# PRA Group (PRAA.US)

Canonical: https://gigainvestors.com/s/PRAA

Analysis as of: 2026-10-16T07:31:18.365Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $19.95 per share; close as of 2026-10-15.

Estimated value: low $38.96 per share, central $48.70 per share, high $64.93 per share. Buy at or below the central value $48.70 per share. Valuation as of 2026-10-16T07:31:18.365Z; scenarios are not confidence intervals.

Expected annual return: 15.8% at the stated quote. About 15.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 8

- Required profitable years: 9

- Return on common equity variation (informational): 3.20×

Chart: Net income; fiscal year observations.

- FY2016: $85M

- FY2017: $162M

- FY2018: $66M

- FY2019: $86M

- FY2020: $149M

- FY2021: $183M

- FY2022: $117M

- FY2023: -$83M

- FY2024: $71M

- FY2025: -$305M

### moat: fail

- Tangible common book per share

- Parent-total proxy for common earnings

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 13.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -11.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 25.3%

- FY2017: 30.0%

- FY2018: 10.5%

- FY2019: 12.6%

- FY2020: 17.6%

- FY2021: 22.7%

- FY2022: 14.8%

- FY2023: -11.3%

- FY2024: 9.6%

- FY2025: -32.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for common earnings

- Book value per share + reinvested dividends, annualized return: 15.7%

- Book return interval: 10 years

- Starting book value per share: $5.82

- Ending book value per share: $24.33

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 25.0%

- FY2017: 63.0%

- FY2018: 19.5%

- FY2019: 9.0%

- FY2020: 23.3%

- FY2021: -3.9%

- FY2022: 11.6%

- FY2023: -5.4%

- FY2024: -0.5%

- FY2025: 30.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for common earnings

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -3.1%

- Share growth excluding flagged crisis recapitalisations: -2.1%

- Five-year share growth excluding flagged crisis recapitalisations: -3.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 14.42×

- Book value created per share: $18.51

- Earnings retained per share after dividends and buybacks: $1.28

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 96

- FY2017: 95

- FY2018: 94

- FY2019: 94

- FY2020: 95

- FY2021: 94

- FY2022: 82

- FY2023: 81

- FY2024: 82

- FY2025: 81

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 60% since Dec 2021 · "PRA Group's Q1 Earnings Miss Estimates on Rising Legal Collection Costs" (finance.yahoo.com, May 2025) · net income -532.2%

Story as of 2026-10-16T09:59:26.041Z; price observation 2026-10-15.

The price assumes profits grow 0.2% a year forever

- 2025-05-08: PRA Group's Q1 Earnings Miss Estimates on Rising Legal Collection Costs ([finance.yahoo.com](https://finance.yahoo.com/news/pra-groups-q1-earnings-miss-163700424.html))

- 2025-08-08: PRA Group Q2 Earnings Beat Estimates on Rising Cash Collections ([finance.yahoo.com](https://finance.yahoo.com/news/pra-group-q2-earnings-beat-132200923.html))

- 2025-11-10: PRA Group Q3 Earnings Beat Estimates on Increasing Cash Collections ([finance.yahoo.com](https://finance.yahoo.com/news/pra-group-q3-earnings-beat-172000132.html))

- 2026-08-10: PRA Group Q2 Earnings Beat Estimates on Strong Portfolio Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pra-group-q2-earnings-beat-163400541.html))

### Net income · FY2025

net income -532.2%; source https://www.sec.gov/Archives/edgar/data/1185348/000118534826000006/praa-20251231.htm; observed 2026-03-02.

- FY2016: $85M 

- FY2017: $162M 

- FY2018: $66M 

- FY2019: $86M 

- FY2020: $149M 

- FY2021: $183M 

- FY2022: $117M 

- FY2023: -$83M 

- FY2024: $71M 

- FY2025: -$305M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in credit services; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1185348/000118534826000006/praa-20251231.htm#000118534826000006 (filed 2026-03-02); FY2025: revenue 1201837000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); PRAA.US: PRA Group, Inc., a financial services company, engages in the purchase, collection, and management of nonperforming loan portfolios in the United States, Europe, the United Kingdom, South America, Canada, and Australia. The company purchases loans from credit originators who have chosen not to pursue, or have been unsuccessful in collecting, the full balance owed. It also purchases loans in situations where the customer is involved in a bankruptcy or similar proceeding; and purchase and provide fee-based services for class action claims recoveries. In addition, the company is involved in core and insolvency nonperforming loans include general purpose and private label credit cards, consumer loans, auto loans, overdrafts and small business loans. The company was formerly known as Portfolio Recovery Associates, Inc. and changed its name to PRA Group, Inc. in October 2014. PRA Group, Inc. was founded in 1996 and is headquartered in Norfolk, Virginia.

### Why customers stay

It earns 13.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on tangible equity observations [[2016,0.25292238189356675],[2017,0.30022942994060725],[2018,0.1048199628446542],[2019,0.1259441278064368],[2020,0.17591480078404764],[2021,0.2272197776159527],[2022,0.14796145199181548],[2023,-0.1134895343335853],[2024,0.09557789284868176],[2025,-0.3201976956494365]]; median 0.13695278989912613. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 20 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,934000],[2017,1429000],[2018,14486000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1185348/000118534826000006/praa-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 20000000 USD.

### Are managers owners

Insiders own 2.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); PRAA.US SharesStats.PercentInsiders = 2.325 percentage points; cache date 2026-10-05.

### What the price says

The price assumes profits grow 0.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Price 19.95; FX 1; original perpetual distributable cash 1.9478978439938948; discount 0.1; growth 0.0023610103261205717. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.90 per share

- 2016-11: $35.95 per share

- 2016-12: $39.10 per share

- 2017-01: $39.80 per share

- 2017-02: $40.80 per share

- 2017-03: $33.15 per share

- 2017-04: $32.20 per share

- 2017-05: $34.80 per share

- 2017-06: $37.90 per share

- 2017-07: $39.20 per share

- 2017-08: $28.90 per share

- 2017-09: $28.65 per share

- 2017-10: $27.90 per share

- 2017-11: $34.80 per share

- 2017-12: $33.20 per share

- 2018-01: $35.75 per share

- 2018-02: $38.30 per share

- 2018-03: $38.00 per share

- 2018-04: $35.60 per share

- 2018-05: $38.60 per share

- 2018-06: $38.55 per share

- 2018-07: $39.20 per share

- 2018-08: $36.55 per share

- 2018-09: $36.00 per share

- 2018-10: $30.84 per share

- 2018-11: $30.52 per share

- 2018-12: $24.37 per share

- 2019-01: $29.51 per share

- 2019-02: $32.19 per share

- 2019-03: $26.81 per share

- 2019-04: $28.12 per share

- 2019-05: $27.61 per share

- 2019-06: $28.14 per share

- 2019-07: $31.13 per share

- 2019-08: $34.14 per share

- 2019-09: $33.79 per share

- 2019-10: $33.93 per share

- 2019-11: $36.64 per share

- 2019-12: $36.30 per share

- 2020-01: $35.36 per share

- 2020-02: $38.82 per share

- 2020-03: $27.72 per share

- 2020-04: $27.74 per share

- 2020-05: $34.12 per share

- 2020-06: $38.66 per share

- 2020-07: $39.56 per share

- 2020-08: $46.68 per share

- 2020-09: $39.95 per share

- 2020-10: $34.13 per share

- 2020-11: $41.63 per share

- 2020-12: $39.66 per share

- 2021-01: $32.97 per share

- 2021-02: $36.86 per share

- 2021-03: $37.07 per share

- 2021-04: $37.68 per share

- 2021-05: $38.93 per share

- 2021-06: $38.47 per share

- 2021-07: $38.79 per share

- 2021-08: $42.00 per share

- 2021-09: $42.14 per share

- 2021-10: $42.88 per share

- 2021-11: $42.46 per share

- 2021-12: $50.21 per share

- 2022-01: $46.50 per share

- 2022-02: $44.63 per share

- 2022-03: $45.08 per share

- 2022-04: $42.03 per share

- 2022-05: $37.00 per share

- 2022-06: $36.36 per share

- 2022-07: $39.84 per share

- 2022-08: $36.94 per share

- 2022-09: $32.86 per share

- 2022-10: $33.50 per share

- 2022-11: $34.38 per share

- 2022-12: $33.78 per share

- 2023-01: $40.24 per share

- 2023-02: $42.56 per share

- 2023-03: $38.96 per share

- 2023-04: $36.27 per share

- 2023-05: $18.70 per share

- 2023-06: $22.85 per share

- 2023-07: $23.86 per share

- 2023-08: $19.48 per share

- 2023-09: $19.21 per share

- 2023-10: $12.31 per share

- 2023-11: $18.53 per share

- 2023-12: $26.20 per share

- 2024-01: $22.77 per share

- 2024-02: $25.56 per share

- 2024-03: $26.08 per share

- 2024-04: $23.79 per share

- 2024-05: $21.58 per share

- 2024-06: $19.66 per share

- 2024-07: $26.65 per share

- 2024-08: $23.32 per share

- 2024-09: $22.36 per share

- 2024-10: $20.16 per share

- 2024-11: $21.20 per share

- 2024-12: $20.89 per share

- 2025-01: $22.11 per share

- 2025-02: $20.93 per share

- 2025-03: $20.62 per share

- 2025-04: $18.30 per share

- 2025-05: $14.19 per share

- 2025-06: $14.75 per share

- 2025-07: $15.20 per share

- 2025-08: $17.09 per share

- 2025-09: $15.44 per share

- 2025-10: $13.71 per share

- 2025-11: $16.20 per share

- 2025-12: $17.69 per share

- 2026-01: $12.79 per share

- 2026-02: $15.75 per share

- 2026-03: $17.50 per share

- 2026-04: $21.79 per share

- 2026-05: $15.26 per share

- 2026-06: $18.99 per share

- 2026-07: $17.37 per share

- 2026-08: $18.82 per share

- 2026-09: $19.49 per share

- 2026-10: $19.95 per share

## Annual estimated value (USD per share)

- FY2016: low $23.21 per share, central $29.01 per share, high $38.68 per share

- FY2017: low $25.42 per share, central $27.96 per share, high $31.07 per share

- FY2018: low $29.69 per share, central $32.65 per share, high $36.28 per share

- FY2019: low $48.03 per share, central $60.04 per share, high $80.05 per share

- FY2020: low $59.24 per share, central $74.05 per share, high $98.73 per share

- FY2021: low $56.90 per share, central $71.13 per share, high $94.84 per share

- FY2022: low $42.55 per share, central $46.80 per share, high $52.00 per share

- FY2023: low $34.40 per share, central $37.84 per share, high $42.05 per share

- FY2024: low $38.09 per share, central $47.61 per share, high $63.48 per share

- FY2025: low $37.44 per share, central $46.80 per share, high $62.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1185348/000118534826000006/praa-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.