Financial Services · Insurance - Property & Casualty
Price
$218.45
Market Cap
$127.6B
Employees
66,308
Beta
0.27
Avg Volume
3,123,680
CEO
Susan Patricia Griffith
Business Description
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.
Business History
Price Overview
Last updated: Jul 1, 2026 4:41am (just now)$218.45
-1.41 (-0.64%)
Day Range
$218.00 – $221.72
52-Week Range
$189.20 – $267.00
50-Day MA
$202.04
200-Day MA
$213.66
Volume
2,744,321.00
Analyst Price Targets
Low
$205.00
Consensus
$228.25
High
$259.00
(95 analysts)
Share Structure
Outstanding
584,337,000.00
Float
582,121,829.00
Free Float
99.6%
High free float
— 99.6% of shares trade freely, ~0.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
11.07
Stock Price: $218.45
EPS (Diluted): 19.29
EPS (Diluted): 19.29
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
4.40
Stock Price: $218.45
Total Equity: $30.32B
Shares: 588,200,000
Total Equity: $30.32B
Shares: 588,200,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
8.98
Market Cap: $127.65B
Total Debt: $6.90B
Cash: $125.00M
EBITDA: $14.81B
Total Debt: $6.90B
Cash: $125.00M
EBITDA: $14.81B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$140.3B
Market Cap: $127.65B
Total Debt: $6.90B
Cash: $125.00M
Total Debt: $6.90B
Cash: $125.00M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
29.5%
Gross Profit: $25.83B
Revenue: $87.64B
Revenue: $87.64B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
16.2%
Operating Income: $14.22B
Revenue: $87.64B
Revenue: $87.64B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
12.9%
Net Income: $11.31B
Revenue: $87.64B
Revenue: $87.64B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
35.1%
Net Income: $11.31B
Total Equity: $30.32B
Total Equity: $30.32B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
12.2%
Operating Income: $14.22B
Tax Rate: 20.5%
Equity: $30.32B
Total Debt: $6.90B
Cash: $125.00M
Tax Rate: 20.5%
Equity: $30.32B
Total Debt: $6.90B
Cash: $125.00M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.59
Current Assets: $40.16B
Current Liabilities: $68.53B
Current Liabilities: $68.53B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.23
Short-Term Debt: $0.00
Long-Term Debt: $6.90B
Total Debt: $6.90B
Total Equity: $30.32B
Long-Term Debt: $6.90B
Total Debt: $6.90B
Total Equity: $30.32B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$148.99
Revenue: $87.64B
Shares: 588,200,000
Shares: 588,200,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$51.55
Total Equity: $30.32B
Shares: 588,200,000
Shares: 588,200,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$29.24
Operating CF: $17.55B
CapEx: -$348.00M
Shares: 588,200,000
CapEx: -$348.00M
Shares: 588,200,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
2.2%
Last Dividend: N/A
Stock Price: $218.45
Stock Price: $218.45
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $11.31B
Net Income: $11.31B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares PGR against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 1, 2026 4:41am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $47.7B | $49.6B | $62.1B | $75.3B | $87.6B |
| Cost of Revenue | $37.3B | $42.0B | $50.3B | $54.4B | $61.8B |
| Gross Profit | $10.3B | $7.5B | $11.8B | $20.9B | $25.8B |
| Operating Expenses | $6.1B | $6.6B | $6.9B | $10.2B | $11.6B |
| Operating Income | $4.2B | $922.0M | $4.9B | $10.7B | $14.2B |
| Net Income | $3.4B | $722.0M | $3.9B | $8.5B | $11.3B |
| EBITDA | $4.8B | $1.5B | $5.5B | $11.3B | $14.8B |
| EPS | $5.69 | $1.19 | $6.61 | $14.45 | $19.29 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 1, 2026 4:41am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $187.1M | $203.5M | $85.0M | $143.0M | $125.0M |
| Total Current Assets | $59.8B | $66.3B | $79.6B | $23.3B | $40.2B |
| Total Assets | $71.1B | $75.5B | $88.7B | $105.7B | $123.0B |
| Current Liabilities | $6.1B | $5.5B | $0 | $62.9B | $68.5B |
| Long-Term Debt | $4.9B | $6.4B | $6.9B | $6.9B | $6.9B |
| Total Liabilities | $52.9B | $59.6B | $68.4B | $80.2B | $92.7B |
| Total Equity | $18.2B | $15.9B | $20.3B | $25.6B | $30.3B |
| Retained Earnings | $15.3B | $15.7B | $18.8B | $24.3B | $27.3B |
Cash Flow (Annual)
Last updated: Jul 1, 2026 4:41am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $7.8B | $6.8B | $10.6B | $15.1B | $17.5B |
| Capital Expenditure | -$243.5M | -$292.0M | -$252.0M | -$285.0M | -$348.0M |
| Free Cash Flow | $7.5B | $6.6B | $10.4B | $14.8B | $17.2B |
| Acquisitions (net) | -$313.2M | $35.1M | $0 | $0 | $80.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$223.0M | -$99.0M | -$140.7M | -$634.0M | -$166.0M |
| Net Change in Cash | $125.6M | $18.8M | -$121.3M | $54.0M | -$16.0M |
Analyst Estimates (Annual)
Last updated: Jul 1, 2026 4:41am (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$83.9B $81.2B – $84.9B
|
$89.0B $86.6B – $90.9B
|
$95.1B $89.0B – $97.9B
|
$98.8B $98.2B – $99.3B
|
| EBITDA |
$9.0B $8.7B – $9.1B
|
$9.5B $9.3B – $9.7B
|
$10.2B $9.5B – $10.5B
|
$10.6B $10.5B – $10.7B
|
| Net Income |
$10.6B $10.4B – $10.8B
|
$10.3B $8.8B – $11.2B
|
$9.6B $8.8B – $10.9B
|
$9.4B $8.2B – $11.9B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 1, 2026 4:41am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +4.0% | +25.2% | +21.4% | +16.3% |
| Gross Profit Growth | -27.0% | +55.9% | +77.7% | +23.6% |
| Operating Income Growth | -78.1% | +431.9% | +118.5% | +32.8% |
| Net Income Growth | -78.5% | +440.6% | +117.3% | +33.3% |
| EBITDA Growth | -69.1% | +270.7% | +106.6% | +31.4% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-24 | KELLY JEFFREY D | S-Sale | 7,000.00 | $216.33 | $1.5M |
| 2026-06-22 | Broz Steven | S-Sale | 1,157.00 | $204.76 | $236,907 |
| 2026-06-05 | Murphy John Jo | S-Sale | 5,916.00 | $200.00 | $1.2M |
| 2026-06-05 | Broz Steven | S-Sale | 1,157.00 | $200.00 | $231,400 |
| 2026-05-08 | KELLY JEFFREY D | A-Award | 1,098.00 | $0.00 | $0 |
| 2026-05-08 | Van Dyke Kahina | A-Award | 1,856.00 | $0.00 | $0 |
| 2026-05-08 | Snyder Barbara R | A-Award | 1,779.00 | $0.00 | $0 |
| 2026-05-08 | Johnson Devin C | A-Award | 1,908.00 | $0.00 | $0 |
| 2026-05-08 | FITT LAWTON W | A-Award | 3,093.00 | $0.00 | $0 |
| 2026-05-08 | FARAH ROGER N | A-Award | 2,011.00 | $0.00 | $0 |
| 2026-05-08 | DAVIS CHARLES A | A-Award | 1,959.00 | $0.00 | $0 |
| 2026-05-08 | Craig Pamela J. | A-Award | 1,207.00 | $0.00 | $0 |
| 2026-05-08 | Burgdoerfer Stuart B | A-Award | 1,238.00 | $0.00 | $0 |
| 2026-05-08 | Bleser Philip | A-Award | 1,145.00 | $0.00 | $0 |
| 2026-04-16 | Johnson Devin C | S-Sale | 980.00 | $203.10 | $199,038 |
| 2026-04-13 | WITALEC DANIEL J | A-Award | 1,481.00 | $0.00 | $0 |
| 2026-04-10 | WITALEC DANIEL J | A-Award | 2.28 | $0.00 | $0 |
| 2026-04-10 | Snyder Barbara R | A-Award | 11.39 | $0.00 | $0 |
| 2026-04-10 | FITT LAWTON W | A-Award | 74.18 | $0.00 | $0 |
| 2026-04-10 | FITT LAWTON W | A-Award | 1,986.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jul 1, 2026 4:41am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-02 | $0.10 | 2026-05-08 | 2026-07-02 | 2026-07-10 |
| 2026-04-02 | $0.10 | 2026-03-06 | 2026-04-02 | 2026-04-10 |
| 2026-01-02 | $13.60 | 2025-12-05 | 2026-01-02 | 2026-01-08 |
| 2025-10-02 | $0.10 | 2025-08-08 | 2025-10-02 | 2025-10-10 |
| 2025-07-03 | $0.10 | 2025-05-09 | 2025-07-03 | 2025-07-11 |
| 2025-04-03 | $0.10 | 2025-03-10 | 2025-04-03 | 2025-04-11 |
| 2025-01-10 | $4.60 | 2024-12-06 | 2025-01-09 | 2025-01-16 |
| 2024-10-03 | $0.10 | 2024-08-05 | 2024-10-03 | 2024-10-11 |
| 2024-07-03 | $0.10 | 2024-05-10 | 2024-07-03 | 2024-07-12 |
| 2024-04-03 | $0.10 | 2024-03-01 | 2024-04-04 | 2024-04-12 |
| 2024-01-18 | $0.85 | 2023-12-01 | 2024-01-19 | 2024-01-26 |
| 2023-10-04 | $0.10 | 2023-08-04 | 2023-10-05 | 2023-10-13 |
| 2023-07-06 | $0.10 | 2023-05-12 | 2023-07-07 | 2023-07-14 |
| 2023-04-05 | $0.10 | 2023-03-03 | 2023-04-06 | 2023-04-14 |
| 2023-01-05 | $0.10 | 2022-12-14 | 2023-01-06 | 2023-01-13 |
| 2022-10-06 | $0.10 | 2022-08-04 | 2022-10-07 | 2022-10-14 |
| 2022-07-06 | $0.10 | 2022-05-13 | 2022-07-07 | 2022-07-15 |
| 2022-04-06 | $0.10 | 2022-03-04 | 2022-04-07 | 2022-04-14 |
| 2021-12-17 | $1.50 | 2021-12-10 | 2021-12-20 | 2021-12-29 |
| 2021-10-06 | $0.10 | 2021-08-06 | 2021-10-07 | 2021-10-15 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for PGR — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.360 · 7b6df9be · 2026-06-30 17:24:24