A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
ITEM 1. BUSINESS Unless otherwise indicated or unless the context otherwise requires, all references in this Annual Report on Form 10-K to the "Company," "we," "us," "our" and similar expressions are references to PROG Holdings, Inc. ("PROG Holdings") and its consolidated subsidiaries. PROG Holdings is a financial technology holding company that provides transparent and competitive payment options to consumers. PROG Holdings' operating segments include Progressive Leasing, an in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider, and Four Technologies, Inc. ("Four"), a modern, cloud-native mobile app which offers Buy Now, Pay Later ("BNPL") payment options to consumers through the Four platform. PROG Holdings also owns MoneyApp, a mobile application that offers customers interest-free cash advances.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.4B | 2.4B | 2.4B | 2.3B | 2.6B | 2.7B |
| Net Income | 147M | 147M | 197M | 139M | 99M | 244M |
| EPS | $3.59 | $3.59 | $4.53 | $2.98 | $1.90 | $3.67 |
| Free Cash Flow | 325M | 325M | 130M | 195M | 233M | 236M |
| ROIC | 14.9% | 13.2% | 17.5% | 15.0% | 11.6% | 23.6% |
| Gross Margin | 27.1% | 27.1% | 25.0% | 26.5% | 24.0% | 13.9% |
| Debt/Equity | 0.80 | 0.80 | 0.99 | 1.00 | 1.04 | 0.87 |
| Dividends/Share | $0.51 | $0.52 | $0.48 | $0.00 | $0.17 | $0.17 |
| Operating Income | 207M | 207M | 195M | 219M | 186M | 334M |
| Operating Margin | 8.6% | 8.6% | 8.1% | 9.3% | 7.1% | 12.5% |
| ROE | 19.7% | 21.0% | 31.8% | 23.9% | 15.8% | 29.2% |
| Shares Outstanding | 41M | 41M | 44M | 47M | 52M | 66M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 2.0B | 2.2B | 2.5B | 2.7B | 2.6B | 2.3B | 2.4B | 2.4B | 2.4B |
| Gross Margin | 12.3% | 6.1% | 14.7% | 13.9% | 24.0% | 26.5% | 25.0% | 27.1% | 27.1% |
| R&D | 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 | 366M | 341M | 339M | 379M | 379M |
| EBIT | 157M | 28M | 272M | 334M | 186M | 219M | 195M | 207M | 207M |
| Op. Margin | 7.7% | 1.3% | 10.9% | 12.5% | 7.1% | 9.3% | 8.1% | 8.6% | 8.6% |
| Net Income | 196M | 31M | -61M | 244M | 99M | 139M | 197M | 147M | 147M |
| Net Margin | 9.6% | 1.5% | -2.5% | 9.1% | 3.8% | 5.9% | 8.2% | 6.1% | 6.1% |
| Non-Recurring | 0 | 0 | 447M | 0 | 16M | 13M | 15M | 3.8M | 3.8M |
| Returns on Capital | |||||||||
| ROIC | N/A | 1.0% | 17.5% | 23.6% | 11.6% | 15.0% | 17.5% | 13.2% | 14.9% |
| ROE | N/A | 1.8% | -4.5% | 29.2% | 15.8% | 23.9% | 31.8% | 21.0% | 19.7% |
| ROA | N/A | 1.9% | -2.7% | 16.6% | 6.3% | 9.3% | 13.1% | 9.4% | 9.1% |
| Cash Flow | |||||||||
| Op. Cash Flow | 356M | 317M | 456M | 246M | 242M | 204M | 139M | 335M | 335M |
| Free Cash Flow | 278M | 224M | 392M | 236M | 233M | 195M | 130M | 325M | 325M |
| Owner Earnings | 234M | 186M | 321M | 191M | 191M | 148M | 83M | 282M | 282M |
| CapEx | 79M | 93M | 64M | 9.6M | 9.7M | 9.6M | 8.3M | 10M | 10M |
| Maint. CapEx | 94M | 105M | 94M | 33M | 34M | 31M | 26M | 24M | 24M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 94M | 105M | 94M | 33M | 34M | 31M | 26M | 24M | 24M |
| CapEx/OCF | 22.1% | 29.3% | 14.1% | 3.9% | 4.0% | 4.7% | 6.0% | 3.0% | 3.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 6.2M | 9.4M | 14M | 0 | 0 | 0 | 20M | 21M | 21M |
| Dividend Yield | 0.2% | 0.3% | 0.5% | N/A | N/A | N/A | 1.2% | 1.6% | 1.7% |
| Share Buybacks | 169M | 69M | 0 | 142M | 224M | 140M | 139M | 52M | 52M |
| Buyback Yield | 7.0% | 2.2% | N/A | 4.9% | 26.9% | 9.8% | 7.7% | 4.2% | 4.1% |
| Stock-Based Comp | 28M | 27M | 41M | 21M | 18M | 25M | 29M | 29M | 29M |
| Debt Repayment | 535K | 40K | 285M | 591K | 1.6M | 29K | 2.8M | 84K | 84K |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | 13M | 419M | 459M | 437M | 553M | 286M | 286M |
| Cash & Equiv. | 15M | 58M | 37M | 170M | 132M | 155M | 91M | 309M | 309M |
| Long-Term Debt | N/A | N/A | 50M | 590M | 591M | 592M | 644M | 595M | 595M |
| Debt/Equity | N/A | 0.90 | 0.05 | 0.87 | 1.04 | 1.00 | 0.99 | 0.80 | 0.80 |
| Interest Coverage | N/A | N/A | 1453.3 | 62.7 | 5.0 | 7.4 | 4.9 | 4.2 | 4.2 |
| Equity | N/A | 1.7B | 986M | 679M | 570M | 591M | 650M | 746M | 746M |
| Total Assets | N/A | 3.3B | 1.3B | 1.6B | 1.5B | 1.5B | 1.5B | 1.6B | 1.6B |
| Total Liabilities | N/A | 1.6B | 331M | 942M | 921M | 900M | 863M | 864M | 864M |
| Intangibles | N/A | 177M | 154M | 137M | 114M | 92M | 74M | 58M | 58M |
| Retained Earnings | N/A | 2.0B | 1.2B | 1.1B | 1.2B | 1.3B | 1.5B | 1.6B | 1.6B |
| Working Capital | 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 |
| Current Liabilities | N/A | N/A | 78M | 136M | 135M | 151M | 90M | 96M | 96M |
| Per Share Data | |||||||||
| EPS | 2.78 | 0.47 | -0.90 | 3.67 | 1.90 | 2.98 | 4.53 | 3.59 | 3.59 |
| Owner EPS | 3.32 | 2.77 | 4.70 | 2.88 | 3.68 | 3.18 | 1.91 | 6.90 | 6.90 |
| Book Value | N/A | 25.94 | 14.44 | 10.24 | 10.98 | 12.69 | 14.93 | 18.26 | 18.26 |
| Cash Flow/Share | 5.05 | 4.74 | 6.68 | 3.71 | 4.67 | 4.38 | 3.18 | 8.19 | 4.18 |
| Dividends/Share | 0.13 | 0.15 | 0.17 | 0.17 | 0.17 | 0.00 | 0.48 | 0.52 | 0.51 |
| Shares Out. | 70.6M | 67.0M | 68.3M | 66.4M | 52.0M | 46.6M | 43.5M | 40.9M | 40.9M |
| Valuation | |||||||||
| P/E Ratio | 12.4 | 98.2 | N/A | 12.0 | 8.4 | 10.3 | 9.1 | 8.5 | 8.5 |
| P/FCF | 8.7 | 13.8 | 9.2 | 12.3 | 3.6 | 7.3 | 13.8 | 3.8 | 3.8 |
| EV/EBIT | N/A | N/A | 13.2 | 9.5 | 6.2 | 7.6 | 11.6 | 5.9 | 7.4 |
| Price/Book | N/A | 1.8 | 3.7 | 4.3 | 1.5 | 2.4 | 2.8 | 1.7 | 1.7 |
| Price/Sales | 1.3 | 1.5 | 1.1 | 1.1 | 0.5 | 0.5 | 0.7 | 0.5 | 0.5 |
| FCF Yield | 11.4% | 7.3% | 10.8% | 8.1% | 28.0% | 13.7% | 7.2% | 26.1% | 26.0% |
| Market Cap | 2.4B | 3.1B | 3.6B | 2.9B | 832M | 1.4B | 1.8B | 1.2B | 1.2B |
| Avg. Price | 37.13 | 47.58 | 39.63 | 46.04 | 23.77 | 28.21 | 37.79 | 31.19 | 30.57 |
| Year-End Price | 34.37 | 46.15 | 52.88 | 43.95 | 16.02 | 30.60 | 41.40 | 30.48 | 30.57 |
PROG Holdings, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
PROG Holdings, Inc. trades at 8.5x trailing earnings, compared to its 15-year median P/E of 10.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 3.7x vs a median of 9.0x. The company's 5-year average ROIC is 16.2% with a gross margin of 23.3%. Total shareholder yield (dividends + buybacks) is 5.8%. At current prices, the estimated annualized return to fair value is +4.2%.
PROG Holdings, Inc. (PRG) has a current P/E ratio of 8.5, compared to its historical median P/E of 10.3. The stock is currently considered Fair based on its historical valuation range.
PROG Holdings, Inc. (PRG) has a 5-year average return on invested capital (ROIC) of 16.2%. This indicates strong capital allocation and a potential competitive advantage.
PROG Holdings, Inc. (PRG) has a market capitalization of $1.2B. It is classified as a small-cap stock.
Yes, PROG Holdings, Inc. (PRG) pays a dividend with a trailing twelve-month yield of 1.66%. The company also returns capital through share buybacks, with a buyback yield of 4.14%.
Based on historical P/E analysis, PROG Holdings, Inc. (PRG) appears fair. The current P/E of 8.5 is 17% below its historical median of 10.3. The estimated fair value CAGR (P/E method) is 25.1%.
PROG Holdings, Inc. (PRG) operates in the Services-Equipment Rental & Leasing, Nec industry, within the Industrials sector.
PROG Holdings, Inc. (PRG) reported annual revenue of $2.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
PROG Holdings, Inc. (PRG) has a net profit margin of 6.1%. This is a modest margin.
PROG Holdings, Inc. (PRG) generated $325 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PROG Holdings, Inc. (PRG) has a debt-to-equity ratio of 0.80. This indicates moderate leverage.
PROG Holdings, Inc. (PRG) reported earnings per share (EPS) of $3.59 in its most recent fiscal year.
PROG Holdings, Inc. (PRG) has a return on equity (ROE) of 21.0%. This indicates the company generates strong returns for shareholders.
PROG Holdings, Inc. (PRG) has a 5-year average gross margin of 23.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for PROG Holdings, Inc. (PRG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PROG Holdings, Inc. (PRG) has a book value per share of $18.26, based on its most recent annual SEC filing.