The Progressive CorporationPGR
NYSE•Financial Services•Insurance - Property & Casualty
The Progressive Corporation operates as an insurance company in the United States. It writes insurance for personal autos and special lines products, including motorcycles, RVs, and watercraft; and personal residential property insurance for homeowners and renters. The company also writes auto-related liability and physical damage insurance for comprising dump trucks, log trucks, garbage trucks, tractors, trailers, straight trucks, tow trucks and wreckers, vans, pick-up trucks, and autos; business-related general liability and commercial property insurance for small businesses; and workers' compensation insurance for the transportation industry. In addition, it offers other specialty property-casualty insurance and provides related services; personal property reinsurance products; and involved in investment activities. It sells its products through independent insurance agencies, as well as online and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield, Ohio.
Progressive Corporation (The) (PGR) reported trailing twelve months revenue of $87.11B as of March 2026, a 23.3% increase year-over-year. Quarterly revenue reached $22.19B, reflecting continued top-line momentum.
Progressive Corporation (The) generated $11.18B in TTM net income, with quarterly EBITDA of $3.57B. The operating margin expanded from 14.9% to 16.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.1%) and net margin (12.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 11.8% a year ago, signaling stronger bottom-line efficiency.
PGR trades at a P/E of 10.6x (below the broader market average) and a P/S of 1.4x. The price-to-book ratio of 3.7x reflects a moderate premium to book value.
The company generated $4.30B in free cash flow over the trailing twelve months, a 5.5% decrease year-over-year, indicating cash generation ability. The balance sheet shows $122.21B in total assets with $8.39B in long-term debt against $32.04B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~14.5%, suggesting durable pricing power and cost discipline.
ROE averages 25.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~50.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~16.2% — no sign of cost or pricing stress.
FCF covers net income by 2.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation