Demonstrações financeiras detalhadas de ProAssurance Corporation (PRA): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
ProAssurance Corporation registou receitas de $1.10B no último exercício, com um CAGR de 5 anos de 4.4%.
Margens dos últimos 12 meses: margem bruta 33.7%, margem operacional 8.1%, margem líquida 6.0%.
Ao preço atual de $25.00, PRA negocia a um P/L de 19.71 e um ROE de 4.95%. A capitalização de mercado é de $1.3B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $876.0M | $858.1M | $877.1M | $1.01B | $886.9M | $1.08B | $1.10B | $1.13B | $1.13B | $1.10B |
| Custo da Receita | $531.6M | $564.9M | $697.7M | $869.2M | $772.0M | $862.9M | $909.9M | $935.3M | $874.9M | $665.4M |
| Lucro Bruto | $344.4M | $293.2M | $179.4M | $140.7M | $114.8M | $212.6M | $191.9M | $195.1M | $253.3M | $432.6M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Operacionais | $168.2M | $164.6M | $150.3M | $169.5M | $331.9M | $66.0M | $198.1M | $234.3M | $190.3M | $360.5M |
| Lucro Operacional | $176.2M | $128.6M | $29.0M | -$28.8M | -$217.1M | $146.6M | -$6.2M | -$39.1M | $63.1M | $72.1M |
| EBITDA | $224.0M | $174.3M | $66.4M | $6.5M | -$180.2M | $203.6M | $52.2M | $10.0M | $103.2M | $106.6M |
| Despesas com Juros | $15.0M | $16.8M | $16.1M | $16.6M | $15.5M | $19.7M | $20.4M | $23.1M | $22.3M | $20.8M |
| Lucro Antes de Impostos | $176.2M | $128.6M | $29.0M | -$28.8M | -$217.1M | $146.6M | -$6.2M | -$39.1M | $63.1M | $72.1M |
| Imposto | $25.1M | $21.4M | -$18.0M | -$29.8M | -$41.3M | $2.5M | -$5.8M | -$545000 | $10.3M | $21.2M |
| Lucro Líquido | $151.1M | $107.3M | $47.1M | $1.0M | -$175.7M | $144.1M | -$402000 | -$38.6M | $52.7M | $50.9M |
| LPA | $2.84 | $2.01 | $0.88 | $0.02 | $-3.26 | $2.67 | $-0.01 | $-0.73 | $1.03 | $0.99 |
| LPA Diluído | $2.83 | $2.00 | $0.88 | $0.02 | $-3.26 | $2.67 | $-0.01 | $-0.73 | $1.03 | $0.99 |
| Ações em Circulação (Diluídas) | $53.4M | $53.6M | $53.7M | $53.8M | $53.9M | $54.1M | $54.1M | $52.8M | $51.3M | $51.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Receita | $272.2M | $274.8M | $269.6M | $262.6M |
| Lucro Bruto | $80.5M | $54.0M | $140.3M | $88.4M |
| Lucro Operacional | $27.4M | $4.4M | $46.6M | $9.2M |
| EBITDA | $36.2M | $12.9M | $54.8M | $17.2M |
| Lucro Líquido | $21.9M | $1.4M | $33.4M | $8.5M |
| LPA | $0.43 | $0.03 | $0.65 | $0.16 |
| LPA Diluído | $0.42 | $0.03 | $0.64 | $0.16 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $117.3M | $134.5M | $80.5M | $175.4M | $215.8M | $143.6M | $30.0M | $65.9M | $54.9M | $36.5M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | $2.63B | $2.80B | $4.05B | $3.72B | $3.93B | $4.02B | $4.09B |
| Contas a Receber | 0 | 0 | 0 | $653.0M | $600.9M | $707.4M | $693.3M | $235.6M | $656.2M | $582.0M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $117.3M | $134.5M | $80.5M | 0 | 0 | $4.93B | 0 | $541.3M | 0 | $4.74B |
| Imobilizado | 0 | 0 | 0 | $21.1M | $19.0M | $19.6M | $19.0M | $46.0M | $16.5M | $13.8M |
| Ágio | $210.7M | $210.7M | $210.7M | $210.7M | $49.6M | $49.6M | $49.6M | $5.5M | $5.5M | $5.5M |
| Ativos Intangíveis | $84.4M | $83.0M | $76.8M | $70.8M | $65.7M | $73.3M | $66.8M | $60.3M | $54.2M | $105.9M |
| Ativos Totais | $5.07B | $4.93B | $4.60B | $4.81B | $4.65B | $6.19B | $5.70B | $5.63B | $5.57B | $5.45B |
| Contas a Pagar | $30.0M | $37.7M | $55.6M | $52.9M | $40.0M | $22.6M | $28.5M | $24.0M | $27.3M | $14.4M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.3M | $125.0M | $125.0M |
| Passivos Circulantes | -$200.0M | 0 | 0 | 0 | 0 | $22.6M | 0 | $2.96B | $3.83B | $3.56B |
| Dívida de Longo Prazo | $448.2M | $410.4M | $287.8M | $285.8M | $284.7M | $425.0M | $427.0M | $427.1M | $299.9M | $295.4M |
| Passivos Totais | $3.27B | $3.33B | $3.08B | $3.29B | $3.31B | $4.76B | $4.60B | $4.52B | $4.37B | $4.10B |
| Reservas | $1.82B | $1.61B | $1.57B | $1.51B | $1.30B | $1.43B | $1.42B | $1.38B | $1.43B | $1.49B |
| Patrimônio Líquido | $1.80B | $1.59B | $1.52B | $1.51B | $1.35B | $1.43B | $1.10B | $1.11B | $1.20B | $1.35B |
| Dívida Total | $448.2M | $411.8M | $287.8M | $307.9M | $304.8M | $445.8M | $447.0M | $444.3M | $442.3M | $435.1M |
| Dívida Líquida | $330.9M | $277.3M | $207.3M | -$2.50B | -$2.71B | -$3.75B | -$3.30B | $378.4M | -$3.45B | -$3.69B |
| Capital de Giro | $317.3M | $134.5M | $80.5M | 0 | 0 | $4.90B | 0 | -$2.42B | -$3.83B | $1.18B |
Balanço (Trimestral)
| Ano | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Caixa e Equivalentes | $41.6M | $54.5M | $36.5M | $14.1M |
| Ativos Totais | $5.49B | $5.55B | $5.45B | $5.41B |
| Passivos Totais | $4.21B | $4.25B | $4.10B | $4.08B |
| Patrimônio Líquido | $1.28B | $1.30B | $1.35B | $1.34B |
| Dívida Total | $438.6M | $436.8M | $435.1M | $433.3M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $151.1M | $107.3M | $47.1M | $1.0M | -$175.7M | $144.1M | -$402000 | -$38.6M | $52.7M | $50.9M |
| Depreciação e Amortização | $32.8M | $28.8M | $21.3M | $18.7M | $21.4M | $37.2M | $38.1M | $26.0M | $17.8M | $13.7M |
| Compensação em Ações | $12.5M | $10.6M | $5.3M | $3.5M | $3.8M | $4.4M | $4.8M | $5.2M | $6.2M | $7.8M |
| Variação Capital de Giro | -$4.0M | $30.4M | $54.4M | $178.9M | $60.9M | $12.9M | -$124.5M | -$81.9M | -$96.0M | -$126.1M |
| Fluxo de Caixa Operacional | $179.0M | $173.4M | $177.3M | $148.2M | $92.3M | $74.0M | -$29.8M | -$49.9M | -$10.7M | -$25.6M |
| CapEx | -$10.9M | -$10.5M | -$9.6M | -$9.6M | -$7.5M | -$3.8M | -$4.4M | -$4.8M | -$9.0M | -$3.6M |
| Aquisições | 0 | -$42.7M | -$70.8M | $216.7M | 0 | 0 | $48.6M | 0 | $39.7M | $19.4M |
| Recompra de Ações | -$2.1M | 0 | -$1.0M | 0 | -$2.3M | -$10.4M | -$3.3M | -$50.5M | 0 | 0 |
| Dividendos Pagos | -$118.8M | -$315.2M | -$316.5M | -$93.2M | -$38.7M | -$10.8M | -$10.8M | -$5.4M | 0 | 0 |
| Fluxo de Caixa Livre | $168.1M | $162.9M | $167.6M | $138.6M | $84.9M | $70.1M | -$34.2M | -$54.7M | -$19.7M | -$29.2M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Fluxo de Caixa Operacional | -$28.1M | $27.2M | -$13.1M | -$21.3M |
| CapEx | -$31000 | -$3.2M | -$62000 | -$214000 |
| Fluxo de Caixa Livre | -$28.1M | $24.0M | -$13.2M | -$21.5M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $2.1M | $2.1M | $1.9M | $2.3M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -2.0% | +2.2% | +15.1% | -12.2% | +21.3% | +2.5% | +2.6% | -0.2% | -2.7% |
| Crescimento Lucro Líquido (anual) | | -29.0% | -56.1% | -97.9% | -17602.7% | +182.0% | -100.3% | -9503.0% | +236.6% | -3.5% |
| Crescimento LPA (anual) | | -29.2% | -56.2% | -97.9% | -17533.2% | +181.9% | -100.3% | -9764.9% | +241.1% | -3.9% |
| Variação de Ações (anual) | | +0.3% | +0.3% | +0.2% | +0.1% | +0.3% | +0.2% | -2.5% | -2.9% | +0.8% |
| Crescimento FCF (anual) | | -3.1% | +2.9% | -17.3% | -38.8% | -17.4% | -148.8% | -59.9% | +63.9% | -48.1% |
| Margem Bruta | 39.3% | 34.2% | 20.5% | 13.9% | 13.0% | 19.8% | 17.4% | 17.3% | 22.5% | 39.4% |
| Margem Operacional | 20.1% | 15.0% | 3.3% | -2.9% | -24.5% | 13.6% | -0.6% | -3.5% | 5.6% | 6.6% |
| Margem EBITDA | 25.6% | 20.3% | 7.6% | 0.6% | -20.3% | 18.9% | 4.7% | 0.9% | 9.1% | 9.7% |
| Margem Líquida | 17.2% | 12.5% | 5.4% | 0.1% | -19.8% | 13.4% | -0.0% | -3.4% | 4.7% | 4.6% |
| Margem FCF | 19.2% | 19.0% | 19.1% | 13.7% | 9.6% | 6.5% | -3.1% | -4.8% | -1.7% | -2.7% |
| Taxa Efetiva de Imposto | 14.3% | 16.6% | -62.1% | 103.5% | 19.0% | 1.7% | 93.5% | 1.4% | 16.4% | 29.4% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $3.14 | $3.04 | $3.12 | $2.57 | $1.57 | $1.30 | $-0.63 | $-1.04 | $-0.38 | $-0.57 |
| Dividendo por Ação | $2.22 | $5.88 | $5.89 | $1.73 | $0.72 | $0.20 | $0.20 | $0.10 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $53.2M | $53.4M | $53.6M | $53.7M | $53.9M | $54.0M | $54.0M | $52.6M | $51.1M | $51.3M |
O que olhar em Seguros
As seguradoras ganham de 2 formas: a subscrever bem (combined ratio) e a investir o float. Buffett construiu a Berkshire assim.
- Op Margin 5 anos (proxy Combined Ratio) — Proxy do combined ratio quando FMP não expõe. ≥10% média 5 anos = disciplina de subscrição (CR <100%)
- Crescimento Book Value / Ação — Como Buffett mede a Berkshire. O valor real que os acionistas acumulam
- Dívida / Equity — Seguradoras alavancadas falham rápido em catástrofes
- P/B (Preço / Valor Contabilístico) — Seguradoras valorizadas por múltiplo de book. Aqui cruza-se com o ROE (qualidade × avaliação)
- Sequência crescimento dividendo — Anos consecutivos a subir dividendo por ação — seguradoras sólidas acumulam décadas
Rentabilidade
| Retorno sobre patrimônio | 4.95% |
| Retorno sobre capital investido | 3.31% |
| Retorno sobre ativos | 1.20% |
| Margem bruta | 33.66% |
| Margem operacional | 8.12% |
| Margem líquida | 6.04% |
Saúde financeira
| Dívida / Patrimônio | 0.32 |
| Liquidez corrente | 1.32 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 1.07 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 19.79 | 28.43 | 46.09 | 1932.62 | -5.46 | 9.48 | -2360.81 | -18.89 | 15.45 | 24.40 |
| P/VP | 1.66 | 1.91 | 1.43 | 1.28 | 0.71 | 0.96 | 0.85 | 0.65 | 0.68 | 0.92 |
| P/V | 3.41 | 3.56 | 2.48 | 1.92 | 1.08 | 1.27 | 0.86 | 0.64 | 0.72 | 1.13 |
| Margem Bruta | 39.3% | 34.2% | 20.5% | 13.9% | 13.0% | 19.8% | 17.4% | 17.3% | 22.5% | 39.4% |
| Margem Operacional | 20.1% | 15.0% | 3.3% | -2.9% | -24.5% | 13.6% | -0.6% | -3.5% | 5.6% | 6.6% |
| Margem Líquida | 17.2% | 12.5% | 5.4% | 0.1% | -19.8% | 13.4% | -0.0% | -3.4% | 4.7% | 4.6% |