PROG Holdings, Inc. (PRG) 10-Year Financial Performance & Capital Metrics

PRG • • Industrial / General

IndustrialsRental & LeasingConsumer Lease-to-Own ServicesOmnichannel Lease-Purchase Solutions

AboutPROG Holdings, Inc. operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. It operates in two segments, Progressive Leasing and Vive. The Progressive Leasing segment offers lease-purchase solutions to customers for various merchandize in the furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, and automobile electronics and accessories markets through point-of-sale and e-commerce retail partners, as well in-store, mobile, and online solutions. The Vive segment provides second-look and revolving credit products to customers that may not qualify for traditional prime lending through private label and Vive-branded credit cards. It offers lease-purchase solutions through approximately 24,000 third-party point-of-sale partner locations and e-commerce websites in 49 states and the District of Columbia. The company was formerly known as Aaron's Holdings Company, Inc. and changed its name to PROG Holdings, Inc. in December 2020. PROG Holdings, Inc. was founded in 1955 and is based in Draper, Utah.Show more

Revenue $2.46B +2.3%
EBITDA $1.84B +0.5%
Net Income $197M +42.1%
EPS (Diluted) 4.53 +52.0%
Gross Margin 100% +189.5%
EBITDA Margin 74.81% -1.8%
Operating Margin 7.91% -15.6%
Net Margin 8.01% +38.9%
ROE 31.77% +32.9%
ROIC 12.97% -19.7%
Debt/Equity 1.01 -2.0%
Interest Coverage 5.02 -34.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.8%
✓Strong 5Y profit CAGR of 44.4%
✓Share count reduced 6.4% through buybacks
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1%

5Y2.63%

3Y-2.74%

TTM3.71%

Profit (Net Income) CAGR

10Y9.69%

5Y44.35%

3Y-6.79%

TTM3.53%

EPS CAGR

10Y15.42%

5Y57.33%

3Y7.27%

TTM9.14%

ROCE

10Y Avg12.86%

5Y Avg16.3%

3Y Avg14.79%

Latest14.58%

Peer Comparison

Omnichannel Lease-Purchase Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRGPROG Holdings, Inc.	1.27B	32.11	7.09	2.29%	6.54%	23.29%	10.25%	1.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.18B	3.21B	3.38B	3.83B	2.16B	2.48B	2.68B	2.6B	2.41B	2.46B
Revenue Growth %	0.17%	0.01%	0.05%	0.13%	-0.44%	0.15%	0.08%	-0.03%	-0.07%	0.02%
Cost of Goods Sold+	372.82M	295.19M	258.93M	194M	1.45B	1.69B	1.82B	0	1.58B	0
COGS % of Revenue	0.12%	0.09%	0.08%	0.05%	0.67%	0.68%	0.68%	-	0.65%	-
Gross Profit+	2.81B	2.91B	3.12B	3.63B	718.15M	793.67M	857.91M	2.6B	831.96M	2.46B
Gross Margin %	0.88%	0.91%	0.92%	0.95%	0.33%	0.32%	0.32%	1%	0.35%	1%
Gross Profit Growth %	0.18%	0.04%	0.07%	0.16%	-0.8%	0.11%	0.08%	2.03%	-0.68%	1.96%
Operating Expenses+	2.57B	2.66B	2.85B	3.35B	690.54M	521.91M	524.38M	2.41B	606.33M	2.27B
OpEx % of Revenue	0.81%	0.83%	0.84%	0.87%	0.32%	0.21%	0.2%	0.93%	0.25%	0.92%
Selling, General & Admin	867.82M	860.65M	1.25B	1.62B	11.23M	373.43M	396.8M	326.17M	438.55M	324.44M
SG&A % of Revenue	0.27%	0.27%	0.37%	0.42%	0.01%	0.15%	0.15%	0.13%	0.18%	0.13%
Research & Development	7.4M	9.2M	11.5M	600K	2.9M	3.4M	4.9M	0	5.4M	0
R&D % of Revenue	0%	0%	0%	0%	0%	0%	0%	-	0%	-
Other Operating Expenses	-2.99M	2.88M	4.12M	796K	676.41M	145.09M	122.68M	2.09B	162.38M	1.94B
Operating Income+	235.94M	242.68M	254.7M	289.61M	27.61M	271.76M	333.53M	185.65M	225.63M	194.9M
Operating Margin %	0.07%	0.08%	0.08%	0.08%	0.01%	0.11%	0.12%	0.07%	0.09%	0.08%
Operating Income Growth %	0.69%	0.03%	0.05%	0.14%	-0.9%	8.84%	0.23%	-0.44%	0.22%	-0.14%
EBITDA+	1.45B	325.05M	337.27M	383.76M	129.77M	362.18M	361.88M	1.98B	1.83B	1.84B
EBITDA Margin %	0.46%	0.1%	0.1%	0.1%	0.06%	0.15%	0.14%	0.76%	0.76%	0.75%
EBITDA Growth %	0.35%	-0.78%	0.04%	0.14%	-0.66%	1.79%	-0%	4.46%	-0.07%	0%
D&A (Non-Cash Add-back)	1.21B	82.38M	82.57M	94.15M	102.16M	90.41M	28.36M	1.79B	1.61B	1.65B
EBIT	236.46M	241.81M	260.12M	156.8M	356.13M	420.25M	461.11M	186.92M	225.63M	202.42M
Net Interest Income+	-21.15M	-20.69M	-18.7M	454K	1.79M	-187K	-16.86M	-37.4M	-29.41M	-42.33M
Interest Income	2.19M	2.7M	1.83M	454K	1.79M	0	0	0	0	-3.52M
Interest Expense	23.34M	23.39M	20.54M	0	0	187K	16.86M	37.4M	29.41M	38.82M
Other Income/Expense	-22.82M	-24.25M	-15.12M	0	0	-187K	-5.32M	-37.4M	-29.41M	-31.29M
Pretax Income+	213.12M	218.42M	239.58M	252.2M	27.61M	271.58M	328.2M	148.24M	196.22M	163.61M
Pretax Margin %	0.07%	0.07%	0.07%	0.07%	0.01%	0.11%	0.12%	0.06%	0.08%	0.07%
Income Tax+	77.41M	79.14M	-52.96M	55.99M	52.23M	37.95M	84.65M	49.53M	57.38M	-33.64M
Effective Tax Rate %	0.64%	0.64%	1.22%	0.78%	1.14%	-0.23%	0.74%	0.67%	0.71%	1.21%
Net Income+	135.71M	139.28M	292.54M	196.21M	31.47M	-61.47M	243.56M	98.71M	138.84M	197.25M
Net Margin %	0.04%	0.04%	0.09%	0.05%	0.01%	-0.02%	0.09%	0.04%	0.06%	0.08%
Net Income Growth %	0.73%	0.03%	1.1%	-0.33%	-0.84%	-2.95%	4.96%	-0.59%	0.41%	0.42%
Net Income (Continuing)	135.71M	139.28M	292.54M	196.21M	-24.61M	233.63M	243.56M	98.71M	138.84M	197.25M
Discontinued Operations	0	0	0	0	56.09M	-295.09M	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.86	1.91	4.06	2.78	0.47	-0.91	3.67	1.90	2.98	4.53
EPS Growth %	0.72%	0.03%	1.13%	-0.32%	-0.83%	-2.94%	5.03%	-0.48%	0.57%	0.52%
EPS (Basic)	1.87	1.93	4.13	2.84	0.47	-0.91	3.69	1.90	3.02	4.63
Diluted Shares Outstanding	73.04M	73.01M	72.12M	70.6M	67.32M	67.26M	66.03M	51.92M	46.55M	43.55M
Basic Shares Outstanding	72.57M	72.35M	70.84M	69.13M	67.32M	67.26M	66.03M	51.92M	46.03M	42.58M
Dividend Payout Ratio	0.05%	0.05%	0.03%	0.03%	0.3%	-	-	-	-	0.1%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.6B	1.58B	1.57B	1.6B	851.91M	787.31M	1.07B	975.41M	983.54M	1.07B
Cash & Short-Term Investments	14.94M	308.56M	51.04M	15.28M	57.76M	36.65M	170.16M	131.88M	155.42M	95.66M
Cash Only	14.94M	308.56M	51.04M	15.28M	57.76M	36.65M	170.16M	131.88M	155.42M	95.66M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	199.23M	180.58M	186M	174.31M	142.33M	140.4M	185.59M	195.49M	194.7M	237.85M
Days Sales Outstanding	22.87	20.55	20.06	16.62	24.02	20.63	25.3	27.47	29.51	35.24
Inventory	1.14B	999.38M	1.15B	1.32B	651.82M	610.26M	714.05M	648.04M	633.43M	680.24M
Days Inventory Outstanding	1.12K	1.24K	1.62K	2.48K	164.64	131.73	143.2	-	146.67	-
Other Current Assets	271.94M	105.55M	196.25M	111.89M	0	0	0	0	0	0
Total Non-Current Assets+	1.06B	1.03B	1.12B	1.22B	2.45B	530.09M	551.96M	516.5M	507.71M	438.95M
Property, Plant & Equipment	225.84M	211.27M	207.69M	229.49M	54.64M	47.32M	43.14M	35.73M	33.38M	25.48M
Fixed Asset Turnover	14.08x	15.18x	16.29x	16.68x	39.59x	52.51x	62.08x	72.71x	72.16x	96.69x
Goodwill	539.48M	526.72M	622.95M	733.17M	288.8M	288.8M	306.21M	296.06M	296.06M	296.06M
Intangible Assets	275.91M	247.67M	235.55M	228.6M	176.56M	154.42M	137.31M	114.41M	91.66M	73.78M
Long-Term Investments	22.23M	20.52M	20.39M	29.15M	17.61M	0	14.35M	18.86M	32.92M	10.64M
Other Non-Current Assets	56.16M	18.88M	26.55M	-4.99M	1.91B	39.55M	48.2M	48.48M	50.71M	6.52M
Total Assets+	2.66B	2.62B	2.69B	2.83B	3.3B	1.32B	1.62B	1.49B	1.49B	1.51B
Asset Turnover	1.20x	1.23x	1.26x	1.35x	0.66x	1.89x	1.65x	1.74x	1.61x	1.63x
Asset Growth %	0.08%	-0.02%	0.03%	0.05%	0.17%	-0.6%	0.23%	-0.08%	-0%	0.02%
Total Current Liabilities+	425.4M	474.85M	440.15M	430.24M	233.62M	78.25M	135.95M	135.03M	151.26M	180.91M
Accounts Payable	98.66M	71.94M	80.82M	88.37M	12.5M	8.63M	13.74M	14.39M	20.24M	13.12M
Days Payables Outstanding	96.59	88.96	113.93	166.26	3.16	1.86	2.76	-	4.69	-
Short-Term Debt	156.24M	146.51M	97.19M	83.78M	0	0	0	0	0	46.8M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	1000K
Other Current Liabilities	-209.65M	201.68M	202.13M	179.63M	208.53M	33.32M	93.57M	88.67M	91.17M	0
Current Ratio	3.75x	3.34x	3.56x	3.72x	3.65x	10.06x	7.87x	7.22x	6.50x	5.94x
Quick Ratio	1.07x	1.23x	0.94x	0.66x	0.86x	2.26x	2.62x	2.42x	2.31x	2.18x
Cash Conversion Cycle	1.04K	1.17K	1.53K	2.33K	185.5	150.49	165.74	-	171.5	-
Total Non-Current Liabilities+	866.86M	659.29M	524.11M	635.74M	1.33B	253.02M	806.4M	786.42M	748.66M	682.58M
Long-Term Debt	450.51M	347.56M	271.61M	335.81M	0	20.48M	564.24M	569.84M	592.26M	596.76M
Capital Lease Obligations	0	0	0	0	33.9M	59.03M	50.82M	42.24M	15.85M	11.5M
Deferred Tax Liabilities	307.48M	276.12M	222.59M	267.5M	100.29M	126.94M	146.26M	137.26M	104.84M	74.32M
Other Non-Current Liabilities	225.47M	212.7M	68.06M	85.74M	1.19B	46.56M	45.07M	37.07M	35.71M	0
Total Liabilities	1.29B	1.13B	959.1M	1.07B	1.56B	331.27M	942.35M	921.45M	899.92M	863.49M
Total Debt+	610.45M	497.83M	368.8M	424.75M	33.9M	79.52M	615.06M	612.09M	608.11M	655.06M
Net Debt	595.51M	189.27M	317.76M	409.47M	-23.85M	42.87M	444.9M	480.21M	452.7M	559.4M
Debt / Equity	0.45x	0.34x	0.21x	0.24x	0.02x	0.08x	0.91x	1.07x	1.03x	1.01x
Debt / EBITDA	0.42x	1.53x	1.09x	1.11x	0.26x	0.22x	1.70x	0.31x	0.33x	0.36x
Net Debt / EBITDA	0.41x	0.58x	0.94x	1.07x	-0.18x	0.12x	1.23x	0.24x	0.25x	0.30x
Interest Coverage	10.11x	10.38x	12.40x	-	-	1453.28x	19.78x	4.96x	7.67x	5.02x
Total Equity+	1.37B	1.48B	1.73B	1.76B	1.74B	986.14M	679.41M	570.46M	591.33M	650.28M
Equity Growth %	0.12%	0.08%	0.17%	0.02%	-0.01%	-0.43%	-0.31%	-0.16%	0.04%	0.1%
Book Value per Share	18.71	20.29	23.96	24.94	25.81	14.66	10.29	10.99	12.70	14.93
Total Shareholders' Equity	1.37B	1.48B	1.73B	1.76B	1.74B	986.14M	679.41M	570.46M	591.33M	650.28M
Common Stock	45.38M	45.38M	45.38M	45.38M	45.38M	45.38M	41.04M	41.04M	41.04M	41.04M
Retained Earnings	1.4B	1.53B	1.82B	2.01B	2.03B	1.24B	1.06B	1.15B	1.29B	1.47B
Treasury Stock	-321.47M	-352.74M	-407.71M	-567.85M	-627.94M	-613.88M	-749.4M	-963.63M	-1.1B	-1.22B
Accumulated OCI	-517K	-531K	774K	-1.09M	-19K	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	166.76M	465.44M	158.08M	356.5M	317.19M	455.96M	245.96M	242.48M	204.24M	138.53M
Operating CF Margin %	0.05%	0.15%	0.05%	0.09%	0.15%	0.18%	0.09%	0.09%	0.08%	0.06%
Operating CF Growth %	4.41%	1.79%	-0.66%	1.26%	-0.11%	0.44%	-0.46%	-0.01%	-0.16%	-0.32%
Net Income	135.71M	139.28M	292.54M	196.21M	31.47M	233.63M	243.56M	98.71M	138.84M	197.25M
Depreciation & Amortization	80.2M	82.38M	82.57M	94.15M	105.06M	1.78B	33.26M	33.85M	32.03M	26.98M
Stock-Based Compensation	14.16M	21.47M	27.4M	28.18M	26.55M	0	21.35M	17.52M	24.92M	29.18M
Deferred Taxes	38.97M	-35.16M	-59.2M	48.36M	49.97M	-141.41M	15.73M	-9.2M	-32.45M	-107.47M
Other Non-Cash Items	1.38B	1.48B	1.67B	2.03B	2.45B	1.08B	2.06B	2.18B	1.91B	2.01B
Working Capital Changes	-1.48B	-1.22B	-1.85B	-2.05B	-2.35B	-2.5B	-2.12B	-2.07B	-1.87B	-2.01B
Change in Receivables	-173.16M	-149.83M	-208.95M	-270.89M	-331.64M	-233.09M	-229.7M	-374.51M	-307.98M	-342.95M
Change in Inventory	-1.26B	-1.18B	-1.56B	-1.84B	-2.08B	-2.03B	-1.92B	-1.69B	-1.56B	-1.67B
Change in Payables	25.46M	-51.64M	-2.74M	-20.37M	20.18M	39.66M	70.82M	2.23M	15.2M	-8.49M
Cash from Investing+	-108.85M	-20.08M	-204.33M	-263.13M	-106.28M	-114.53M	-82.17M	-53.53M	-38.83M	-79.17M
Capital Expenditures	-60.56M	-57.45M	-57.97M	-78.84M	-92.96M	-64.34M	-9.55M	-9.67M	-9.62M	-8.32M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.04%	0.03%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.03M	11.23M	-18.31M	-7.59M	-17.14M	-43.24M	-49.84M	-43.87M	-29.58M	-70.85M
Cash from Financing+	-46.52M	-151.87M	-211.35M	-128.97M	-168.55M	-362.55M	-30.28M	-227.22M	-141.87M	-119.12M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.82M	-7.42M	-7.96M	-6.24M	-9.44M	-13.78M	0	0	0	-20.39M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	961K	-2.04M	-5.85M	-9.91M	-5.33M	-65.88M	-1.12M	-3.35M	-2.29M	-10.07M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	106.2M	407.99M	100.11M	277.65M	224.22M	391.62M	236.41M	232.81M	194.62M	130.21M
FCF Margin %	0.03%	0.13%	0.03%	0.07%	0.1%	0.16%	0.09%	0.09%	0.08%	0.05%
FCF Growth %	2.1%	2.84%	-0.75%	1.77%	-0.19%	0.75%	-0.4%	-0.02%	-0.16%	-0.33%
FCF per Share	1.45	5.59	1.39	3.93	3.33	5.82	3.58	4.48	4.18	2.99
FCF Conversion (FCF/Net Income)	1.23x	3.34x	0.54x	1.82x	10.08x	-7.42x	1.01x	2.46x	1.47x	0.70x
Interest Paid	23.41M	0	20.49M	0	0	0	1.45M	35.71M	0	0
Taxes Paid	91.72M	0	98.3M	0	0	0	53.6M	62.17M	100.43M	49.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.48%	9.78%	18.23%	11.25%	1.8%	-4.51%	29.25%	15.8%	23.9%	31.77%
Return on Invested Capital (ROIC)	9.35%	10.02%	10.28%	10.3%	1.07%	14.86%	23.23%	12.8%	16.16%	12.97%
Gross Margin	88.28%	90.8%	92.35%	94.93%	33.2%	31.94%	32.04%	100%	34.55%	100%
Net Margin	4.27%	4.34%	8.65%	5.12%	1.45%	-2.47%	9.1%	3.8%	5.77%	8.01%
Debt / Equity	0.45x	0.34x	0.21x	0.24x	0.02x	0.08x	0.91x	1.07x	1.03x	1.01x
Interest Coverage	10.11x	10.38x	12.40x	-	-	1453.28x	19.78x	4.96x	7.67x	5.02x
FCF Conversion	1.23x	3.34x	0.54x	1.82x	10.08x	-7.42x	1.01x	2.46x	1.47x	0.70x
Revenue Growth	16.68%	0.88%	5.49%	13.16%	-43.5%	14.86%	7.78%	-2.99%	-7.3%	2.29%

Revenue by Segment

	2020	2021	2022	2023	2024
Lease Revenues and Fees	2.44B	-	-	2.33B	2.37B
Lease Revenues and Fees Growth	-	-	-	-	1.41%
Interest And Fees On Loans Receivable	-	-	-	74.68M	97.01M
Interest And Fees On Loans Receivable Growth	-	-	-	-	29.90%
Progressive Leasing	-	2.62B	2.52B	-	-
Progressive Leasing Growth	-	-	-3.64%	-	-
Others	-	453K	3.13M	-	-
Others Growth	-	-	590.95%	-	-
Vive Financial, LLC	-	58.46M	-	-	-
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Interest and Fees on Loans Receivable	41.19M	-	-	-	-
Interest and Fees on Loans Receivable Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

PROG Holdings, Inc. (PRG) has a price-to-earnings (P/E) ratio of 7.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

PROG Holdings, Inc. (PRG) reported $2.51B in revenue for fiscal year 2024. This represents a 25% increase from $2.01B in 2011.

PROG Holdings, Inc. (PRG) grew revenue by 2.3% over the past year. Growth has been modest.

Yes, PROG Holdings, Inc. (PRG) is profitable, generating $163.9M in net income for fiscal year 2024 (8.0% net margin).

Dividend & Returns

Yes, PROG Holdings, Inc. (PRG) pays a dividend with a yield of 1.46%. This makes it attractive for income-focused investors.

PROG Holdings, Inc. (PRG) has a return on equity (ROE) of 31.8%. This is excellent, indicating efficient use of shareholder capital.

PROG Holdings, Inc. (PRG) generated $295.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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