Progressive Corp

  • Earnings Score
  • Moat Score
  • Safety Score
  • Market Cap $155.85B
  • PE 19
  • Debt $6.89B
  • Cash $147.00M
  • EV $162.59B
  • FCF $14.29B

Earnings

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Sales & Net Margins

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Earnings$8.08B
EBIT$10.52B
ROE30%
ROA10%
FCF$14.29B
Equity$27.16B
Growth Stability16%
PE19.28
PEG-3.03
PB5.74
P/FCF10.9
P/S2.16
Price/Cash0
Debt/Equity0.25
Debt/FCF0.48
Net Margins11%
Op. Margins15%
Earnings CAGR11%
Sales Growth YoY27%
Sales Growth QoQ9%
Sales CAGR14%
FCF CAGR19%
Equity CAGR14%
Earnings Stability0.16
Earnings Growth YoY110%
Earnings Growth QoQ60%
Earnings CAGR 5Y-6%
Sales CAGR 5Y13%
FCF CAGR 5Y15%
Equity CAGR 5Y8%
Earnings CAGR 3Y18%
Sales CAGR 3Y18%
FCF CAGR 3Y33%
Equity CAGR 3Y17%
Market Cap$155.85B
Revenue$71.99B
Dividend Yield0%
Payout Ratio8%
Assets$105.20B
Total Debt$6.89B
Cash$147.00M
Shares Outstanding585.47M
EV162.59B
Earnings Score9%
Moat Score93%
Safety Score67%
Final Score56%
Shares Growth 3y0%
Equity Growth QoQ16%
Equity Growth YoY56%

Assets & ROA

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Stockholders Equity & ROE

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Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth- largest auto insurer in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

SEC Filings

Direct access to Progressive Corp (PGR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

  • 2024
    • 10-Q Sep 30
    • 10-Q Jun 30
    • 10-Q Mar 31
  • 2023
    • 10-K Dec 31
    • 10-Q Sep 30
    • 10-Q Jun 30
    • 10-Q Mar 31
  • 2022
    • 10-K Dec 31
    • 10-Q Sep 30
    • 10-Q Jun 30
    • 10-Q Mar 31

Sector Comparison

How does Progressive Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Progressive Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%
Stability 16%
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Progressive Corp Discounted Cash Flow

Fully customizable DCF calculator online for Progressive Corp.

= $550B
012345678910TV
fcf$14B$17B$20B$24B$29B$35B$41B$49B$59B$70B$83B$833B
DCF$15B$17B$18B$20B$21B$23B$25B$27B$30B$32B$321B
Value$550B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12/201512/201612/201712/201812/201912/202012/202112/202212/2023TTM
Net Margins6%4%6%8%10%13%7%1%6%11%
ROA-5%6%7%10%12%6%2%6%10%
ROE-13%17%24%29%33%18%4%19%30%

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12/201512/201612/201712/201812/201912/202012/202112/202212/2023TTM
Debt over FCF-1.280.930.740.750.890.660.980.670.48
Debt over Equity0.370.40.360.410.330.350.270.410.340.25
Growth Stability---100%100%100%82%16%100%16%

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12/201512/201612/201712/201812/201912/202012/202112/202212/2023CAGR 5Y
Revenue YoY growth-12%14%19%22%9%12%4%25%13%
Earnings YoY growth--19%54%63%52%44%-41%-79%456%-6%
Equity YoY growth-9%17%17%26%25%7%-13%28%8%
FCF YoY growth-15%45%67%-2%13%13%-13%58%15%