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PROGRESSIVE CORP/OH/ PGR

NYSE · stock · Fire, Marine & Casualty Insurance · website · IPO 1987-01-06

PROGRESSIVE CORP/OH/ statistics & valuation

Market cap$131.1B
P / E11.6×
P / S1.5×
P / B4.3×
P / FCF7.6×
Dividend yield2.19%
Net margin12.9%
Return on equity37.3%
FCF margin19.6%
Graham number -28%$149.36

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($149.36); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
4.40% 5.90% 8.20% 10.20% 13.40% 7.00% 1.50% 6.30% 11.30% 12.90% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
13.00% 17.10% 24.20% 29.00% 33.50% 18.40% 4.50% 19.20% 33.10% 37.30% 2016201720182019202020212022202320242025
Shares outstanding
585.0M 585.7M 586.7M 587.2M 587.6M 587.1M 587.1M 587.5M 587.7M 588.1M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
3.10% 4.10% 5.60% 7.20% 8.90% 4.70% 1.00% 4.40% 8.00% 9.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
10.70% 13.40% 18.80% 15.10% 15.70% 15.80% 13.20% 16.70% 19.70% 19.60% 2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$1.76 $2.72 $4.42 $6.72 $9.66 $5.66 $1.18 $6.58 $14.40 $19.23 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

PROGRESSIVE CORP/OH/ trades at about 10.8× earnings — below its 10-year norm (10-year range 9×–115.6×, median 19.2×).

9× 115.6×

Shaded band = 10-year range (9×–115.6×); dot = today's 10.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin12.9%11.3%6.3%1.5%7.0%13.4%10.2%8.2%5.9%4.4%
FCF margin19.6%19.7%16.7%13.2%15.8%15.7%15.1%18.8%13.4%10.7%
Return on assets9.2%8.0%4.4%1.0%4.7%8.9%7.2%5.6%4.1%3.1%
Return on equity37.3%33.1%19.2%4.5%18.4%33.5%29.0%24.2%17.1%13.0%

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.