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Side-by-side financial comparison of PROASSURANCE CORP (PRA) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
PROASSURANCE CORP is the larger business by last-quarter revenue ($269.6M vs $209.6M, roughly 1.3× Varex Imaging Corp). PROASSURANCE CORP runs the higher net margin — 12.4% vs 1.1%, a 11.3% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -7.1%). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -2.7%).
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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
PRA vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $269.6M | $209.6M |
| Net Profit | $33.4M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 17.3% | 7.3% |
| Net Margin | 12.4% | 1.1% |
| Revenue YoY | -7.1% | 4.9% |
| Net Profit YoY | 106.4% | 866.7% |
| EPS (diluted) | $0.65 | $0.05 |
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 | — | $209.6M | ||
| Q4 25 | $269.6M | $228.9M | ||
| Q3 25 | $279.6M | $203.0M | ||
| Q2 25 | $276.8M | $212.9M | ||
| Q1 25 | $272.1M | $199.8M | ||
| Q4 24 | $290.1M | — | ||
| Q3 24 | $285.3M | $205.7M | ||
| Q2 24 | $290.4M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $33.4M | $12.2M | ||
| Q3 25 | $1.4M | $-89.1M | ||
| Q2 25 | $21.9M | $6.9M | ||
| Q1 25 | $-5.8M | $-300.0K | ||
| Q4 24 | $16.2M | — | ||
| Q3 24 | $16.4M | $-51.1M | ||
| Q2 24 | $15.5M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 17.3% | 8.6% | ||
| Q3 25 | 1.6% | -39.8% | ||
| Q2 25 | 9.9% | 10.4% | ||
| Q1 25 | -2.3% | 5.6% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 7.4% | 5.3% | ||
| Q2 24 | 6.2% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 12.4% | 5.3% | ||
| Q3 25 | 0.5% | -43.9% | ||
| Q2 25 | 7.9% | 3.2% | ||
| Q1 25 | -2.1% | -0.2% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 5.8% | -24.8% | ||
| Q2 24 | 5.3% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.65 | $0.29 | ||
| Q3 25 | $0.03 | $-2.15 | ||
| Q2 25 | $0.42 | $0.17 | ||
| Q1 25 | $-0.11 | $-0.01 | ||
| Q4 24 | $0.32 | — | ||
| Q3 24 | $0.32 | $-1.25 | ||
| Q2 24 | $0.30 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.5M | $125.6M |
| Total DebtLower is stronger | $420.4M | $367.6M |
| Stockholders' EquityBook value | $1.3B | $476.9M |
| Total Assets | $5.4B | $1.1B |
| Debt / EquityLower = less leverage | 0.31× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $36.5M | $155.1M | ||
| Q3 25 | $54.5M | $152.6M | ||
| Q2 25 | $41.6M | $223.0M | ||
| Q1 25 | $43.5M | $212.6M | ||
| Q4 24 | $54.9M | — | ||
| Q3 24 | $45.3M | $200.5M | ||
| Q2 24 | $36.9M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $420.4M | $367.5M | ||
| Q3 25 | $421.5M | $367.5M | ||
| Q2 25 | $422.6M | $567.2M | ||
| Q1 25 | $423.7M | $567.0M | ||
| Q4 24 | $424.9M | — | ||
| Q3 24 | $425.9M | $443.4M | ||
| Q2 24 | $426.9M | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $1.3B | $472.6M | ||
| Q3 25 | $1.3B | $455.3M | ||
| Q2 25 | $1.3B | $549.7M | ||
| Q1 25 | $1.2B | $540.2M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $529.1M | ||
| Q2 24 | $1.1B | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $5.4B | $1.1B | ||
| Q3 25 | $5.6B | $1.1B | ||
| Q2 25 | $5.5B | $1.4B | ||
| Q1 25 | $5.5B | $1.3B | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.7B | $1.2B | ||
| Q2 24 | $5.6B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.31× | 0.78× | ||
| Q3 25 | 0.32× | 0.81× | ||
| Q2 25 | 0.33× | 1.03× | ||
| Q1 25 | 0.34× | 1.05× | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.35× | 0.84× | ||
| Q2 24 | 0.38× | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | -0.77× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $-25.6M | $7.9M | ||
| Q3 25 | $27.2M | $7.7M | ||
| Q2 25 | $-28.1M | $16.6M | ||
| Q1 25 | $-11.6M | $9.5M | ||
| Q4 24 | $-10.7M | — | ||
| Q3 24 | $14.0M | $25.9M | ||
| Q2 24 | $-12.8M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $1.4M | ||
| Q2 25 | — | $9.8M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.9M | ||
| Q2 24 | — | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | -0.77× | 0.65× | ||
| Q3 25 | 18.81× | — | ||
| Q2 25 | -1.28× | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.66× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | -0.83× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRA
| Workers Compensation Insurance Segment | $164.4M | 61% |
| Other | $59.6M | 22% |
| Segregated Portfolio Cell Reinsurance | $45.7M | 17% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
