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Earnings transcript
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PGR
The Progressive Corporation
$203.28
-0.92
(-0.45%)
| Exchange: | NYSE |
| Market Cap: | 118.784B |
| Shares Outstanding: | 806.069M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Insurance – Property & Casualty | |||||
| CEO: | Susan Patricia Griffith | |||||
| Full Time Employees: | 66308 | |||||
| Address: |
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| Website: | https://www.progressive.com |
The Progressive Corporation, an insurance holding company, offers a comprehensive range of insurance products and associated services across the United States. Its portfolio includes personal and commercial vehicle coverage, residential and commercial property protection, general liability, and various other specialized property-casualty insurance options. The company’s operations are structured into three main divisions: Personal Lines, Commercial Lines, and Property. Within the Personal Lines segment, Progressive provides coverage for individual automobiles and recreational vehicles. Offerings range from standard personal auto policies to specialized options for motorcycles, all-terrain vehicles (ATVs), RVs, watercraft, snowmobiles, and similar forms of personal transport. The Commercial Lines division focuses on providing primary liability and physical damage insurance for business vehicles, alongside general liability and property insurance tailored for commercial applications. This segment insures a diverse array of vehicles, including cars, vans, pickup trucks, and dump trucks for small businesses; tractors, trailers, and straight trucks for regional freight, expedited shipping, and long-haul transport companies; heavy-duty vehicles like dump trucks, log trucks, and garbage trucks used in industries such as construction, logging, and mining; and tow trucks and wreckers for towing and service stations, as well as various non-fleet taxis and premium car services. The Property segment offers residential insurance solutions for homeowners, other property owners, and renters. Its portfolio further extends to include personal umbrella policies and both primary and excess flood insurance. Beyond underwriting, the company facilitates policy issuance and claims adjusting. It also serves as an agent for various additional insurance products, such as homeowner general liability and workers’ compensation, and provides reinsurance services. Progressive’s products are distributed through independent insurance agencies, as well as directly to consumers via its online platforms (including mobile access) and telephone channels. Established in 1937, The Progressive Corporation maintains its headquarters 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) | 99,123,755.727 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 99,772,851.909 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 99,448,303.818 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 10,631,011.960 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 10,700,627.454 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 10,665,819.707 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 8,176,515.275 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 11,834,789.890 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 9,323,081.960 | 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) | 15.980 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 20.120 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 13.900 | 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 freeForward P/E Ratios
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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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At what price to buy it? -
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.
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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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Daily snapshot
-0.45
Trading Metrics:
| Open: | 206.22 | Previous Close: | 204.2 | |
| Day Low: | 202.5 | Day High: | 206.22 | |
| Year Low: | 189.2 | Year High: | 269.84 | |
| Price Avg 50: | 198.98 | Price Avg 200: | 215.78 | |
| Volume: | 903031 | Average Volume: | 3.311M |
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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…
