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.
- Website
- progressive.com
- 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.
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
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBecame debt-freecash now exceeds total debt
- FY2025FinancialBest year on record$11.3B net income
- FY2023FinancialRevenue crossed $50B$62.1B for the year
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $10B$23.4B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
Achievements
Verifiable track record, straight from the reported numbers.
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.
- Revenue growing — the company sells more than a year ago+10.5% YoY
- Profitable — makes more than it spends$11.7B TTM
- Profit growing — earnings are higher than last year+150.1% YoY
- Generates cash — cash left after running and investing$16.0B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$126B market cap
- Not printing shares — share count not ballooning — you keep your slice+0.1% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.9 — distress
- Pays a dividend — returns cash to shareholdersyield 6.45%
- Valuation not extreme — price not wildly above earningsP/E 10.8
Peer comparisonProgressive Corporation vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| PGR this company | $126.2B | 10.8 | +10.5% | 12.8% | Mixed |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +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.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/PGR
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of PGR on PreMarketPriceFigures 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.