# Primerica (PRI.US)

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

Analysis as of: 2026-10-16T07:31:19.589Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $281.16 per share; close as of 2026-10-15.

Estimated value: low $249.60 per share, central $312.00 per share, high $416.00 per share. Buy at or below the central value $312.00 per share. Valuation as of 2026-10-16T07:31:19.589Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.32×

Chart: Net income; fiscal year observations.

- FY2016: $218M

- FY2017: $348M

- FY2018: $322M

- FY2019: $365M

- FY2020: $384M

- FY2021: $475M

- FY2022: $552M

- FY2023: $589M

- FY2024: $718M

- FY2025: $749M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 25.8%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 20.9%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 17.8%

- FY2017: 24.5%

- FY2018: 22.0%

- FY2019: 22.1%

- FY2020: 20.9%

- FY2021: 51.4%

- FY2022: 27.2%

- FY2023: 28.5%

- FY2024: 31.8%

- FY2025: 30.6%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: $0

- Ending book value per share: $74.84

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -4.3%

- Diluted shares, 5-year annual growth: -4.1%

- Share growth excluding flagged crisis recapitalisations: -4.3%

- Five-year share growth excluding flagged crisis recapitalisations: -4.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.08×

- Book value created per share: $74.84

- Earnings retained per share after dividends and buybacks: $36.00

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

- FY2015: 100

- FY2016: 93

- FY2017: 90

- FY2018: 86

- FY2019: 83

- FY2020: 79

- FY2021: 78

- FY2022: 75

- FY2023: 71

- FY2024: 67

- FY2025: 64

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 4.9% a year forever · "Rising Markets Lift Primerica’s (PRI) Investment Sales Outlook" (finance.yahoo.com, Sep 2026) · net income +4.3%

Story as of 2026-10-16T09:59:26.416Z; price observation 2026-10-15.

The price assumes profits grow 4.9% a year forever

- 2025-05-26: Primerica Shares Up Since Q1 Earnings Surpass Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/primerica-shares-since-q1-earnings-143900031.html))

### Net income · FY2025

net income +4.3%; source https://www.sec.gov/Archives/edgar/data/1475922/000119312526082233/pri-20251231.htm; observed 2026-02-27.

- FY2016: $218M 

- FY2017: $348M 

- FY2018: $322M 

- FY2019: $365M 

- FY2020: $384M 

- FY2021: $475M 

- FY2022: $552M 

- FY2023: $589M 

- FY2024: $718M 

- FY2025: $749M 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are USD 3.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1475922/000119312526082233/pri-20251231.htm#000119312526082233 (filed 2026-02-27); FY2025: revenue 3291713000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRI.US: Primerica, Inc., together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. It operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. The Term Life Insurance segment underwrites individual term life insurance products. The Investment and Savings Products segment provides mutual funds and various retirement plans, managed investments, variable and fixed annuities, and fixed indexed annuities; and offers segregated funds. The Corporate and Other Distributed Products segment provides mortgage loans; prepaid legal services that assist subscribers with legal matters, such as drafting wills, living wills and powers of attorney, trial defense, and motor vehicle-related matters; ID theft defense services; auto and homeowners' insurance; home automation solutions; and insurance products, including supplemental and accidental death, and disability insurance. It distributes and sells its products through licensed sales representatives to middle-income households. Primerica, Inc. was founded in 1927 and is headquartered in Duluth, Georgia.

### Why customers stay

It earns 25.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.1781428129303555],[2017,0.2450347085936801],[2018,0.22045715638519808],[2019,0.22071950770079837],[2020,0.20943196333103653],[2021,0.5137109680180069],[2022,0.2718891876643689],[2023,0.2849256546692179],[2024,0.317694986500909],[2025,0.3061398208104822]]; median 0.2584619481290245. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 450 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,33367000],[2017,35821000],[2018,44140000],[2019,57630000],[2020,64346000],[2021,74636000],[2022,83783000],[2023,93715000],[2024,112814000],[2025,136052000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1475922/000119312526082233/pri-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 450033000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRI.US SharesStats.PercentInsiders = 0.5369999999999999 percentage points; cache date 2026-10-16.

### What could break it

An IRS tax dispute could require additional payments.

- Source: https://www.sec.gov/Archives/edgar/data/1475922/000119312526082233/pri-20251231.htm (filed 2026-02-27);  laws and regulations could require changes to the recruiting of independent sales representatives, which could have a materially adverse effect on our business, financial condition and results of operations.

There may be adverse tax, legal or financial consequences if the classification of the independent contractor sales representatives is changed.

Sales representatives are independent contractors who operate their own businesses. Although we believe that we have properly classified these sales representatives as independent contractors, there is a risk that the Internal Revenue Service (“IRS”), the Department of Labor (“DOL”), the Canada Revenue Agency, a court or other authority will take a different view. Furthermore, the tests governing the determination of whether an individual is considered to be an independent contractor or an employee are fact-sensitive and vary from jurisdiction to jurisdiction. Laws and regulations that govern the status and classification of independent sales representatives are subject to change or interpretation.

The classification of workers as independent contractors continues to be the subject of increasing federal, state and provincial legislative, regulatory and judicial interest. Legislative and regulatory proposals have been introduced by federal and state authorities, and judicial decisions have been made, that call for or result in greater scrutiny of independent contractor classifications. It is difficult to predict what the outcome of worker classification activity may be. Changes to worker classifications could have a material adverse impact on our business, financial condition and results of operations because sales representatives are independent contractors.

If there is an adverse determination with respect to the classification of some or all of the independent contractors by a court or governmental agency, we could incur significant costs complying with such laws and regulations, including tax withholding, social security payments, retirement plan contributions and recordkeeping, employee benefits, payment of wages or modification of our business model, any of which could have a material adverse effect on our business, financial condition and results of operations. In addition, there is the risk that we may be subject to significant monetary liabilities arising from fines or judgments as a result of any such actual or alleged non-compliance with federal, state, or provincial laws.

The Company’s or the independent sales representatives’ violation of, or non-compliance with, laws and regulations and related claims and proceedings could expose us to material liabilities.

Extensive federal, state, provincial and territorial laws regulate our product offerings, imposing certain requirements that independent sales representatives must follow in dealing with clients. Instances of non-compliance or vio

### What the price says

The price assumes profits grow 4.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 281.16; FX 1; original perpetual distributable cash 14.251008531052284; discount 0.1; growth 0.04931352777403514. 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: $54.70 per share

- 2016-11: $70.70 per share

- 2016-12: $69.15 per share

- 2017-01: $75.45 per share

- 2017-02: $80.75 per share

- 2017-03: $82.20 per share

- 2017-04: $83.80 per share

- 2017-05: $72.20 per share

- 2017-06: $75.75 per share

- 2017-07: $81.05 per share

- 2017-08: $76.55 per share

- 2017-09: $81.55 per share

- 2017-10: $88.50 per share

- 2017-11: $104.00 per share

- 2017-12: $101.55 per share

- 2018-01: $101.00 per share

- 2018-02: $97.50 per share

- 2018-03: $96.60 per share

- 2018-04: $96.75 per share

- 2018-05: $98.35 per share

- 2018-06: $99.60 per share

- 2018-07: $114.80 per share

- 2018-08: $122.25 per share

- 2018-09: $120.55 per share

- 2018-10: $109.74 per share

- 2018-11: $118.88 per share

- 2018-12: $97.71 per share

- 2019-01: $112.37 per share

- 2019-02: $125.04 per share

- 2019-03: $122.15 per share

- 2019-04: $130.29 per share

- 2019-05: $114.86 per share

- 2019-06: $119.95 per share

- 2019-07: $122.69 per share

- 2019-08: $119.17 per share

- 2019-09: $127.23 per share

- 2019-10: $126.18 per share

- 2019-11: $133.84 per share

- 2019-12: $130.56 per share

- 2020-01: $118.56 per share

- 2020-02: $111.34 per share

- 2020-03: $88.48 per share

- 2020-04: $103.91 per share

- 2020-05: $113.64 per share

- 2020-06: $116.60 per share

- 2020-07: $119.66 per share

- 2020-08: $124.85 per share

- 2020-09: $113.14 per share

- 2020-10: $110.24 per share

- 2020-11: $130.27 per share

- 2020-12: $133.93 per share

- 2021-01: $139.31 per share

- 2021-02: $141.23 per share

- 2021-03: $147.82 per share

- 2021-04: $159.77 per share

- 2021-05: $162.21 per share

- 2021-06: $153.14 per share

- 2021-07: $146.22 per share

- 2021-08: $152.94 per share

- 2021-09: $153.63 per share

- 2021-10: $168.24 per share

- 2021-11: $147.15 per share

- 2021-12: $153.27 per share

- 2022-01: $154.34 per share

- 2022-02: $129.89 per share

- 2022-03: $136.82 per share

- 2022-04: $129.56 per share

- 2022-05: $126.00 per share

- 2022-06: $119.69 per share

- 2022-07: $128.69 per share

- 2022-08: $126.75 per share

- 2022-09: $123.45 per share

- 2022-10: $144.70 per share

- 2022-11: $149.03 per share

- 2022-12: $141.82 per share

- 2023-01: $161.75 per share

- 2023-02: $191.94 per share

- 2023-03: $172.24 per share

- 2023-04: $182.51 per share

- 2023-05: $182.02 per share

- 2023-06: $197.76 per share

- 2023-07: $212.70 per share

- 2023-08: $200.96 per share

- 2023-09: $194.01 per share

- 2023-10: $191.16 per share

- 2023-11: $209.51 per share

- 2023-12: $205.76 per share

- 2024-01: $234.16 per share

- 2024-02: $245.26 per share

- 2024-03: $252.96 per share

- 2024-04: $211.86 per share

- 2024-05: $225.89 per share

- 2024-06: $236.58 per share

- 2024-07: $251.77 per share

- 2024-08: $263.23 per share

- 2024-09: $265.15 per share

- 2024-10: $276.81 per share

- 2024-11: $302.75 per share

- 2024-12: $271.42 per share

- 2025-01: $290.17 per share

- 2025-02: $290.00 per share

- 2025-03: $284.53 per share

- 2025-04: $262.07 per share

- 2025-05: $270.60 per share

- 2025-06: $273.67 per share

- 2025-07: $265.63 per share

- 2025-08: $269.34 per share

- 2025-09: $277.59 per share

- 2025-10: $259.87 per share

- 2025-11: $257.32 per share

- 2025-12: $258.36 per share

- 2026-01: $263.04 per share

- 2026-02: $253.66 per share

- 2026-03: $250.48 per share

- 2026-04: $281.27 per share

- 2026-05: $269.97 per share

- 2026-06: $284.20 per share

- 2026-07: $319.96 per share

- 2026-08: $287.65 per share

- 2026-09: $272.39 per share

- 2026-10: $281.16 per share

## Annual estimated value (USD per share)

- FY2016: low $40.63 per share, central $50.78 per share, high $67.71 per share

- FY2017: low $53.12 per share, central $66.40 per share, high $88.53 per share

- FY2018: low $66.81 per share, central $83.51 per share, high $111.34 per share

- FY2019: low $89.66 per share, central $112.07 per share, high $149.43 per share

- FY2020: low $108.15 per share, central $135.18 per share, high $180.25 per share

- FY2021: low $39.39 per share, central $49.24 per share, high $65.65 per share

- FY2022: low $144.27 per share, central $180.34 per share, high $240.46 per share

- FY2023: low $168.14 per share, central $210.17 per share, high $280.23 per share

- FY2024: low $207.14 per share, central $258.93 per share, high $345.24 per share

- FY2025: low $235.07 per share, central $293.83 per share, high $391.78 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/1475922/000119312526082233/pri-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.