Latest Ratios: P/E Ratio 11.4x · EV/EBITDA 9.3x · ROE 40.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $132.6B | $133.9B | $140.8B | $93.6B | $76.2B | $60.3B | $58.1B | $42.5B | $35.4B | $33.0B | $20.8B |
| Enterprise Value | $139.4B | $140.7B | $147.6B | $100.4B | $82.3B | $65.0B | $63.4B | $47.2B | $39.7B | $36.0B | $23.7B |
| P/E Ratio → | 11.41 | 11.84 | 16.64 | 24.21 | 109.92 | 18.14 | 10.24 | 10.77 | 13.53 | 20.71 | 20.17 |
| P/S Ratio | 1.45 | 1.53 | 1.87 | 1.51 | 1.54 | 1.26 | 1.36 | 1.09 | 1.11 | 1.23 | 0.89 |
| P/B Ratio | 4.42 | 4.42 | 5.50 | 4.61 | 4.79 | 3.31 | 3.41 | 3.11 | 3.27 | 3.55 | 2.61 |
| P/FCF | 8.71 | 7.79 | 9.49 | 9.01 | 11.61 | 8.02 | 8.70 | 7.21 | 5.88 | 9.16 | 8.35 |
| P/OCF | 7.56 | 7.63 | 9.31 | 8.79 | 11.12 | 7.76 | 8.41 | 6.79 | 5.63 | 8.78 | 7.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.61 | 1.96 | 1.62 | 1.66 | 1.36 | 1.49 | 1.21 | 1.24 | 1.34 | 1.01 |
| EV / EBITDA | 9.28 | 9.68 | 13.42 | 19.34 | 67.05 | 14.29 | 8.45 | 8.63 | 11.60 | 15.17 | 14.19 |
| EV / EBIT | 9.80 | 9.70 | 13.43 | 19.41 | 70.62 | 14.67 | 8.58 | 8.82 | 11.93 | 15.72 | 14.71 |
| EV / FCF | — | 8.18 | 9.95 | 9.66 | 12.56 | 8.64 | 9.49 | 8.00 | 6.60 | 10.00 | 9.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.5% | 29.5% | 27.7% | 18.9% | 15.2% | 21.7% | 33.4% | 26.9% | 24.0% | 21.9% | 20.0% |
| Operating Margin | 16.2% | 16.2% | 14.2% | 7.9% | 1.9% | 8.8% | 16.8% | 13.2% | 9.9% | 8.0% | 6.3% |
| Net Profit Margin | 12.9% | 12.9% | 11.3% | 6.3% | 1.5% | 7.0% | 13.4% | 10.2% | 8.2% | 5.9% | 4.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.4% | 40.4% | 37.0% | 21.6% | 4.2% | 19.0% | 37.1% | 32.4% | 26.0% | 18.5% | 13.5% |
| ROA | 9.9% | 9.9% | 8.7% | 4.8% | 1.0% | 5.0% | 9.6% | 7.8% | 6.1% | 4.4% | 3.3% |
| ROIC | 30.7% | 30.7% | 27.0% | 15.0% | 3.1% | 13.9% | 26.4% | 23.1% | 17.3% | 13.8% | 10.7% |
| ROCE | 29.2% | 29.2% | 27.8% | 9.4% | 1.4% | 6.8% | 13.2% | 11.4% | 8.7% | 6.8% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.27 | 0.34 | 0.40 | 0.27 | 0.32 | 0.36 | 0.41 | 0.36 | 0.40 |
| Debt / EBITDA | 0.47 | 0.47 | 0.63 | 1.33 | 5.20 | 1.08 | 0.72 | 0.90 | 1.29 | 1.39 | 1.88 |
| Net Debt / Equity | — | 0.22 | 0.26 | 0.34 | 0.39 | 0.26 | 0.31 | 0.34 | 0.40 | 0.33 | 0.37 |
| Net Debt / EBITDA | 0.47 | 0.47 | 0.61 | 1.31 | 5.04 | 1.04 | 0.71 | 0.86 | 1.27 | 1.28 | 1.76 |
| Debt / FCF | — | 0.39 | 0.46 | 0.65 | 0.94 | 0.63 | 0.80 | 0.79 | 0.72 | 0.84 | 1.18 |
| Interest Coverage | 52.16 | 52.16 | 39.40 | 19.30 | 4.78 | 20.26 | 34.06 | 28.20 | 20.00 | 14.97 | 11.44 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.59 | 0.59 | 0.37 | 1.46 | 11.98 | 9.86 | 11.03 | 9.12 | 6.63 | 4.29 | 9.90 |
| Quick Ratio | 0.59 | 0.59 | 0.37 | 1.46 | 11.98 | 9.86 | 11.03 | 9.12 | 6.63 | 4.29 | 9.90 |
| Cash Ratio | 0.29 | 0.29 | 1.21 | 1.14 | 8.99 | 7.42 | 8.50 | 6.87 | 5.41 | 3.46 | 8.03 |
| Asset Turnover | — | 0.71 | 0.71 | 0.70 | 0.66 | 0.67 | 0.67 | 0.71 | 0.69 | 0.69 | 0.70 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 2.1% | 0.5% | 0.3% | 0.3% | 6.2% | 2.7% | 3.9% | 1.9% | 1.2% | 2.5% |
| Payout Ratio | 25.4% | 25.4% | 7.9% | 6.0% | 32.4% | 111.8% | 27.2% | 41.4% | 25.0% | 24.8% | 50.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 8.4% | 6.0% | 4.1% | 0.9% | 5.5% | 9.8% | 9.3% | 7.4% | 4.8% | 5.0% |
| FCF Yield | 11.5% | 12.8% | 10.5% | 11.1% | 8.6% | 12.5% | 11.5% | 13.9% | 17.0% | 10.9% | 12.0% |
| Buyback Yield | 0.1% | 0.1% | 0.5% | 0.2% | 0.1% | 0.4% | 0.2% | 0.2% | 0.2% | 0.2% | 0.9% |
| Total Shareholder Yield | 2.3% | 2.3% | 0.9% | 0.4% | 0.4% | 6.6% | 2.9% | 4.1% | 2.1% | 1.4% | 3.4% |
| Shares Outstanding | — | $588M | $588M | $588M | $587M | $587M | $588M | $587M | $587M | $586M | $585M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PGR stock.
The Progressive Corporation's current P/E ratio is 11.4x. The historical average is 24.5x. This places it at the 10th percentile of its historical range.
The Progressive Corporation's current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
The Progressive Corporation's return on equity (ROE) is 40.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.4%.
Based on historical data, The Progressive Corporation is trading at a P/E of 11.4x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Progressive Corporation's current dividend yield is 2.14% with a payout ratio of 25.4%.
The Progressive Corporation has 29.5% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
The Progressive Corporation's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Combined ratio drift and reserve development
Metrics are mathematically derived from official filings.
Premium Multiple Tied to Underwriting Consistency
Based on reported figures, PGR trades at 4.42 times book value and 11.41 times trailing earnings, a premium to the tightly clustered 2.0 to 2.7 times P/B of Allstate, Hartford and Travelers that suggests investors are paying for compounding rather than current earnings power alone.
The P/B of 4.42 sits well above peers, which implies the market is capitalizing sustained ROE well into the double digits rather than valuing the book at a standard run-rate. The trailing P/E of 11.41 is close to Travelers and Hartford, meaning the premium is largely a book-value premium rather than an earnings premium, so the multiple depends on the durability of the equity base expanding alongside float. Investors should monitor whether a normalization in ROE from the recent 9 to 10 percent band would compress this multiple toward peer levels.
Combined Ratio Band Widening Within Target
As reported in financial statements, PGR's combined ratio has moved between 81.9 percent and 85.4 percent across recent quarters, with the 2025Q3 print at 85.2 percent and the 2026Q2 print at 82.2 percent, leaving headroom beneath the company's 96 percent discipline threshold.
The spread between the best and worst quarters reflects the accident-year and catastrophe volatility inherent in personal auto and property lines rather than a structural deterioration. The loss ratio swing from 62.3 percent to 84.2 percent is far wider than the expense ratio movement, which suggests severity and frequency dynamics are doing most of the work. Continued quarterly monitoring of loss ratio versus expense ratio is warranted, since the current margin cushion depends heavily on loss outcomes that remain partly subject to reserve estimation.
ROE Sustained by Underwriting Margin Recovery
Based on PGR's reported figures, quarterly ROE ranged from 6.5 percent in 2024Q2 to 10.3 percent in 2025Q2 and was 7.4 percent in the latest quarter, with underwriting margins of 14.8 to 18.1 percent supporting a double-digit return in stronger periods.
The return profile appears driven primarily by underwriting margin rather than investment income, since investment yield data is not available in the supplied series and cannot be separated out. The latest 7.4 percent ROE, which follows an EPS shortfall, may indicate that the recent earnings compression is linked to loss experience rather than balance sheet leverage. Investors should watch whether underwriting margin recovers toward the 16 to 18 percent band seen in 2025 and early 2026.
Low Debt Load Against Expanding Equity Base
Based on EDBL-style reporting, PGR's debt-to-equity has compressed from 0.30 in 2024Q2 to 0.24 in 2026Q3, while interest coverage improved from roughly 28 times to above 38 times, indicating minimal financing risk relative to its capital base.
The declining leverage ratio alongside rising equity implies that capital generation is outpacing any incremental borrowing, which reduces the chance that financing costs would pressure earnings. Premium-to-surplus underwriting leverage cannot be computed from the supplied data, so the adequacy of the capital cushion against premium volume must be inferred indirectly. Interest coverage above 38 times suggests debt service is not a constraint, though loss reserve adequacy remains the more relevant capital question.
Combined Ratio Misleads Without Reserve Development
The combined ratio most commonly misapplied to PGR is the calendar-year figure, which as reported in financial statements can be flattered by favorable prior-year reserve releases, obscuring the accident-year loss ratio that better reflects current underwriting profitability.
A calendar-year combined ratio of 82 to 85 percent could look more favorable than the underlying accident-year trend if reserve releases on prior accident years are contributing to current results. The supplied data does not separate reserve development from current-period losses, so the true underwriting margin may be lower than the headline figure suggests. Analysts should adjust toward accident-year combined ratio and track prior-year development explicitly before concluding that the 96 percent discipline target is being met with room to spare.