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ProAssurance Corporation (PRA) fair value: what the stock is really worth

As of Jul 2, 2026: fair value of ProAssurance Corporation $14.11, price $25.00, upside -43.6%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · US · ISIN US74267C1062

PC ProAssurance Corporation logo Broad data Sep 24, 2026

ProAssurance Corporation

PRA · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $14.11 · Strongly overvalued (−43.6%)
!Quality 45/100
!Expensive Growth (revenue 5y +4.4 %/yr)
!Thin margins · 6.0% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/14)
!Narrow moat 33/100
!Weak on past: 20 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$27.41 $10.89 Fair Value $14.11 Mar 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $10.89 – $27.41 · fair‑value band $10.58 – $17.63 · the $25.00 price screens above the $14.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. It operates through three segments: Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Corporate.

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ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. It operates through three segments: Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Corporate. The company offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance and captive cell programs for healthcare professional liability insureds. It also provides workers' compensation insurance products, such as guaranteed cost policies, policyholder dividend policies, retrospectively rated policies, and deductible policies, as well as alternative market solutions that include program design, fronting, claims administration, risk management, SPC rental, asset management, and SPC management services for individual companies, agencies, groups, and associations. It markets its products through independent agencies and brokers, as well as an internal business development team. ProAssurance Corporation was founded in 1976 and is headquartered in Birmingham, Alabama.

Stock analysis

ProAssurance Corporation (PRA) currently trades at $25.00, while our model-based Fair Value estimate is $14.11, 43.6% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of $18.12 per share, and 0 of the 6 models we run sit above the $25.00 price.

Bear case: the Multiples group reads lowest at $12.83, and 6 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: $10.58 (bear) to $17.63 (bull), the price of $25.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

ProAssurance Corporation reported revenue of $1.1B in FY2025 versus $1.1B in FY2021, a compound +0.5%/yr. Reported net income was $50.9M in FY2025, compounding −22.9%/yr from FY2021.

Key figures

Market cap $1.3B · P/E ratio 19.8 · P/S ratio 0.92 · EPS (TTM) $1.26 · Dividend yield 5.9% · Net margin 4.6% · Return on equity 5.1% · Return on assets (EBIT) 0.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (medium confidence).

What moves the price

The share trades at its 52-week high and 9% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at −44%, PRA screens richer than that median.

Fair Value models

Bear $10.58 Fair Value $14.11 Bull $17.63
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.9493 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $18.43 $18.12 $18.41 76
Gordon GGM $11.29 $19.54 $28.02 67
DDM Multi-Stage $11.29 $16.30 $20.97 67
All 6 models by family
Dividend Discount
Gordon GGM $11.29 $19.54 $28.02 67
DDM Multi-Stage $11.29 $16.30 $20.97 67
Multiples
P/E Multiple $9.62 $12.83 $16.03 63
P/B Multiple $12.58 $16.77 $20.96 55
Asset-Based
NCAV (Graham) $13.07 $17.52 $26.14 54
Economic Profit
Residual Income $18.43 $18.12 $18.41 76

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Quality Score breakdown

Overall quality 45/100

Of which business quality 41 · Market factors (momentum, volatility) 68

Profitability 19
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 85
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 29/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Start year 2020 (pandemic). Over 10 years: +3.6% a year
Revenue growth 34 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.0%
Dividend (yield on the price)5.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6.0% vs −10.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−25% → 7%
Start year 2020 (pandemic)

PRA screens overvalued: fair value 44% below the price. Compare with Chubb Limited →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Property & Casualty · 117 stocks

Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Bottom 25%
Fair Value upside −43.6% · Bottom 25%
Profitability
Return on equity (TTM) 5.1% · Bottom 25%
Return on assets 1.5% · Bottom 25%
Net margin (TTM) 6.0% · Below median
Operating margin (TTM) 6.6% · Bottom 25%
Growth and dividend
Revenue growth −4.9% · Bottom 25%
Dividend yield (TTM) 5.9% · Top 25%
Balance sheet
Debt / equity 0.22× · Above median

Valuation Multiplesvs Insurance - Property & Casualty median · lower = cheaper

P/E (TTM) 19.8× · Priciest 25%
P/B 0.96× · Cheaper than median
P/S (TTM) 1.18× · Pricier than median
EV/EBITDA 11.0× · Priciest 25%
PEG 0.78× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 17
FUTURE (revenue growth)0 · sector 36
PAST (return on equity)20 · sector 58
HEALTH (low debt)89 · sector 90
DIVIDEND (yield)100 · sector 55

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Chubb Limited CB $331.37 $235.99 −29%
The Progressive Corporation PGR $209.47 $160.75 −23%
The Travelers Companies, Inc TRV $356.51 $279.78 −22%
The Allstate Corporation ALL $224.41 $290.52 +29%
The People's Insurance Company 601319 ¥7.98 ¥9.02 +13%
Fairfax Financial Holdings FFH C$2,219 C$3,257 +47%
Intact Financial Corporation IFC C$250.54 C$167.88 −33%
Cincinnati Financial Corporation CINF $161.92 $143.72 −11%
W. R. Berkley Corporation WRB $67.66 $47.22 −30%
QBE Insurance Group QBE A$23.81 A$13.42 −44%

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ProAssurance Corporation · Fair Value
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Cite: Fair Value Calculator (2026). "ProAssurance Corporation Fair Value". https://www.fairvalue-calculator.com/stock/PRA

Frequently asked questions

Is ProAssurance Corporation (PRA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $14.11 versus the last price from Jul 2, 2026 of $25.00, about −44% upside (overvalued).
What is the fair value of PRA?
Our model-based fair value for ProAssurance Corporation is $14.11 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 2, 2026): $25.00.
What is the quality score of PRA?
ProAssurance Corporation has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ProAssurance Corporation (PRA)?
Our model-based price target is the fair value of $14.11 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $10.58, optimistic scenario $17.63. It is a calculation from audited fundamentals, not an analyst target.
What is the ProAssurance Corporation stock forecast for 2026?
Our models put fair value at $14.11, about −44% upside versus the last price from Jul 2, 2026 of $25.00 (overvalued). Cautious scenario $10.58, optimistic scenario $17.63. The calculation is refreshed regularly with new filings.
What is the revenue of ProAssurance Corporation (PRA)?
ProAssurance Corporation reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Sep 24, 2026).
Does ProAssurance Corporation pay a dividend?
ProAssurance Corporation currently shows a dividend yield of about 5.90% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of ProAssurance Corporation (PRA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ProAssurance Corporation it is $14.11 per share (as of Sep 24, 2026), against a price of $25.00. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is ProAssurance Corporation stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PRA trades above its calculated fair value: price $25.00, fair value $14.11, a gap of about −44% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PRA?
No. The price is what the market pays today ($25.00); the fair value is what the company's own numbers justify ($14.11). For ProAssurance Corporation the two are $10.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is ProAssurance Corporation worth?
The market values ProAssurance Corporation at about $1.3B (market capitalisation, as of Sep 24, 2026). Per share that is $25.00; our models calculate a fair value of $14.11 per share.
What do the bullish and bearish scenarios say about PRA?
Our models span a range for ProAssurance Corporation: cautious scenario $10.58, base $14.11, optimistic $17.63 per share (as of Sep 24, 2026, price $25.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PRA?
ProAssurance Corporation trades at a price-to-earnings ratio of 19.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $14.11 is built from several models across several years. Other multiples: PEG 0.8, P/B 1.0, P/S 1.2, EV/EBITDA 11.0.
What is the PEG ratio of PRA?
The PEG ratio of ProAssurance Corporation is 0.78 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of ProAssurance Corporation (PRA)?
Balance-sheet figures for ProAssurance Corporation (as of Sep 24, 2026): return on equity 5.1%, debt of 0.22 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is PRA from its 52-week high?
ProAssurance Corporation trades at $25.00, at its 52-week high of $25.00 and 9% above the low of $22.97 (as of Jul 2, 2026). Distance from the high says nothing about value: that is what the fair value of $14.11 is for.
Which stocks are comparable to ProAssurance Corporation?
From the same area (Financial Services) we also value Chubb Limited, The Progressive Corporation, The Travelers Companies, Inc, The Allstate Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ProAssurance Corporation stock attractive at the current price?
The data as of Sep 24, 2026: price $25.00, calculated fair value $14.11 (−44%), Quality Score 45/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PRA calculated?
We run ProAssurance Corporation through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $14.11, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. ProAssurance Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ProAssurance Corporation (PRA)?
The latest price we hold is from Jul 2, 2026 and stands at $25.00. Our model-based fair value is $14.11, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ProAssurance Corporation right now?
The price sits above even our optimistic bull case ($17.63). The favourable scenario is already priced in. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of ProAssurance Corporation (PRA) come from?
Earnings per share at ProAssurance Corporation grew −10.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin −13.0 %, tax rate −0.7 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of ProAssurance Corporation

How large is the market capitalisation of ProAssurance Corporation (PRA)?
The market capitalisation of ProAssurance Corporation is $1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ProAssurance Corporation (PRA)?
The price-to-sales ratio of ProAssurance Corporation is 0.92 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ProAssurance Corporation (PRA)?
Earnings per share at ProAssurance Corporation are $1.26 (price ÷ EPS = P/E 19.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ProAssurance Corporation (PRA)?
The dividend yield of ProAssurance Corporation is 5.9% (payout 117%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ProAssurance Corporation (PRA)?
The net margin of ProAssurance Corporation is 4.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ProAssurance Corporation (PRA)?
The return on equity (ROE) of ProAssurance Corporation is 5.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ProAssurance Corporation (PRA)?
On an EBIT basis the return on assets of ProAssurance Corporation is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ProAssurance Corporation (PRA)?
The operating margin of ProAssurance Corporation is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ProAssurance Corporation (PRA)?
Revenue at ProAssurance Corporation is growing −4.9% versus a year earlier (3y avg −0.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ProAssurance Corporation (PRA)?
Earnings per share at ProAssurance Corporation are growing +105% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ProAssurance Corporation (PRA) generate?
The free cash flow of ProAssurance Corporation is −$29.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ProAssurance Corporation (PRA) carry?
The net debt of ProAssurance Corporation is $399M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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