Primerica vs Unum
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The short version
- Unum is the larger business, with $13.1B of revenue in fiscal 2025 against $3.3B for Primerica, about 4.0 times as much.
- Primerica grew revenue faster (6.6%, against 1.5%).
- Primerica earned a higher return on the capital invested in it (34.5%, against 7.6%).
- Investors pay more for each dollar of Unum’s earnings: a P/E of 21.0x against 11.0x for Primerica.
| Latest fiscal year | PRI · FY25 | UNM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $14.4B |
| Revenue | $3.3B | $13.1B |
| Free cash flow | — | $555M |
| Net income | $751M | $739M |
| Growth | ||
| Revenue growth | 6.6% | 1.5% |
| 5-year growth | 8.2% | −0.1% |
| Share count change | −4.4% | −8.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 22.8% | 5.7% |
| FCF margin | — | 4.3% |
| Return on capital | 34.5% | 7.6% |
| Return on equity | 31.9% | 6.7% |
| Balance sheet | ||
| Net debt | −$160M | $593M |
| Net debt / EBITDA | −0.2x | 0.5x |
| Dividends and buybacks | $586M | $1.3B |
| Valuation & quality | ||
| P/E | 11.0x | 21.0x |
| Piotroski F-score | — | — |
Revenue
FY16
PRI $1.5B
UNM $11.0B
FY17
PRI $1.7B
UNM $11.3B
FY18
PRI $1.9B
UNM $11.6B
FY19
PRI $2.1B
UNM $12.0B
FY20
PRI $2.2B
UNM $13.2B
FY21
PRI $2.7B
UNM $12.0B
FY22
PRI $2.7B
UNM $12.0B
FY23
PRI $2.7B
UNM $12.4B
FY24
PRI $3.1B
UNM $12.9B
FY25
PRI $3.3B
UNM $13.1B
PRI
UNM
Operating margin
FY16
PRI —
UNM —
FY17
PRI —
UNM —
FY18
PRI —
UNM —
FY19
PRI —
UNM —
FY20
PRI —
UNM —
FY21
PRI —
UNM —
FY22
PRI —
UNM —
FY23
PRI —
UNM —
FY24
PRI —
UNM —
FY25
PRI —
UNM —
PRI
UNM
Free cash flow
FY16
PRI —
UNM $1.0B
FY17
PRI —
UNM $1.1B
FY18
PRI —
UNM $1.4B
FY19
PRI —
UNM $1.5B
FY20
PRI —
UNM $350M
FY21
PRI —
UNM $1.3B
FY22
PRI —
UNM $1.3B
FY23
PRI —
UNM $1.1B
FY24
PRI —
UNM $1.4B
FY25
PRI —
UNM $555M
PRI
UNM
Return on capital
FY16
PRI 17.3%
UNM 9.7%
FY17
PRI 26.0%
UNM 9.9%
FY18
PRI 22.5%
UNM 6.1%
FY19
PRI 23.3%
UNM 11.1%
FY20
PRI 23.8%
UNM 7.8%
FY21
PRI —
UNM 10.9%
FY22
PRI 37.1%
UNM 16.7%
FY23
PRI 29.6%
UNM 13.1%
FY24
PRI 34.9%
UNM 16.6%
FY25
PRI 34.5%
UNM 7.6%
PRI
UNM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.