The Progressive Corporation (PGR) vs W.R. Berkley Corporation (WRB)

The Progressive Corporation and W.R. Berkley Corporation are both Insurance Property & Casualty companies. The Progressive Corporation is the larger, with a market value of $135.1B against $28.6B — 4.7× the size. The Progressive Corporation trades at the lower P/E: 11.7× against 16.2×. The Progressive Corporation grew revenue faster over the last twelve months: 7.67% against 1.45%. The Progressive Corporation has the higher net margin (12.7% vs 12.5%) and the higher return on invested capital (22.8% vs 14.9%). Both pay a dividend; The Progressive Corporation yields more (5.96% vs 0.25%). Across the 21 metrics below, The Progressive Corporation leads on 15 and W.R. Berkley Corporation on 6.

Valuation

Metric PGR WRB Insurance Property & Casualty median
P/E 11.71 16.20 12.17
P/S 1.48 2.01 1.26
P/B 3.93 3.11 1.85
Price to free cash flow 8.86 9.77 8.04
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.54% 6.17% 8.20%
Free cash flow yield 11.28% 10.23% 11.86%

Profitability

Metric PGR WRB Insurance Property & Casualty median
Gross margin 17.01% 47.25% 37.39%
Operating margin 17.01% 16.58% 14.67%
Net margin 12.67% 12.53% 10.16%
Free cash flow margin 16.66% 20.59% 18.60%
Return on equity 33.24% 19.18% 16.59%
Return on assets 9.32% 4.17% 3.38%
Return on invested capital 22.84% 14.89% 9.43%

Growth

Metric PGR WRB Insurance Property & Casualty median
Revenue growth (TTM) 7.67% 1.45% 5.70%
EPS growth (last fiscal year) 33.54% 2.06% 39.61%
Revenue growth, 5-year CAGR 15.50% 12.67% 9.23%
Net income growth, 5-year CAGR 14.77% 27.38% 10.09%

Health

Metric PGR WRB Insurance Property & Casualty median
Debt to equity 0.24 0.30 0.25
Current ratio 0.25 0.30 0.49
Net debt to EBITDA 0.44 0.13 0.08

Dividend

Metric PGR WRB Insurance Property & Casualty median
Dividend yield 5.96% 0.25% 1.56%
Payout ratio 0.70 0.04 0.15

Size

Metric PGR WRB Insurance Property & Casualty median
Market cap 135.10b 28.60b 2.64b

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