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Major US auto and property insurer known for direct-to-consumer distribution, usage-based (Snapshot) pricing and fast digital claims handling.
Major US auto and property insurer known for direct-to-consumer distribution, usage-based (Snapshot) pricing and fast digital claims handling.
Earns underwriting profit, premiums minus claims and costs, on auto insurance sold directly online and by phone and through independent agents, plus investment income on premiums held. It prices each customer's risk individually and tries to grow as fast as it can while still covering claims.
Moat: wide (data, cost advantage, scale). Vast telematics/claims data and a low-cost direct-distribution model let it price and grow faster than most peers.
Headquarters: Mayfield Village, Ohio, USA · Founded: 1937 · Employees: 70,053
Size Progressive (PGR) is a United States Financials company (Multi-Line Insurance) with a market value of $132B, the 91st largest of 3,117 United States companies the cockpit tracks. Shares closed at $227.77 on 6 Nov 2026.
Performance Over six months the shares gained 17.5%, against +11.7% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +11.1%); the operating margin is 16.4% (peer median 23.1%).
Valuation It trades at 3.82× book value against a peer median of 2.05× (most expensive of 21).
Price implies The share price implies a return on equity of about 15.8%; Progressive delivers 33.2%, so the price asks less than the business earns today.
Credit Progressive has 16 bonds outstanding ($8.45B), rated A by the agencies and trading like A at a weighted spread of 72 bp.
Short interest Short interest is 1.2% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $91.7B | $87.6B | $75.3B | $62.1B | $49.6B |
| Revenue growth | — | +16% | +21% | +25% | — |
| Net income | $11.6B | $11.3B | $8.48B | $3.90B | $722M |
| Free cash flow | $15.2B | $17.2B | $14.8B | $10.4B | $6.56B |
| Capital expenditure | $438M | $348M | $285M | $252M | $292M |
| Total debt | $8.39B | $7.10B | $7.09B | $7.07B | $6.53B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Progressive PGR | $132B | +17% | +8% | 33% | 3.82× | 15.8% |
| Allstate ALL | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% |
| Travelers Companies (The) TRV | $81.0B | +33% | +1% | 28% | 2.79× | 13.9% |
| Mercury General MCY | $4.58B | -17% | +5% | 26% | 1.63× | 13.7% |
| Root ROOT | $672M | -23% | +15% | 15% | 2.05× | 37.6% |
| Kemper KMPR | $1.97B | +10% | -4% | -19% | 0.90× | 9.4% |
| Lemonade LMND | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PGR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +3.3% | 9th highest of 21 |
| 6-month return | +17.5% | +11.7% | 8th highest of 21 |
| Return on equity | 33.2% | 16.3% | 3rd highest of 21 |
| Price / book | 3.82× | 2.05× | most expensive of 21 |
| Trailing P/E | 11.5× | 12.7× | 9th cheapest of 21 |
| ROE the price implies | 15.8% | 10.6% | 6th most demanding of 21 |
| ROE delivered | 33.2% | 16.6% | 3rd highest of 20 |
| Bond spread | 72 bp | 79 bp | 4th tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
| China Life 2628.HK | Hong Kong | $134B | -17% | +38% | 41% | 0.93× | 10.0% | 41.3% |
| China Life Insurance 601628.SS | China | $135B | -3% | +16% | 12% | 1.54× | 13.1% | 11.9% |
| Ping An Insurance (Group) Company of China 601318.SS | China | $136B | -8% | +12% | 14% | 0.96× | 7.4% | n/a |
| Ping An 2318.HK | Hong Kong | $138B | -17% | -8% | 10% | 0.79× | 9.7% | 9.8% |
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| Allianz ALV.DE | Germany | $192B | +19% | +21% | 21% | 2.98× | 16.0% | 21.1% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
Progressive has 16 bonds outstanding with $8.45B face value. The agencies rate it A; its bonds trade like A. Weighted yield 5.64%, a spread of 72 bp over government bonds.