The Progressive Corporation (PGR) 10-Year Financial Performance & Capital Metrics

PGR • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsurancePersonal Lines InsuranceMainstream Personal Auto & Home

AboutThe Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV). This segment's products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, snowmobiles, and related products. The Commercial Lines segment provides auto-related primary liability and physical damage insurance, and business-related general liability and property insurance for autos, vans, pick-up trucks, and dump trucks used by small businesses; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and long-haul operators; dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging, and coal-type businesses; and tow trucks and wreckers used in towing services and gas/service station businesses; as well as non-fleet and airport taxis, and black-car services. The Property segment writes residential property insurance for homeowners, other property owners, and renters, as well as offers personal umbrella insurance, and primary and excess flood insurance. The company also offers policy issuance and claims adjusting services; and acts as an agent to homeowner general liability, workers' compensation insurance, and other products. In addition, it provides reinsurance services. The company sells its products through independent insurance agencies, as well as directly on Internet through mobile devices, and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield, Ohio.Show more

Revenue $75.34B +21.4%
Combined Ratio 85.78% -6.9%
Net Income $8.48B +117.3%
Return on Equity 36.98% +71.3%
Medical Cost Ratio 72.26% -10.8%
Operating Margin 14.22% +80.0%
Net Margin 11.26% +79.0%
ROA 8.72% +83.4%
Equity / Assets 24.2% +5.9%
Book Value per Share 43.54 +26.2%
Tangible BV/Share 39.82 +27.4%
Debt/Equity 0.27 -20.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 85.8% combined ratio
✓Excellent 3Y average ROE of 20.9%
✓Strong 5Y profit CAGR of 16.4%
✓Strong Piotroski F-Score: 7/9

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.54%

5Y14.08%

3Y16.48%

TTM21.5%

Profit (Net Income) CAGR

10Y20.8%

5Y16.39%

3Y36.27%

TTM51.21%

EPS CAGR

10Y20.95%

5Y16.47%

3Y36.52%

TTM51.97%

ROCE

10Y Avg7.76%

5Y Avg7.66%

3Y Avg6.12%

Latest11.02%

Peer Comparison

Mainstream Personal Auto & Home

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PGRThe Progressive Corporation	119.3B	203.52	14.13	21.36%	12.66%	32%	12.43%	0.27
ALLThe Allstate Corporation	51.15B	195.47	11.51	12.24%	12.65%	30.48%	17.05%	0.38

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	20.83B	23.42B	26.82B	31.95B	39B	42.64B	47.68B	49.59B	62.08B	75.34B
Revenue Growth %	0.08%	0.12%	0.15%	0.19%	0.22%	0.09%	0.12%	0.04%	0.25%	0.21%
Medical Costs & Claims+	15.99B	18.74B	20.93B	24.29B	28.49B	28.39B	37.34B	42.04B	50.32B	54.44B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	4.84B	4.67B	5.88B	7.66B	10.5B	14.24B	10.34B	7.55B	11.76B	20.9B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	-0.03%	0.26%	0.3%	0.37%	0.36%	-0.27%	-0.27%	0.56%	0.78%
Operating Expenses+	2.93B	3.2B	3.74B	4.5B	5.34B	7.07B	6.13B	6.63B	6.86B	10.19B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	150.5M	199.5M	236.1M	262.4M	306.1M	331.8M	337.4M	306M	285M	284M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.91B	1.47B	2.14B	3.16B	5.16B	7.17B	4.21B	922M	4.9B	10.71B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0%	-0.23%	0.45%	0.48%	0.63%	0.39%	-0.41%	-0.78%	4.32%	1.18%
EBITDA+	2.06B	1.67B	2.38B	3.43B	5.47B	7.5B	4.55B	1.23B	5.19B	11B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	136M	140.9M	153.1M	166.5M	189.7M	217M	218.6M	244M	268M	279M
Non-Operating Income	-136M	-140.9M	-153.1M	-166.5M	-189.7M	-217M	-218.6M	-244M	-268M	-279M
Pretax Income+	1.91B	1.47B	2.14B	3.16B	5.16B	7.17B	4.21B	922M	4.9B	10.71B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	611.1M	413.5M	540.8M	542.6M	1.18B	1.47B	859.1M	200M	1B	2.23B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.27B	1.03B	1.59B	2.62B	3.97B	5.7B	3.35B	722M	3.9B	8.48B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.01%	-0.19%	0.54%	0.64%	0.52%	0.44%	-0.41%	-0.78%	4.41%	1.17%
EPS (Diluted)+	2.15	1.76	2.72	4.46	6.72	9.66	5.66	1.18	6.58	14.40
EPS Growth %	0%	-0.18%	0.55%	0.64%	0.51%	0.44%	-0.41%	-0.79%	4.58%	1.19%
EPS (Basic)	2.16	1.77	2.74	4.49	6.75	9.71	5.69	1.19	6.61	14.45
Diluted Shares Outstanding	589.2M	585M	585.7M	586.7M	587.2M	587.6M	587.1M	587.1M	587.5M	587.7M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	29.82B	33.43B	38.7B	46.58B	54.91B	64.1B	71.13B	75.47B	88.69B	105.75B
Asset Growth %	0.16%	0.12%	0.16%	0.2%	0.18%	0.17%	0.11%	0.06%	0.18%	0.19%
Total Investment Assets+	0	0	0	0	0	0	96.33B	103.06B	128.17B	156.2B
Long-Term Investments	-17.5B	-19.82B	-23.07B	-29.91B	-34.91B	-42.03B	51.51B	53.55B	66B	80.25B
Short-Term Investments	17.5B	19.82B	23.07B	29.91B	34.91B	42.03B	44.82B	49.51B	62.17B	75.95B
Total Current Assets+	21.92B	24.71B	28.96B	36.78B	46.65B	54.65B	59.84B	66.26B	79.56B	23.32B
Cash & Equivalents	224.1M	211.5M	265M	69.5M	226.2M	76.5M	187.1M	203.5M	85M	143M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	0	0	0	0	-72.25B
Goodwill & Intangibles+	942.5M	882.2M	819.3M	747.3M	681M	624.1M	570M	314.2M	1.92B	2.19B
Goodwill	447.6M	449.4M	452.7M	452.7M	452.7M	452.7M	452.7M	227.9M	228M	228M
Intangible Assets	494.9M	432.8M	366.6M	294.6M	228.3M	171.4M	117.3M	86.3M	1.69B	1.96B
PP&E (Net)	1.04B	1.18B	1.12B	1.13B	1.21B	1.11B	1.14B	1.03B	881M	790M
Other Assets	23.43B	26.48B	30.87B	37.78B	41.28B	49.74B	-41.93B	-45.69B	-59.66B	-804M
Total Liabilities	22.53B	25.47B	29.42B	35.75B	41.24B	47.06B	52.9B	59.57B	68.41B	80.15B
Total Debt+	2.71B	3.15B	3.31B	4.4B	4.91B	5.4B	4.9B	6.39B	6.89B	6.89B
Net Debt	2.48B	2.94B	3.04B	4.34B	4.68B	5.32B	4.71B	6.18B	6.8B	6.75B
Long-Term Debt	2.71B	3.15B	37.1M	3.91B	4.41B	5.4B	4.9B	6.39B	6.89B	6.89B
Short-Term Debt	0	0	3.27B	499.1M	499.4M	0	0	0	0	0
Total Current Liabilities+	2.07B	2.5B	6.75B	5.55B	5.12B	4.96B	6.07B	5.53B	0	0
Accounts Payable	2.07B	2.5B	3.48B	5.05B	4.62B	4.96B	6.07B	5.53B	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	1000K	1000K	1000K	0	1000K	1000K	1000K	0	0	0
Other Liabilities	17.64B	19.72B	22.49B	26.3B	31.6B	36.4B	41.78B	47.65B	61.52B	73.26B
Total Equity+	7.29B	7.96B	9.28B	10.82B	13.67B	17.04B	18.23B	15.89B	20.28B	25.59B
Equity Growth %	0.05%	0.09%	0.17%	0.17%	0.26%	0.25%	0.07%	-0.13%	0.28%	0.26%
Shareholders Equity	7.29B	7.96B	9.28B	10.82B	13.67B	17.04B	18.23B	15.89B	20.28B	25.59B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	4.69B	5.14B	6.03B	8.39B	10.68B	13.35B	15.34B	15.72B	18.8B	24.28B
Common Stock	583.6M	579.9M	581.7M	583.2M	584.6M	585.2M	584.4M	584.9M	585M	586M
Accumulated OCI	800.4M	933.4M	1.28B	-120.9M	341.7M	931.7M	40.7M	-2.8B	-1.62B	-1.42B
Return on Equity (ROE)	0.18%	0.14%	0.18%	0.26%	0.32%	0.37%	0.19%	0.04%	0.22%	0.37%
Return on Assets (ROA)	0.05%	0.03%	0.04%	0.06%	0.08%	0.1%	0.05%	0.01%	0.05%	0.09%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.37x	0.40x	0.36x	0.41x	0.36x	0.32x	0.27x	0.40x	0.34x	0.27x
Book Value per Share	12.37	13.60	15.85	18.45	23.29	29.00	31.05	27.07	34.51	43.54
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.29B	2.7B	3.76B	6.28B	6.26B	6.91B	7.76B	6.85B	10.64B	15.12B
Operating CF Growth %	0.33%	0.18%	0.39%	0.67%	-0%	0.1%	0.12%	-0.12%	0.55%	0.42%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.3B	1.06B	1.6B	2.62B	3.98B	5.7B	3.35B	721.5M	3.9B	8.48B
Depreciation & Amortization	150.5M	199.5M	236.1M	262.4M	306.1M	331.8M	337.4M	336.6M	299.7M	284M
Stock-Based Compensation	66.2M	85.2M	95.4M	77.2M	90.2M	89.4M	100.7M	122.7M	121.3M	122M
Deferred Taxes	-12.3M	37.2M	43.8M	-5.7M	0	0	0	0	0	0
Other Non-Cash Items	900K	-1.6M	1M	477.6M	-984.9M	-1.52B	-1.38B	2.11B	-275.5M	-281M
Working Capital Changes	787.1M	1.32B	1.78B	2.85B	2.87B	2.3B	5.36B	3.56B	6.6B	6.51B
Cash from Investing+	-1.92B	-2.46B	-3.41B	-7.33B	-4.34B	-6.12B	-3.12B	-7.96B	-10.84B	-13.75B
Capital Expenditures	-130.7M	-215M	-155.7M	-266M	-363.5M	-223.5M	-243.5M	-292M	-252M	-285M
Acquisitions	-765.3M	6.2M	-18.1M	-296.9M	53.3M	21.9M	-313.2M	35.1M	0	0
Purchase of Investments	-9.96B	-12.04B	-14.84B	-21.69B	-29.15B	-36.38B	-34.02B	-28.54B	-25.86B	-47.95B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	2.4M	59.4M	-18.3M	21.1M	6M	83.6M	114.1M	-177.8M	36M	248M
Cash from Financing+	-252.8M	-250.4M	-300.9M	549.8M	-1.77B	-938.8M	-4.52B	1.13B	78M	-1.32B
Dividends Paid	-403.6M	-519M	-395.4M	-668.4M	-1.67B	-1.58B	-3.77B	-260.8M	-277.6M	-682M
Share Repurchases	-208.5M	-192.5M	-62.5M	-79M	-91.3M	-111.6M	-223M	-99M	-140.7M	-634M
Stock Issued	0	0	0	0	0	0	0	0	0	500M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	0	1000K	-1000K	1000K	1000K	0
Other Financing	17M	9.2M	500K	-293.6M	-9.6M	-235.7M	0	0	0	0
Net Change in Cash+	116M	-12.6M	48.9M	-200.3M	152.4M	-150.9M	125.6M	18.8M	-121.3M	54M
Exchange Rate Effect	-200K	400K	-300K	0	0	0	0	0	0	0
Cash at Beginning	108.4M	224.1M	226.4M	275.3M	75M	227.4M	76.5M	202.1M	220.9M	100M
Cash at End	224.4M	211.5M	275.3M	75M	227.4M	76.5M	202.1M	220.9M	99.6M	154M
Free Cash Flow+	2.16B	2.49B	3.6B	6.02B	5.9B	6.68B	7.52B	6.56B	10.39B	14.83B
FCF Growth %	0.34%	0.15%	0.45%	0.67%	-0.02%	0.13%	0.13%	-0.13%	0.58%	0.43%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	3.67	4.25	6.15	10.26	10.04	11.37	12.81	11.17	17.69	25.24

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	90.82%	93.72%	92.02%	90.1%	86.77%	83.18%	91.17%	98.14%	92.1%	85.78%
Medical Cost Ratio	76.78%	80.04%	78.06%	76.03%	73.07%	66.6%	78.32%	84.78%	81.05%	72.26%
Return on Equity (ROE)	17.83%	13.52%	18.47%	26.01%	32.42%	37.15%	19%	4.23%	21.58%	36.98%
Return on Assets (ROA)	4.56%	3.26%	4.41%	6.13%	7.82%	9.59%	4.96%	0.98%	4.76%	8.72%
Equity / Assets	24.45%	23.8%	23.99%	23.24%	24.9%	26.58%	25.63%	21.06%	22.86%	24.2%
Book Value / Share	12.37	13.6	15.85	18.45	23.29	29	31.05	27.07	34.51	43.54
Debt / Equity	0.37x	0.40x	0.36x	0.41x	0.36x	0.32x	0.27x	0.40x	0.34x	0.27x
Revenue Growth	7.51%	12.41%	14.51%	19.16%	22.04%	9.33%	11.82%	4.01%	25.2%	21.36%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Personal Lines	-	19.19B	21.95B	26.03B	30.21B	32.62B	-	37.88B	46.21B	60.98B
Personal Lines Growth	-	-	14.38%	18.62%	16.04%	7.98%	-	-	22.00%	31.96%
Commercial Lines	-	2.42B	2.79B	3.61B	4.43B	4.88B	-	9.09B	9.9B	10.88B
Commercial Lines Growth	-	-	15.39%	29.24%	22.62%	10.12%	-	-	8.92%	9.89%
Property	-	864.5M	988.8M	1.29B	1.55B	1.77B	-	2.27B	2.55B	-
Property Growth	-	-	14.38%	30.23%	20.74%	13.56%	-	-	12.40%	-
Direct Channel	-	-	-	-	-	-	18.49B	-	-	-
Direct Channel Growth	-	-	-	-	-	-	-	-	-	-
Agency Channel	-	-	-	-	-	-	16.88B	-	-	-
Agency Channel Growth	-	-	-	-	-	-	-	-	-	-
Property and Casualty, Commercial Insurance Product Line	2B	-	-	-	-	-	-	-	-	-
Property and Casualty, Commercial Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line	609.1M	-	-	-	-	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-
Other Indemnity	400K	-	-	-	-	-	-	-	-	-
Other Indemnity Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

The Progressive Corporation (PGR) has a price-to-earnings (P/E) ratio of 14.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

The Progressive Corporation (PGR) grew revenue by 21.4% over the past year. This is strong growth.

Yes, The Progressive Corporation (PGR) is profitable, generating $10.43B in net income for fiscal year 2024 (11.3% net margin).

Dividend & Returns

Yes, The Progressive Corporation (PGR) pays a dividend with a yield of 0.56%. This makes it attractive for income-focused investors.

The Progressive Corporation (PGR) has a return on equity (ROE) of 37.0%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

The Progressive Corporation (PGR) has a combined ratio of 85.8%. A ratio below 100% indicates underwriting profitability.

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