Last 46 quarters of trend data · Financial Services · Insurance - Property & Casualty
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
The Progressive Corporation's quarterly P/E stands at 13.9x, down 13.2% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 13.6% YoY to 11.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.59 | 13.87 | 12.35 | 16.19 | 14.94 | 15.98 | 20.94 | 13.12 | 11.82 | 18.43 | 58.06 | 47.69 | 23.16 |
| — | -13.2% | -41.0% | +23.4% | +26.4% | -13.3% | -63.9% | -72.5% | -49.0% | -86.7% | — | -9.6% | +48.9% | |
| P/S Ratio | 1.52 | 1.61 | 1.78 | 2.04 | 1.74 | 1.89 | 1.68 | 1.76 | 1.39 | 1.32 | 1.27 | 1.47 | 1.41 |
| — | -14.7% | +6.0% | +15.7% | +25.4% | +43.8% | +32.9% | +20.0% | -2.0% | -1.5% | -14.5% | +4.0% | +17.7% | |
| P/B Ratio | 4.50 | 4.10 | 4.81 | 5.74 | 5.50 | 5.49 | 5.23 | 5.57 | 4.61 | 4.70 | 4.65 | 4.98 | 4.79 |
| — | -25.4% | -8.0% | +3.2% | +19.2% | +16.7% | +12.4% | +11.9% | -3.7% | +1.9% | +6.7% | +27.0% | +45.6% | |
| P/FCF | 7.73 | 7.08 | 9.96 | 8.18 | 12.15 | 8.19 | 9.54 | 7.26 | 9.93 | 6.05 | 8.65 | 8.72 | 21.57 |
| — | -13.5% | +4.4% | +12.7% | +22.3% | +35.4% | +10.3% | -16.8% | -54.0% | -32.0% | -32.8% | +26.9% | -42.9% | |
| EV / EBITDA | 11.05 | 11.16 | 10.07 | 13.08 | 12.12 | 12.92 | 16.70 | 10.65 | 9.73 | 14.95 | 41.52 | 36.19 | 18.56 |
| — | -13.6% | -39.7% | +22.9% | +24.6% | -13.6% | -59.8% | -70.6% | -47.6% | -81.8% | — | -5.6% | +48.5% | |
| EV / EBIT | 11.34 | 11.20 | 10.10 | 13.08 | 12.14 | 12.93 | 16.69 | 10.65 | 9.75 | 14.97 | 42.09 | 36.46 | 18.91 |
| — | -13.4% | -39.5% | +22.9% | +24.5% | -13.6% | -60.3% | -70.8% | -48.4% | -83.4% | — | -11.1% | +46.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
The Progressive Corporation's operating margin was 14.8% in Q3 2025, down 3.3 pp QoQ and down 0.2 pp YoY. The trailing four-quarter average of 15.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 46.6% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.7% | 15.8% | 31.3% | 30.1% | 28.8% | 29.5% | 23.3% | 29.2% | 24.8% | 19.2% | 13.2% | 17.9% | 19.2% |
| — | -46.6% | +34.2% | +3.1% | +16.0% | +53.2% | +76.7% | +63.2% | +29.0% | +37.7% | +31.0% | +5.1% | -10.0% | |
| Operating Margin | 14.2% | 14.8% | 18.1% | 15.9% | 14.6% | 14.9% | 10.3% | 17.1% | 14.8% | 9.1% | 2.8% | 3.9% | 7.6% |
| — | -1.2% | +76.4% | -7.0% | -1.2% | +64.8% | +261.4% | +339.9% | +94.7% | +712.8% | +151.4% | +17.6% | -21.0% | |
| Net Margin | 11.3% | 11.6% | 14.4% | 12.6% | 11.6% | 11.8% | 8.0% | 13.5% | 11.8% | 7.2% | 2.3% | 3.1% | 6.1% |
| — | -1.9% | +79.3% | -7.0% | -1.2% | +64.2% | +257.6% | +331.7% | +91.8% | +642.1% | +147.7% | +18.1% | -20.4% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.0% | 7.7% | 10.3% | 9.4% | 8.9% | 9.2% | 6.5% | 11.1% | 10.6% | 6.6% | 2.1% | 2.7% | 5.4% |
| — | -16.8% | +59.6% | -15.0% | -15.3% | +40.5% | +214.2% | +305.1% | +95.8% | +706.1% | +162.0% | +53.7% | +3.0% | |
| ROA | 8.7% | 2.2% | 2.8% | 2.4% | 2.2% | 2.3% | 1.5% | 2.6% | 2.3% | 1.3% | 0.4% | 0.6% | 1.1% |
| — | -4.0% | +84.2% | -7.3% | -2.0% | +72.8% | +259.3% | +343.7% | +108.3% | +696.5% | +157.2% | +32.8% | -18.2% | |
| ROIC | 27.0% | 6.1% | 8.0% | 7.1% | 6.7% | 6.9% | 4.8% | 7.9% | 7.3% | 4.4% | 1.4% | 1.8% | 3.6% |
| — | -11.4% | +67.5% | -9.9% | -8.3% | +55.2% | +237.6% | +329.6% | +104.4% | +786.2% | +166.4% | +45.4% | -8.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The Progressive Corporation's Debt/EBITDA ratio is 2.0x, up from 1.7x last quarter — at a moderate level that warrants monitoring. Debt/Equity has declined for 4 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.19 | 0.21 | 0.24 | 0.27 | 0.25 | 0.30 | 0.32 | 0.34 | 0.40 | 0.41 | 0.38 | 0.40 |
| — | -23.3% | -28.4% | -24.6% | -20.7% | -35.9% | -28.4% | -16.6% | -15.5% | -8.4% | +1.0% | +1.1% | +49.6% | |
| Debt / EBITDA | 0.63 | 2.03 | 1.70 | 2.09 | 2.26 | 2.29 | 3.57 | 2.29 | 2.67 | 4.65 | 13.55 | 10.27 | 5.76 |
| — | -11.4% | -52.5% | -8.9% | -15.2% | -50.8% | -73.6% | -77.7% | -53.6% | -83.6% | — | -23.5% | +52.2% | |
| Current Ratio | — | — | — | — | — | — | — | — | — | — | — | 11.37 | 11.98 |
| — | — | — | — | — | — | — | — | — | — | — | +20.5% | +21.5% | |
| Quick Ratio | — | — | — | — | — | — | — | — | — | — | — | 11.37 | 11.98 |
| — | — | — | — | — | — | — | — | — | — | — | +20.5% | +21.5% | |
| Interest Coverage | 38.40 | 47.47 | 57.71 | 46.23 | 42.46 | 42.13 | 26.96 | 42.00 | 35.92 | 20.23 | 6.63 | 8.76 | 16.25 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
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The Progressive Corporation's current P/E is 13.6x. The average P/E over the last 4 quarters is 14.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
The Progressive Corporation's current operating margin is 14.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking The Progressive Corporation's business trajectory between earnings reports.