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Progressive Corp (PGR.US) - analysis, score and valuation

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Is it worth investing?

Progressive Corp is a remarkable business, at a price that demands patience.

$210.96 -21.58% over 12 months Last updated: iun. 10, 2026

Progressive Corp (PGR) is a company in the Insurance - Property & Casualty industry, listed on NYSE, with a market capitalisation of 123 billion USD. The stock trades at 210.96 USD, 14% below its 52-week high.

Against trailing twelve-month earnings, the price asks 10.3 times profit, versus 11.7 times for the industry median. Return on equity stands at 41.4%, against an industry median of 18.0%. Revenue has grown 15.5% a year over the past five years.

Over the past twelve months the stock returned -21.6%, against +24.8% for SPY over the same period. The analysis below covers valuation, profitability, growth, the balance sheet and price behaviour, with data updated daily.

Key data

Price and Trading

  • OpenThe price at which Progressive Corp shares first traded in the latest session.
  • CloseThe price of the last Progressive Corp trade in the session that closed.
  • Day rangeThe lowest and highest price Progressive Corp shares reached in that session.
  • VolumeHow many Progressive Corp shares changed hands in the latest session.
  • 52-week rangeThe lowest and highest price of Progressive Corp shares over the past year.
  • Position in the 52-week rangeWhere the current price of Progressive Corp shares sits between the low and the high of the past year. 100% means right at the high.
  • 50-day averageThe average price of Progressive Corp shares over the last 50 sessions. Shows the short-term trend.
  • 200-day averageThe average price of Progressive Corp shares over the last 200 sessions. Shows the long-term trend.
  • Market capThe market value of all Progressive Corp shares combined.

Some values update after the trading session opens, others are recalculated after it closes.

Earnings and Valuation

  • Earnings per shareHow much net profit belongs to a single Progressive Corp share over the last twelve months.
  • Estimated earnings, current yearThe earnings per share analysts expect from Progressive Corp for the current financial year.
  • Estimated earnings, next yearThe earnings per share expected from Progressive Corp for the following financial year.
  • Revenue per shareHow much of the annual sales of Progressive Corp belongs to a single share.
  • Book value per shareHow much Progressive Corp equity belongs to one share, once debt is subtracted from assets.
  • Revenue, last 12 monthsTotal Progressive Corp sales across the last four reported quarters.
  • Price / earningsHow many years of current profit a Progressive Corp share costs at today price.
  • Forward price / earningsThe same ratio, but against the profit Progressive Corp is expected to make next year.
  • PEGThe price/earnings ratio of Progressive Corp divided by its growth rate. Below 1 is considered cheap relative to how fast it grows.
  • Enterprise value / EBITDAThe price of the whole Progressive Corp business, debt included, against operating profit before depreciation.

Some values update after the trading session opens, others are recalculated after it closes.

Return and Risk

Low risk · 87
  • Net marginHow much net profit Progressive Corp keeps out of every unit of sales.
  • Return on equityHow much net profit Progressive Corp produces from shareholder money.
  • Dividend yieldHow much Progressive Corp pays out in dividends each year, relative to the share price.
  • Dividend per shareThe estimated annual amount received for each Progressive Corp share held.
  • Payout ratioWhat share of Progressive Corp profit goes back to shareholders as dividends. The rest stays in the company.
  • BetaHow strongly Progressive Corp shares move against the market. 1 means the same, above 1 means wider swings.
  • Debt / equityHow much debt Progressive Corp carries for every unit of equity.
  • Short interest as % of floatWhat share of freely tradable Progressive Corp stock is sold short, as a bet on a decline.
  • Days to cover short positionsHow many normal trading days it would take to close every short position on Progressive Corp.

Some values update after the trading session opens, others are recalculated after it closes.

Indicators for Progressive Corp (PGR) stock

How good the business is, how expensive the price is, and what the chart is doing for PGR stock. How we calculate the three indicators

Fundamentals

84.4Out of 100

Solid

All pillars clear 70 out of 100; the lowest is growth, at 79.7. It looks better in absolute terms than against its sector, where it sits at 66 out of 100.

Quality87.0
Growth79.7
Health and risk86.6
Return on assets100.0
Return on equity100.0
Piotroski F-Score66.7
Earnings stability20.3

Valuation

64.3Out of 100

Slightly cheap

The business produces 4.4 percentage points a year more than the interest on a government bond. It is 25% below its 52-week high.

Earnings against market capitalisation: 61.2 out of 100

Earnings yield64.8
P/E (TTM)57.6

Earnings against enterprise value: 71.7 out of 100

EV/EBIT63.4
Acquirer's multiple63.4
Magic Formula yield73.1
EVA yield86.7

Free cash flow against price: 76.8 out of 100

FCF yield76.8

Price against estimated value: 47.7 out of 100

Margin of safety28.6
Price / floor value66.8

Technical

+36Out of ±100

Positive

Signals: 9 positive and 4 negative, but no clear trend (ADX 15): the price is going nowhere. The heaviest weight comes from the “MACD” family; the “price against the moving averages” family points the other way.

Price against the moving averages: -0.33

Price vs MA200-3.2% from the average
Price vs MA50+2.1% from the average
MA50 vs MA200Short average below the long one

MACD: +1.00

MACD histogram+0.43
MACD line vs 0+0.19

Position in the recent range: +1.00

RSI 1457.9
CCI 20136
Bollinger %B0.97

Long-term momentum: 0.00

Aroon oscillator+28
Coppock+3.6
12-month momentum-23% a year, -28% above the rate

Volume and money flow: 0.00

Money flow CMF-0.137
OBV volume, 50dSlope +0.015

Breakouts and reversals: +0.50

Parabolic SARBelow price, rising
Donchian channelInside the 20-day channel

Progressive Corp (PGR) stock: arguments for and against

What supports and what weakens the investment case for PGR stock

Pro16 arguments
  • Shareholders' money at Progressive Corp (PGR) earns 41.8% a year.For every unit of capital put in by shareholders, the company produces 41.8% of profit a year. At banks this figure is structurally higher, because the business works with depositors' money. Companies in the Financial Services sector produce 11.9%.
  • The dividend yields 6.6% a year on the share price.At today's price the dividend yields 6.6% a year, cash that goes straight to the shareholder. Government bonds in US pay 5.3%, but without the company's growth.
  • The business generates 13.0% in free cash flow a year, relative to its share price.At banks, free cash flow reads differently than at a company selling products: large sums move in and out through lending. Here 13.0% of the price is left, against 7.6% in the Financial Services sector.
  • Revenue grew 15.5% a year, five years running.Money taken in from sales rose 15.5% in each of the past five years. Companies in the Financial Services sector grew 11.2% a year on average over the same period.
  • At today's price, Progressive Corp shares cost the equivalent of 10.5 years of earnings.If profit stays where it is, the investment would pay for itself in 10.5 years. Companies in the Financial Services sector need 11.8 years.
  • Earnings per share grew 14.6% a year, five years running.The profit attached to each share rose 14.6% in each of the past five years, so the growth reached shareholders too. Companies in the Financial Services sector grew 14.0% a year on average.
  • Invested money returns 31.0% a year while funding costs 6.4%.Every unit reinvested brings 31.0% a year against 6.4% in funding costs. A positive gap means expansion creates value rather than consuming it.
  • Short-selling pressure is minimal.Only 1.0% of the freely traded shares are borrowed as a bet on a fall, and buying them back would take 2.71 trading days.
  • The last 2 results beat analyst estimates.2 times running, results came in above what the market expected, most recently by 1.6%. Over the past eight quarters the beat rate is 62.5%.
  • Revenue at Progressive Corp rose in each of the last four quarters, by 14.1% on average.Every quarter came in above the same quarter a year earlier, so the growth is not a single good period. The comparison is year over year precisely so seasonality cannot flatter it.
  • Gross margin improved by 7.6 points against the same quarter a year earlier.More of every unit of sales is left after the direct cost of the product. This is the first place where pricing power or cost control shows up.
  • Shareholder equity grew by 10.7% over one year.The part of the company that belongs to shareholders got bigger. It grows out of retained profit or revaluation, not out of borrowed money.
  • Through Bear market 2022 it lost 10.5%, less than 96% of comparable companies.How a share fell in a past crisis does not predict the next one, but it shows how it behaves when the whole market sells at once.
  • It scores 84 out of 100 in the stress tests, and in the harshest scenario, Recesiune severă, it would lose 17.4%.The scenarios start from historical shocks and are applied to the company as it stands today. They are exercises rather than forecasts, but they rank the risk.
  • It passes 15 of 25 profile checks, that is 68%.The checks come from different investing styles, from value to growth and quality. Passing many of them means the share fits more than one kind of portfolio.
  • It trades $750.82M a day on average.With daily turnover that size, an ordinary order gets in and out without moving the price, and the spread stays narrow.
Against7 arguments
  • Progressive Corp (PGR) shares come from a business that keeps only 12.8% of sales.Less is left from sales than at rivals: 12.8% against 19.6% retained by companies in the Financial Services sector.
  • 7 people in management sold $3.86M of shares over the past year.No purchases in the same period. Sales can have personal reasons (taxes, a loan, diversification), but the direction is unanimous.
  • The 50-day price average has fallen below the 200-day.The price sits 3.2% below its 200-day average. Many investors watch this pattern as a sign of a downward trend.
  • The models find no durable advantage at Progressive Corp.Without an advantage that lasts, earnings depend on how well the company is run each year rather than on its position in the market.
  • Over the last twelve months, Progressive Corp shares trailed the SPY index by 46.3 points, returning -21.6%.Anyone holding the index instead of the share would have had a better year. The gap says how much, not why.
  • Net debt rose by 22.8% over one year.Borrowings grew faster than the cash on hand. That is not automatically bad, but the cost of it comes out of the profit of the years ahead.
  • For Progressive Corp, the model puts the odds of trading below today’s price a year from now at 67%.The distribution is computed on similar past cases and leans to the downside. It is not a prediction, it is an observed frequency.

Verdict

The Progressive Corp score from 0 to 100, built from over 400 financial indicators. Not investment advice.

Neutral
ExpensiveSolidQuality
  • In Financial Services, Progressive Corp is above the sector average on shareholder yield, stability and quality, below it on momentum.
  • neutral verdicts returned a median of +12.2% over one year, across 63,296 assessments.

At Progressive Corp, earnings per share have grown 150% a year for three years.
But the price trades below its 200-day average.

The price asks only 10.5 times last year's profit. Return on capital exceeds the cost of that capital. Revenue grows 21% a year.

Analysis produced automatically by einvestitii.ro, on data as of oct. 1, 2026. It is not investment advice. Who produces it, what it rests on and what conflicts of interest exist: see the full disclosure.

What it is really worth

Value & Valuation

The market price is what buyers are asking today. Here we work out what the share should cost based on the company’s own figures: using the valuation models professional investors rely on, the growth the current price assumes, and the target set by the analysts who follow the company.

what analysts think

What the analysts covering Progressive Corp think, and where they see the price 12 months out. These are their estimates, not ours.

Analyst consensus

What the 19 analysts covering Progressive Corp think

Buy

average 3.68 out of 5, from 19 analysts

Strong sellStrong buy
  • Strong sell15%
  • Sell00%
  • Hold842%
  • Buy526%
  • Strong buy526%

The analyst consensus is more optimistic than our score, by 11 points on the same 0 to 100 scale.

Analyst estimates, third-party source. These are not our verdict.

Price target

Where analysts see Progressive Corp shares 12 months out

$230.71

+12.98% against today price

52-week low $187.8652-week high $272.29
  • today$210.96
  • target$230.71
Rise from the low of the past year+12.29%
Fall from the high of the past year−22.52%
  • Price today$210.96
  • Revisions, last 30 days7 ↑11 ↓
  • Expected earnings growth−0.78%
  • Analysts covering19

Analyst estimates, third-party source.

Transparency · MAR

fair value

Slightly overvalued

What Progressive Corp shares should cost, according to the valuation models of the best-known investors in history.

Estimated fair value

The average of the Graham, Buffett, Lynch models, and others.

$156.44−25.8% versus price

the price is 1.35 times the estimate from 3 models

×0.5×1×2
fair range $54.91 - $594.88price today $210.96

Logarithmic scale; the marks are multiples of the fair value.

Price versus estimate 1.35×Confidence in the estimate: LowSpread across models 96%Median of 3 models

Wide range and methods that disagree - treat the figure with caution.

These are estimates, not price targets: every model starts from assumptions about the future, and if the assumptions change, so does the number.

The models, one by one

5 methods with a value for Progressive Corp. The fair value above is the median across 3 of them, chosen by how well they fit the company. All of them are here, for reference.

Graham Number$156.44−25.8% versus price
Buffett with growth$849.31+302.6% versus price
Buffett without growth$449.60+113.1% versus price
Lynch Fair Price$122.57−41.9% versus price
Absolute floor$231.67+9.8% versus price

Transparency · MAR

projections

These are not predictions. The model splits the possible outcomes into ranges and reports how often the price landed in each, across similar cases in the past.

computed on 9 august 2026

Where the price could go

The price range Progressive Corp shares could fall into, from six months out to five years

6 months

Where the price could go

The price range Progressive Corp shares could fall into, from six months out to five years

+1.2%most likely · $206.64
Pessimistic −22%Optimistic +30%
  • Today's price$204.20
  • Median$206.64
Pessimistic scenario$159.67
Optimistic scenario$265.82

The estimates are generated automatically by a proprietary probabilistic machine-learning and AI model.

This information is general in nature and is not investment advice. In line with Regulation (EU) 596/2014 on market abuse and Regulation (EU) 2024/1689 on artificial intelligence. Past performance does not guarantee future results. Full methodology

With what probability

Estimated chances for the next six months

No clear tilt

  • Chance it ends higher than today52%
  • Chance it beats the indexindex +4.8%41%
  • Chance of a gain over 20%16%
  • Chance of a drop over 10%23%
  • Chance of a drop over 20%12%

12 months

Where the price could go

The price range Progressive Corp shares could fall into, from six months out to five years

−15.3%most likely · $172.98
Pessimistic −22%Optimistic +25%
  • Today's price$204.20
  • Median$172.98
Pessimistic scenario$159.68
Optimistic scenario$254.98

The estimates are generated automatically by a proprietary probabilistic machine-learning and AI model.

This information is general in nature and is not investment advice. In line with Regulation (EU) 596/2014 on market abuse and Regulation (EU) 2024/1689 on artificial intelligence. Past performance does not guarantee future results. Full methodology

With what probability

Estimated chances for the next six months

More often down

  • Chance it ends higher than today33%
  • Chance it beats the indexindex +9.6%27%
  • Chance of a gain over 20%21%
  • Chance of a drop over 10%55%
  • Chance of a drop over 20%16%

3 years

Where the price could go

The price range Progressive Corp shares could fall into, from six months out to five years

+49.2%most likely · $304.71
Pessimistic +24%Optimistic +69%
  • Today's price$204.20
  • Median$304.71
Pessimistic scenario$253.77
Optimistic scenario$345.12

Expected growth over 3 years, per year: +14.3% per year, between +8% and +19%.

The estimates are generated automatically by a proprietary probabilistic machine-learning and AI model.

This information is general in nature and is not investment advice. In line with Regulation (EU) 596/2014 on market abuse and Regulation (EU) 2024/1689 on artificial intelligence. Past performance does not guarantee future results. Full methodology

Where the return comes from

Today's price embeds a high expectation. The model assumes investors will, over time, pay less for the same profit, and that difference is subtracted from the annual growth.

  • earnings growth+11.9%
  • the dividend+7.3%
  • multiple re-rating−5.0%

5 years

Where the price could go

The price range Progressive Corp shares could fall into, from six months out to five years

+104.3%most likely · $417.23
Pessimistic +48%Optimistic +123%
  • Today's price$204.20
  • Median$417.23
Pessimistic scenario$302.63
Optimistic scenario$455.63

Expected growth over 5 years, per year: +15.4% per year, between +8% and +17%.

The estimates are generated automatically by a proprietary probabilistic machine-learning and AI model.

This information is general in nature and is not investment advice. In line with Regulation (EU) 596/2014 on market abuse and Regulation (EU) 2024/1689 on artificial intelligence. Past performance does not guarantee future results. Full methodology

Where the return comes from

Today's price embeds a high expectation. The model assumes investors will, over time, pay less for the same profit, and that difference is subtracted from the annual growth.

  • earnings growth+11.3%
  • the dividend+7.3%
  • multiple re-rating−3.3%

The estimates are generated automatically by a proprietary probabilistic machine-learning and AI model.

This information is general in nature and is not investment advice. In line with Regulation (EU) 596/2014 on market abuse and Regulation (EU) 2024/1689 on artificial intelligence. Past performance does not guarantee future results. Full methodology

Transparency · MAR

How the business is actually doing

The Business & Its Results

Fundamental analysis of Progressive Corp (PGR) stock: profitability, growth rate and capital efficiency. The fundamental score is 72.9 out of 100, led by quality; the weakest point remains value.

72.9 · strong

value53.4/100
quality87.0/100
growth79.7/100
dividends71.5/100

the business and its results

Results above the sector

How profitable is it?

77 · strong

Capital invested in Progressive Corp produces 30.98% a year, and shareholders' equity 41.83%. Above what most companies in the sector manage.

  • Return on invested capitalProfit generated from all capital employed — equity and debt alike. Above the cost of capital (WACC) means value is created. Above 15% is very good.
  • Return on equityHow much net profit the company generates from shareholders' money. Above ~15% is very good; consistency matters as much as the level.
  • Return on assetsHow much profit the company draws from the assets it owns. Above ~5% is solid, though it varies widely by industry.
  • Gross profitabilityGross profit against assets — the quality measure proposed by Novy-Marx. High readings point to a durable competitive advantage.
  • Free cash flow marginHow much of sales is left as free cash after investment. Above ~15% is very healthy.
  • ROIC − WACC spreadThe gap between the return on capital and what that capital costs. Positive means invested capital adds value. Negative means it destroys value.
  • Net margin (DuPont breakdown)The margin component of the DuPont breakdown of returns. Higher means the firm keeps more of every unit sold.

How fast does it grow?

61 · solid

Progressive Corp revenue grew 15.50% a year over the past five years, and net profit 14.67%, a pace in the upper end of the sector.

  • Revenue growth (5-year annual)Average yearly revenue growth over the past five years. Above ~10% is solid growth for a mature company.
  • Earnings per share growth (5-year annual)Average yearly growth in earnings per share. Faster than revenue means expanding margins or buybacks.
  • Free cash flow growth (5-year annual)Average yearly growth in free cash flow. Keeping pace with profit means growth is backed by real money.
  • Net income growth (5-year annual)Average yearly growth in net income. Steady and positive points to a predictable business model.
  • Rule of 40Revenue growth added to the profitability margin. Above 40 means a good balance between growth and profitability.
  • Consecutive years of dividend growthHow many years in a row the dividend per share has grown, without a single break. A long streak shows a company that can afford to raise the payout to shareholders year after year.

Is profit backed by real cash?

85 · strong

The Progressive Corp Piotroski score is 6 out of 9, and reported profit is backed by cash actually collected.

  • Piotroski F-score (0–9)Nine financial health checks; each one passed adds a point. 7 or more means improving fundamentals.
  • Stock-based compensation dilutionHow much of shareholders' stake is diluted by shares granted to employees. Below 2% a year is bearable dilution.

How efficiently does it use its money?

59 · solid

Money put into sales comes back to Progressive Corp in -118 days.

  • Cash conversion cycleHow many days pass between paying suppliers and collecting from customers. Low or negative means the company funds operations with its partners' money.
  • Cash conversion cycle (5-year average)The five-year average of the conversion cycle — it shows consistency, not just this year. Stable and low means durable operational discipline.
  • Cash conversion rateHow much of accounting profit actually turns into cash. Above 100% means profit is more than covered by real money.
  • ROIC minus WACC spread (5-year average)The same gap between the return on capital and its cost, but computed on the five-year average return rather than the current year. Positive and stable means growth worth financing.

The scores are percentiles against companies in the same sector, not absolute marks. A low score means the sector is doing better, not necessarily that the figures are bad.

financial data

The income statement, balance sheet and cash flows of Progressive Corp. Totals and main components are shown by default; the rest open from “all rows”.

revenue$87.64 bn+16.3%201620252016$23.42 bn2017$26.82 bn2018$31.95 bn2019$39.00 bn2020$42.64 bn2021$47.68 bn2022$49.59 bn2023$62.08 bn2024$75.34 bn2025$87.64 bn
operating income$14.22 bn+32.8%201620252016$1.47 bn2017$2.14 bn2018$3.16 bn2019$5.16 bn2020$7.17 bn2021$4.21 bn2022$922.0 m2023$4.90 bn2024$10.71 bn2025$14.22 bn
net income$11.31 bn+33.3%201620252016$1.03 bn2017$1.59 bn2018$2.62 bn2019$3.97 bn2020$5.70 bn2021$3.35 bn2022$722.0 m2023$3.90 bn2024$8.48 bn2025$11.31 bn
Income statement, annual, 6 periods
 2025Δ 202420242023202220212020
$87.64 bn100%+16.3%$75.34 bn100%$62.08 bn100%$49.59 bn100%$47.68 bn100%$42.64 bn100%

Everything the company collected from sales, before any expense. At Progressive Corp, in 2025: $87.64 bn · Δ +16.3% (2024).

$61.81 bn70.5%+13.5%$54.44 bn72.3%$50.32 bn81.1%$42.04 bn84.8%$37.34 bn78.3%$28.40 bn66.6%

What it cost to produce what was sold: materials, labour, the factory. At Progressive Corp, in 2025: $61.81 bn · Δ +13.5% (2024).

$25.83 bn29.5%+23.6%$20.90 bn27.7%$11.76 bn18.9%$7.55 bn15.2%$10.34 bn21.7%$14.24 bn33.4%

What is left from sales after the direct cost of the product, before admin salaries and research. At Progressive Corp, in 2025: $25.83 bn · Δ +23.6% (2024).

gross margin29.5%29.5%27.7%27.7%18.9%18.9%15.2%15.2%21.7%21.7%33.4%33.4%
$73.41 bn83.8%+13.6%$64.63 bn85.8%$57.18 bn92.1%$48.67 bn98.1%$43.47 bn91.2%$35.46 bn83.2%

The sum of all costs: cost of product plus operating expenses. At Progressive Corp, in 2025: $73.41 bn · Δ +13.6% (2024).

$11.61 bn13.2%+13.9%$10.19 bn13.5%$6.86 bn11.0%$6.63 bn13.4%$6.13 bn12.8%$7.07 bn16.6%

The sum of expenses that do not go directly into the product. At Progressive Corp, in 2025: $11.61 bn · Δ +13.9% (2024).

$14.22 bn16.2%+32.8%$10.71 bn14.2%$4.90 bn7.9%$922.0 m1.9%$4.21 bn8.8%$7.17 bn16.8%

Profit from the core business, before interest and tax. At Progressive Corp, in 2025: $14.22 bn · Δ +32.8% (2024).

operating margin16.2%16.2%14.2%14.2%7.9%7.9%1.9%1.9%8.8%8.8%16.8%16.8%
$14.81 bn16.9%+31.4%$11.28 bn15.0%$5.46 bn8.8%$1.47 bn3.0%$4.77 bn10.0%$7.72 bn18.1%

Profit before interest, tax and depreciation. Close to the cash the business produces. At Progressive Corp, in 2025: $14.81 bn · Δ +31.4% (2024).

$14.50 bn16.5%+31.9%$10.99 bn14.6%$5.17 bn8.3%$1.17 bn2.4%$4.43 bn9.3%$7.39 bn17.3%

Profit before interest and tax. At Progressive Corp, in 2025: $14.50 bn · Δ +31.9% (2024).

Depreciation and amortisation$313.0 m0.4%+10.2%$284.0 m0.4%$285.0 m0.5%$306.0 m0.6%$337.4 m0.7%$331.8 m0.8%
Reconciled depreciation$313.0 m0.4%+10.2%$284.0 m0.4%$307.0 m0.5%$336.6 m0.7%$337.4 m0.7%$331.8 m0.8%
Interest income$278.0 m0.3%−0.4%$279.0 m0.4%$268.4 m0.4%$243.5 m0.5%$218.6 m0.5%$217.0 m0.5%
Interest expense$278.0 m0.3%−0.4%$279.0 m0.4%$268.0 m0.4%$244.0 m0.5%$218.6 m0.5%$217.0 m0.5%
Net interest income−$278.0 m-0.3%+0.4%−$279.0 m-0.4%−$261.8 m-0.4%−$243.5 m-0.5%−$218.6 m-0.5%−$217.0 m-0.5%
$504.0 m0.6%+120%−$2.57 bn-3.4%−$268.4 m-0.4%−$468.3 m-0.9%−$218.6 m-0.5%−$217.0 m-0.5%

The balance of all non-operating income and expense. At Progressive Corp, in 2025: $504.0 m · Δ +120% (2024).

$14.22 bn16.2%+32.8%$10.71 bn14.2%$4.90 bn7.9%$922.0 m1.9%$4.21 bn8.8%$7.17 bn16.8%

Profit left after interest, but before the state takes its share. At Progressive Corp, in 2025: $14.22 bn · Δ +32.8% (2024).

$2.92 bn3.3%+30.5%$2.23 bn3.0%$1.00 bn1.6%$200.0 m0.4%$859.1 m1.8%$1.47 bn3.4%

Income tax owed for the period. At Progressive Corp, in 2025: $2.92 bn · Δ +30.5% (2024).

Tax provision$2.92 bn3.3%+30.5%$2.23 bn3.0%$684.6 m1.1%$200.6 m0.4%$859.1 m1.8%$1.47 bn3.4%
Minority interest—-—-—-—-$00.0%−$3.8 m0.0%
$11.31 bn12.9%+33.3%$8.48 bn11.3%$2.74 bn4.4%$721.5 m1.5%$3.35 bn7.0%$5.70 bn13.4%

Profit from the businesses the company will still have next year. At Progressive Corp, in 2025: $11.31 bn · Δ +33.3% (2024).

$11.31 bn12.9%+33.3%$8.48 bn11.3%$3.90 bn6.3%$722.0 m1.5%$3.35 bn7.0%$5.70 bn13.4%

The profit left for shareholders after absolutely every expense. At Progressive Corp, in 2025: $11.31 bn · Δ +33.3% (2024).

net margin12.9%12.9%11.3%11.3%6.3%6.3%1.5%1.5%7.0%7.0%13.4%13.4%
$11.31 bn12.9%+33.6%$8.46 bn11.2%$3.86 bn6.2%$694.6 m1.4%$3.32 bn7.0%$5.68 bn13.3%

The share of profit that belongs to ordinary shares. At Progressive Corp, in 2025: $11.31 bn · Δ +33.6% (2024).

preferredStockAndOtherAdjustments—-—-—-—-$26.9 m0.1%$26.9 m0.1%
revenue$22.18 bn+8.7%Q2 24Q1 26Q2 24$18.13 bnQ3 24$19.72 bnQ4 24$20.27 bnQ1 25$20.40 bnQ2 25$22.00 bnQ3 25$22.51 bnQ4 25$22.74 bnQ1 26$22.18 bn
operating income$3.57 bn+10.2%Q2 24Q1 26Q2 24$1.86 bnQ3 24$3.01 bnQ4 24$2.97 bnQ1 25$3.24 bnQ2 25$3.98 bnQ3 25$3.32 bnQ4 25$3.68 bnQ1 26$3.57 bn
net income$2.82 bn+9.8%Q2 24Q1 26Q2 24$1.46 bnQ3 24$2.33 bnQ4 24$2.36 bnQ1 25$2.57 bnQ2 25$3.18 bnQ3 25$2.62 bnQ4 25$2.95 bnQ1 26$2.82 bn
Income statement, quarterly, 6 periods
 Q1 26Δ Q1 25Q4 25Q3 25Q2 25Q1 25Q4 24
$22.18 bn100%+8.7%$22.74 bn100%$22.51 bn100%$22.00 bn100%$20.40 bn100%$20.27 bn100%

Everything the company collected from sales, before any expense. At Progressive Corp, in Q1 26: $22.18 bn · Δ +8.7% (Q1 25).

$13.83 bn62.3%−3.0%$16.08 bn70.7%$18.97 bn84.2%$15.12 bn68.7%$14.26 bn69.9%$14.44 bn71.2%

What it cost to produce what was sold: materials, labour, the factory. At Progressive Corp, in Q1 26: $13.83 bn · Δ −3.0% (Q1 25).

$8.35 bn37.7%+36.0%$6.66 bn29.3%$3.55 bn15.8%$6.88 bn31.3%$6.14 bn30.1%$5.83 bn28.8%

What is left from sales after the direct cost of the product, before admin salaries and research. At Progressive Corp, in Q1 26: $8.35 bn · Δ +36.0% (Q1 25).

gross margin37.7%37.7%29.3%29.3%15.8%15.8%31.3%31.3%30.1%30.1%28.8%28.8%
$18.61 bn83.9%+8.4%$19.06 bn83.8%$19.19 bn85.2%$18.01 bn81.9%$17.17 bn84.1%$17.30 bn85.4%

The sum of all costs: cost of product plus operating expenses. At Progressive Corp, in Q1 26: $18.61 bn · Δ +8.4% (Q1 25).

$4.79 bn21.6%+64.7%$2.98 bn13.1%$224.0 m1.0%$2.90 bn13.2%$2.91 bn14.2%$2.86 bn14.1%

The sum of expenses that do not go directly into the product. At Progressive Corp, in Q1 26: $4.79 bn · Δ +64.7% (Q1 25).

$3.57 bn16.1%+10.2%$3.68 bn16.2%$3.32 bn14.8%$3.98 bn18.1%$3.24 bn15.9%$2.97 bn14.6%

Profit from the core business, before interest and tax. At Progressive Corp, in Q1 26: $3.57 bn · Δ +10.2% (Q1 25).

operating margin16.1%16.1%16.2%16.2%14.8%14.8%18.1%18.1%15.9%15.9%14.6%14.6%
$3.64 bn16.4%+7.7%$3.83 bn16.9%$3.47 bn15.4%$4.13 bn18.8%$3.38 bn16.5%$3.11 bn15.4%

Profit before interest, tax and depreciation. Close to the cash the business produces. At Progressive Corp, in Q1 26: $3.64 bn · Δ +7.7% (Q1 25).

—-$3.75 bn16.5%$3.39 bn15.1%$4.05 bn18.4%$3.31 bn16.2%$3.04 bn15.0%

Profit before interest and tax.

Depreciation and amortisation—-$83.0 m0.4%$81.0 m0.4%$79.0 m0.4%$70.0 m0.3%$75.8 m0.4%
Reconciled depreciation$75.0 m0.3%+7.1%$83.0 m0.4%$81.0 m0.4%$79.0 m0.4%$70.0 m0.3%$75.8 m0.4%
Interest income—-$69.0 m0.3%$70.0 m0.3%$69.0 m0.3%$70.0 m0.3%$69.9 m0.3%
Interest expense$70.0 m0.3%$69.0 m0.3%$70.0 m0.3%$69.0 m0.3%$70.0 m0.3%$69.9 m0.3%
Net interest income−$70.0 m-0.3%−$69.0 m-0.3%−$70.0 m-0.3%−$69.0 m-0.3%−$70.0 m-0.3%−$69.9 m-0.3%
$126.0 m0.6%+13.5%$122.0 m0.5%−$70.0 m-0.3%−$69.0 m-0.3%$111.0 m0.5%−$69.7 m-0.3%

The balance of all non-operating income and expense. At Progressive Corp, in Q1 26: $126.0 m · Δ +13.5% (Q1 25).

$3.57 bn16.1%+10.2%$3.68 bn16.2%$3.32 bn14.8%$3.98 bn18.1%$3.24 bn15.9%$2.97 bn14.6%

Profit left after interest, but before the state takes its share. At Progressive Corp, in Q1 26: $3.57 bn · Δ +10.2% (Q1 25).

$748.0 m3.4%+11.8%$731.0 m3.2%$708.0 m3.1%$807.0 m3.7%$669.0 m3.3%$611.4 m3.0%

Income tax owed for the period. At Progressive Corp, in Q1 26: $748.0 m · Δ +11.8% (Q1 25).

Tax provision$748.0 m3.4%+11.8%$731.0 m3.2%$708.0 m3.1%$807.0 m3.7%$669.0 m3.3%$611.4 m3.0%
$2.82 bn12.7%+9.8%$2.95 bn13.0%$2.62 bn11.6%$3.18 bn14.4%$2.57 bn12.6%$2.36 bn11.6%

Profit from the businesses the company will still have next year. At Progressive Corp, in Q1 26: $2.82 bn · Δ +9.8% (Q1 25).

$2.82 bn12.7%+9.8%$2.95 bn13.0%$2.62 bn11.6%$3.18 bn14.4%$2.57 bn12.6%$2.36 bn11.6%

The profit left for shareholders after absolutely every expense. At Progressive Corp, in Q1 26: $2.82 bn · Δ +9.8% (Q1 25).

net margin12.7%12.7%13.0%13.0%11.6%11.6%14.4%14.4%12.6%12.6%11.6%11.6%
—-$2.95 bn13.0%$2.62 bn11.6%$3.18 bn14.4%$2.57 bn12.6%$2.36 bn11.6%

The share of profit that belongs to ordinary shares.

total assets$123.04 bn+16.4%201620252016$33.43 bn2017$38.70 bn2018$46.58 bn2019$54.90 bn2020$64.10 bn2021$71.13 bn2022$75.47 bn2023$88.69 bn2024$105.75 bn2025$123.04 bn
total liabilities$92.72 bn+15.7%201620252016$25.47 bn2017$29.42 bn2018$35.75 bn2019$41.22 bn2020$47.06 bn2021$52.90 bn2022$59.57 bn2023$68.41 bn2024$80.15 bn2025$92.72 bn
shareholders equity$30.32 bn+18.5%201620252016$7.96 bn2017$9.28 bn2018$10.82 bn2019$13.67 bn2020$17.04 bn2021$18.23 bn2022$15.89 bn2023$20.28 bn2024$25.59 bn2025$30.32 bn
Balance sheet, annual, 6 periods
 2025Δ 202420242023202220212020
$123.04 bn100%+16.4%$105.75 bn100%$88.69 bn100%$75.47 bn100%$71.13 bn100%$64.10 bn100%

Everything the company owns: factories, inventory, cash, receivables. At Progressive Corp, in 2025: $123.04 bn · Δ +16.4% (2024).

$40.16 bn32.6%+72.2%$23.32 bn22.1%$79.56 bn89.7%$66.26 bn87.8%$59.20 bn83.2%$54.21 bn84.6%

What turns into money in less than a year. At Progressive Corp, in 2025: $40.16 bn · Δ +72.2% (2024).

Cash$125.0 m0.1%−12.6%$143.0 m0.1%$85.0 m0.1%$203.5 m0.3%$187.1 m0.3%$76.5 m0.1%
Short-term investments$19.71 bn16.0%−74.0%$75.95 bn71.8%$62.17 bn70.1%$49.51 bn65.6%$44.82 bn63.0%$42.03 bn65.6%
Cash and short-term investments$19.84 bn16.1%−73.9%$76.09 bn72.0%$62.25 bn70.2%$49.72 bn65.9%$45.00 bn63.3%$42.11 bn65.7%
Net receivables$20.12 bn16.3%+5.1%$19.13 bn18.1%$17.05 bn19.2%$16.25 bn21.5%$14.38 bn20.2%$12.18 bn19.0%
Inventory—-—-−$79.31 bn-89.4%−$25.20 bn-33.4%−$16.45 bn-23.1%−$19.47 bn-30.4%
Other current assets$210.0 m0.2%+100%−$71.90 bn-68.0%$250.0 m0.3%$295.5 m0.4%$16.26 bn22.9%$19.40 bn30.3%
$82.88 bn67.4%+0.5%$82.43 bn77.9%$9.14 bn10.3%$9.20 bn12.2%$53.22 bn74.8%$49.26 bn76.9%

What stays in the company for years: buildings, machinery, licences. At Progressive Corp, in 2025: $82.88 bn · Δ +0.5% (2024).

Property, plant and equipment$982.0 m0.8%−0.1%$983.0 m0.9%$1.05 bn1.2%$1.16 bn1.5%$1.31 bn1.8%$1.11 bn1.7%
PP&E, net$783.0 m0.6%−0.9%$790.0 m0.7%$881.0 m1.0%$1.03 bn1.4%$1.14 bn1.6%$1.11 bn1.7%
—-—-—-—-—-$1.11 bn1.7%

The purchase value of buildings and machinery, before accumulated depreciation. That is why it exceeds the net value.

Goodwill—-$228.0 m0.2%$228.0 m0.3%$227.9 m0.3%$452.7 m0.6%$452.7 m0.7%
Intangible assets$2.04 bn1.7%+4.2%$1.96 bn1.9%$1.69 bn1.9%$86.3 m0.1%$117.3 m0.2%$171.4 m0.3%
Long-term investments$97.37 bn79.1%+21.3%$80.25 bn75.9%$66.00 bn74.4%$53.55 bn71.0%$51.51 bn72.4%$47.71 bn74.4%
Other non-current assets$1.64 bn1.3%+304%−$804.0 m-0.8%−$59.66 bn-67.3%−$45.69 bn-60.5%−$650.0%−$86.9 m-0.1%
Other assets−$18.15 bn-14.8%−117%$105.75 bn100%$28.13 bn31.7%$10.0%−$41.28 bn-58.0%−$39.37 bn-61.4%
$92.72 bn75.4%+15.7%$80.15 bn75.8%$68.41 bn77.1%$59.57 bn78.9%$52.90 bn74.4%$47.06 bn73.4%

Everything the company owes, to banks and suppliers alike. At Progressive Corp, in 2025: $92.72 bn · Δ +15.7% (2024).

$68.53 bn55.7%—-$29.61 bn33.4%$5.53 bn7.3%$21.24 bn29.9%$19.60 bn30.6%

Debts due in less than a year. At Progressive Corp, in 2025: $68.53 bn.

Accounts payable—-—-—-$5.53 bn7.3%$6.01 bn8.4%$4.96 bn7.7%
Short-term debt$00.0%$00.0%$00.0%$00.0%$4.90 bn6.9%$500.0 m0.8%
Deferred revenue$25.22 bn20.5%—-—-$640.0%—-$19.10 bn29.8%
Other current liabilities$43.31 bn35.2%—-−$311.8 m-0.4%−$10.9 m0.0%−$6.01 bn-8.4%−$4.96 bn-7.7%
$24.19 bn19.7%−69.8%$80.15 bn75.8%$68.41 bn77.1%$54.04 bn71.6%$27.38 bn38.5%$24.11 bn37.6%

Debts due beyond one year. At Progressive Corp, in 2025: $24.19 bn · Δ −69.8% (2024).

Long-term debt$6.90 bn5.6%+0.1%$6.89 bn6.5%$6.89 bn7.8%$6.39 bn8.5%$4.90 bn6.9%$5.40 bn8.4%
Total long-term debt$6.90 bn5.6%+0.1%$6.89 bn6.5%$6.89 bn7.8%$6.39 bn8.5%$4.90 bn6.9%$5.40 bn8.4%
Other non-current liabilities—-—-—-—-$41.93 bn59.0%$34.01 bn53.1%
of which: deferred liabilities—-—-—-$63.4 m0.1%$47.7 m0.1%$25.3 m0.0%
Other liabilities—-—-—-—-$297.8 m0.4%$7.96 bn12.4%
$30.32 bn24.6%+18.5%$25.59 bn24.2%$20.28 bn22.9%$15.89 bn21.1%$18.23 bn25.6%$17.04 bn26.6%

What would be left for shareholders if everything were sold and every debt paid. At Progressive Corp, in 2025: $30.32 bn · Δ +18.5% (2024).

$586.0 m0.5%$586.0 m0.6%$585.0 m0.7%$584.9 m0.8%$584.4 m0.8%$585.2 m0.9%

Money put in by shareholders at founding and at capital raises. At Progressive Corp, in 2025: $586.0 m.

$586.0 m0.5%$586.0 m0.6%$1.08 bn1.2%$1.08 bn1.4%$1.08 bn1.5%$1.08 bn1.7%

Capital subscribed by shareholders. At Progressive Corp, in 2025: $586.0 m.

$2.31 bn1.9%+7.6%$2.15 bn2.0%$2.01 bn2.3%$1.89 bn2.5%$1.77 bn2.5%$1.67 bn2.6%

What was paid above the nominal value of the shares. At Progressive Corp, in 2025: $2.31 bn · Δ +7.6% (2024).

$27.33 bn22.2%+12.5%$24.28 bn23.0%$18.80 bn21.2%$15.72 bn20.8%$15.34 bn21.6%$13.35 bn20.8%

Past years’ profits the company kept instead of distributing. At Progressive Corp, in 2025: $27.33 bn · Δ +12.5% (2024).

Retained earnings, total—-—-—-—-$15.34 bn21.6%$13.35 bn20.8%
Accumulated other comprehensive income$103.0 m0.1%+107%−$1.42 bn-1.3%−$1.62 bn-1.8%−$2.80 bn-3.7%$40.7 m0.1%$931.7 m1.5%
Other equity items$2.31 bn1.9%+7.6%$2.15 bn2.0%$2.01 bn2.3%$1.89 bn2.5%$1.77 bn2.5%$1.67 bn2.6%
Common stock, total—-—-—-—-$584.4 m0.8%$585.2 m0.9%
—-—-—-—-$493.9 m0.7%$493.9 m0.8%

Shares with a priority dividend, paid before the one on ordinary shares.

$123.04 bn100%+16.4%$105.75 bn100%$88.69 bn100%$75.47 bn100%$71.13 bn100%$64.10 bn100%

Liabilities plus equity. Must equal total assets. At Progressive Corp, in 2025: $123.04 bn · Δ +16.4% (2024).

$6.77 bn5.5%+0.3%$6.75 bn6.4%$6.80 bn7.7%$6.18 bn8.2%$4.71 bn6.6%$5.32 bn8.3%

Debt left after subtracting cash in the bank. Negative means more money than debt. At Progressive Corp, in 2025: $6.77 bn · Δ +0.3% (2024).

$6.90 bn5.6%+0.1%$6.89 bn6.5%$6.89 bn7.8%$6.39 bn8.5%$9.80 bn13.8%$5.90 bn9.2%

All borrowings, short and long term. At Progressive Corp, in 2025: $6.90 bn · Δ +0.1% (2024).

—-—-—-$15.08 bn20.0%$17.66 bn24.8%$15.92 bn24.8%

Assets without goodwill and licences, that is only what can be touched.

$37.22 bn30.3%+14.6%$32.48 bn30.7%$26.67 bn30.1%$6.39 bn8.5%$4.90 bn6.9%$21.94 bn34.2%

The capital the business actually has at work. At Progressive Corp, in 2025: $37.22 bn · Δ +14.6% (2024).

588.2 m-+0.1%587.7 m-587.5 m-587.1 m-587.1 m-587.6 m-

How many shares exist. If the number rises, each shareholder’s slice shrinks. At Progressive Corp, in 2025: $588.2 m · Δ +0.1% (2024).

total assets$122.21 bn+9.7%Q2 24Q1 26Q2 24$97.89 bnQ3 24$105.20 bnQ4 24$105.75 bnQ1 25$111.41 bnQ2 25$115.48 bnQ3 25$121.54 bnQ4 25$123.04 bnQ1 26$122.21 bn
total liabilities$90.17 bn+9.4%Q2 24Q1 26Q2 24$74.55 bnQ3 24$78.04 bnQ4 24$80.15 bnQ1 25$82.46 bnQ2 25$82.88 bnQ3 25$86.09 bnQ4 25$92.72 bnQ1 26$90.17 bn
shareholders equity$32.04 bn+10.7%Q2 24Q1 26Q2 24$23.34 bnQ3 24$27.16 bnQ4 24$25.59 bnQ1 25$28.95 bnQ2 25$32.60 bnQ3 25$35.45 bnQ4 25$30.32 bnQ1 26$32.04 bn
Balance sheet, quarterly, 6 periods
 Q1 26Δ Q1 25Q4 25Q3 25Q2 25Q1 25Q4 24
$122.21 bn100%+9.7%$123.04 bn100%$121.54 bn100%$115.48 bn100%$111.41 bn100%$105.75 bn100%

Everything the company owns: factories, inventory, cash, receivables. At Progressive Corp, in Q1 26: $122.21 bn · Δ +9.7% (Q1 25).

$20.08 bn16.4%−79.2%$40.16 bn32.6%$31.20 bn25.7%$100.92 bn87.4%$96.71 bn86.8%$23.32 bn22.1%

What turns into money in less than a year. At Progressive Corp, in Q1 26: $20.08 bn · Δ −79.2% (Q1 25).

Cash$162.0 m0.1%−16.9%$125.0 m0.1%$173.0 m0.1%$125.0 m0.1%$195.0 m0.2%$143.0 m0.1%
Short-term investments$2.13 bn1.7%−80.8%$19.71 bn16.0%$10.18 bn8.4%$10.65 bn9.2%$11.08 bn9.9%$75.95 bn71.8%
Cash and short-term investments$2.29 bn1.9%−79.7%$19.84 bn16.1%$10.36 bn8.5%$10.78 bn9.3%$11.28 bn10.1%$76.09 bn72.0%
Net receivables$17.61 bn14.4%−17.1%$20.12 bn16.3%$20.63 bn17.0%$20.60 bn17.8%$21.26 bn19.1%$19.13 bn18.1%
Other current assets$182.0 m0.1%−99.7%$210.0 m0.2%$215.0 m0.2%$69.54 bn60.2%$64.18 bn57.6%−$71.90 bn-68.0%
$95.14 bn77.8%+11,040%$82.88 bn67.4%$90.34 bn74.3%$820.0 m0.7%$854.0 m0.8%$82.43 bn77.9%

What stays in the company for years: buildings, machinery, licences. At Progressive Corp, in Q1 26: $95.14 bn · Δ +11,040% (Q1 25).

Property, plant and equipment—-$783.0 m0.6%$790.0 m0.7%$820.0 m0.7%$854.0 m0.8%$790.0 m0.7%
PP&E, net$792.0 m0.6%−7.3%$783.0 m0.6%$790.0 m0.7%$820.0 m0.7%$854.0 m0.8%$790.0 m0.7%
Goodwill—-—-—-—-—-$228.0 m0.2%
Intangible assets—-$2.04 bn1.7%$2.16 bn1.8%$2.11 bn1.8%$2.07 bn1.9%$1.96 bn1.9%
Long-term investments$94.13 bn77.0%+12.5%$97.37 bn79.1%$94.51 bn77.8%$88.61 bn76.7%$83.66 bn75.1%$80.25 bn75.9%
Other non-current assets$1.73 bn1.4%+102%$1.64 bn1.3%−$7.13 bn-5.9%−$80.07 bn-69.3%−$85.73 bn-77.0%−$804.0 m-0.8%
Other assets$6.99 bn5.7%−49.5%−$18.15 bn-14.8%−$18.15 bn-14.9%$13.74 bn11.9%$13.84 bn12.4%$965.0 m0.9%
$90.17 bn73.8%+9.4%$92.72 bn75.4%$86.09 bn70.8%$82.88 bn71.8%$82.46 bn74.0%$80.15 bn75.8%

Everything the company owes, to banks and suppliers alike. At Progressive Corp, in Q1 26: $90.17 bn · Δ +9.4% (Q1 25).

$81.78 bn66.9%$68.53 bn55.7%—-—-—-—-

Debts due in less than a year. At Progressive Corp, in Q1 26: $81.78 bn.

Accounts payable$9.46 bn7.7%—-—-—-—-—-
Short-term debt—-$00.0%$00.0%$00.0%$00.0%$00.0%
Deferred revenue$27.89 bn22.8%$25.22 bn20.5%—-—-—-—-
Other current liabilities$44.44 bn36.4%$43.31 bn35.2%—-—-—-—-
$8.39 bn6.9%−89.8%$24.19 bn19.7%$86.09 bn70.8%$82.88 bn71.8%$82.46 bn74.0%$80.15 bn75.8%

Debts due beyond one year. At Progressive Corp, in Q1 26: $8.39 bn · Δ −89.8% (Q1 25).

Long-term debt$8.39 bn6.9%+21.6%$6.90 bn5.6%$6.90 bn5.7%$6.90 bn6.0%$6.89 bn6.2%$6.89 bn6.5%
Total long-term debt—-$6.90 bn5.6%$6.90 bn5.7%$6.90 bn6.0%$6.89 bn6.2%$6.89 bn6.5%
$32.04 bn26.2%+10.7%$30.32 bn24.6%$35.45 bn29.2%$32.60 bn28.2%$28.95 bn26.0%$25.59 bn24.2%

What would be left for shareholders if everything were sold and every debt paid. At Progressive Corp, in Q1 26: $32.04 bn · Δ +10.7% (Q1 25).

$584.0 m0.5%−0.3%$586.0 m0.5%$586.0 m0.5%$586.0 m0.5%$586.0 m0.5%$586.0 m0.6%

Money put in by shareholders at founding and at capital raises. At Progressive Corp, in Q1 26: $584.0 m · Δ −0.3% (Q1 25).

$584.0 m0.5%−0.3%$586.0 m0.5%$586.0 m0.5%$586.0 m0.5%$586.0 m0.5%$586.0 m0.6%

Capital subscribed by shareholders. At Progressive Corp, in Q1 26: $584.0 m · Δ −0.3% (Q1 25).

—-$2.31 bn1.9%$2.23 bn1.8%$2.19 bn1.9%$2.16 bn1.9%$2.15 bn2.0%

What was paid above the nominal value of the shares.

$29.61 bn24.2%+10.8%$27.33 bn22.2%$32.44 bn26.7%$29.92 bn25.9%$26.73 bn24.0%$24.28 bn23.0%

Past years’ profits the company kept instead of distributing. At Progressive Corp, in Q1 26: $29.61 bn · Δ +10.8% (Q1 25).

Accumulated other comprehensive income−$471.0 m-0.4%+10.1%$103.0 m0.1%$189.0 m0.2%−$95.0 m-0.1%−$524.0 m-0.5%−$1.42 bn-1.3%
Other equity items$2.31 bn1.9%+7.1%$2.31 bn1.9%$2.23 bn1.8%$2.19 bn1.9%$2.16 bn1.9%$2.15 bn2.0%
$122.21 bn100%+9.7%$123.04 bn100%$121.54 bn100%$115.48 bn100%$111.41 bn100%$105.75 bn100%

Liabilities plus equity. Must equal total assets. At Progressive Corp, in Q1 26: $122.21 bn · Δ +9.7% (Q1 25).

$8.22 bn6.7%+22.8%$6.77 bn5.5%$6.72 bn5.5%$6.77 bn5.9%$6.70 bn6.0%$6.75 bn6.4%

Debt left after subtracting cash in the bank. Negative means more money than debt. At Progressive Corp, in Q1 26: $8.22 bn · Δ +22.8% (Q1 25).

$8.39 bn6.9%+21.6%$6.90 bn5.6%$6.90 bn5.7%$6.90 bn6.0%$6.89 bn6.2%$6.89 bn6.5%

All borrowings, short and long term. At Progressive Corp, in Q1 26: $8.39 bn · Δ +21.6% (Q1 25).

$40.43 bn33.1%+12.8%$37.22 bn30.3%$42.34 bn34.8%$39.50 bn34.2%$35.85 bn32.2%$32.48 bn30.7%

The capital the business actually has at work. At Progressive Corp, in Q1 26: $40.43 bn · Δ +12.8% (Q1 25).

586.9 m-−0.1%588.2 m-588.2 m-587.8 m-587.7 m-587.7 m-

How many shares exist. If the number rises, each shareholder’s slice shrinks. At Progressive Corp, in Q1 26: $586.9 m · Δ −0.1% (Q1 25).

from operations$17.55 bn+16.1%201620252016$2.70 bn2017$3.76 bn2018$6.28 bn2019$6.26 bn2020$6.91 bn2021$7.76 bn2022$6.85 bn2023$10.64 bn2024$15.12 bn2025$17.55 bn
from investing−$14.53 bn−5.7%201620252016−$2.46 bn2017−$3.41 bn2018−$7.33 bn2019−$4.34 bn2020−$6.12 bn2021−$3.12 bn2022−$7.96 bn2023−$10.84 bn2024−$13.75 bn2025−$14.53 bn
from financing−$3.04 bn−131%201620252016−$250.4 m2017−$300.9 m2018$549.8 m2019−$1.77 bn2020−$938.8 m2021−$4.52 bn2022$1.13 bn2023$78.0 m2024−$1.32 bn2025−$3.04 bn
Cash flows, annual, 6 periods
 2025Δ 202420242023202220212020
$11.31 bn-+33.3%$8.48 bn-$3.90 bn-$721.5 m-$3.35 bn-$5.70 bn-

The profit left for shareholders after absolutely every expense. At Progressive Corp, in 2025: $11.31 bn · Δ +33.3% (2024).

$313.0 m-+10.2%$284.0 m-$299.7 m-$336.6 m-$337.4 m-$331.8 m-

The accounting wear on buildings and machinery. It lowers profit but takes no cash out. At Progressive Corp, in 2025: $313.0 m · Δ +10.2% (2024).

$3-−100.0%$122.0 m-$121.3 m-$122.7 m-$100.7 m-$89.4 m-

Shares given to employees instead of money. No cash cost, but it dilutes shareholders. At Progressive Corp, in 2025: $3 · Δ −100.0% (2024).

—-—-—-$2.23 bn-−$1.28 bn-−$1.53 bn-

Adjustments that bring accounting profit closer to money collected.

$6.63 bn-+1.8%$6.51 bn-$6.60 bn-$3.56 bn-$5.36 bn-$2.30 bn-

Money tied up in or released from inventory, receivables and payables. At Progressive Corp, in 2025: $6.63 bn · Δ +1.8% (2024).

of which: receivables−$311.0 m-+85.1%−$2.08 bn-−$803.1 m-−$1.87 bn-−$1.66 bn-−$1.29 bn-
of which: receivables, total—-—-—-—-−$1.73 bn-−$1.03 bn-
of which: inventory—-—-$7.46 bn-—-$6.67 bn-$3.29 bn-
of which: liabilities—-—-—-$1.88 bn-$2.51 bn-$1.35 bn-
of which: other changes—-—-—-$3.21 bn-$4.08 bn-$1.59 bn-
Other operating flows—-—-—-—-$4.66 bn-$1.98 bn-
Other non-cash items−$703.0 m-−150%−$281.0 m-−$275.5 m-$2.11 bn-−$1.38 bn-−$1.52 bn-
$17.55 bn-+16.1%$15.12 bn-$10.64 bn-$6.85 bn-$7.76 bn-$6.91 bn-

The money the business actually produced, before investment. At Progressive Corp, in 2025: $17.55 bn · Δ +16.1% (2024).

$348.0 m-+22.1%$285.0 m-$252.0 m-$292.0 m-$243.5 m-$223.5 m-

Money put into factories, machinery and equipment. At Progressive Corp, in 2025: $348.0 m · Δ +22.1% (2024).

−$14.33 bn-−4.3%−$13.75 bn-−$9.49 bn-−$7.96 bn-−$2.68 bn-−$6.03 bn-

Purchases and sales of financial holdings. At Progressive Corp, in 2025: −$14.33 bn · Δ −4.3% (2024).

Other investing flows$75.0 m-−69.8%$248.0 m-$36.0 m-−$7.66 bn-$47.9 m-$135.7 m-
−$14.53 bn-−5.7%−$13.75 bn-−$10.84 bn-−$7.96 bn-−$3.12 bn-−$6.12 bn-

The balance of investing cash. Negative means the company is building. At Progressive Corp, in 2025: −$14.53 bn · Δ −5.7% (2024).

−$166.0 m-+73.8%−$634.0 m-−$140.7 m-−$99.0 m-−$223.0 m-−$111.6 m-

Shares bought back from the market or issued. At Progressive Corp, in 2025: −$166.0 m · Δ +73.8% (2024).

—-—-—-—-—-$0-

Money raised by issuing new shares.

$2.87 bn-+321%$682.0 m-$277.6 m-$260.8 m-$3.77 bn-$1.58 bn-

Money given to shareholders as dividends. At Progressive Corp, in 2025: $2.87 bn · Δ +321% (2024).

$0-$0-$496.0 m-$1.49 bn-−$520.0 m-$986.3 m-

Loans taken minus loans repaid. At Progressive Corp, in 2025: $0.

Other financing flows−$166-+100.0%−$500.0 m-−$10.84 bn-$1.49 bn-−$750-$750.6 m-
−$3.04 bn-−131%−$1.32 bn-$78.0 m-$1.13 bn-−$4.52 bn-−$938.8 m-

The balance of financing cash: loans, dividends, buybacks. At Progressive Corp, in 2025: −$3.04 bn · Δ −131% (2024).

−$16.0 m-−130%$54.0 m-−$121.3 m-$18.8 m-$125.6 m-−$150.9 m-

How much the cash in the bank rose or fell. At Progressive Corp, in 2025: −$16.0 m · Δ −130% (2024).

Change in cash and equivalents—-—-—-—-$125.6 m-−$150.9 m-
$154.0 m-+54.0%$100.0 m-$220.9 m-$202.1 m-$76.5 m-$227.4 m-

Cash in the bank at the start of the period. At Progressive Corp, in 2025: $154.0 m · Δ +54.0% (2024).

$138.0 m-−10.4%$154.0 m-$99.6 m-$220.9 m-$202.1 m-$76.5 m-

Cash in the bank at the end of the period. At Progressive Corp, in 2025: $138.0 m · Δ −10.4% (2024).

$17.20 bn-+15.9%$14.83 bn-$10.39 bn-$6.56 bn-$7.52 bn-$6.68 bn-

The money left after the business paid for its investments. Dividends and debt repayment come from here. At Progressive Corp, in 2025: $17.20 bn · Δ +15.9% (2024).

from operations$4.37 bn−15.1%Q2 24Q1 26Q2 24$3.27 bnQ3 24$4.61 bnQ4 24$3.01 bnQ1 25$5.14 bnQ2 25$4.04 bnQ3 25$5.20 bnQ4 25$3.17 bnQ1 26$4.37 bn
from investing$2.64 bn+213%Q2 24Q1 26Q2 24−$3.26 bnQ3 24−$4.42 bnQ4 24−$2.94 bnQ1 25−$2.34 bnQ2 25−$4.04 bnQ3 25−$5.05 bnQ4 25−$3.10 bnQ1 26$2.64 bn
from financing−$6.96 bn−153%Q2 24Q1 26Q2 24−$69.3 mQ3 24−$144.4 mQ4 24−$59.3 mQ1 25−$2.75 bnQ2 25−$72.0 mQ3 25−$98.0 mQ4 25−$118.0 mQ1 26−$6.96 bn
Cash flows, quarterly, 6 periods
 Q1 26Δ Q1 25Q4 25Q3 25Q2 25Q1 25Q4 24
$2.82 bn-+9.8%$2.95 bn-$2.62 bn-$3.18 bn-$2.57 bn-$2.36 bn-

The profit left for shareholders after absolutely every expense. At Progressive Corp, in Q1 26: $2.82 bn · Δ +9.8% (Q1 25).

$75.0 m-+7.1%−$240.1 m-$81.0 m-$79.0 m-$70.0 m-$75.8 m-

The accounting wear on buildings and machinery. It lowers profit but takes no cash out. At Progressive Corp, in Q1 26: $75.0 m · Δ +7.1% (Q1 25).

$16.0 m-−$47.9 m-$42.0 m-$32.0 m-$16.0 m-$36.2 m-

Shares given to employees instead of money. No cash cost, but it dilutes shareholders. At Progressive Corp, in Q1 26: $16.0 m.

$371.0 m-−83.8%$380.0 m-$2.78 bn-$1.18 bn-$2.30 bn-$477.7 m-

Money tied up in or released from inventory, receivables and payables. At Progressive Corp, in Q1 26: $371.0 m · Δ −83.8% (Q1 25).

of which: receivables−$2.25 bn-−5.9%−$1.41 bn-−$23.0 m-$657.0 m-−$2.13 bn-$882.8 m-
Other non-cash items$1.09 bn-+460%$127.0 m-−$320.0 m-−$423.0 m-$194.0 m-$61.1 m-
$4.37 bn-−15.1%$3.17 bn-$5.20 bn-$4.04 bn-$5.14 bn-$3.01 bn-

The money the business actually produced, before investment. At Progressive Corp, in Q1 26: $4.37 bn · Δ −15.1% (Q1 25).

$63.0 m-+6.8%$121.0 m-$66.0 m-$102.0 m-$59.0 m-$110.2 m-

Money put into factories, machinery and equipment. At Progressive Corp, in Q1 26: $63.0 m · Δ +6.8% (Q1 25).

$2.44 bn-+204%−$2.67 bn-−$5.05 bn-−$4.04 bn-−$2.34 bn-−$2.94 bn-

Purchases and sales of financial holdings. At Progressive Corp, in Q1 26: $2.44 bn · Δ +204% (Q1 25).

Other investing flows$8.22 bn-+4,341%−$313.0 m-$238.0 m-$45.0 m-$185.0 m-−$330.6 m-
$2.64 bn-+213%−$3.10 bn-−$5.05 bn-−$4.04 bn-−$2.34 bn-−$2.94 bn-

The balance of investing cash. Negative means the company is building. At Progressive Corp, in Q1 26: $2.64 bn · Δ +213% (Q1 25).

−$478.0 m-−785%−$59.0 m-−$40.0 m-−$13.0 m-−$54.0 m-−$200.0 k-

Shares bought back from the market or issued. At Progressive Corp, in Q1 26: −$478.0 m · Δ −785% (Q1 25).

$7.97 bn-+196%$59.0 m-$58.0 m-$59.0 m-$2.70 bn-$59.1 m-

Money given to shareholders as dividends. At Progressive Corp, in Q1 26: $7.97 bn · Δ +196% (Q1 25).

$1.49 bn-—-—-—-$0-$0-

Loans taken minus loans repaid. At Progressive Corp, in Q1 26: $1.49 bn.

Other financing flows—-$16.22 bn-—-—-−$54.0 m-−$59.3 m-
−$6.96 bn-−153%−$118.0 m-−$98.0 m-−$72.0 m-−$2.75 bn-−$59.3 m-

The balance of financing cash: loans, dividends, buybacks. At Progressive Corp, in Q1 26: −$6.96 bn · Δ −153% (Q1 25).

$41.0 m-−22.6%−$47.0 m-$50.0 m-−$72.0 m-$53.0 m-$7.0 m-

How much the cash in the bank rose or fell. At Progressive Corp, in Q1 26: $41.0 m · Δ −22.6% (Q1 25).

$138.0 m-−10.4%$185.0 m-$135.0 m-$207.0 m-$154.0 m-$147.0 m-

Cash in the bank at the start of the period. At Progressive Corp, in Q1 26: $138.0 m · Δ −10.4% (Q1 25).

$179.0 m-−13.5%$138.0 m-$185.0 m-$135.0 m-$207.0 m-$154.0 m-

Cash in the bank at the end of the period. At Progressive Corp, in Q1 26: $179.0 m · Δ −13.5% (Q1 25).

$4.30 bn-−15.3%$3.05 bn-$5.13 bn-$3.94 bn-$5.08 bn-$2.90 bn-

The money left after the business paid for its investments. Dividends and debt repayment come from here. At Progressive Corp, in Q1 26: $4.30 bn · Δ −15.3% (Q1 25).

earnings and surprises

63%Beat rate

Beats more often than it misses

Next report

for Q2 26

Not yet announcedThe announced date, 15 July 2026, has passed. The company has not yet given the next one.

Earnings per share expected3.75between 3.31 and 4.37
Revenue expected$21.24 bn7 analysts
Last time+1.6%4.96 against 4.88 expected

What analysts expect from Progressive Corp, further out

  • earnings per share estimated, fiscal year 2026 · 24 analysts16.33
  • earnings per share estimated, fiscal year 2027 · 23 analysts16.20

Progressive Corp beat history

last 8 quarters

Beat rateAverage reaction when it missesBeat rateAverage reaction when it missesBeat rateAverage reaction when it missesBeat rateBeat rate

Of the last 8 quarterly reports from Progressive Corp, 5 came in above analyst estimates and 3 below. The average surprise is +6.94%, and the latest was +1.64%, with earnings per share of 4.96 against 4.88 expected.

Beat rate63%surprise trend: slowing
Average reaction when it beats+1.1%of 5 beats, the price rose 4 times
Average reaction when it misses−2.3%of 3 misses, the price never rose

How the Progressive Corp share price reacted

The move in Progressive Corp shares on the day after each report. The middle line is zero.

reportresultnext day5 days
15 April 2026++1.6%+2.36%5z +0.7%
28 January 2026++5.4%+2.24%5z −3.4%
15 October 2025−−15.8%−5.78%5z −1.7%
16 July 2025++10.2%+1.76%5z +0.4%
16 April 2025−−2.7%−0.35%5z −3.6%
24 February 2025++26.3%+2.16%5z +1.7%
15 November 2024−−1.4%−0.67%5z +4.0%
16 July 2024++31.8%−3.27%5z +2.8%

The pattern shows: of those 5 beats, the price rose 4 times. The market does not react to the result, but to the difference from what was already in the price.

How the price moves around the reportover the last 8 reports
+0.2%−1.7%+0.2%−1.4%
15 days beforereport day15 days after
Before the report
  • 5d before+1.4%rose 62% of the time
  • 10d before−0.2%rose 38% of the time
  • 21d before−0.2%rose 38% of the time
  • 42d before−1.0%rose 43% of the time
After the report
  • next day−0.3%rose 50% of the time
  • 5d after+0.1%rose 62% of the time
  • 10d after−0.8%rose 38% of the time
  • 15d after−1.4%rose 50% of the time
76% of the move, before24% at the announcement and after

The move is already in the price Of everything that moves the price around the report, 76% happens before the announcement. By the time the news is public, it is already in the quote.

The pattern repeats in 62% of cases, on a sample of 8 quarters. It remains a small sample.

Everything is measured against the price on the report day, marked by the vertical line. Each half is the average of the trajectories from the quarters with enough price history, which is why the samples can differ.

What can go wrong

Risks & Resilience

Risks in Progressive Corp (PGR) stock: balance sheet strength, distance from financial distress, and behaviour in past crises. The low-risk score is 86.6 out of 100, in the upper end of the market.

86.6 · strongLow risk

debt and solvency

100.0credit health

Nothing to fault

A balance sheet is judged on two things: whether the company can pay its debts out of what it produces, and how far it is from not being able to pay them at all. For Progressive Corp, both answers are below.

Can it pay its debts?

Progressive Corp: Yes. The filings do not separate debt and interest, but the credit health score comes to 100.0 out of 100, at the upper end of the scale.

75100.0Credit health scoreComposite score summarising the firm's ability to carry its debt. Above 70 points to a solid balance sheet.
1.5350.76xInterest coverageHow many times operating profit covers the interest the company owes in a year. Above 3 is comfortable; below 1.5 means interest eats almost all the profit.
316.38Distance to default (Merton)How many standard deviations the firm value sits above its debt level. Above 3 is a comfortable margin.

How close is it to default?

Progressive Corp: The composite score cannot be computed from the available filings. The individual models below still hold, each with its own threshold.

Probability of default (Merton)Estimated chance the firm cannot service its debt over one year. Below 1% means negligible credit risk.

behaviour in a crisis

Held up better than its sectortwo crises measured

How Progressive Corp shares behaved when the market fell. Not a forecast, but what happened in the crises the company has already been through.

How much of the market's fall it takes on

how much of the market's fall reaches the stock

absorbs part of it24%Takes on only 24% of the market's falls

the market 100%the stock 24%
  • Held up moderatelyHow well the company held up through economic contractions, against the rest of its sector.
  • Held up wellA composite score folding behaviour across every crisis measured, on a 0 to 100 scale.

What happened in past crises

how well it held up through the measured crises

84Held up very well

  • COVID-19 crash−20.6%2020 · far more resilient than its sector
  • 2022 bear market−10.5%2022 · far more resilient than its sector
  • Severe recession−17.4%A 2008-style economic contraction, with the market down about 40%
  • Market correction−8.7%A broad market decline of about 20%

Progressive Corp: Mixed behaviour in the measured crises: neither fragile nor defensive.

Maximum drawdown is measured from peak to trough, on the actual price of that period. The scenarios are estimates, computed from historical sensitivity to the market.

Progressive Corp (PGR) stock: biggest drops and how long the recovery took

The falls the price has been through, from a peak to the lowest point, and how long it took to recover.

Biggest drops since 2010

From a peak to the lowest point after it, how long the fall lasted and how long the recovery took.

  • Mar 2025 - Apr 2026-33.6%fell for 12 months and has not got back to that peak: it has been below it for 15 months
  • Apr 2023 - Jul 2023-23.0%fell for 3 months, then took 3 months to get back to the peak
  • Nov 2018 - Dec 2018-22.3%fell for 2 months, then took 3 months to get back to the peak

Measured on each day’s closing price, adjusted for splits, since 2010-01-04. Elsewhere on this page, drops are measured with dividends reinvested, which is why they can come out slightly smaller there.

What you get while you wait

Dividends and shareholder return

How much Progressive Corp pays in dividends, how secure it is, and what happens to the share count.

dividends

6.59%Trailing yield

Progressive Corp pays quarterly and has distributed $13.90 per share over the past twelve months, or 6.59% of today's price. Of its profit, 69.66% goes out as dividend.

How much it pays and how secure it is

Trailing yieldDividends over the past twelve months, divided by today's price.
Forward yieldThe dividend announced for the coming year, divided by today's price.
Payout ratioHow much of profit goes out as dividend. A moderate figure leaves room to grow.
Dividend growth 5YAverage annual growth in dividend per share over five years.
Consecutive years of growthHow many years in a row the dividend per share has grown, without a single break.
Dividend safetyHow well the dividend is covered by profit and by cash.

Recent payments

  • Last dividend$0.10 · ex-date July 2, 2026
  • Frequencyquarterly
  • Payments in the last 12 months5
  • Dividends over 12 months$13.90
  • Cut risk15/100
ex-dateamountvs previous
July 2, 2026$0.10+0.0%
April 2, 2026$0.10−99.3%
January 2, 2026$13.60+13,500.0%
October 2, 2025$0.10+0.0%
July 3, 2025$0.10+0.0%
April 3, 2025$0.10−97.8%
January 10, 2025$4.60+4,500.0%
October 3, 2024$0.10—

Past returns do not necessarily repeat.

shareholder return

2.47%total return

Across dividends, buybacks and debt, Progressive Corp returned 2.47% of its market value in its last reported fiscal year.

2.41%from dividends
0.14%from buybacks
0.00%from debt reduction
2.47%total return
  • 5Y allocation · dividends13.58%
  • 5Y allocation · buybacks2.18%

A negative total return means the company raised capital during the period, through borrowing or new shares, not that it took money from shareholders.

What you would have made

What has already happened, taken out of percentages and put into money.

What you would have made by investing in Progressive Corp (PGR) stock

$1,000 put in Progressive Corp stock 10 years ago, with dividends reinvested, would have grown to $8,528, a return of 23.90% a year. On the share price alone, without dividends, it would have been $6,252. Type your own amount and everything recalculates.

$
  • 3 years ago$1,765of which $765 is gain, at 20.85% a year
  • 5 years ago$2,511of which $1,511 is gain, at 20.22% a year
  • 10 years ago$8,528of which $7,528 is gain, at 23.90% a year

These figures have already happened and are not an estimate for what comes next. Dividends are reinvested in the same stock, and the amounts are in the currency the stock trades in, before tax and fees.

splits

5 events

Progressive Corp has had 5 share events over the period covered by the data.

dateratiotype
May 19, 20064:1split
April 23, 20023:1split
December 9, 19923:1split
May 27, 19869:4split
May 28, 19853:2split

Amounts in the dividend history are adjusted for these events so they can be compared with each other. The sum actually received on the day was different.

Who owns it and what they do with it

Holders and flow

Who stands behind Progressive Corp shares, what they buy and sell, and who bets against them.

institutional ownership

Progressive Corp has 90.29% of its shares held by institutional investors. Of the 40 reported holders, 24 increased their position and 14 cut it.

Who holds how much

InstitutionsHow much of the stock is held by funds, banks and other professional investors.
Internal holdingsHow much is held by people and entities inside the company or close to it.
Largest holderHow much the single largest reported shareholder owns.
Top fiveHow much the five largest reported shareholders own together.
  • Reported holders40
  • Increased position24
  • Cut position14
  • Net share balance19.64M
  • As ofApril 30, 2026

Largest holders

Largest holders
holderstakechangeAs of
Vanguard Group Incpassive9.47%+1.09%12/31/2025
BlackRock Incpassive8.93%+6.96%12/31/2025
State Street Corppassive4.43%+0.21%03/31/2026
Capital Research Global Investorsactive3.87%+102.57%03/31/2026
Vanguard Total Stock Mkt Idx Invpassive3.20%+0.34%04/30/2026
Geode Capital Management, LLC2.79%+4.13%03/31/2026
Vanguard 500 Index Investor2.60%+1.83%04/30/2026
Capital World Investors2.43%+48.84%03/31/2026
Bank of America Corp2.30%+0.17%12/31/2025
JPMorgan Chase & Co2.08%−21.82%03/31/2026
Massachusetts Financial Services Company2.07%−5.32%03/31/2026
AllianceBernstein L.P.1.74%−2.07%03/31/2026
GQG Partners LLC1.57%−12.40%03/31/2026
Morgan Stanley - Brokerage Accounts1.52%−6.75%03/31/2026
Capital Research & Mgmt Co - Division 31.51%−40.88%03/31/2026
NORGES BANK1.38%−0.24%12/31/2025
FMR Inc1.34%+13.37%03/31/2026
MFS Large Cap Value Equity1.31%−6.93%03/31/2026
iShares Core S&P 500 ETF1.30%+0.29%04/30/2026
MFS Value A1.29%−1.74%04/30/2026
Fidelity 500 Index1.28%+0.30%03/31/2026
State Street® SPDR® S&P 500® ETF1.20%+0.33%04/30/2026
American Funds Invmt Co of Amer A1.14%+79.17%03/31/2026
Capital Group Investment Co of Amer Comp1.14%+79.17%03/31/2026
Wellington Management Company LLP1.11%−0.42%03/31/2026
UBS Asset Mgmt Americas Inc1.09%+12.17%03/31/2026
Northern Trust Corp1.00%−0.46%03/31/2026
Capital Group Growth Fnd of Amer Comp1.00%−13.03%03/31/2026
American Funds Growth Fund of Amer A1.00%−13.03%03/31/2026
Vanguard Value Index Inv0.93%+0.29%04/30/2026
Artisan Partners Limited Partnership0.89%+11.47%03/31/2026
T. Rowe Price Associates, Inc.0.88%−1.37%03/31/2026
American Funds American Balanced A0.85%+76.17%03/31/2026
Capital Group American Mutual Comp0.75%+0.89%03/31/2026
American Funds American Mutual A0.75%+0.89%03/31/2026
American Funds AMCAP A0.75%+52.15%03/31/2026
Capital Group AMCAP Composite0.75%+52.15%03/31/2026
American Funds Washington Mutual A0.74%+0.00%03/31/2026
Capital Group Wash Mutual Invtrs Comp0.74%+0.00%03/31/2026
State Street®FinSelSectSPDR®ETF0.70%+1.24%04/30/2026
See all holders

The list covers only the largest reported holders, not the whole shareholder base. Stakes do not add up to 100%.

The holder type is noted only where the source states it.

insiders

What they did over the last six months

  • Distinct buyers, 12 months0
  • Distinct sellers, 12 months7
  • Value sold, 12 months$3.86M
  • Cluster buyingno
  • As of03/20/2026

Largest transactions

Largest transactions
datenamesidevalue
11/28/2025John P Sauerlandsell$1.14M
03/05/2026Karen Bailosell$745.6K
01/21/2026Jonathan S Bauersell$634.51K
02/23/2026Jonathan S Bauersell$460.11K
01/21/2026Andrew J Quiggsell$336.97K
12/19/2025Steven Brozsell$302.13K
02/24/2026Maribel Pumarejosell$150.2K
03/20/2026Carl G Joycesell$55.76K
03/05/2026Carl G Joycesell$29.89K
See all transactions

The source does not state each person's role, so a chief executive and a board member appear the same.

Informational data on reported transactions; not a recommendation.

congress

Over the past twelve months, members of the US Congress reported 5 purchases and 6 sales of Progressive Corp shares.

What lawmakers traded

5purchases, 12 months6sales, 12 months
distinct buying members3
  • Purchases, 6 months0
  • Sales, 6 months0
  • Distinct selling members, 12 months3
  • As of03/30/2026

Who traded

Who traded
datenameside
03/30/2026Ro Khannabuy
03/23/2026Ro Khannasell
02/24/2026Ro Khannasell
02/17/2026Ro Khannabuy
02/10/2026David Taylorbuy
02/10/2026Gilbert Ray Cisneros, Jr.sell
01/29/2026Ro Khannasell
01/16/2026David Taylorbuy
01/13/2026Ro Khannasell
01/09/2026Gilbert Ray Cisneros, Jr.buy
12/18/2025Julie Johnsonsell
See all transactions

The law requires reporting a value range, not the exact sum. That is why transactions are counted here rather than added up.

Transactions reported under the STOCK Act; informational.

short interest

Of Progressive Corp freely tradable shares, 0.01% are sold short.

How much is sold short

Of free floatHow much of the freely tradable stock is sold short.
Days to coverHow many normal trading days it would take for short positions to be closed.
Shares shortThe number of shares sold short at the latest report.
  • Of total shares0.01%
  • Squeeze riskLow
  • As of05/27/2026

Short positions are reported twice a month, so the figure is older than the price on this page.

indices and ETFs

Progressive Corp shares are held by 8 exchange-traded funds and belong to 1 indices.

Funds that hold it

Funds that hold it
fundsymbolweightassets
Financial Select Sector SPDRXLF.US1.58%$49.53B
Vanguard High Dividend Yield ETFVYM.US49.00%$78.33B
Vanguard Value ETFVTV.US46.00%$179.59B
Vanguard S&P 500 ETFVOO.US19.00%$1.03T
iShares Core S&P 500 UCITSCSPX.LSE18.66%$146.69B
Vanguard Total Stock Market Index Fund ETF SharesVTI.US17.00%$653.54B
iShares Core MSCI World UCITSIWDA.LSE13.15%$101.7B
Vanguard Total World Stock ETFVT.US10.00%$74.09B
See all funds

Indices it belongs to

  • S&P 5000.19%

The weight is how much the share counts inside that fund, not how much of the company the fund owns.

Where it stands against the rest

Context & Comparisons

A number on its own says nothing. Here Progressive Corp is placed next to its sector, its industry and the market, so every figure gets a position.

Position in sector

Financial Servicessector

Progressive Corp belongs to the Financial Services sector, in the Insurance - Property & Casualty industry. Below, each indicator sits next to the sector and industry median.

Against sector and industry

indicatorcompanysector medianindustry medianposition
41.35%11.90%18.03%95
Return on equityHow much net profit the company generates from shareholders' money. Above ~15% is very good; consistency matters as much as the level.
10.10%1.23%4.37%84
Return on assetsHow much profit the company draws from the assets it owns. Above ~5% is solid, though it varies widely by industry.
30.98%6.84%15.18%97
Return on invested capitalProfit generated from all capital employed — equity and debt alike. Above the cost of capital (WACC) means value is created. Above 15% is very good.
12.93%19.61%10.92%30
Net margin (DuPont breakdown)The margin component of the DuPont breakdown of returns. Higher means the firm keeps more of every unit sold.
10.31x11.83x11.69x58
Price / earnings (trailing 12 months)How many years of current profit you pay for one share. Judged against sector and growth rate, never in isolation.
1.33x1.97x0.65x-
Price / sales (trailing 12 months)How many times annual sales you pay for a share. Useful for companies without profit; judged against the sector, not in absolute terms.
6.81%3.33%3.34%82
Dividend yield (trailing 12 months)Dividends paid over the past year against the current price. Judged together with sustainability, not on level alone.
70.49%36.10%35.47%-
Payout ratioHow much of the profit is paid out as dividend. Below 60% leaves room to grow; above 100% means the dividend exceeds the profit.
15.50%11.21%9.65%64
Revenue growth (5-year annual)Average yearly revenue growth over the past five years. Above ~10% is solid growth for a mature company.
14.64%14.03%22.12%55
Earnings per share growth (5-year annual)Average yearly growth in earnings per share. Faster than revenue means expanding margins or buybacks.
13.78%7.64%14.05%77
Free cash flow yieldHow much free cash the company produces relative to its market value. Above ~5% is attractive; below 2% is expensive.

Position is the percentile within the sector: 100 is the best value among the companies compared, 0 the weakest. The direction is already inverted where lower is better, as with debt or price/earnings.

Against the market

periodPGRSPYdifference
1M1.45%-0.08%+1.53%
3M-4.27%12.30%−16.57%
6M-5.18%8.49%−13.67%
1Y-21.58%24.76%−46.34%
3Y70.05%80.71%−10.66%
5Y134.48%88.11%+46.37%

Returns are cumulative over the period shown, not annualised. The difference is how much the company returned above or below the benchmark.

Transparency · MAR

Comparable companies

6comparable

Companies with a profile close to Progressive Corp, chosen by how they move and what kind of stock they are - not by what they make.

The 6 closest

symbolcompanysimilarityscore
AXAHY.USAxa SA ADRFinancial Services91.1%58.3
ADP.USAutomatic Data Processing IncTechnology90.9%46.0
VICI.USVICI Properties IncReal Estate90.0%45.5
CS.PAAXA SAFinancial Services90.0%62.4
UBER.USUber Technologies IncTechnology89.5%59.1
SNY.USSanofi ADRHealthcare89.1%41.1

Similarity is computed from exposure to the same style factors, not from the line of business. That is why companies from other sectors can appear in the list. It is not a recommendation and not a list of alternatives.

Direct competitors

symbolcompanycountryscore
CB.USChubb LtdUS65.3
GJF.OLGjensidige Forsikring ASANO8.3
TKOMY.USTokio Marine Holdings IncUS48.2
TRV.USThe Travelers Companies IncUS66.5
ALL.USThe Allstate CorporationUS66.4
PZU.WARPowszechny Zaklad Ubezpieczen SAPL56.8

Competitors from the same industry, Insurance - Property & Casualty. The list is ordered by company size, but the figure is not shown: it comes in each market’s own currency, so the values are not comparable.

How the price moves

Market & Momentum

So far this has been about the company. From here on it is about the share: how much it swings, how deep it fell, and whether the move was worth the risk.

Volatility and risk

26.75%one-year volatility

How choppy Progressive Corp has been, and how deep its falls have gone.

How much it swings

0.58calmer than the marketBetaHow strongly the share moves when the market moves. Below 1 is calmer than the market; above 1 amplifies its moves.
0.42Downside betaHow much the share moves against the market, measured ONLY on days the market falls. Lower than ordinary beta = falls less than it rises. Higher = amplifies the falls.
−0.15Beta over the last yearThe same market sensitivity, but computed on the last twelve months only. Compared with long-term beta, it shows whether the share has turned choppier lately.
0.37Raw betaHow much the share moves against the market, without the usual statistical adjustment. Above 1 = moves more than the market. This is the unsmoothed figure; adjusted beta is steadier.
market
Annualised volatility (1 year)How much the price swings over a year, as a standard deviation. Lower means a smoother ride, not necessarily a higher return.
Annualised volatility (3 years)How widely the price swings in a year, measured over the last three. Below 20% is calm; above 40% takes a strong stomach.

How deep it fell

−29.97%Maximum drawdownThe largest peak-to-trough fall over the period analysed. Smaller is easier to sit through.
−25.30%Current drawdownHow far today’s price sits below the highest peak reached. Zero means it is at the peak. The deeper it is, the more there is to recover.
−14.40%Distance from the 52-week highHow far the price sits below its highest level of the past 52 weeks. Near zero = at the high. Deeply negative = it has given up a lot from the peak.
17.93%Likely worst-case drawdownHow deep the fall could be in the worst 5% of scenarios. Lower is better. It is a statistical estimate, not a guaranteed floor.
Ulcer index (1 year)How deep and how long the falls of the past year were, in a single figure. Lower is better: it measures discomfort, not just swing.
Ulcer index (3 years)How deep and how long the falls below previous peaks have been. Low means few long stretches spent below the peak.

Volatility and beta are computed from daily prices over the last year and the last three. They measure the past; they are not forecasts.

The words next to the figures are states with established names, not recommendations: “oversold” does not mean “worth buying”. Verdicts appear only on the risk ratios, where there is a clear direction of better.

Return against risk

−1.21one-year Sharpe

The same gain earned with wide or narrow swings is not worth the same. The figures below divide the return by the risk it was earned with.

How much return for each unit of risk

−1.210.63the risk went unpaidSharpe ratioReturn above the risk-free rate for each unit of volatility. Above 1 is good; above 2 is remarkable.
−1.570.89the risk went unpaidSortino ratioLike Sharpe, but only penalising downward swings, not upward ones. Above 1.5 means good return relative to downside risk.
0.821.12the risk went unpaidOmega ratioThe ratio of gains to losses over the past year, weighted by their size. Above 1 means the good side weighed more than the bad.
0
Total return, 12 monthsGain over the past year, with dividends reinvested. Compared with the benchmark index, not in isolation.
Calmar ratioAnnual return divided by the largest drawdown suffered. Above 0.5 is decent. It says how much return you got for each unit of pain.
Treynor ratio (1 year)Return above the risk-free rate divided by beta - against market risk, not total swing. Higher is better. Useful when the share is held in a portfolio rather than alone.

All of them measure gain against some form of risk: Sharpe against total swing, Sortino against downward swing only, Calmar against the deepest fall, Treynor against market risk. Above 1 is generally good, but these compare between companies, not in absolute terms.

The words next to the figures are states with established names, not recommendations: “oversold” does not mean “worth buying”. Verdicts appear only on the risk ratios, where there is a clear direction of better.

Trend and oscillators

57.8514-day RSI

Where the Progressive Corp share price sits against its moving averages, and how stretched the recent move is.

Against the averages

50-day moving averageThe average price over the last fifty trading sessions. It is the short-term reference: price above it means a recent upward trend.
200-day moving averageThe average price over the last two hundred sessions. It is the long-term reference, the most watched line in technical analysis.
noAbove the 200-day averageWhether today’s price is above or below the long-term average. Above is read as a structural uptrend; below, a downtrend.
noShort average above the long oneWhether the 50-day average is above the 200-day. When the short crosses above the long it is called a golden cross; the reverse, a death cross.
downMoving-average crossover stateWhich average is on top, expressed as +1 or −1. +1 = short above long; −1 = the reverse.
upParabolic SAR directionThe direction signal given by the Parabolic SAR indicator. +1 = uptrend; −1 = downtrend.

Oscillators

307057.85no signalRelative strength index (RSI 14)How fast the price rose or fell over the last fourteen days, on a scale from 0 to 100. Below 30 is considered oversold, above 70 overbought. In between, no signal.
-100100135.84above the channelCommodity channel index (CCI 20)How far the price is from its twenty-day average, measured in typical deviations. Between −100 and +100 is normal; outside that, an unusual move against the recent pattern.
010.97in the bandPosition in the Bollinger bandWhere the price sits between the lower band (0) and the upper band (1) of the volatility channel. Below 0 or above 1 means the price has left the channel - rare, and usually brief.
202515.25no trendTrend strength (ADX 14)How clear the price direction is, whether it rises or falls. Above 25 = a clear trend; below 20 = it moves sideways.
MACD lineThe gap between the 12-day and the 26-day exponential average - how fast direction is changing. Above the signal and rising means upward momentum.
MACD signalThe nine-day average of the MACD line. It is the threshold the line is read against. It is not judged on its own: what matters is whether the line is above or below it.
MACD histogramThe gap between the MACD line and its signal - how fast momentum is changing. Positive and rising = upward momentum; negative = downward momentum.
On-balance volume slope (50 days)Where cumulative volume is heading over the last fifty sessions. Positive means more is being accumulated than distributed.

The thresholds marked on the scales are the usual ones in technical analysis: 30 and 70 for RSI, ±100 for CCI, 0 and 1 for the Bollinger band, 20 and 25 for trend strength. They are widely used conventions, not rules.

The words next to the figures are states with established names, not recommendations: “oversold” does not mean “worth buying”. Verdicts appear only on the risk ratios, where there is a clear direction of better.

Who it suits

15/25checks passed

Each row below is a way of investing. The more checks Progressive Corp passes on one, the better it suits that way - there is no “correct” row.

StrongestFinancial health
WeakestMomentum and performance
  • not applicableUpside to fair valueHow much room there is between today’s price and the value computed from discounted cash flows. Positive means the model sees the share below its value.
  • passedPrice / earnings (trailing 12 months)How many years of current profit you pay for one share. Judged against sector and growth rate, never in isolation.
  • passedPrice / sales (trailing 12 months)How many times annual sales you pay for a share. Useful for companies without profit; judged against the sector, not in absolute terms.
  • failedMargin of safetyHow far the market price sits below our fair-value estimate. Positive and wide means buying below value. Negative means paying above it.
  • passedReturn on capital above its costWhether the return on invested capital exceeds the weighted average cost of capital. Above the cost of capital the company creates value; below, it destroys it.
  • passedReturn on equityHow much net profit the company generates from shareholders' money. Above ~15% is very good; consistency matters as much as the level.
  • failedNet margin (DuPont breakdown)The margin component of the DuPont breakdown of returns. Higher means the firm keeps more of every unit sold.
  • passedCompetitive moatHow well defended the company’s position is against competitors. A wide moat means profit is harder to erode.
  • failedPiotroski F-scoreNine balance-sheet and profitability checks, one point for each one passed. Above 7 out of 9 is considered solid; below 3, weak.
  • passedWarning flagsThe number of forensic flags raised by the reporting-quality models. Zero is what you want to see.
  • passedCredit health scoreComposite score summarising the firm's ability to carry its debt. Above 70 points to a solid balance sheet.
  • passedProbability of default (Merton)Estimated chance the firm cannot service its debt over one year. Below 1% means negligible credit risk.
  • passedBehaviour in recessionHow the share behaved through recent economic contractions. A smaller fall than the market shows resilience.
  • passedEarnings per share growth (5-year annual)Average yearly growth in earnings per share. Faster than revenue means expanding margins or buybacks.
  • passedRevenue growth (5-year annual)Average yearly revenue growth over the past five years. Above ~10% is solid growth for a mature company.
  • failedRule of 40Revenue growth added to the profitability margin. Above 40 means a good balance between growth and profitability.
  • failedAnalyst revisionsWhich way analysts have moved their estimates lately. Upward means expectations are rising.
  • passedDividend yield (trailing 12 months)Dividends paid over the past year against the current price. Judged together with sustainability, not on level alone.
  • passedPayout ratioHow much of the profit is paid out as dividend. Below 60% leaves room to grow; above 100% means the dividend exceeds the profit.
  • failedStreak of good reportsHow many quarters in a row the company has beaten expectations. A long streak shows predictability; a broken one, a change.
  • passedTotal shareholder yieldDividends, buybacks and debt reduction taken together. The full picture of money returned to shareholders.
  • failedBeats, last yearHow many times over the last year the result came in above estimates. More beats suggest cautious estimates or good execution.
  • failedBeats, three yearsHow many times over the last three years the result came in above estimates. More beats suggest cautious estimates or good execution.
  • passedBeats, five yearsHow many times over the last five years the result came in above estimates. More beats suggest cautious estimates or good execution.
  • failedPrice momentumThe direction and strength of the recent price move. Positive means the recent trend is upward.
  • failedSharpe ratio (1 year)Return above the risk-free rate for each unit of volatility. Above 1 is good; above 2 is remarkable.

A failed check is not a flaw in itself: a growth company fails almost everything to do with value, and that is normal. What matters is the pattern, where it passes and where it fails, not the count on its own.

Transparency · MAR

Key figuresIndicatorsPros and consVerdict
AnalystsFair valueProjections
ProfitabilityGrowthEarnings qualityCapital efficiencyFinancial statementsEarnings reports
Debt and solvencyBehaviour in crisesBiggest drops
DividendsShareholder yieldWhat you would have madeSplits
Institutional holdingsInsidersCongressShort interestIndices and ETFs
Position in sectorComparable companiesWho it suits
Volatility and riskRisk-adjusted returnTrend and oscillators