Latest Ratios: P/E Ratio 12.8x · EV/EBITDA 1.2x · ROE 21.0%. (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 | $1.8B | $1.2B | $1.8B | $1.4B | $877M | $3.0B | $3.6B | $3.8B | $3.0B | $2.9B | $2.3B |
| Enterprise Value | $2.1B | $1.5B | $2.4B | $1.9B | $1.4B | $3.4B | $3.7B | $3.8B | $3.4B | $3.2B | $2.5B |
| P/E Ratio → | 12.84 | 8.21 | 9.33 | 10.37 | 8.89 | 12.29 | — | 121.51 | 15.13 | 9.82 | 16.75 |
| P/S Ratio | 0.77 | 0.50 | 0.75 | 0.60 | 0.34 | 1.11 | 1.46 | 1.78 | 0.78 | 0.85 | 0.73 |
| P/B Ratio | 2.52 | 1.61 | 2.83 | 2.43 | 1.54 | 4.38 | 3.67 | 2.21 | 1.69 | 1.66 | 1.58 |
| P/FCF | 5.68 | 3.71 | 14.13 | 7.39 | 3.77 | 12.60 | 9.25 | 17.15 | 10.69 | 28.71 | 5.72 |
| P/OCF | 5.51 | 3.60 | 13.29 | 7.05 | 3.62 | 12.11 | 7.95 | 12.12 | 8.33 | 18.18 | 5.02 |
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 | — | 0.62 | 0.97 | 0.79 | 0.52 | 1.28 | 1.48 | 1.77 | 0.88 | 0.94 | 0.79 |
| EV / EBITDA | 1.16 | 0.81 | 1.30 | 1.03 | 0.69 | 9.46 | 10.12 | 29.44 | 8.80 | 9.46 | 7.77 |
| EV / EBIT | 9.01 | 6.32 | 11.86 | 8.38 | 7.26 | 7.42 | 8.72 | 10.73 | 21.54 | 12.27 | 10.44 |
| EV / FCF | — | 4.63 | 18.43 | 9.72 | 5.83 | 14.48 | 9.36 | 17.04 | 12.17 | 31.88 | 6.19 |
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 | 33.0% | 33.0% | 100.0% | 34.5% | 100.0% | 32.0% | 31.9% | 33.2% | 94.9% | 92.3% | 90.8% |
| Operating Margin | 9.9% | 9.9% | 7.9% | 9.4% | 7.1% | 12.5% | 10.9% | 1.3% | 7.6% | 7.5% | 7.6% |
| Net Profit Margin | 6.1% | 6.1% | 8.0% | 5.8% | 3.8% | 9.1% | -2.5% | 1.5% | 5.1% | 8.6% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.0% | 21.0% | 31.8% | 23.9% | 15.8% | 29.2% | -4.5% | 1.8% | 11.2% | 18.2% | 9.8% |
| ROA | 9.4% | 9.4% | 13.1% | 9.3% | 6.3% | 16.6% | -2.7% | 1.0% | 7.1% | 11.0% | 5.3% |
| ROIC | 15.8% | 15.8% | 13.0% | 16.2% | 12.8% | 23.2% | 14.9% | 1.1% | 10.3% | 10.3% | 10.0% |
| ROCE | 16.7% | 16.7% | 14.6% | 16.7% | 13.1% | 24.5% | 12.6% | 1.0% | 12.5% | 11.6% | 11.1% |
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 | 0.82 | 0.82 | 1.01 | 1.03 | 1.07 | 0.91 | 0.08 | 0.02 | 0.24 | 0.21 | 0.34 |
| Debt / EBITDA | 0.33 | 0.33 | 0.36 | 0.33 | 0.31 | 1.70 | 0.22 | 0.26 | 1.11 | 1.09 | 1.53 |
| Net Debt / Equity | — | 0.40 | 0.86 | 0.77 | 0.84 | 0.65 | 0.04 | -0.01 | 0.23 | 0.18 | 0.13 |
| Net Debt / EBITDA | 0.16 | 0.16 | 0.30 | 0.25 | 0.24 | 1.23 | 0.12 | -0.18 | 1.07 | 0.94 | 0.58 |
| Debt / FCF | — | 0.93 | 4.30 | 2.33 | 2.06 | 1.88 | 0.11 | -0.11 | 1.47 | 3.17 | 0.46 |
| Interest Coverage | 6.06 | 6.06 | 5.21 | 7.67 | 5.00 | 27.34 | 2247.32 | — | — | 12.67 | 10.34 |
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 | 11.22 | 11.22 | 5.94 | 6.50 | 7.22 | 7.87 | 10.06 | 3.65 | 3.72 | 3.56 | 3.34 |
| Quick Ratio | 4.91 | 4.91 | 2.18 | 2.31 | 2.42 | 2.62 | 2.26 | 0.86 | 0.66 | 0.94 | 1.23 |
| Cash Ratio | 3.20 | 3.20 | 0.53 | 1.03 | 0.98 | 1.25 | 0.47 | 0.25 | 0.04 | 0.12 | 0.65 |
| Asset Turnover | — | 1.50 | 1.63 | 1.61 | 1.74 | 1.65 | 1.89 | 0.66 | 1.35 | 1.26 | 1.23 |
| Inventory Turnover | 2.65 | 2.65 | — | 2.49 | — | 2.55 | 2.77 | 2.22 | 0.15 | 0.22 | 0.30 |
| Days Sales Outstanding | — | 24.98 | 35.24 | 29.51 | 27.47 | 25.30 | 20.63 | 24.02 | 16.62 | 20.06 | 20.55 |
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 | 1.1% | 1.7% | 1.1% | — | — | — | 0.4% | 0.2% | 0.2% | 0.3% | 0.3% |
| Payout Ratio | 14.1% | 14.1% | 10.3% | — | — | — | — | 30.0% | 3.2% | 2.7% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 12.2% | 10.7% | 9.6% | 11.2% | 8.1% | — | 0.8% | 6.6% | 10.2% | 6.0% |
| FCF Yield | 17.6% | 27.0% | 7.1% | 13.5% | 26.5% | 7.9% | 10.8% | 5.8% | 9.4% | 3.5% | 17.5% |
| Buyback Yield | 2.8% | 4.3% | 7.5% | 9.7% | 25.5% | 19.2% | 0.0% | 1.8% | 5.7% | 2.2% | 1.5% |
| Total Shareholder Yield | 3.9% | 6.0% | 8.6% | 9.7% | 25.5% | 19.2% | 0.4% | 2.0% | 5.9% | 2.5% | 1.8% |
| Shares Outstanding | — | $41M | $44M | $47M | $52M | $66M | $67M | $67M | $71M | $72M | $73M |
Regulatory and credit default
According to current market data, PRG trades at a forward P/E of 9.92, which suggests that investors are pricing in significant skepticism regarding the company's ability to sustain long-term earnings growth amidst a challenging macroeconomic environment for sub-prime consumer durable goods and potential regulatory headwinds.
The current valuation multiple appears compressed relative to historical averages, indicating that the market is applying a risk discount to the company's virtual lease-to-own model. This pricing suggests that investors are prioritizing immediate cash flow yields over long-term growth, likely due to concerns that the current retail cycle may be nearing a peak.
Based on reported financial figures, PRG's ROIC has fluctuated between 2.7% and 5.4% over the last ten quarters, indicating that the company is struggling to consistently generate returns that meaningfully exceed its cost of capital while scaling its virtual lease-to-own infrastructure across national retail partners.
The volatility in ROIC suggests that the company's capital allocation strategy is highly sensitive to the underlying performance of its lease merchandise portfolio. Investors should monitor whether management can improve asset turnover, as current returns appear insufficient to justify aggressive capital expansion without a corresponding improvement in margin stability.
As reported in recent filings, PRG's cash conversion cycle has remained elevated, reaching 816 days in 2026Q1, which highlights the significant time and capital required to recover value from leased merchandise compared to more traditional retail or consumer finance business models.
The extended duration of the cash conversion cycle suggests that the company's liquidity is heavily tied up in its lease merchandise inventory. This operational reality necessitates a high degree of precision in credit underwriting, as any delay in asset recovery or increase in default rates directly impairs the company's ability to recycle capital efficiently.
According to recent balance sheet data, PRG maintains a debt-to-equity ratio of 1.21 as of 2026Q1, which, while increasing from previous periods, remains relatively conservative and provides the company with a necessary buffer against potential credit cycle volatility and future regulatory-driven margin compression.
The current leverage profile appears manageable, allowing the company to maintain its share repurchase program despite the inherent cyclicality of its revenue streams. However, the upward trend in debt-to-EBITDA warrants close observation, as it may indicate a shift toward higher financial risk to support growth in the Vive segment.
Investors frequently misapply standard retail P/S multiples to PRG, which obscures the fact that the company functions more like a specialty finance lender than a traditional retailer, thereby failing to account for the unique risks associated with lease merchandise write-offs and long-term consumer credit exposure.
Using retail-centric valuation metrics ignores the critical impact of the provision for lease merchandise write-offs, which acts as a significant drag on true earning power. A more appropriate analytical framework would focus on net interest margin and credit loss ratios, which better capture the underlying economic reality of the virtual lease-to-own business model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PRG stock.
PROG Holdings, Inc.'s current P/E ratio is 12.8x. The historical average is 26.0x. This places it at the 28th percentile of its historical range.
PROG Holdings, Inc.'s current EV/EBITDA is 1.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
PROG Holdings, Inc.'s return on equity (ROE) is 21.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.9%.
Based on historical data, PROG Holdings, Inc. is trading at a P/E of 12.8x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PROG Holdings, Inc.'s current dividend yield is 1.10% with a payout ratio of 14.1%.
PROG Holdings, Inc. has 33.0% gross margin and 9.9% operating margin.
PROG Holdings, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.