Fundamentals snapshot
PGR · NYQ · Financial Services · Insurance - Property & Casualty
Current price
$217.62
52-week range
$189.20 - $249.14
Market cap
$126.46B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net debt $6.23B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Progressive is a major insurance company in the U.S. that mostly sells vehicle insurance for personal cars, commercial trucks, and motorcycles. It makes money by collecting regular payments (called premiums) from customers in exchange for covering their costs if they get into an accident. This matters because insurance is often required by law for drivers and businesses, creating a steady and predictable demand for Progressive's services.
Progressive was founded in 1937 by two lawyers, Joseph Lewis and Jack Green, who wanted to offer affordable, basic auto insurance to any driver. A key moment came in 1956 when the company started insuring higher-risk drivers, a market many other insurers avoided. The company has a long history of innovation, being the first to offer drive-in claims service and allowing customers to pay their insurance bills in installments. It was also the first major insurer to launch a website and sell policies online, cementing its reputation as a tech-focused and direct-to-consumer company.
Progressive is an insurance company that sells protection for your belongings and from accidents. Think of it as a promise to pay for covered damages if something unexpected happens. Most people know Progressive for its car insurance, but they also sell policies for motorcycles, boats, RVs, and even for your home or apartment. The company makes money by collecting payments, called premiums, from customers and then paying out claims (requests for payment for a covered loss) when they happen. Progressive sells its insurance policies directly to people online or over the phone, as well as through independent insurance agents.
This is Progressive's largest and most well-known business, making up the vast majority of its revenue. It provides insurance for individuals and families, primarily for their personal vehicles like cars, motorcycles, boats, and RVs. When you see a Progressive commercial on TV featuring Flo or Dr. Rick, this is the part of the business they are advertising. Customers in this segment pay their premiums directly to Progressive or through an independent agent for financial protection in case of an accident or other covered damage.
This segment focuses on selling insurance to businesses rather than individuals. Its main product is insurance for vehicles used for work, such as delivery vans, pickup trucks, and even large semi-trucks. For example, a small plumbing business would buy a policy from this segment to cover its work van. This part of the company also offers other types of business insurance, like general liability (protection against a variety of claims like bodily injury or property damage) and commercial property insurance.
This is a smaller but important part of Progressive's business that offers insurance for homes. This includes homeowners insurance for people who own their houses and renters insurance for those who rent an apartment or house. The goal of this segment is to protect customers from financial loss if their home or personal belongings are damaged by events like a fire or theft. Progressive often encourages customers who buy car insurance to also buy their home insurance from them, a practice known as bundling.
Progressive's main focus is to continue growing its core auto insurance business by using data to set very accurate prices for each driver. The company is heavily invested in technology like its Snapshot program, which monitors driving habits to offer discounts to safer drivers. Management also wants to convince more customers to buy multiple types of insurance from them, like bundling home and auto policies, to build deeper relationships. Finally, they are working on making the claims process even faster and more efficient, using artificial intelligence to help modernize the experience.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net debt $6.2B. Interest coverage 52.2x.
The Progressive Corporation's profit covers its interest bill about 52.2 times over. which is stronger than every peer shown here.
Total debt $8.39B Interest coverage 52.16x This is the baseline the peer rows are being compared against.
Total debt $7.50B Interest coverage 33.97x -35% vs PGR Carries about 1.5x less debt cushion than PGR.
Total debt $25.01B Interest coverage 18.07x -65% vs PGR Carries about 2.9x less debt cushion than PGR.
Total debt $9.07B Interest coverage 19.34x -63% vs PGR Carries about 2.7x less debt cushion than PGR.
Total debt $9.13B Interest coverage 10.80x -79% vs PGR Carries about 4.8x less debt cushion than PGR.
Total debt $4.38B Interest coverage 24.92x -52% vs PGR Carries about 2.1x less debt cushion than PGR.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know