Primerica, Inc. (PRI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-4.7%

$271.20

vs $284.65 price

Levered DCF

$456.50

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.35

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.26×	19.77×	12.88×	11.46×	16.24×	13.95×	15.09×	13.22×
P/B	3.45×	4.1×	3.58×	2.65×	2.91×	2.92×	3.33×	2.93×
P/S	2.61×	3×	2.69×	2.03×	2.24×	2.42×	2.68×	2.26×
EV / EBITDA	9.33×	10.66×	10.66×	8.95×	10.95×	11.91×	13.09×	3.3×
Gross margin	80.5%	42.3%	40.1%	38.9%	39.0%	35.2%	36.2%	87.9%
Operating margin	30.2%	30.4%	28.1%	27.0%	23.7%	22.9%	23.2%	23.4%
Net margin	23.3%	15.2%	21.0%	17.8%	17.6%	17.4%	17.9%	17.1%
Current ratio	6.59×	9.48×	9.36×	0×	0×	0×	0×	21.5×
Debt / equity	0.74×	0.86×	0.99×	1.03×	0.98×	0.97×	0.98×	0.92×
Interest coverage	40.68×	37.52×	29.02×	26.39×	21.02×	17.57×	16.56×	15.44×
Dividend yield	1.6%	1.2%	1.3%	1.6%	1.2%	1.2%	1.0%	1.0%
Payout ratio	18.1%	24.0%	16.3%	17.7%	15.6%	16.7%	15.7%	13.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.7%	20.8%	27.9%	23.2%	22.9%	21.0%	22.2%	22.2%
Return on invested capital	5.3%	5.2%	4.1%	0.0%	3173.2%	0.0%	0.0%	3.6%
Return on assets	5.0%	3.2%	3.8%	3.2%	3.0%	2.6%	2.7%	2.6%
Free cash flow yield	10.4%	9.0%	8.9%	13.6%	10.4%	11.5%	8.4%	10.8%
Earnings yield	8.9%	5.1%	7.8%	8.8%	7.9%	7.2%	6.7%	7.6%
Enterprise value	$9.5B	$10.5B	$8.8B	$7B	$7.7B	$6.6B	$6.9B	$5.4B
Net debt / EBITDA	1.05×	1.28×	1.75×	2.04×	2.34×	2.21×	2.58×	0.67×
Cash conversion cycle (days)	42	261	326	382	512	624	687	-1,310