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Fundamentals snapshot

PROG Holdings, Inc.

PRG · NYQ · Industrials · Rental & Leasing Services

Current price

$38.86

52-week range

$25.18 - $47.73

Market cap

$1.52B

One-glance verdict

Undervalued

$104.70 our estimate vs market $38.86

Wall Street consensus: $49.00 (-53.2% lower than our fair-value estimate)

Balance sheet

Stretched

10.27x Adequate

Net debt $756.92M. Interest coverage shows how many times profit covers the interest bill.

What this company does

PROG Holdings, Inc.

PROG Holdings offers ways for people to pay for things over time, mainly through their Progressive Leasing service that lets customers lease furniture and electronics. The money they make primarily comes from the fees and lease payments consumers make, and this matters because it shows how many people are using their services to finance purchases.

Price history

How the share price has moved

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Earnings history

Last 8 quarters — what happened

Click any quarter to read the call summary and what the numbers say.

Free cash flow by quarter (oldest to newest)
FY2024 Q4 $-86.77M FY2025 Q1 $207.97M FY2025 Q2 $67.96M FY2025 Q3 $106.49M FY2025 Q4 $-57.50M FY2026 Q1 $168.55M FY2026 Q2 $101.19M FY2026 Q3 $103.40M
Revenue $725.78M
Net income $37.24M
Diluted EPS 0.91
Operating cash flow $108.22M
Free cash flow $103.40M
Revenue $719.72M
Net income $37.03M
Diluted EPS 0.91
Operating cash flow $106.24M
Free cash flow $101.19M
Revenue $742.67M
Net income $36.05M
Diluted EPS 0.89
Operating cash flow $171.70M
Free cash flow $168.55M
Revenue $525.36M
Net income $40.47M
Diluted EPS 0.99
Operating cash flow $-54.90M
Free cash flow $-57.50M
Revenue $595.11M
Net income $33.12M
Diluted EPS 0.82
Operating cash flow $110.05M
Free cash flow $106.49M
Revenue $604.66M
Net income $38.48M
Diluted EPS 0.95
Operating cash flow $69.89M
Free cash flow $67.96M
Revenue $684.09M
Net income $34.72M
Diluted EPS 0.83
Operating cash flow $209.93M
Free cash flow $207.97M
Revenue $623.32M
Net income $57.55M
Diluted EPS 1.33
Operating cash flow $-84.49M
Free cash flow $-86.77M

Is it cheap or expensive?

Fair value $104.70 vs current price $38.86

Wall Street consensus is the average analyst price target: $49.00 (-53.2% lower than our fair-value estimate).

Our most-likely fair value is $104.70 a share — about 169.4% above today's price of $38.86, so the stock currently looks cheap (undervalued).

undervalued

We estimate the cash this business should generate over the next 10 years and beyond, then convert it to today's money for a fair value per share, in its trading currency. Cautious, middle and optimistic growth cases give a range. Not for banks/insurers.

Base

Growth 8.0% · Discount 12.0% · Terminal 3.0%

$104.70

Bear

Growth 3.0% · Discount 12.0% · Terminal 3.0%

$75.84

Bull

Growth 15.0% · Discount 12.0% · Terminal 3.0%

$159.55

Is it drowning in debt?

Stretched

Net debt $756.9M. Interest coverage 10.3x.

Net debt $756.92M
Interest coverage 10.27x

PROG Holdings, Inc. is healthier than 0 of 1 peers on balance-sheet leverage.

Stretched
Worse cushion Baseline Better cushion
PRG BASELINE PROG Holdings, Inc.

Total debt $865.84M Interest coverage 10.27x This is the baseline the peer rows are being compared against.

10.27x

What you should know

The case for and against PRG

3 Rewards 1 Risk

Rewards

  • Revenue grew 12.6% last year.
  • Free cash flow was positive in 8/10 years.
  • Dividend yield is 1.5% with 37-year payout history.

Risks

  • Stock trades 29.5% above its 5-year average P/E.

The numbers

All the key metrics, grouped by purpose

Tap any ? icon to learn what it means.

Valuation

How expensive the stock looks

P/E (TTM)
11.92x
Forward P/E
7.02x
P/B
1.88x
P/S
0.55x
EV/EBITDA
4.77x
PEG ratio
0.93x

Profitability

How much profit each dollar creates

Gross margin
36.7%
Operating margin
16.0%
Net margin
5.5%
ROE
17.3%
ROA
15.3%

Health

Liquidity and balance-sheet strength

Debt / equity
1.07x
Current ratio
4.34x
Quick ratio
3.38x
Total debt
$865.84M
Total cash
$108.92M

Growth

How the business has been compounding

Revenue TTM
$2.71B
Revenue 5Y CAGR
-2.6%
EPS TTM
3.26
EPS 5Y CAGR
23.6%

Cash flow

How much cash the business throws off

Operating CF TTM
$331.25M
Free CF TTM
$324.92M
FCF margin
12.0%

Dividend

Shareholder payout

Yield
1.5%
Payout ratio
17.1%
Last ex-div date
2026-11-17