MeritValue

Primerica, Inc.

PRIdata completeness 75%17 fiscal years on file
The thesis, from the filings

Primerica, Inc. earns about 53% on invested capital, and has bought back 18% of its shares over 5 years. The applicable estimate puts fair value near $151.37 a share.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$2.71B1$2.66B2$2.75B3$3.09B3$3.29B3
Net income$477.4M4$472.1M5$576.6M5$470.5M5$751.2M6
Operating cash flow$657M7$757.7M8$692.5M9$862.1M9$901.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$392.5M10$489.2M11$594.1M12$687.8M13$756.2M13
Diluted shares39.7M38.1M36.0M34.2M32.7M

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
$748.44
your share of equity
Profit it earned you last year
$229.88
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $748.44 of net worth that earned you $229.88 last year.

iii. Is this a good business?
Moat signal · return on invested capital
53% avg · 5y
FY21 94%FY22 37%FY23 42%FY24 46%FY25 44%

It earned an average 53% 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
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$151.37
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$477.4M
  • growthAssumed0.0%
Graham Number
$196.42
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-022262 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029882 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082233 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022262 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029882 (NetIncomeLoss)
  6. 10-K · period ending 2025-12-31 · accession 0001193125-26-082233 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-022262 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029882 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082233 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-005208 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-022262 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-029882 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-082233 (CashAndCashEquivalentsAtCarryingValue)