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Side-by-side financial comparison of Evolent Health, Inc. (EVH) and PROASSURANCE CORP (PRA). Click either name above to swap in a different company.
Evolent Health, Inc. is the larger business by last-quarter revenue ($496.2M vs $269.6M, roughly 1.8× PROASSURANCE CORP). PROASSURANCE CORP runs the higher net margin — 12.4% vs -5.4%, a 17.7% gap on every dollar of revenue. On growth, Evolent Health, Inc. posted the faster year-over-year revenue change (2.6% vs -7.1%). Over the past eight quarters, PROASSURANCE CORP's revenue compounded faster (-2.7% CAGR vs -12.4%).
Magellan Health Inc., is an American for-profit managed health care company and subsidiary of Centene that focuses on special populations and other specialty areas of healthcare. Magellan's customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. It ranked 390 on the Fortune 500 in 2021.
PROASSURANCE CORPPRAEarnings & Financial Report
ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $6 billion in assets.
EVH vs PRA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $496.2M | $269.6M |
| Net Profit | $-26.6M | $33.4M |
| Gross Margin | 16.9% | — |
| Operating Margin | — | 17.3% |
| Net Margin | -5.4% | 12.4% |
| Revenue YoY | 2.6% | -7.1% |
| Net Profit YoY | — | 106.4% |
| EPS (diluted) | — | $0.65 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $496.2M | — | ||
| Q4 25 | $468.7M | $269.6M | ||
| Q3 25 | $479.5M | $279.6M | ||
| Q2 25 | $444.3M | $276.8M | ||
| Q1 25 | $483.6M | $272.1M | ||
| Q4 24 | $646.5M | $290.1M | ||
| Q3 24 | $621.4M | $285.3M | ||
| Q2 24 | $647.1M | $290.4M |
| Q1 26 | $-26.6M | — | ||
| Q4 25 | $-429.1M | $33.4M | ||
| Q3 25 | $-20.9M | $1.4M | ||
| Q2 25 | $-19.9M | $21.9M | ||
| Q1 25 | $-64.6M | $-5.8M | ||
| Q4 24 | $-22.8M | $16.2M | ||
| Q3 24 | $-23.1M | $16.4M | ||
| Q2 24 | $1.6M | $15.5M |
| Q1 26 | 16.9% | — | ||
| Q4 25 | 20.7% | — | ||
| Q3 25 | 20.8% | — | ||
| Q2 25 | 22.6% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 13.0% | — | ||
| Q2 24 | 16.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | -87.1% | 17.3% | ||
| Q3 25 | 0.2% | 1.6% | ||
| Q2 25 | -0.3% | 9.9% | ||
| Q1 25 | -0.3% | -2.3% | ||
| Q4 24 | -2.9% | 6.5% | ||
| Q3 24 | -2.6% | 7.4% | ||
| Q2 24 | 1.2% | 6.2% |
| Q1 26 | -5.4% | — | ||
| Q4 25 | -91.6% | 12.4% | ||
| Q3 25 | -4.4% | 0.5% | ||
| Q2 25 | -4.5% | 7.9% | ||
| Q1 25 | -13.4% | -2.1% | ||
| Q4 24 | -3.5% | 5.6% | ||
| Q3 24 | -3.7% | 5.8% | ||
| Q2 24 | 0.2% | 5.3% |
| Q1 26 | — | — | ||
| Q4 25 | $-3.76 | $0.65 | ||
| Q3 25 | $-0.24 | $0.03 | ||
| Q2 25 | $-0.44 | $0.42 | ||
| Q1 25 | $-0.63 | $-0.11 | ||
| Q4 24 | $-0.26 | $0.32 | ||
| Q3 24 | $-0.27 | $0.32 | ||
| Q2 24 | $-0.06 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $142.0M | $36.5M |
| Total DebtLower is stronger | — | $420.4M |
| Stockholders' EquityBook value | $396.4M | $1.3B |
| Total Assets | $1.9B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.31× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $142.0M | — | ||
| Q4 25 | $151.9M | $36.5M | ||
| Q3 25 | $116.7M | $54.5M | ||
| Q2 25 | $151.0M | $41.6M | ||
| Q1 25 | $246.5M | $43.5M | ||
| Q4 24 | $104.2M | $54.9M | ||
| Q3 24 | $96.6M | $45.3M | ||
| Q2 24 | $101.3M | $36.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $420.4M | ||
| Q3 25 | — | $421.5M | ||
| Q2 25 | — | $422.6M | ||
| Q1 25 | — | $423.7M | ||
| Q4 24 | — | $424.9M | ||
| Q3 24 | — | $425.9M | ||
| Q2 24 | — | $426.9M |
| Q1 26 | $396.4M | — | ||
| Q4 25 | $415.2M | $1.3B | ||
| Q3 25 | $842.2M | $1.3B | ||
| Q2 25 | $896.0M | $1.3B | ||
| Q1 25 | $935.5M | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $1.1B | $1.1B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $5.4B | ||
| Q3 25 | $2.5B | $5.6B | ||
| Q2 25 | $2.5B | $5.5B | ||
| Q1 25 | $2.7B | $5.5B | ||
| Q4 24 | $2.5B | $5.6B | ||
| Q3 24 | $2.5B | $5.7B | ||
| Q2 24 | $2.5B | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.38× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-25.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $48.8M | $-25.6M | ||
| Q3 25 | $15.8M | $27.2M | ||
| Q2 25 | $-30.3M | $-28.1M | ||
| Q1 25 | $4.6M | $-11.6M | ||
| Q4 24 | $-26.2M | $-10.7M | ||
| Q3 24 | $18.7M | $14.0M | ||
| Q2 24 | $21.4M | $-12.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.77× | ||
| Q3 25 | — | 18.81× | ||
| Q2 25 | — | -1.28× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.66× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | 13.42× | -0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EVH
| Performance Suite | $323.3M | 65% |
| Specialty Technology and Services Suite | $80.8M | 16% |
| Administrative Services | $49.6M | 10% |
| Cases | $42.6M | 9% |
PRA
| Workers Compensation Insurance Segment | $164.4M | 61% |
| Other | $59.6M | 22% |
| Segregated Portfolio Cell Reinsurance | $45.7M | 17% |
