Globe Life vs Primerica
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The short version
- Globe Life is the larger business, with $6.0B of revenue in fiscal 2025 against $3.3B for Primerica, about 1.8 times as much.
- Primerica grew revenue faster (6.6%, against 3.7%).
- Primerica earned a higher return on the capital invested in it (34.5%, against 16.0%).
- Investors pay more for each dollar of Primerica’s earnings: a P/E of 11.0x against 10.3x for Globe Life.
| Latest fiscal year | GL · FY25 | PRI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.2B | $8.6B |
| Revenue | $6.0B | $3.3B |
| Free cash flow | $1.3B | — |
| Net income | $1.2B | $751M |
| Growth | ||
| Revenue growth | 3.7% | 6.6% |
| 5-year growth | 4.8% | 8.2% |
| Share count change | −8.0% | −4.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 19.4% | 22.8% |
| FCF margin | 20.9% | — |
| Return on capital | 16.0% | 34.5% |
| Return on equity | 20.6% | 31.9% |
| Balance sheet | ||
| Net debt | $2.2B | −$160M |
| Net debt / EBITDA | 1.4x | −0.2x |
| Dividends and buybacks | $967M | $586M |
| Valuation & quality | ||
| P/E | 10.3x | 11.0x |
| Piotroski F-score | — | — |
Revenue
FY16
GL $3.9B
PRI $1.5B
FY17
GL $4.2B
PRI $1.7B
FY18
GL $4.3B
PRI $1.9B
FY19
GL $4.5B
PRI $2.1B
FY20
GL $4.7B
PRI $2.2B
FY21
GL $5.1B
PRI $2.7B
FY22
GL $5.2B
PRI $2.7B
FY23
GL $5.4B
PRI $2.7B
FY24
GL $5.8B
PRI $3.1B
FY25
GL $6.0B
PRI $3.3B
GL
PRI
Operating margin
FY16
GL 20.0%
PRI —
FY17
GL 19.8%
PRI —
FY18
GL 20.2%
PRI —
FY19
GL 20.3%
PRI —
FY20
GL 19.1%
PRI —
FY21
GL 24.0%
PRI —
FY22
GL 22.7%
PRI —
FY23
GL 23.2%
PRI —
FY24
GL —
PRI —
FY25
GL —
PRI —
GL
PRI
Free cash flow
FY16
GL $1.4B
PRI —
FY17
GL $1.4B
PRI —
FY18
GL $1.2B
PRI —
FY19
GL $1.3B
PRI —
FY20
GL $1.4B
PRI —
FY21
GL $1.4B
PRI —
FY22
GL $1.4B
PRI —
FY23
GL $1.4B
PRI —
FY24
GL $1.3B
PRI —
FY25
GL $1.3B
PRI —
GL
PRI
Return on capital
FY16
GL 10.0%
PRI 17.3%
FY17
GL 12.4%
PRI 26.0%
FY18
GL 9.9%
PRI 22.5%
FY19
GL 9.6%
PRI 23.3%
FY20
GL 7.7%
PRI 23.8%
FY21
GL 13.7%
PRI —
FY22
GL 19.3%
PRI 37.1%
FY23
GL 16.6%
PRI 29.6%
FY24
GL 16.5%
PRI 34.9%
FY25
GL 16.0%
PRI 34.5%
GL
PRI
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.