StockCV
Progressive Corporation logo

Progressive Corporation

Fire, Marine & Casualty Insurance

$217.43
-0.59%
Market cap $126B

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 27 million personal auto policies in force and is one of the largest auto insurers in the United States.

It is a $126B financial services company. Revenue grew 10.5% over the last year, and it keeps 13¢ of every dollar of sales as profit. It trades at 10.8× earnings — near the lowest of its own history.

Location
Mayfield Village, OH
Employees
70 000
Sector
Financial Services

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation100Growth65Profitability90Health53Quality85Moat57

Strong valuation, profitability and quality.

Valuation100
  • P/E vs own history9th pct · 25/25
  • FCF yield12.6% · 25/25
  • P/S1.4x · 25/25
  • EV/EBITDA8.7x · 25/25
Growth65
  • Revenue CAGR16.4% · 20/25
  • Net income CAGR35.5% · 25/25
  • EPS CAGR ~5Y14.6% · 20/25
  • Fwd implied growth-12.5% · 0/25
Profitability90
  • ROIC42.0% · 25/25
  • ROE35.4% · 25/25
  • Net margin12.8% · 20/25
  • Operating margin16.6% · 20/25
Health53
  • Altman Z0.94 · 3/25
  • Current ratio0.08 · 0/25
  • Interest coverage52.2x · 25/25
  • Net cash / debtNet cash · 25/25
Quality85
  • Piotroski F6/9 · 15/25
  • Beneish M-2.55 · 25/25
  • FCF conversion136% · 25/25
  • Margin stabilityσ 6.5% · 20/25
Moat57
  • ROIC >12% years4/5 yrs · 20/25
  • Median gross marginn/a · 0/25
  • FCF-positive years10/10 yrs · 25/25
  • Worst-year net marginworst 1.5% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

  1. FY2025Financial
    Became debt-free
    cash now exceeds total debt
  2. FY2025Financial
    Best year on record
    $11.3B net income
  3. FY2023Financial
    Revenue crossed $50B
    $62.1B for the year
  4. FY2016Financial
    Profitable every year on record
    10 consecutive profitable years in our data
  5. FY2016Financial
    Revenue already above $10B
    $23.4B in first reported year
  6. FY2016Financial
    Positive free cash flow every year since
    10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

#15 largest of 129 Financial Services companies by market cap
$10 000 invested in 2021 would be worth ~$23 349 today — price return only
$87.7B revenue in FY2025
Revenue up 10.5% year over year
Profitable 10 years in a row
Positive free cash flow 10 years in a row
70 000 employees
ROIC of 42.0%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

  • Revenue growing 10.5% year over year
  • Strong cash conversion — FCF is 17.5% of revenue
  • Net cash position after subtracting debt from cash
  • Could repay net debt from ~0.5 years of free cash flow
  • Interest covered 52.2× by operating earnings

Watch-outs

  • Altman Z-Score 0.94 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed
  • Revenue growing+10.5% YoY
  • Profitable$11.7B TTM
  • Profit growing+150.1% YoY
  • Generates cash$16.0B TTM
  • Debt under controlmore cash than debt
  • Established company$126B market cap
  • Not printing shares+0.1% shares over ~5y
  • Proven track record10/10 profitable years
  • Financially stableAltman Z 0.9 — distress
  • Pays a dividendyield 6.45%
  • Valuation not extremeP/E 10.8
Peer comparisonProgressive Corporation vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾
CompanyMarket capP/ERevenue growthNet marginProfile
PGR this company$126.2B10.8+10.5%12.8%Mixed
BRK.A Berkshire Hathaway Inc.$1.1T11.6+3.9%22.3%Mixed
BRK.B Berkshire Hathaway$1.1T11.6+0.0%18.0%Strong
JPM JPMorgan Chase & Co.$886.2B13.6+13.5%32.6%Strained
V VISA Inc.$723.9B31.9+14.4%50.8%Solid
MA Mastercard Incorporated$516.4B31.7+16.0%46.3%Mixed
BAC Bank of America Corporation$380.4B11.3+15.9%27.8%Mixed

Head-to-head: PGR vs BRK.A · PGR vs BRK.B · PGR vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 9Hold 18Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PGR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $217.43 · market cap $126B.