The Progressive Corporation (PGR) Stock Analysis
Financial Services · Insurance - Property & Casualty · NYSE
The Progressive Corporation (PGR) posted $83.17B in revenue for fiscal 2025 (up 11.8% year over year), at a 13.6% net margin, and has compounded revenue about 14.3%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on The Progressive Corporation
The Progressive Corporation has grown revenue from $23.44B to $83.17B over the last 10 fiscal years, compounding about 14.3% a year. The most recent year was up 11.8%, so growth has cooled from its longer-run pace.
Net margin sits at 13.6%, up 2.2 points year over year.
At today's valuation the market is pricing in roughly -6.7% annual free-cash-flow growth — versus the 20.8% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven.
Synthesised from The Progressive Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
The Progressive Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.44B | $26.84B | $31.98B | $39.02B | $42.66B | $47.70B | $51.08B | $61.55B | $74.42B | $83.17B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $1.03B | $1.59B | $2.62B | $3.97B | $5.70B | $3.35B | $721.50M | $3.90B | $8.48B | $11.31B |
| Net margin | 4.4% | 5.9% | 8.2% | 10.2% | 13.4% | 7.0% | 1.4% | 6.3% | 11.4% | 13.6% |
Source: The Progressive Corporation SEC filings (10-K). 19 years of history available in the interactive view.
The Progressive Corporation: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into PGR stock?
At today's market cap of $122.92B, The Progressive Corporation is priced for free-cash-flow growth of about -6.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $17.20B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 20.8%/yr over the last five fiscal years and revenue 14.3%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of The Progressive Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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The Progressive Corporation financial history by metric
Compare The Progressive Corporation with peers
About The Progressive Corporation
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.
The Progressive Corporation — frequently asked questions
What is The Progressive Corporation's revenue?
The Progressive Corporation (PGR) reported revenue of $83.17B for fiscal year 2025, up 11.8% from the prior year, according to its SEC filings.
Is The Progressive Corporation profitable?
Yes. PGR earned net income of $11.31B in fiscal 2025, a net margin of 13.6%.
What is PGR's P/E ratio?
The Progressive Corporation trades at a price-to-earnings ratio of about 10.6 based on the latest data in our nightly-refreshed cache.
How fast is The Progressive Corporation growing?
PGR's revenue grew at roughly 14.3% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does The Progressive Corporation have?
As of fiscal year 2025, PGR carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is The Progressive Corporation's market cap?
The Progressive Corporation (PGR) has a market capitalization of about $122.92B, based on the latest data in our nightly-refreshed cache.
When does The Progressive Corporation's fiscal year end?
PGR's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into PGR stock?
At today's market cap of $122.92B, The Progressive Corporation is priced for free-cash-flow growth of about -6.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $17.20B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 20.8%/yr over the last five fiscal years and revenue 14.3%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from The Progressive Corporation's official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.