Primerica

PRI

Insurance - Life · Financial Services

Price

$310.54

-2.21 (-0.71%)

Market Cap

$9.68B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−17.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 39.7M (2021) → 32.7M (2025)

Primerica sells life insurance and financial products to middle-income families across the United States and Canada. Its main products are term life insurance policies, along with investment and savings plans like mutual funds and annuities. The company is one of the largest issuers of term life insurance in North America by number of policies in force.

Primerica makes money by collecting premiums on insurance policies and earning fees on the investment products it distributes. It uses a large network of independent sales representatives — over 130,000 licensed agents — who recruit and sell within their own communities, which keeps distribution costs low and creates a wide reach without a traditional salesforce. The agent recruitment model is both its biggest competitive advantage and its key risk, since growth depends heavily on continuously attracting and retaining productive representatives in a competitive labor market.

Winston Score History

Politician Trades

5 trades / 12mo

3 Congressional buys and 2 sells on PRI in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+18.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$646M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Primerica is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

80.9%

Premium pricing power — 80.9% gross margin

Operating Margin

29.1%

Excellent — 29.1% operating margin

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+5.4%

Slow sales growth (5.4% YoY)

EPS YoY

+60.3%

Earnings growing fast (60.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

111%

Turns 111% of profit into real cash

FCF Margin

24.7%

Converts sales into free cash efficiently (24.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Interest Cover

18.95x

Comfortably covers interest (19.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.0x

Attractive valuation — P/E 13.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.44%

Small dividend — 1.44% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+15.5%

Dividend growing fast (15.5% YoY)

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