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Earnings transcript
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PGR
The Progressive Corporation
$195.25
1.89
(0.98%)
[ms_data_label text=’Delayed data’]
| Exchange: | NYSE |
| Market Cap: | 114.398B |
| Shares Outstanding: | 806.069M |
About The Company
| Sector: | Financial Services | |||||
| Industry: | Insurance – Property & Casualty | |||||
| CEO: | Susan Patricia Griffith | |||||
| Full Time Employees: | 66308 | |||||
| Address: |
| |||||
| Website: | https://www.progressive.com |
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV). This segment’s products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, snowmobiles, and related products. The Commercial Lines segment provides auto-related primary liability and physical damage insurance, and business-related general liability and property insurance for autos, vans, pick-up trucks, and dump trucks used by small businesses; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and long-haul operators; dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging, and coal-type businesses; and tow trucks and wreckers used in towing services and gas/service station businesses; as well as non-fleet and airport taxis, and black-car services. The Property segment writes residential property insurance for homeowners, other property owners, and renters, as well as offers personal umbrella insurance, and primary and excess flood insurance. The company also offers policy issuance and claims adjusting services; and acts as an agent to homeowner general liability, workers’ compensation insurance, and other products. In addition, it provides reinsurance services. The company sells its products through independent insurance agencies, as well as directly on Internet through mobile devices, and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield, Ohio.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 62,083,000 | 75,343,000 | 87,637,000 |
| Gross Profit | 11,763,000 | 20,900,000 | 25,830,000 |
| EBITDA | 5,457,000 | 11,276,000 | 14,814,000 |
| Operating Income | 4,904,000 | 10,713,000 | 14,223,000 |
| Net Income | 3,903,000 | 8,480,000 | 11,308,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 88,691,000 | 105,745,000 | 91,058,000 |
| Total Liabilities | 68,414,000 | 80,154,000 | 86,492,000 |
| Total Stockholders Equity | 20,277,000 | 25,591,000 | 4,566,000 |
| Total Debt | 6,889,000 | 6,893,000 | 0 |
| Cash and Cash Equivalents | 85,000 | 143,000 | 0 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 10,643,300 | 15,119,000 | 9.843 |
| Capital Expenditure | -252,000 | -285,000 | 0 |
| Free Cash Flow | 10,391,300 | 14,834,000 | 9.843 |
| Net Income | 3,902,400 | 8,480,000 | 10,161,000 |
| Net Change in Cash | -121,300 | 54,000 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 99,861,671.432 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 101,204,207.144 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 100,532,939.288 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 10,710,153.338 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 10,854,140.147 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 10,782,146.743 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 8,457,210.198 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 10,020,557.571 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 9,473,510.620 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 15.960 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 17.040 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 14.380 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 4 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 5 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: Progressive reported strong financial results in 2025, with significant growth in revenue and net income as highlighted in the Q4 earnings call transcript. Key metrics such as operating income and EPS reflect a solid upward trend in the income statements, supported by effective underwriting expertise.
- Strong Cash Flow Generation: The cash flow statements indicate consistent net cash provided by operating activities and positive free cash flow, demonstrating Progressive's ability to generate liquidity for reinvestment and shareholder returns. The free cash flow yield (TTM) from key metrics further underscores financial health.
- Technological and Strategic Advancements: As noted in the earnings call summary, Progressive's focus on technological innovation and strategic investments has enhanced operational efficiency and market positioning, contributing to sustained profitability.
- Market Leadership in Insurance Sector: The company profile data positions Progressive as a key player in the insurance industry within the financial sector, with a substantial market cap and a workforce of full-time employees that supports scalability and operational reach.
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates PGR intrinsic value between $371.46 – $665.21 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about PGR valuation
Is The Progressive Corporation (PGR) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for The Progressive Corporation (PGR) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is PGR a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether PGR trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is PGR’s P/E ratio?
You can see PGR’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for PGR?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is PGR a good long-term investment?
Whether PGR fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
PGR
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0.98
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| Open: | [ms_cell_or_dash table='trading_quote' column='open'] | Previous Close: | [ms_cell_or_dash table='trading_quote' column='previousClose'] | |
| Day Low: | [ms_cell_or_dash table='trading_quote' column='dayLow'] | Day High: | [ms_cell_or_dash table='trading_quote' column='dayHigh'] | |
| Year Low: | 192.02 | Year High: | 289.96 | |
| Price Avg 50: | 205.28 | Price Avg 200: | 227.91 | |
| Volume: | 1.668M | Average Volume: | 3.043M |
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Login — it's freePGR full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of The Progressive Corporation, ticker PGR, one of the big players in the insurance world. If you’re looking to understand whether this stock deserves a spot in your portfolio, stick around because we’re covering everything from financials to valuation, recent performance, and more. Let’s get started! Alright, let’s set the stage. Progressive is a household name for many when it comes to auto insurance, and…
