MeritValue

PROASSURANCE CORP

PRAdata completeness 88%18 fiscal years on file
The thesis, from the filings

PROASSURANCE CORP earns about 3% on invested capital, and has bought back 4% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.12B1$1.11B2$1.14B3$1.15B3$1.1B3
Net income$144.1M4−$402,0005−$38.6M6$52.7M6$50.9M6
Operating cash flow$74M7−$29.8M8−$49.9M9−$10.7M9−$25.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$425M10$427M11$427.1M12$424.9M13$420.4M13
Cash & equivalents$143.6M14$30M15$65.9M16$54.9M17$36.5M17
Diluted shares54.1M54.1M52.8M51.3M51.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$261.11
your share of equity
Profit it earned you last year
$9.85
Free cash flow it threw off
—
Debt you’d be carrying
$81.37

10 shares is a claim on $261.11 of net worth that earned you $9.85 last year, against $81.37 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 10%FY22 1%FY23 -1%FY24 3%FY25 3%

It earned an average 3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001875246-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001875246-25-000003 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001127703-26-000008 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001875246-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001875246-25-000003 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001127703-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001875246-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001875246-25-000003 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001127703-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001875246-23-000003 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001875246-24-000009 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001875246-25-000003 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001127703-26-000008 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001875246-23-000003 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001875246-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001875246-25-000003 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001127703-26-000008 (CashAndCashEquivalentsAtCarryingValue)