other 435 402 356 344
9,686 9,307 9,456 9,322

Compound Annual Growth %

10y 5y 3y
Sales 8.89% 8.22% 7.40%
Cash Flow 13.05% 6.97% 5.95%
Earnings 14.84% 14.33% 16.75%
Book Value 7.88% 5.91% 6.39%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 5.96 Actual 6.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 5.52 6.33 Beat by 0.81
Q4 FY25 5.69 6.13 Beat by 0.44
Q1 FY26 5.45 5.96 Beat by 0.51
Q2 FY26 5.96 6.41 Beat by 0.45
Q3 FY26 6.39 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 5.97 6.45 — — —
’25 5.05 5.40 6.35 6.13 22.91
’24 3.93 0.03 4.83 4.96 13.71
’23 3.38 3.97 4.23 4.30 15.94
’22 2.86 2.79 2.12 3.54 12.33
’21 2.46 3.22 2.82 3.49 11.99
’20 1.75 2.51 2.81 2.52 9.57
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 873 865 — — —
’25 805 793 840 854 3,292
’24 736 791 774 788 3,089
’23 690 688 697 673 2,749
’22 691 669 673 624 2,657
’21 638 655 693 724 2,710
’20 525 526 568 598 2,218
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 157 194 — — —
’25 197 163 203 338 901
’24 211 173 207 271 862
’23 176 136 140 241 693
’22 214 170 167 206 758
’21 119 155 160 222 657
’20 132 185 88 239 643
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 148 167 — — —
’25 189 159 198 330 875
’24 203 169 193 268 833
’23 168 133 136 221 659
’22 207 163 157 205 732
’21 109 153 151 219 632
’20 122 175 84 234 616
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,519 1,689 1,900 2,053 2,218 2,710 2,657 2,749 3,089 3,292 3,431 +9.0% 3,531 3,713 3,948 +6.2%
Gross margin, % 74.63 74.12 74.63 74.72 70.79 74.51 75.00 75.38 78.82 80.21 81.38 +5.6 pt
EBT 338 380 416 477 507 644 719 772 939 975 1,026 +12.5%
EBT margin, % 22.22 22.47 21.90 23.25 22.85 23.75 27.04 28.08 30.40 29.61 29.91 +7.4 pt
Net income 219 350 324 366 386 476 467 577 471 751 796 +14.7%
Per share, $
Per share, $ Revenue 32.04 37.04 43.32 48.66 55.35 68.55 69.94 76.45 90.48 100.87 109.99 +13.6%
Earnings 4.59 7.63 7.35 8.65 9.60 12.03 12.37 15.97 13.73 22.95 24.94 +19.6%
Cash flow 6.21 8.59 10.90 11.51 16.06 16.62 19.94 19.26 25.25 27.62 28.59 +18.0%
Capex (0.29) (0.15) (0.31) (0.60) (0.69) (0.62) (0.68) (0.94) (0.86) (0.80) (1.59) +12.0%
Free cash flow 5.92 8.44 10.59 10.91 15.37 15.99 19.26 18.32 24.39 26.82 27.00 +18.3%
Book value 25.76 31.12 33.33 39.18 45.82 52.68 53.46 57.46 66.17 74.95 80.87 +12.6%
Shares, m 47 46 44 42 40 40 38 36 34 33 32 (4.1%)
Valuation, ×
Valuation, × P/E 15.27 13.31 13.28 15.09 13.92 12.74 12.52 13.09 19.70 11.25 11.29 14.0
P/S 2.18 2.75 2.26 2.68 2.42 2.24 2.03 2.72 3.00 2.56 2.56 2.5
P/B 2.72 3.28 2.93 3.33 2.92 2.91 2.66 3.62 4.10 3.45 3.48 3.2
EV/Sales 2.62 3.25 2.82 4.10 3.75 2.87 2.66 3.27 3.43 2.91 — 3.2
EV/FCF 14.18 14.33 11.52 18.28 13.50 12.30 9.65 13.65 12.73 10.94 — 13.1
Cash, $m
Cash, $m Operating cash flow 294 392 478 486 643 657 758 693 862 901 892 +13.2%
Capex (14) (7) (14) (25) (28) (25) (26) (34) (29) (26) (50) +7.4%
Free cash flow 281 385 465 460 616 632 732 659 833 875 842 +13.5%
Balance, $m
Balance, $m Working capital (2,565) (3,035) (3,593) (4,095) (4,360) (5,078) (5,220) (5,807) (5,593) (5,860) (6,271) +9.6%
Net debt 663 830 1,081 1,301 1,173 1,593 1,548 1,386 1,210 1,014 1,069 +4.8%
Shareholders’ equity 1,221 1,419 1,462 1,652 1,836 2,083 2,031 2,066 2,259 2,446 2,523 +8.0%
Returns, %
Returns, % ROA 1.99 2.93 2.57 2.78 2.69 3.06 3.07 3.89 3.18 5.08 5.38 +3.1 pt
ROIC 11.19 10.55 10.23 10.10 10.53 10.94 12.55 13.97 16.92 17.60 17.86 +6.4 pt
ROE 18.54 26.53 22.37 23.43 22.04 24.27 22.95 28.15 21.76 31.93 32.97 +13.4 pt
People
People Employees 2,026 2,104 1,899 1,947 1,966 2,621 2,381 3,450 2,874 2,833 — +3.8%
Revenue/emp, $m 0.75 0.80 1.00 1.05 1.13 1.03 1.12 0.80 1.07 1.16 — +5.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Business profile

Updated

Primerica sells financial products and services primarily to middle-income households in the United States and Canada. It underwrites term life insurance, which provides coverage for a specified period, and distributes mutual funds, annuities and managed investments, primarily on behalf of other companies. It also offers or refers customers for products such as mortgages, prepaid legal services and home and auto insurance.

The company reaches customers through independent, licensed sales representatives rather than a conventional employee sales force. Representatives use a financial needs analysis to discuss insurance, savings and debt with clients, often meeting them at home or remotely. Clients are typically representatives’ friends, family members and personal acquaintances. Representatives also recruit and develop other representatives and can earn compensation on their sales organizations’ production.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Term Life Insurance Segment 1,820 55.28%
Investment and Savings Products Segment 1,248 37.92%
Corporate and Other Distributed Products Segment 224 6.80%
Gross margin 80.21%
Operating margin 29.61%
Pre-tax margin 29.61%

Revenue by segment since 2010

Primerica, Inc. vs peers in Insurance Life (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PUK Prudential Public Limited Company $29.8B 17.1× — −52.23% (below 0%: shrinking) +122.99% (above 0%: growing) −99.72% (below 0%: shrinking) 0.00% 0.00% Compare
UNM Unum Group $14.5B 21.3× 12.9× +0.26% (above 0%: growing) −16.58% (below 0%: shrinking) +48.17% (above 0%: growing) 35.37% 11.36% Compare
GL Globe Life Inc. $12.3B 10.4× 10.5× +8.00% (above 0%: growing) +20.06% (above 0%: growing) +0.88% (above 0%: growing) 39.24% 24.44% Compare
JXN Jackson Financial Inc. $9.2B 182× 11.7× +135.67% (above 0%: growing) +292.31% (above 0%: growing) +57.63% (above 0%: growing) (630.95%) 411.90% Compare
PRI Primerica, Inc. $8.7B 11.3× 11.1× +9.04% (above 0%: growing) +19.41% (above 0%: growing) +5.06% (above 0%: growing) 82.88% 30.52%
LNC Lincoln National Corporation $7.9B 3.5× 4.5× +12.31% (above 0%: growing) +76.55% (above 0%: growing) −155.08% (below 0%: shrinking) 37.98% 37.98% Compare
CNO CNO Financial Group, Inc. $5.1B 19.4× 14.0× +11.61% (above 0%: growing) +45.16% (above 0%: growing) +7.63% (above 0%: growing) 44.06% 16.73% Compare
GNW Genworth Financial, Inc. $3.4B 16.5× 26.2× +5.85% (above 0%: growing) 0.00% +766.67% (above 0%: growing) 30.09% 7.10% Compare
FG F&G Annuities & Life, Inc. $2.8B 7.0× 7.9× +4.18% (above 0%: growing) n/m −8.11% (below 0%: shrinking) 16.89% (3.73%) Compare
Median of peers $8.6B 16.8× 11.7× +6.93% +45.16% +4.26% 32.73% 14.05%

All 17 Insurance Life stocks →

From the latest earnings call

Updated

  • CEO Glenn Williams said investment demand supported sales growth, while economic uncertainty continued to affect life insurance sales to middle-income families.
  • Williams said Primerica lowered its full-year projections after the effects of its initiatives arrived later than anticipated, though he still expected an impact.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.32%
Held by the ten largest 54.94%
Holder Shares Stake Change
Vanguard 3.50m 11.34% −13.95k
BlackRock 2.98m 9.66% −10.22k
Fidelity (FMR) 2.82m 9.14% −4.64k
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 2.77m 8.96% −303.08k
State Street 1.04m 3.37% +37.90k
Geode Capital Management 905.87k 2.93% +35.60k
Brave Warrior Advisors, LLC 865.86k 2.80% −13.46k
BMO 750.25k 2.43% −507.15k
BAMCO INC /NY/ 671.45k 2.17% −188.57k
Dimensional Fund Advisors 660.72k 2.14% +10.14k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.64m 5.68m 207.06
2024 7.19m 8.87m 214.21
2023 4.18m 6.83m 160.32
2022 4.79m 4.21m 109.00
2021 5.06m 6.45m 115.87
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Primerica, Inc. (PRI) Latest News

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

14 Oct

Impact 3 · · Business Wire

30 Sep

Impact 3 · · Business Wire

11 Sep

Impact 3 ·

9 Sep

Impact 3 ·

6 Sep

Impact 4 ·

8 Aug

Impact 3 · · MarketBeat transcript

5 Aug

Impact 3 ·
Impact 3 ·

29 Jul

Impact 3 ·

19 Jun

Impact 3 ·

15 Jun

Impact 3 ·

1 Jun

Impact 3 · · The Motley Fool transcript

14 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · StockStory
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Zacks

29 Apr

Impact 3 · · Zacks

9 Apr

Impact 3 · · Business Wire

31 Mar

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory

9 Mar

Impact 3 · · StockStory

6 Mar

Impact 3 · · Simply Wall St.

18 Feb

Impact 3 · · StockStory

14 Feb

Impact 3 · · Simply Wall St.StockStoryAssociated Press FinanceSimply Wall St.StockStoryMT NewswiresZacksZacks

13 Feb

Impact 4 · · MarketBeat transcript
stockrow.com/PRI · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com