# Progressive Corporation (PGR) — Stock CV

Progressive Corporation 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.

> 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.

## Identity

- **Ticker**: PGR
- **Sector**: Financial Services
- **Industry**: Fire, Marine & Casualty Insurance
- **Headquarters**: MAYFIELD VILLAGE, OH
- **Employees**: 70 000
- **Website**: https://www.progressive.com
- **Market cap**: $126B
- **Last price**: $217.43
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $91.1B
- **Net income**: $11.7B
- **Free cash flow**: $16.0B
- **Net cash**: $2.90B
- **P/E**: 10.8
- **Revenue growth (YoY)**: 10.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 100 |
| Growth | 65 |
| Profitability | 90 |
| Health | 53 |
| Quality | 85 |
| Moat | 57 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +10.5% YoY
- [x] Profitable — $11.7B TTM
- [x] Profit growing — +150.1% YoY
- [x] Generates cash — $16.0B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $126B market cap
- [x] Not printing shares — +0.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.9 — distress
- [x] Pays a dividend — yield 6.45%
- [x] Valuation not extreme — P/E 10.8

## Experience (career milestones)

- **FY2025** — Became debt-free: cash now exceeds total debt
- **FY2025** — Best year on record: $11.3B net income
- **FY2023** — Revenue crossed $50B: $62.1B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $23.4B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $47.7B | $3.35B | $7.52B |
| FY2022 | $49.6B | $722M | $6.56B |
| FY2023 | $62.1B | $3.90B | $10.4B |
| FY2024 | $75.4B | $8.48B | $14.8B |
| FY2025 | $87.7B | $11.3B | $17.2B |

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Source: https://stockcv.com/PGR — derived from company filings; may be delayed or incomplete. Information, not investment advice.