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 $117.7B against $25.0B — 4.7× the size. The Progressive Corporation trades at the lower P/E: 10.3× against 13.7×. The Progressive Corporation grew revenue faster over the last twelve months: 10.5% against 4.27%. W.R. Berkley Corporation has the higher net margin (12.9% vs 12.8%) and the lower return on invested capital (15.7% vs 23.0%). Both pay a dividend; W.R. Berkley Corporation yields more (1.72% vs 1.71%). Across the 23 metrics below, The Progressive Corporation leads on 15 and W.R. Berkley Corporation on 8.

Valuation

Metric PGR WRB Insurance Property & Casualty median
P/E 10.29 13.66 10.29
P/S 1.32 1.75 1.17
P/B 3.49 2.64 1.83
Price to free cash flow 7.48 7.62 7.48
EV/EBITDA 8.08 10.60 7.49
EV/Sales 1.41 1.76 1.13
Earnings yield 9.72% 7.32% 9.50%
Free cash flow yield 13.37% 13.13% 13.29%

Profitability

Metric PGR WRB Insurance Property & Casualty median
Gross margin 17.21% 47.56% 41.16%
Operating margin 17.21% 17.04% 15.09%
Net margin 12.84% 12.94% 11.51%
Free cash flow margin 17.59% 22.92% 17.59%
Return on equity 34.94% 20.14% 18.19%
Return on assets 9.73% 4.37% 3.74%
Return on invested capital 23.03% 15.74% 12.06%

Growth

Metric PGR WRB Insurance Property & Casualty median
Revenue growth (TTM) 10.49% 4.27% 8.69%
EPS growth (last fiscal year) 33.54% 2.06% —
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 0.26 0.32 0.42
Net debt to EBITDA 0.44 0.13 0.08

Dividend

Metric PGR WRB Insurance Property & Casualty median
Dividend yield 1.71% 1.72% 2.79%
Payout ratio 0.14 0.09 0.27

Size

Metric PGR WRB Insurance Property & Casualty median
Market cap 117.67b 24.98b 2.44b

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