Primerica

PRI · NYSE · Financials · Financials, fiscal 2016 to 2025

PRI · Last close · October 26, 2026

$276.79

Primerica's revenue rose 6.6% to $3.3 billion in fiscal 2025. Its net margin was 22.8%, up from 15.2% a year earlier. It paid out $586 million in dividends and buybacks. The diluted share count fell 4.4%.

Primerica, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001193125-26-082233 Updated October 11, 2026

Revenue

$3.3B

6.6%

Net margin

22.8%

7.6 pts

Net income

$751M

59.7%

Free cash flow

—

Return on capital

34.5%

0.4 pts

Market cap

$8.6B

Oct 26 close

P/E

11.1x

On $24.89 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Debt is Primerica's notes payable, its senior notes; its 2021 filing tags them under another label. Primerica's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.

What Primerica does

Primerica sells financial products to middle-income households in the United States and Canada. It does this through a large force of independent sales representatives, who are licensed to sell life insurance and number 151,524. They help clients buy term life insurance, which Primerica itself underwrites. They also sell mutual funds, annuities, managed investments and other products, which Primerica distributes mainly for other companies.

It has three segments. Term Life Insurance earns premiums from policies written by its insurance companies. Investment and Savings Products earns commissions and fees on sales and on client assets, along with recordkeeping and custodian fees. Corporate and Other Distributed Products covers the rest, including products it distributes for others. It sold its Senior Health business in 2024.

Primerica says its annuity and investment products compete with those of many other companies. Its sales representatives are independent contractors, not employees. The company had 2,833 employees at the end of 2025. It became a public company in 2010 after Citigroup transferred the business to it.

Its biggest risks, as it describes them

Failing to recruit and keep licensed independent sales representatives.
Laws that could force changes to its independent contractor sales model, or reclassify its representatives as employees.
Claims experience on its life insurance business that turns out worse than it expected.
Insurance and securities regulation, and the risk that representatives break the rules.
Losing or changing its relationships with the fund and annuity companies whose products it sells.

From Primerica's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 19.6% a year and net income 14.7% a year, as buybacks cut the share count by 31%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Primerica's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Primerica yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Primerica's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Primerica's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $882M, net cash of $160M at December 31, 2025 and 33 million diluted shares, from its filings. The scenarios are fitted to Primerica: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Life & Health Insurance), plus 1 point as a smaller company, worth $8.6B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Primerica's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 9% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 11% then 7% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $276.79
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Primerica's earnings per share of $24.89 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Primerica's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: CNO Financial Group, Globe Life, Brighthouse Financial, Unum.

Earnings growth in the years ahead (% a year) Starts at Primerica's revenue growth over the last 3 years, 7.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $276.79
Value at this multiple, against the last close: —
Primerica's P/E at the last close: 11.1×

Company	Last close	Earnings per share	P/E today
UnumUNM	$90.12	$4.29	21.0×
CNO Financial GroupCNO	$54.20	$2.91	18.6×
PrimericaPRI	$276.79	$24.89	11.1×
Globe LifeGL	$156.82	$15.07	10.4×
Brighthouse FinancialBHF	$44.83	$12.53	3.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	478	559	594	688	756
Debt incl. finance leases	593	594	594	596	596
Net debt (negative means net cash)	115	35	−0	−92	−160
Net debt to EBITDA	0.2x	0.0x	−0.0x	−0.1x	−0.2x
Debt to equity	0.6x	0.3x	0.3x	0.3x	0.2x
Interest coverage	22.0x	27.4x	30.0x	39.8x	43.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Primerica shares on the open market, and 5 insiders sold $4.5 million, $4.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 17, 2026	Peter W. SchneiderPresident	Sold plan	1,800	$312.65	$562,770	Form 4
Aug 11, 2026	Amber Lynne CottleDirector	Sold	279	$313.63	$87,503	Form 4
Aug 10, 2026	Glenn J. WilliamsChief Executive Officer, Director	Sold plan	1,500	$320.20	$480,300	Form 4
Jun 12, 2026	Glenn J. WilliamsChief Executive Officer, Director	Sold plan	1,500	$280.49	$420,735	Form 4
May 18, 2026	Peter W. SchneiderPresident	Sold plan	1,800	$279.64	$503,352	Form 4
Mar 10, 2026	Peter W. SchneiderPresident	Sold plan	1,800	$252.38	$454,284	Form 4
Mar 2, 2026	Nicholas Adam JendusaPrincipal Accounting Officer	Sold	190	$255.51	$48,547	Form 4
Feb 17, 2026	Glenn J. WilliamsChief Executive Officer, Director	Sold plan	2,500	$256.41	$641,025	Form 4
Dec 3, 2025	Joel M. BabbitDirector	Sold	700	$255.00	$178,500	Form 4
Nov 17, 2025	Peter W. SchneiderPresident	Sold plan	2,000	$255.30	$510,600	Form 4
Nov 12, 2025	Glenn J. WilliamsChief Executive Officer, Director	Sold plan	2,500	$259.65	$649,125	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−0.8%	−2.6%	−1.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Primerica side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Primerica	FY25	6.6%	—	—	34.5%	−0.2x	—
CNO Financial Group	FY25	0.8%	12.3%	—	—	—	—	Compare
Globe Life	FY25	3.7%	—	20.9%	16.0%	1.4x	—	Compare
Brighthouse Financial	FY25	43.2%	—	—	—	—	—	Compare
Unum	FY25	1.5%	—	4.2%	7.6%	0.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,519	1,689	1,900	2,052	2,218	2,710	2,658	2,748	3,089	3,292
Revenue growth	8.2%	11.2%	12.5%	8.0%	8.0%	22.2%	−1.9%	3.4%	12.4%	6.6%
Gross profit	—	—	—	—	—	2,657	2,589	2,693	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	219	350	324	366	386	477	472	577	470	751
Diluted EPS (US$)	4.59	7.61	7.33	8.62	9.57	11.99	12.33	15.94	13.71	22.91
Diluted shares (millions)	48	46	44	42	40	40	38	36	34	33
Cash flow
Cash from operations	294	392	478	486	643	657	758	692	862	901
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	33	36	44	58	64	75	84	94	113	136
Share buybacks	150	150	210	225	231	19	356	375	425	450
Acquisitions	0	0	0	0	0	494	4	0	0	0
Stock-based compensation	13	15	17	18	19	17	22	19	25	25
Balance sheet at fiscal year end
Cash and short-term investments	212	280	270	257	548	478	559	594	688	756
Debt incl. finance leases	373	373	374	375	375	593	594	594	596	596
Total assets	11,439	12,461	12,595	13,688	14,905	16,196	14,641	15,028	14,582	15,012
Total liabilities	10,218	11,042	11,134	12,036	13,069	14,033	12,610	12,962	12,323	12,566
Shareholders' equity	1,221	1,419	1,462	1,652	1,836	925	2,031	2,066	2,259	2,446
Margins and ratios
Gross margin	—	—	—	—	—	98.0%	97.4%	98.0%	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	14.4%	20.7%	17.1%	17.9%	17.4%	17.6%	17.8%	21.0%	15.2%	22.8%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Return on capital	17.3%	26.0%	22.5%	23.3%	23.8%	—	37.1%	29.6%	34.9%	34.5%
Return on equity	18.5%	26.5%	22.5%	23.5%	22.1%	34.6%	31.9%	28.1%	21.8%	31.9%
Return on assets	2.0%	2.9%	2.6%	2.8%	2.7%	3.1%	3.1%	3.9%	3.2%	5.1%
Net debt to EBITDA	0.4x	0.2x	0.2x	0.2x	−0.3x	0.2x	0.0x	−0.0x	−0.1x	−0.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Primerica's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Primerica.