Saturday 17 October 2026
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The Progressive Corporation
PGR Financial Insurance Property & Casualty
The Progressive Corporation’s revenue for fiscal 2025 (year ended December 2025) was $87.7 billion, up 16.3% from fiscal 2024. In the quarter to September 2026, revenue fell 3.61%, EPS grew 4.80%, free cash flow fell 12.3% and total debt rose 21.7%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for ten consecutive years, operating cash flow growth for three.
218.49
4.74
+2.22%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
11.81 | 16.59 | 24.49 | 109.36 | 18.04 | 10.19 | 10.72 | 13.56 | 20.35 | 20.07 |
Piotroski F-Score |
6 | 7 | 7 | 5 | 6 | 5 | 8 | 6 | 9 | 5 |
P/S ratio |
1.52 | 1.86 | 1.52 | 1.53 | 1.26 | 1.36 | 1.08 | 1.10 | 1.20 | 0.88 |
P/FCF ratio |
7.73 | 9.41 | 9.06 | 11.54 | 7.91 | 8.63 | 7.10 | 5.83 | 8.89 | 8.19 |
P/Operating CF |
42.12 | 46.64 | 38.79 | 81.80 | 132.71 | 37.38 | 37.46 | 32.43 | 60.25 | 45.23 |
P/B ratio |
4.40 | 5.48 | 4.78 | 4.94 | 3.38 | 3.50 | 3.21 | 3.40 | 3.46 | 2.60 |
Price to Tangible BV |
4.45 | 5.55 | 4.86 | 5.04 | 3.49 | 3.63 | 3.38 | 3.67 | 3.80 | 2.92 |
EV/Sales |
1.60 | 1.95 | 1.63 | 1.66 | 1.36 | 1.48 | 1.19 | 1.23 | 1.31 | 1.01 |
EV/EBITDA |
9.20 | 12.54 | 17.25 | 46.51 | 12.50 | 7.85 | 7.88 | 10.43 | 12.80 | 11.78 |
EV/Operating CF |
7.99 | 9.72 | 9.52 | 12.00 | 8.34 | 9.15 | 7.42 | 6.28 | 9.37 | 8.63 |
EV/FCF |
8.12 | 9.86 | 9.71 | 12.47 | 8.53 | 9.42 | 7.80 | 6.55 | 9.73 | 9.35 |
Quick Ratio |
0.23 | 0.26 | 0.28 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.30 |
Current Ratio |
0.23 | 0.26 | 0.28 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.30 |
Net Debt/EBITDA |
0.44 | 0.58 | 1.16 | 3.49 | 0.91 | 0.66 | 0.71 | 1.14 | 1.10 | 1.46 |
Debt/Assets |
5.61% | 6.52% | 7.77% | 8.47% | 6.89% | 8.42% | 8.03% | 9.46% | 8.54% | 9.42% |
Debt/Equity |
0.23 | 0.27 | 0.34 | 0.40 | 0.27 | 0.32 | 0.32 | 0.41 | 0.36 | 0.40 |
Asset Turnover |
0.77 | 0.78 | 0.76 | 0.68 | 0.71 | 0.72 | 0.77 | 0.75 | 0.74 | 0.74 |
Operating CF/Net income |
1.55 | 1.79 | 2.75 | 9.85 | 2.34 | 1.22 | 1.59 | 2.42 | 2.36 | 2.65 |
Capex/Depreciation |
(1.42) | (0.82) | (0.63) | (0.91) | (0.38) | (0.47) | (0.91) | (0.86) | (0.44) | (0.75) |
Interest Coverage |
54.18 | 41.10 | 20.70 | 6.09 | 21.53 | 35.10 | 29.28 | 20.95 | 15.84 | 12.25 |
| 40.45% | 37.30% | 21.97% | 4.19% | 19.39% | 38.20% | 33.55% | 26.45% | 18.47% | 13.52% | |
| 9.89% | 8.71% | 4.71% | 0.95% | 4.92% | 9.54% | 7.77% | 6.08% | 4.41% | 3.26% | |
ROIC |
25.39% | 22.17% | 12.81% | 4.21% | 12.83% | 21.29% | 19.44% | 14.39% | 12.31% | 9.92% |
Return on Tangible Assets |
(17.28%) | (15.91%) | (8.89%) | (1.95%) | (10.35%) | (20.28%) | (16.32%) | (12.51%) | (9.72%) | (7.40%) |
Average Days of Receivables |
80.96 | 92.66 | 100.21 | 119.55 | 110.03 | 104.21 | 101.83 | 104.93 | 104.66 | 99.56 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 |
Share Based Compensation of Revenue |
0.15% | 0.16% | 0.19% | 0.25% | 0.21% | 0.21% | 0.23% | 0.24% | 0.36% | 0.36% |
Graham Net Nets |
(0.55) | (0.43) | (0.54) | (0.57) | (0.64) | (0.60) | (0.71) | (0.75) | (0.67) | (0.91) |
Graham Number |
149.82 | 119.17 | 70.87 | 26.56 | 62.33 | 78.57 | 58.55 | 42.14 | 31.28 | 23.34 |
Earnings Yield |
8.47% | 6.03% | 4.08% | 0.91% | 5.54% | 9.81% | 9.32% | 7.38% | 4.91% | 4.98% |
Free Cash Flow Yield |
12.94% | 10.63% | 11.04% | 8.67% | 12.64% | 11.59% | 14.08% | 17.16% | 11.25% | 12.21% |
Revenue per Share |
149.53 | 128.73 | 106.19 | 84.89 | 81.61 | 72.93 | 66.84 | 54.91 | 46.21 | 40.30 |
Operating CF per Share |
29.93 | 25.82 | 18.20 | 11.72 | 13.28 | 11.81 | 10.73 | 10.79 | 6.47 | 4.70 |
Capex per Share |
(0.46) | (0.36) | (0.35) | (0.44) | (0.30) | (0.34) | (0.53) | (0.44) | (0.24) | (0.36) |
Free Cash Flow per Share |
29.47 | 25.47 | 17.85 | 11.28 | 12.98 | 11.46 | 10.19 | 10.35 | 6.23 | 4.34 |
Cash per Share |
0.24 | 0.26 | 0.17 | 0.38 | 0.35 | 0.13 | 0.39 | 0.13 | 0.47 | 0.39 |
Shareholders Equity per Share |
51.72 | 43.71 | 34.67 | 27.19 | 31.19 | 29.13 | 23.42 | 18.58 | 15.99 | 13.68 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
51.72 | 43.71 | 34.67 | 27.19 | 31.19 | 29.13 | 23.42 | 18.58 | 15.99 | 13.68 |
Free Cash Flow |
17,280.00 | 14,911.00 | 10,438.00 | 6,592.00 | 7,584.40 | 6,704.00 | 5,951.40 | 6,028.20 | 3,616.40 | 2,523.90 |
Working Capital |
(66,236.00) | (53,973.00) | (44,373.00) | (36,715.80) | (33,266.90) | (29,097.60) | (25,373.00) | (21,865.60) | (17,500.20) | (15,106.80) |
Capital Expenditures |
(268.00) | (208.00) | (205.00) | (257.00) | (177.30) | (201.60) | (310.20) | (256.60) | (140.40) | (208.80) |
Net Current Asset Value |
(73,133.00) | (60,866.00) | (51,262.00) | (43,104.10) | (38,318.60) | (34,803.70) | (30,123.70) | (26,485.00) | (21,445.20) | (18,850.00) |
EV/EBIT |
9.31 | 12.82 | 18.27 | 55.29 | 13.74 | 8.29 | 8.36 | 11.31 | 14.51 | 13.67 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
Price to Operating Income |
8.86 | 12.23 | 17.04 | 51.15 | 12.75 | 7.59 | 7.61 | 10.07 | 13.26 | 11.97 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.24 | 0.32 | 0.37 | 0.27 | 0.41 | 0.39 | 0.28 | 0.26 | 0.29 | 0.24 |
Cash ROIC |
46.26% | 45.69% | 38.28% | 29.30% | 32.51% | 29.78% | 32.51% | 39.40% | 28.11% | 22.27% |
Accounts Receivable Turnover |
4.55 | 4.17 | 3.73 | 3.24 | 3.59 | 3.70 | 3.89 | 3.79 | 3.81 | 3.95 |
Accounts Payable Turnover |
0.91 | 0.95 | 0.99 | 0.95 | 0.96 | 0.90 | 0.99 | 1.01 | 1.03 | 1.06 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
431.41 | 418.44 | 397.03 | 405.29 | 406.21 | 430.74 | 397.91 | 398.86 | 380.81 | 365.20 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
19,289.50 | 18,093.00 | 16,650.50 | 15,314.50 | 13,279.75 | 11,532.85 | 10,039.70 | 8,444.55 | 7,044.95 | 5,935.25 |
Average Payables |
79,540.00 | 67,393.00 | 57,355.35 | 50,517.35 | 44,601.30 | 38,920.10 | 33,810.20 | 28,302.60 | 23,599.30 | 20,487.50 |
Average Assets |
114,392.00 | 97,218.00 | 82,078.00 | 73,298.65 | 67,615.30 | 59,504.40 | 50,742.75 | 42,638.10 | 36,064.35 | 31,623.40 |
Average Common Equity |
27,957.00 | 22,687.00 | 17,590.05 | 16,567.40 | 17,141.20 | 14,862.00 | 11,753.60 | 9,806.35 | 8,620.95 | 7,623.25 |
Columns are period end dates · fundamentals updated 15 Oct 2026