A Business at a Glance
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PROGRESSIVE CORP/OH/
PGR
$125.7B
Mkt Cap
$213.83
+3.26%
PROGRESSIVE CORP/OH/ (PGR) has a current P/E ratio of 11.1, compared to its historical median P/E of 15.3. The stock is currently considered Cheap based on its historical valuation range.
PROGRESSIVE CORP/OH/ (PGR) has a 5-year average return on invested capital (ROIC) of 21.9%. This indicates strong capital allocation and a potential competitive advantage.
PROGRESSIVE CORP/OH/ (PGR) has a market capitalization of $170.6B. It is classified as a large-cap stock.
Yes, PROGRESSIVE CORP/OH/ (PGR) pays a dividend with a trailing twelve-month yield of 4.78%.
Based on historical P/E analysis, PROGRESSIVE CORP/OH/ (PGR) appears cheap. The current P/E of 11.1 is 27% below its historical median of 15.3. The estimated fair value CAGR (P/E method) is 8.9%.
PROGRESSIVE CORP/OH/ (PGR) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
PROGRESSIVE CORP/OH/ (PGR) reported annual revenue of $87.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Progressive Corporation is an insurance holding company that writes personal and commercial auto insurance, personal residential property insurance, and specialty lines including motorcycles, watercraft, and recreational vehicles, along with commercial general liability, commercial property, and workers' compensation insurance primarily for small businesses and the transportation industry. The company operates through two main segments: Personal Lines (85% of 2024 net premiums written), which includes personal auto insurance (95% of personal vehicle premiums), special lines products, and personal property insurance added in Q4 2024; and Commercial Lines, which serves small business customers. Progressive distributes personal lines products through both independent agency channels (45% of personal vehicle volume in 2024) and direct channels via online and phone (55% of personal vehicle volume), with personal property distributed 74% through agencies and 26% through direct channels including its HomeQuote Explorer multi-carrier online platform. The company's competitive positioning includes being the second-largest private passenger auto insurer in the U.S. market, a market leader in motorcycle and boat insurance, and the eleventh-largest homeowners carrier; it competes in fragmented markets with approximately 240 competitors in private passenger auto and 360 in homeowners insurance. Progressive's business model emphasizes price competitiveness, product segmentation through multiple product models deployed state-by-state, usage-based insurance via its Snapshot program, and bundling of products across personal auto, property, and specialty lines to deepen customer relationships and improve retention, supported by its "Destination Era" strategy that leverages personal auto with property and third-party products to address diverse customer needs.
【Growth with disciplined profitability】 Management is pursuing aggressive growth through increased media spending and targeted rate decreases in select states and business segments where business can be acquired at or below target profit margins, while continuing to roll out next-generation product models across personal auto (model 9.0 expected mid-2025), special lines, and commercial lines to improve segmentation and competitiveness. The company is expanding its property insurance business cautiously in volatile states while leveraging bundling opportunities as property restrictions ease, with management noting robust demand and the ability to grow household-level customer relationships despite near-term policy life expectancy pressures from new business mix shifts. Capital remains strong following a debt raise, positioning Progressive to invest in organic growth, share repurchases, and strategic opportunities while maintaining target premium-to-surplus ratios and returning excess capital to shareholders through dividends and buybacks as appropriate.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 89.5B | 87.7B | 75.4B | 62.1B | 49.6B | 47.7B |
| Net Income | 11.6B | 11.3B | 8.5B | 3.9B | 695M | 3.3B |
| EPS | $15.92 | $19.23 | $14.40 | $6.58 | $1.18 | $5.66 |
| Free Cash Flow | 16.4B | 17.2B | 14.8B | 10.4B | 6.6B | 7.5B |
| ROIC | 0.0% | 33.0% | 32.5% | 21.4% | 4.0% | 18.6% |
| Gross Margin | - | 16.2% | 14.2% | 7.9% | 1.9% | 8.8% |
| Debt/Equity | 0.24 | 0.21 | 0.24 | 0.34 | 0.41 | 0.27 |
| Dividends/Share | $10.21 | $4.88 | $1.15 | $0.40 | $0.40 | $6.38 |
| Operating Income | 0 | 14.2B | 10.7B | 4.9B | 922M | 4.2B |
| Operating Margin | 0.0% | 16.2% | 14.2% | 7.9% | 1.9% | 8.8% |
| ROE | 36.1% | 40.4% | 36.9% | 21.4% | 4.1% | 18.8% |
| Shares Outstanding | 798M | 588M | 588M | 587M | 589M | 587M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 19.4B | 20.9B | 23.4B | 26.8B | 32.0B | 39.0B | 42.7B | 47.7B | 49.6B | 62.1B | 75.4B | 87.7B | 89.5B |
| Gross Margin | 9.8% | 9.2% | 6.3% | 8.0% | 9.9% | 13.2% | 16.8% | 8.8% | 1.9% | 7.9% | 14.2% | 16.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 1.9B | 1.9B | 1.5B | 2.1B | 3.2B | 5.2B | 7.2B | 4.2B | 922M | 4.9B | 10.7B | 14.2B | 0 |
| Op. Margin | 9.8% | 9.2% | 6.3% | 8.0% | 9.9% | 13.2% | 16.8% | 8.8% | 1.9% | 7.9% | 14.2% | 16.2% | 0.0% |
| Net Income | 1.3B | 1.3B | 1.0B | 1.6B | 2.6B | 3.9B | 5.7B | 3.3B | 695M | 3.9B | 8.5B | 11.3B | 11.6B |
| Net Margin | 6.6% | 6.1% | 4.4% | 5.9% | 8.1% | 10.1% | 13.3% | 7.0% | 1.4% | 6.2% | 11.2% | 12.9% | 12.9% |
| Non-Recurring | 7.9M | 0 | -4.5M | 0 | 0 | -11M | -13M | 3.6M | 226M | -36M | -13M | -16M | -16M |
| Returns on Capital | |||||||||||||
| ROIC | 14.9% | 13.3% | 11.5% | 18.4% | 21.0% | 27.2% | 37.0% | 18.6% | 4.0% | 21.4% | 32.5% | 33.0% | 0.0% |
| ROE | 19.5% | 17.8% | 13.5% | 18.5% | 25.8% | 32.2% | 37.0% | 18.8% | 4.1% | 21.4% | 36.9% | 40.4% | 36.1% |
| ROA | 5.1% | 4.6% | 3.3% | 4.4% | 6.1% | 7.8% | 9.5% | 4.9% | 0.9% | 4.7% | 8.7% | 9.9% | 9.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.7B | 2.3B | 2.7B | 3.8B | 6.3B | 6.3B | 6.9B | 7.8B | 6.8B | 10.6B | 15.1B | 17.5B | 16.8B |
| Free Cash Flow | 1.6B | 2.2B | 2.5B | 3.6B | 6.0B | 5.9B | 6.7B | 7.5B | 6.6B | 10.4B | 14.8B | 17.2B | 16.4B |
| Owner Earnings | 1.7B | 2.1B | 2.5B | 3.5B | 6.0B | 6.0B | 6.6B | 7.4B | 6.5B | 10.2B | 14.7B | 17.1B | 15.3B |
| CapEx | 108M | 131M | 215M | 156M | 266M | 364M | 224M | 244M | 292M | 252M | 285M | 348M | 352M |
| Maint. CapEx | 46M | 151M | 200M | 236M | 262M | 306M | 332M | 337M | 337M | 299M | 284M | 313M | 1.4B |
| Growth CapEx | 62M | 0 | 15M | 0 | 3.6M | 57M | 0 | 0 | 0 | 0 | 1.0M | 35M | 0 |
| D&A | 46M | 151M | 200M | 236M | 262M | 306M | 332M | 337M | 337M | 299M | 284M | 313M | 1.4B |
| CapEx/OCF | 6.3% | 5.7% | 7.9% | 4.1% | 4.2% | 5.8% | 3.2% | 3.1% | 4.3% | 2.4% | 1.9% | 2.0% | 2.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 893M | 404M | 519M | 395M | 655M | 1.6B | 1.6B | 3.7B | 234M | 234M | 674M | 2.9B | 8.1B |
| Dividend Yield | 8.4% | 3.2% | 3.6% | 2.0% | 2.3% | 4.6% | 3.7% | 7.5% | 0.4% | 0.3% | 0.6% | 2.1% | 4.8% |
| Share Buybacks | 271M | 209M | 193M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 2.4% | 1.5% | 0.2% | 0.2% | 0.3% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% |
| Stock-Based Comp | 13M | 17M | 9.2M | 0 | 0 | N/A | N/A | N/A | N/A | 121M | 122M | 132M | 132M |
| Debt Repayment | 0 | 20M | 26M | 49M | 37M | 0 | 0 | 500M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -93M | 312M | -627M | 192M | 2.7B | 2.4B | 155M | 3.8B | 3.4B | 5.1B | 5.4B | -3.8B | 5.4B |
| Cash & Equiv. | 108M | 224M | 226M | 275M | 75M | 227M | 77M | 202M | 221M | 100M | 154M | 138M | 2.3B |
| Long-Term Debt | 2.2B | 2.7B | 26M | 49M | 4.5B | 0 | 0 | 500M | 0 | 0 | 6.2B | 6.3B | 7.7B |
| Debt/Equity | 0.31 | 0.37 | 0.40 | 0.36 | 0.42 | 0.33 | 0.32 | 0.27 | 0.41 | 0.34 | 0.24 | 0.21 | 0.24 |
| Interest Coverage | 16.3 | 14.1 | 10.4 | 14.0 | 19.0 | 27.2 | 33.1 | 19.3 | 3.8 | 18.3 | 38.4 | 51.2 | 51.2 |
| Equity | 6.9B | 7.3B | 8.0B | 9.3B | 10.8B | 13.7B | 17.0B | 18.2B | 15.9B | 20.3B | 25.6B | 30.3B | 32.0B |
| Total Assets | 25.8B | 29.8B | 33.4B | 38.7B | 46.6B | 54.9B | 64.1B | 71.1B | 75.5B | 88.7B | 105.7B | 123.0B | 122.2B |
| Total Liabilities | 18.9B | 22.1B | 25.0B | 28.9B | 35.5B | 41.0B | 47.1B | 52.9B | 59.6B | 68.4B | 80.2B | 92.7B | 90.2B |
| Intangibles | 11M | 495M | 433M | 367M | 295M | 228M | 171M | 117M | 86M | N/A | N/A | N/A | N/A |
| Retained Earnings | 4.1B | 4.7B | 5.1B | 6.0B | 8.4B | 10.7B | 13.4B | 15.3B | 15.7B | 18.8B | 24.3B | 27.3B | 29.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.15 | 2.15 | 1.76 | 2.72 | 4.42 | 6.72 | 9.66 | 5.66 | 1.18 | 6.58 | 14.40 | 19.23 | 15.92 |
| Owner EPS | 2.80 | 3.61 | 4.31 | 6.01 | 10.26 | 10.15 | 11.18 | 12.64 | 11.06 | 17.40 | 25.03 | 29.08 | 19.12 |
| Book Value | 11.63 | 12.36 | 13.58 | 15.86 | 18.44 | 23.30 | 28.99 | 31.04 | 26.98 | 34.52 | 43.54 | 51.57 | 40.15 |
| Cash Flow/Share | 2.90 | 3.89 | 4.66 | 6.42 | 10.71 | 10.67 | 11.75 | 13.22 | 11.63 | 18.12 | 25.73 | 29.84 | 16.22 |
| Dividends/Share | 1.50 | 0.68 | 0.68 | 0.68 | 1.12 | 2.65 | 2.64 | 6.38 | 0.40 | 0.40 | 1.15 | 4.88 | 10.21 |
| Shares Out. | 595.8M | 589.6M | 585.8M | 585.4M | 586.9M | 586.8M | 587.8M | 587.3M | 589.0M | 587.4M | 587.7M | 588.0M | 798.0M |
| Valuation | |||||||||||||
| P/E Ratio | 9.0 | 11.0 | 15.3 | 16.0 | 10.6 | 8.8 | 8.7 | 16.6 | 100.4 | 22.0 | 15.4 | 11.1 | 13.4 |
| P/FCF | 7.1 | 6.4 | 6.3 | 7.1 | 4.6 | 5.9 | 7.4 | 7.3 | 10.6 | 8.2 | 8.8 | 7.3 | 10.4 |
| EV/EBIT | 6.7 | 8.4 | 9.5 | 11.2 | 9.1 | 7.0 | 6.7 | 13.4 | 64.1 | 17.6 | 12.5 | 8.4 | N/A |
| Price/Book | 1.7 | 1.9 | 2.0 | 2.8 | 2.6 | 2.5 | 2.9 | 3.0 | 4.4 | 4.2 | 5.1 | 4.1 | 5.3 |
| Price/Sales | 0.5 | 0.6 | 0.6 | 0.7 | 0.9 | 0.9 | 1.0 | 1.0 | 1.3 | 1.2 | 1.6 | 1.6 | 1.9 |
| FCF Yield | 14.0% | 15.6% | 16.0% | 14.1% | 21.8% | 16.9% | 13.6% | 13.6% | 9.4% | 12.2% | 11.4% | 13.7% | 9.6% |
| Market Cap | 11.5B | 13.9B | 15.8B | 25.5B | 27.6B | 34.8B | 49.1B | 55.2B | 69.7B | 85.2B | 130.5B | 125.6B | 170.6B |
| Avg. Price | 17.87 | 21.29 | 24.70 | 34.26 | 49.05 | 60.67 | 72.04 | 85.06 | 106.59 | 127.91 | 202.40 | 236.54 | 213.83 |
| Year-End Price | 19.37 | 23.55 | 26.90 | 43.65 | 47.05 | 59.35 | 83.60 | 94.02 | 118.43 | 144.98 | 222.09 | 213.57 | 213.83 |
PROGRESSIVE CORP/OH/ passes 6 of 9 quality checks, suggesting mixed fundamentals.
PROGRESSIVE CORP/OH/ trades at 11.1x trailing earnings, compared to its 15-year median P/E of 15.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 7.3x vs a median of 7.3x. The company's 5-year average ROIC is 21.9% with a gross margin of 9.8%. Total shareholder yield (dividends) is 4.8%. At current prices, the estimated annualized return to fair value is +15.7%.
PROGRESSIVE CORP/OH/ (PGR) has a net profit margin of 12.9%. This is a healthy margin.
PROGRESSIVE CORP/OH/ (PGR) generated $17.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PROGRESSIVE CORP/OH/ (PGR) has a debt-to-equity ratio of 0.21. This indicates a conservatively financed balance sheet.
PROGRESSIVE CORP/OH/ (PGR) reported earnings per share (EPS) of $19.23 in its most recent fiscal year.
PROGRESSIVE CORP/OH/ (PGR) has a return on equity (ROE) of 40.4%. This indicates the company generates strong returns for shareholders.
PROGRESSIVE CORP/OH/ (PGR) has a 5-year average gross margin of 9.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for PROGRESSIVE CORP/OH/ (PGR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PROGRESSIVE CORP/OH/ (PGR) has a book value per share of $51.57, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is pursuing aggressive growth through increased media spending and targeted rate decreases in select states and business segments where business can be acquired at or below target profit margins, while continuing to roll out next-generation product models across personal auto (model 9.0 expected mid-2025), special lines, and commercial lines to improve segmentation and competitiveness. The company is expanding its property insurance business cautiously in volatile states while leveraging bundling opportunities as property restrictions ease, with management noting robust demand and the ability to grow household-level customer relationships despite near-term policy life expectancy pressures from new business mix shifts. Capital remains strong following a debt raise, positioning Progressive to invest in organic growth, share repurchases, and strategic opportunities while maintaining target premium-to-surplus ratios and returning excess capital to shareholders through dividends and buybacks as appropriate.
No recent press releases.