The Progressive Corporation (PGR) Financial Ratios
30 years of historical data (1995–2024) · Financial Services · Insurance - Property & Casualty
EV/EBITDA
↑
11.15
↓-54% vs avg
5yr avg: 24.51
30Y Low7.1·High77.2
P/FCF
↑
7.81
↓-17% vs avg
5yr avg: 9.36
30Y Low5.9·High28.5
P/B Ratio
↑
4.54
+5% vs avg
5yr avg: 4.33
30Y Low2.0·High5.5
ROE
↓
37.0%
↓+55% vs avg
5yr avg: 23.8%
30Y Low-2%·High37%
Debt/EBITDA
↓
0.63
↓-65% vs avg
5yr avg: 1.79
30Y Low0.5·High6.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PGR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Progressive Corporation trades at 13.7x earnings, 62% below its 5-year average of 35.8x, sitting at the 34th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.3x. On a free-cash-flow basis, the stock trades at 7.8x P/FCF, 17% below the 5-year average of 9.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $115.9B | $140.8B | $93.6B | $76.2B | $60.3B | $58.1B | $42.5B | $35.4B | $33.0B | $20.8B | $18.7B |
| Enterprise Value | $122.6B | $147.6B | $100.4B | $82.3B | $65.0B | $63.4B | $47.2B | $39.7B | $36.0B | $23.7B | $21.2B |
| P/E Ratio → | 13.73 | 16.64 | 24.21 | 109.92 | 18.14 | 10.24 | 10.77 | 13.53 | 20.71 | 20.17 | 14.79 |
| P/S Ratio | 1.54 | 1.87 | 1.51 | 1.54 | 1.26 | 1.36 | 1.09 | 1.11 | 1.23 | 0.89 | 0.90 |
| P/B Ratio | 4.54 | 5.50 | 4.61 | 4.79 | 3.31 | 3.41 | 3.11 | 3.27 | 3.55 | 2.61 | 2.57 |
| P/FCF | 7.81 | 9.49 | 9.01 | 11.61 | 8.02 | 8.70 | 7.21 | 5.88 | 9.16 | 8.35 | 8.67 |
| P/OCF | 7.67 | 9.31 | 8.79 | 11.12 | 7.76 | 8.41 | 6.79 | 5.63 | 8.78 | 7.69 | 8.17 |
P/E links to full P/E history page with 30-year chart
PGR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Progressive Corporation's enterprise value stands at 11.2x EBITDA, 54% below its 5-year average of 24.5x. This is roughly in line with the Financial Services sector median of 11.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.96 | 1.62 | 1.66 | 1.36 | 1.49 | 1.21 | 1.24 | 1.34 | 1.01 | 1.02 |
| EV / EBITDA | 11.15 | 13.42 | 19.34 | 67.05 | 14.29 | 8.45 | 8.63 | 11.60 | 15.17 | 14.19 | 10.29 |
| EV / EBIT | 11.45 | 13.43 | 19.41 | 70.62 | 14.67 | 8.58 | 8.82 | 11.93 | 15.72 | 14.71 | 10.36 |
| EV / FCF | — | 9.95 | 9.66 | 12.56 | 8.64 | 9.49 | 8.00 | 6.60 | 10.00 | 9.53 | 9.81 |
PGR Profitability
Margins and return-on-capital ratios measuring operating efficiency
The Progressive Corporation earns an operating margin of 14.2%, below the Financial Services sector average of 21.4%. Operating margins have expanded from 1.9% to 14.2% over the past 3 years, signaling improving operational efficiency. Return on equity of 37.0% is exceptionally high — well above the sector median of 9.5%. ROIC of 27.0% represents excellent returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.7% | 27.7% | 18.9% | 15.2% | 21.7% | 33.4% | 26.9% | 24.0% | 21.9% | 20.0% | 23.2% |
| Operating Margin | 14.2% | 14.2% | 7.9% | 1.9% | 8.8% | 16.8% | 13.2% | 9.9% | 8.0% | 6.3% | 9.2% |
| Net Profit Margin | 11.3% | 11.3% | 6.3% | 1.5% | 7.0% | 13.4% | 10.2% | 8.2% | 5.9% | 4.4% | 6.1% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.0% | 37.0% | 21.6% | 4.2% | 19.0% | 37.1% | 32.4% | 26.0% | 18.5% | 13.5% | 17.8% |
| ROA | 8.7% | 8.7% | 4.8% | 1.0% | 5.0% | 9.6% | 7.8% | 6.1% | 4.4% | 3.3% | 4.6% |
| ROIC | 27.0% | 27.0% | 15.0% | 3.1% | 13.9% | 26.4% | 23.1% | 17.3% | 13.8% | 10.7% | 15.3% |
| ROCE | 11.0% | 11.0% | 6.0% | 1.4% | 6.8% | 13.2% | 11.4% | 8.7% | 6.8% | 5.0% | 7.4% |
PGR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The Progressive Corporation carries a Debt/EBITDA ratio of 0.6x, which is very conservative (85% below the sector average of 4.1x). Net debt stands at $6.8B ($6.9B total debt minus $143M cash). Interest coverage of 38.4x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.27 | 0.34 | 0.40 | 0.27 | 0.32 | 0.36 | 0.41 | 0.36 | 0.40 | 0.37 |
| Debt / EBITDA | 0.63 | 0.63 | 1.33 | 5.20 | 1.08 | 0.72 | 0.90 | 1.29 | 1.39 | 1.88 | 1.31 |
| Net Debt / Equity | — | 0.26 | 0.34 | 0.39 | 0.26 | 0.31 | 0.34 | 0.40 | 0.33 | 0.37 | 0.34 |
| Net Debt / EBITDA | 0.61 | 0.61 | 1.31 | 5.04 | 1.04 | 0.71 | 0.86 | 1.27 | 1.28 | 1.76 | 1.20 |
| Debt / FCF | — | 0.46 | 0.65 | 0.94 | 0.63 | 0.80 | 0.79 | 0.72 | 0.84 | 1.18 | 1.15 |
| Interest Coverage | 38.40 | 38.40 | 18.30 | 3.78 | 19.26 | 33.06 | 27.20 | 19.00 | 13.97 | 10.44 | 14.06 |
PGR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | 11.98 | 9.86 | 11.03 | 9.12 | 6.63 | 4.29 | 9.90 | 10.60 |
| Quick Ratio | — | — | — | 11.98 | 9.86 | 11.03 | 9.12 | 6.63 | 4.29 | 9.90 | 10.60 |
| Cash Ratio | 8.99 | — | — | 8.99 | 7.42 | 8.50 | 6.87 | 5.41 | 3.46 | 8.03 | 8.57 |
| Asset Turnover | — | 0.71 | 0.70 | 0.66 | 0.67 | 0.67 | 0.71 | 0.69 | 0.69 | 0.70 | 0.70 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
PGR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Progressive Corporation returns 1.1% to shareholders annually — split between a 0.6% dividend yield and 0.5% buyback yield. The payout ratio of 7.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.5% | 0.3% | 0.3% | 6.2% | 2.7% | 3.9% | 1.9% | 1.2% | 2.5% | 2.2% |
| Payout Ratio | 7.9% | 7.9% | 6.0% | 32.4% | 111.8% | 27.2% | 41.4% | 25.0% | 24.8% | 50.3% | 31.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 6.0% | 4.1% | 0.9% | 5.5% | 9.8% | 9.3% | 7.4% | 4.8% | 5.0% | 6.8% |
| FCF Yield | 12.8% | 10.5% | 11.1% | 8.6% | 12.5% | 11.5% | 13.9% | 17.0% | 10.9% | 12.0% | 11.5% |
| Buyback Yield | 0.5% | 0.5% | 0.2% | 0.1% | 0.4% | 0.2% | 0.2% | 0.2% | 0.2% | 0.9% | 1.1% |
| Total Shareholder Yield | 1.1% | 0.9% | 0.4% | 0.4% | 6.6% | 2.9% | 4.1% | 2.1% | 1.4% | 3.4% | 3.3% |
| Shares Outstanding | — | $588M | $588M | $587M | $587M | $588M | $587M | $587M | $586M | $585M | $589M |
Peer Comparison
Compare PGR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PGRYou | $116B | 13.7 | 11.2 | 7.8 | 27.7% | 14.2% | 37.0% | 27.0% | 0.6 |
 ALL | $56B | 5.7 | 4.6 | 5.7 | 33.2% | 19.8% | 39.6% | 29.8% | 0.5 |
 TRV | $65B | 11.0 | 8.7 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
 HIG | $37B | 10.1 | 8.0 | 6.4 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
 ERIE | $10B | 20.8 | 12.4 | 17.9 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 KMPR | $2B | 6.7 | 7.5 | 6.0 | 12.7% | 8.4% | 12.0% | 7.3% | 3.1 |
 MKL | $22B | 10.4 | 7.6 | 8.6 | 69.4% | 16.5% | 11.5% | 10.7% | 1.5 |
 WRB | $25B | 14.9 | 10.9 | 7.2 | 19.8% | 15.9% | 19.6% | 18.2% | 1.2 |
 CNA | $12B | 9.5 | 8.8 | 5.0 | 30.7% | 11.0% | 11.5% | 8.8% | 1.9 |
 SIGI | $5B | 11.0 | 9.4 | 4.0 | 40.9% | 11.0% | 13.9% | 10.9% | 1.4 |
 CINF | $25B | 10.6 | 7.8 | 8.1 | 50.1% | 23.6% | 16.0% | 15.3% | 0.3 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonPGR — Frequently Asked Questions
Quick answers to the most common questions about buying PGR stock.
What is The Progressive Corporation's P/E ratio?
The Progressive Corporation's current P/E ratio is 13.7x. The historical average is 24.6x. This places it at the 34th percentile of its historical range.
What is The Progressive Corporation's EV/EBITDA?
The Progressive Corporation's current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.0x.
What is The Progressive Corporation's ROE?
The Progressive Corporation's return on equity (ROE) is 37.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.7%.
Is PGR stock overvalued?
Based on historical data, The Progressive Corporation is trading at a P/E of 13.7x. This is at the 34th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is The Progressive Corporation's dividend yield?
The Progressive Corporation's current dividend yield is 0.58% with a payout ratio of 7.9%.
What are The Progressive Corporation's profit margins?
The Progressive Corporation has 27.7% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does The Progressive Corporation have?
The Progressive Corporation's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.