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 $124.2B against $27.5B — 4.5× the size. The Progressive Corporation trades at the lower P/E: 10.9× against 15.3×. The Progressive Corporation grew revenue faster over the last twelve months: 5.92% against 4.27%. W.R. Berkley Corporation has the higher net margin (12.9% vs 12.9%) and the lower return on invested capital (15.7% vs 49.3%). Both pay a dividend; The Progressive Corporation yields more (6.36% vs 0.25%). Across the 21 metrics below, The Progressive Corporation leads on 13 and W.R. Berkley Corporation on 8.

Valuation

Metric PGR WRB Insurance Property & Casualty median
P/E 10.94 15.34 10.75
P/S 1.41 1.96 1.21
P/B 3.71 2.97 1.99
Price to free cash flow 7.95 8.55 7.76
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.14% 6.52% 9.08%
Free cash flow yield 12.57% 11.70% 12.11%

Profitability

Metric PGR WRB Insurance Property & Casualty median
Gross margin 37.48% 47.56% 41.16%
Operating margin 37.48% 17.04% 15.09%
Net margin 12.88% 12.94% 11.51%
Free cash flow margin 0.00% 22.92% 17.46%
Return on equity 0.00% 20.14% 17.34%
Return on assets 9.32% 4.37% 3.74%
Return on invested capital 49.30% 15.74% 12.06%

Growth

Metric PGR WRB Insurance Property & Casualty median
Revenue growth (TTM) 5.92% 4.27% 8.02%
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 0.29 0.25
Current ratio 0.28 0.32 0.42
Net debt to EBITDA 0.44 0.13 0.08

Dividend

Metric PGR WRB Insurance Property & Casualty median
Dividend yield 6.36% 0.25% 1.50%
Payout ratio 0.70 0.04 0.14

Size

Metric PGR WRB Insurance Property & Casualty median
Market cap 124.21b 27.46b 2.67b

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