PROGRESSIVE CORP (PGR) Fundamental Analysis & Valuation

NYSE:PGR • US7433151039

210.6 USD
+0.02 (+0.01%)
At close: Mar 6, 2026
212 USD
+1.4 (+0.66%)
After Hours: 3/6/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This PGR fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to PGR. PGR was compared to 149 industry peers in the Insurance industry. PGR has an average financial health and profitability rating. PGR is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. PGR Profitability Analysis

1.1 Basic Checks

  • In the past year PGR was profitable.
  • PGR had a positive operating cash flow in the past year.
  • PGR had positive earnings in each of the past 5 years.
  • PGR had a positive operating cash flow in 4 of the past 5 years.
PGR Yearly Net Income VS EBIT VS OCF VS FCFPGR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

1.2 Ratios

  • With an excellent Return On Assets value of 8.82%, PGR belongs to the best of the industry, outperforming 94.63% of the companies in the same industry.
  • PGR has a Return On Equity of 30.23%. This is amongst the best in the industry. PGR outperforms 95.30% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 9.83%, PGR belongs to the top of the industry, outperforming 92.62% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for PGR is significantly below the industry average of 15.25%.
  • The last Return On Invested Capital (9.83%) for PGR is above the 3 year average (8.05%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 8.82%
ROE 30.23%
ROIC 9.83%
ROA(3y)7.18%
ROA(5y)5.43%
ROE(3y)29.81%
ROE(5y)22.41%
ROIC(3y)8.05%
ROIC(5y)6.23%
PGR Yearly ROA, ROE, ROICPGR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

1.3 Margins

  • With a decent Profit Margin value of 12.58%, PGR is doing good in the industry, outperforming 71.14% of the companies in the same industry.
  • In the last couple of years the Profit Margin of PGR has remained more or less at the same level.
  • With a decent Operating Margin value of 16.19%, PGR is doing good in the industry, outperforming 67.79% of the companies in the same industry.
  • In the last couple of years the Operating Margin of PGR has remained more or less at the same level.
Industry RankSector Rank
OM 16.19%
PM (TTM) 12.58%
GM N/A
OM growth 3Y80.71%
OM growth 5Y-0.92%
PM growth 3Y109.62%
PM growth 5Y-0.63%
GM growth 3YN/A
GM growth 5YN/A
PGR Yearly Profit, Operating, Gross MarginsPGR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

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4

2. PGR Health Analysis

2.1 Basic Checks

  • PGR has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • PGR has about the same amout of shares outstanding than it did 1 year ago.
  • PGR has about the same amout of shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, PGR has an improved debt to assets ratio.
PGR Yearly Shares OutstandingPGR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
PGR Yearly Total Debt VS Total AssetsPGR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

2.2 Solvency

  • PGR has a debt to FCF ratio of 0.40. This is a very positive value and a sign of high solvency as it would only need 0.40 years to pay back of all of its debts.
  • The Debt to FCF ratio of PGR (0.40) is better than 85.91% of its industry peers.
  • A Debt/Equity ratio of 0.19 indicates that PGR is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.19, PGR is in the better half of the industry, outperforming 70.47% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 0.4
Altman-Z N/A
ROIC/WACC1.16
WACC8.49%
PGR Yearly LT Debt VS Equity VS FCFPGR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
PGR Yearly Current Assets VS Current LiabilitesPGR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. PGR Growth Analysis

3.1 Past

  • PGR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 29.89%, which is quite impressive.
  • Measured over the past years, PGR shows a quite strong growth in Earnings Per Share. The EPS has been growing by 19.56% on average per year.
  • PGR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 16.32%.
  • The Revenue has been growing by 15.50% on average over the past years. This is quite good.
EPS 1Y (TTM)29.89%
EPS 3Y63.44%
EPS 5Y19.56%
EPS Q2Q%14.46%
Revenue 1Y (TTM)16.32%
Revenue growth 3Y20.9%
Revenue growth 5Y15.5%
Sales Q2Q%7.75%

3.2 Future

  • PGR is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -2.66% yearly.
  • PGR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.32% yearly.
EPS Next Y-10.83%
EPS Next 2Y-5.31%
EPS Next 3Y-4.04%
EPS Next 5Y-2.66%
Revenue Next Year6.95%
Revenue Next 2Y7.5%
Revenue Next 3Y6.62%
Revenue Next 5Y10.32%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
PGR Yearly Revenue VS EstimatesPGR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20B 40B 60B 80B 100B
PGR Yearly EPS VS EstimatesPGR Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 5 10 15

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4

4. PGR Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 11.54 indicates a reasonable valuation of PGR.
  • The rest of the industry has a similar Price/Earnings ratio as PGR.
  • The average S&P500 Price/Earnings ratio is at 26.29. PGR is valued rather cheaply when compared to this.
  • Based on the Price/Forward Earnings ratio of 12.94, the valuation of PGR can be described as correct.
  • PGR's Price/Forward Earnings ratio is in line with the industry average.
  • PGR's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.60.
Industry RankSector Rank
PE 11.54
Fwd PE 12.94
PGR Price Earnings VS Forward Price EarningsPGR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • PGR's Enterprise Value to EBITDA is on the same level as the industry average.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of PGR is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 7.24
EV/EBITDA 9.23
PGR Per share dataPGR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 50 100

4.3 Compensation for Growth

  • PGR has a very decent profitability rating, which may justify a higher PE ratio.
  • A cheap valuation may be justified as PGR's earnings are expected to decrease with -4.04% in the coming years.
PEG (NY)N/A
PEG (5Y)0.59
EPS Next 2Y-5.31%
EPS Next 3Y-4.04%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

3

5. PGR Dividend Analysis

5.1 Amount

  • PGR has a yearly dividend return of 0.19%, which is pretty low.
  • Compared to an average industry Dividend Yield of 2.89, PGR is paying slightly less dividend.
  • Compared to an average S&P500 Dividend Yield of 1.82, PGR's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.19%

5.2 History

  • The dividend of PGR decreases each year by -16.45%.
  • PGR has paid a dividend for at least 10 years, which is a reliable track record.
  • PGR has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-16.45%
Div Incr Years2
Div Non Decr Years3
PGR Yearly Dividends per sharePGR Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6 8 10

5.3 Sustainability

  • 26.80% of the earnings are spent on dividend by PGR. This is a low number and sustainable payout ratio.
  • The Dividend Rate of PGR has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP26.8%
EPS Next 2Y-5.31%
EPS Next 3Y-4.04%
PGR Yearly Income VS Free CF VS DividendPGR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B
PGR Dividend Payout.PGR Dividend Payout, showing the Payout Ratio.PGR Dividend Payout.PayoutRetained Earnings

More info and screens

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PGR Fundamentals: All Metrics, Ratios and Statistics

PROGRESSIVE CORP

NYSE:PGR (3/6/2026, 8:04:00 PM)

After market: 212 +1.4 (+0.66%)

210.6

+0.02 (+0.01%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)01-28
Earnings (Next)05-04
Inst Owners88.36%
Inst Owner Change-1.1%
Ins Owners0.16%
Ins Owner Change-1.35%
Market Cap123.39B
Revenue(TTM)87.64B
Net Income(TTM)10.71B
Analysts70.34
Price Target241.65 (14.74%)
Short Float %1.16%
Short Ratio1.91
Dividend
Industry RankSector Rank
Dividend Yield 0.19%
Yearly Dividend1.16
Dividend Growth(5Y)-16.45%
DP26.8%
Div Incr Years2
Div Non Decr Years3
Ex-Date01-02
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-5.63%
Min EPS beat(2)-20.4%
Max EPS beat(2)9.13%
EPS beat(4)2
Avg EPS beat(4)-0.6%
Min EPS beat(4)-20.4%
Max EPS beat(4)12.78%
EPS beat(8)5
Avg EPS beat(8)7.58%
EPS beat(12)7
Avg EPS beat(12)-1.73%
EPS beat(16)8
Avg EPS beat(16)-4.26%
Revenue beat(2)0
Avg Revenue beat(2)-3.23%
Min Revenue beat(2)-3.5%
Max Revenue beat(2)-2.96%
Revenue beat(4)1
Avg Revenue beat(4)-1.6%
Min Revenue beat(4)-3.5%
Max Revenue beat(4)2.42%
Revenue beat(8)4
Avg Revenue beat(8)0.23%
Revenue beat(12)5
Avg Revenue beat(12)-0.32%
Revenue beat(16)6
Avg Revenue beat(16)-0.73%
PT rev (1m)-2.56%
PT rev (3m)-8.29%
EPS NQ rev (1m)0%
EPS NQ rev (3m)2.61%
EPS NY rev (1m)0.39%
EPS NY rev (3m)-1.45%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.17%
Revenue NY rev (1m)-0.5%
Revenue NY rev (3m)-1.1%
Valuation
Industry RankSector Rank
PE 11.54
Fwd PE 12.94
P/S 1.45
P/FCF 7.24
P/OCF 7.1
P/B 3.48
P/tB 3.48
EV/EBITDA 9.23
EPS(TTM)18.25
EY8.67%
EPS(NY)16.27
Fwd EY7.73%
FCF(TTM)29.1
FCFY13.82%
OCF(TTM)29.67
OCFY14.09%
SpS145.36
BVpS60.5
TBVpS60.5
PEG (NY)N/A
PEG (5Y)0.59
Graham Number157.61
Profitability
Industry RankSector Rank
ROA 8.82%
ROE 30.23%
ROCE 12.39%
ROIC 9.83%
ROICexc 9.85%
ROICexgc 10.48%
OM 16.19%
PM (TTM) 12.58%
GM N/A
FCFM 20.02%
ROA(3y)7.18%
ROA(5y)5.43%
ROE(3y)29.81%
ROE(5y)22.41%
ROIC(3y)8.05%
ROIC(5y)6.23%
ROICexc(3y)8.06%
ROICexc(5y)6.24%
ROICexgc(3y)8.72%
ROICexgc(5y)6.81%
ROCE(3y)10.15%
ROCE(5y)7.85%
ROICexgc growth 3Y82.54%
ROICexgc growth 5Y-1.67%
ROICexc growth 3Y84.89%
ROICexc growth 5Y-0.96%
OM growth 3Y80.71%
OM growth 5Y-0.92%
PM growth 3Y109.62%
PM growth 5Y-0.63%
GM growth 3YN/A
GM growth 5YN/A
F-Score9
Asset Turnover0.7
Health
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 0.4
Debt/EBITDA 0.49
Cap/Depr 110.27%
Cap/Sales 0.4%
Interest Coverage 49.94
Cash Conversion 123.36%
Profit Quality 159.13%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC8.49%
ROIC/WACC1.16
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)29.89%
EPS 3Y63.44%
EPS 5Y19.56%
EPS Q2Q%14.46%
EPS Next Y-10.83%
EPS Next 2Y-5.31%
EPS Next 3Y-4.04%
EPS Next 5Y-2.66%
Revenue 1Y (TTM)16.32%
Revenue growth 3Y20.9%
Revenue growth 5Y15.5%
Sales Q2Q%7.75%
Revenue Next Year6.95%
Revenue Next 2Y7.5%
Revenue Next 3Y6.62%
Revenue Next 5Y10.32%
EBIT growth 1Y30.97%
EBIT growth 3Y118.48%
EBIT growth 5Y14.43%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y19.28%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y19.49%
OCF growth 3YN/A
OCF growth 5YN/A

PROGRESSIVE CORP / PGR FAQ

What is the fundamental rating for PGR stock?

ChartMill assigns a fundamental rating of 5 / 10 to PGR.


Can you provide the valuation status for PROGRESSIVE CORP?

ChartMill assigns a valuation rating of 4 / 10 to PROGRESSIVE CORP (PGR). This can be considered as Fairly Valued.


What is the profitability of PGR stock?

PROGRESSIVE CORP (PGR) has a profitability rating of 6 / 10.


What is the valuation of PROGRESSIVE CORP based on its PE and PB ratios?

The Price/Earnings (PE) ratio for PROGRESSIVE CORP (PGR) is 11.54 and the Price/Book (PB) ratio is 3.48.


How sustainable is the dividend of PROGRESSIVE CORP (PGR) stock?

The dividend rating of PROGRESSIVE CORP (PGR) is 3 / 10 and the dividend payout ratio is 26.8%.