Progressive (PGR) stock
Financials · Property & Casualty Insurance
Progressive (PGR) is a Property & Casualty Insurance company in the Financials sector, headquartered in Mayfield Village, Ohio. As of October 23, 2026, PGR closed at $228.07, a market capitalization of $132.17 billion, the 93rd largest company in the S&P 500. Over the last twelve months it generated $91.70 billion in revenue (+3% year over year) and $15.95 billion in free cash flow. The stock trades at 11.5x trailing earnings and 14.0x forward earnings.
- 1-year total return: +10.1% (dividends reinvested)
- 5-year return: +21.7% a year
- 52-week range: $189.20 – $239.38
- Gross margin 17.3%, operating margin 14.3%
- Dividend yield: 0.18%
- FI Handbook report card: C across 10 metrics
- 17th largest of 76 Financials stocks in the S&P 500
PGR price chart
1Y price change: +3.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| PGR | +12.3% | +6.7% | +10.1% | +17.6% | +21.7% | +25.2% | +21.5% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
PGR key statistics
- Market cap
- $132.2B
- #93 in S&P 500
- P/E (TTM)
- 11.5x
- Forward P/E
- 14.0x
- EPS (TTM)
- $19.85
- Revenue (TTM)
- $91.7B
- +3%
- Free cash flow
- $16.0B
- Gross margin
- 17.3%
- Operating margin
- 14.3%
- Return on equity
- 33.2%
- Dividend yield
- 0.18%
- 52-week range
- $189.20 – $239.38
- Beta
- 0.23
- Price / sales
- 1.4x
- EV / EBITDA
- 9.0x
- Debt / equity
- 0.24x
- Employees
- 70,053
PGR report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth3.0%D
- Gross margin17.3%D
- Operating margin14.3%C
- FCF margin17.4%B
- Return on equity33.2%A
- Net debt / EBITDA0.4xB
- Forward P/E14.0xA
- PEG ratio63.5xF
- Shareholder yield0.2%F
- Share count change / yr0.0%C
Progressive financials
Revenue went from $23.4B in fiscal 2016 to $87.7B in fiscal 2025, growing 15.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.4B | $26.8B | $32.0B | $39.0B | $42.7B | $47.7B | $49.6B | $62.1B | $75.4B | $87.7B |
| Net income | $1.0B | $1.6B | $2.6B | $4.0B | $5.7B | $3.4B | $722.0M | $3.9B | $8.5B | $11.3B |
| EPS (diluted) | $1.76 | $2.72 | $4.42 | $6.72 | $9.66 | $5.66 | $1.18 | $6.58 | $14.40 | $19.23 |
| Free cash flow | $2.5B | $3.6B | $6.0B | $5.9B | $6.7B | $7.5B | $6.6B | $10.4B | $14.8B | $17.2B |
| Buybacks | $192.5M | — | — | — | — | — | — | — | — | — |
| Dividends paid | $519.0M | $395.4M | $654.9M | $1.6B | $1.6B | $3.7B | $234.0M | $234.0M | $674.0M | $2.9B |
| Diluted shares | 585.0M | 585.7M | 586.7M | 587.2M | 587.6M | 587.1M | 587.1M | 587.5M | 587.7M | 588.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into PGR?
A reverse DCF asks what growth the current price requires. With an enterprise value of $138.4B and $16.0B of trailing free cash flow, Progressive needs to grow free cash flow about -9.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 20.8% a year over the last five years.
P/E ratio history
Current 11.9x vs. median 14.8x (10th–90th percentile 11.0x–31.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
PGR dividend
- Dividend yield
- 0.18%
- Annual dividend
- $0.40
- Years of increases
- —
- 5-yr dividend growth
- 0.0%
- per year
- Payout ratio
- 70%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
PGR analyst price targets
21 analysts' average 12-month target is $230.38 (+1% vs. $228.07). Targets range from $196.00 to $262.00. 32% rate it a buy.
PGR earnings
Next report: January 27, 2027. Progressive has beaten EPS estimates 4 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 13, 2026 | $4.41 | $4.60 | +4.2% |
| Jul 15, 2026 | $4.84 | $4.85 | +0.3% |
| Apr 15, 2026 | $4.88 | $4.96 | +1.6% |
| Jan 28, 2026 | $4.43 | $4.67 | +5.3% |
| Oct 15, 2025 | $5.05 | $4.05 | -19.7% |
| Jul 16, 2025 | $4.43 | $4.88 | +10.0% |
| Apr 16, 2025 | $4.78 | $4.65 | -2.6% |
| Jan 28, 2025 | $3.56 | $4.08 | +14.6% |
Stocks like PGR
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 CB Chubb | -2.43% | +27% | $137.0B | 12.4x | Compare |
 TRV Travelers Companies | -1.77% | +50% | $81.6B | 10.5x | Compare |
 ALL Allstate | -2.28% | +33% | $64.0B | 5.1x | Compare |
 HIG Hartford Insurance Group, I | -1.93% | +11% | $37.0B | 9.7x | Compare |
 ACGL Arch Capital | -0.97% | +16% | $34.7B | 8.0x | Compare |
 WRB W.R. Berkley | -2.94% | +0% | $27.2B | 15.5x | Compare |
 CINF Cincinnati Financial Corporatio | -1.11% | +16% | $27.1B | 8.3x | Compare |
 BRK-B Berkshire Hathaway | -0.87% | +11% | $1.2T | 13.6x | Compare |
PGR news
- Progressive (PGR) Upgraded to Buy: Here's Why · Oct 22, 2026
- Here is What to Know Beyond Why The Progressive Corporation (PGR) is a Trending Stock · Oct 21, 2026
- Progressive (PGR) Q3 Earnings Show Strong Underwriting As Profit Growth Slips · Oct 16, 2026
- Progressive (PGR) Is Up 5.1% After Q3 EPS Beat And Stronger Underwriting Results - What's Changed · Oct 14, 2026
- Progressive's Q3 Earnings Top Estimates on Higher Premiums · Oct 14, 2026
PGR stock FAQ
What is PGR's market cap?
Progressive's market capitalization is $132.17 billion as of October 23, 2026, ranking 93rd in the S&P 500.
What is PGR's P/E ratio?
PGR trades at a trailing price-to-earnings ratio of 11.5x and a forward P/E of 14.0x. Its median P/E over the period we track is 14.8x.
Does PGR pay a dividend?
Yes. Progressive pays $0.40 per share a year, a 0.18% yield. Dividends grew 0.0% a year over the last five years.
How much has PGR stock returned?
Including reinvested dividends, PGR returned +10.1% over one year, +21.7% a year over five years, +25.2% a year over ten years through October 23, 2026.
Is PGR stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Progressive must grow free cash flow about -10% a year for the next decade. Its free cash flow grew 21% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the PGR price target?
21 analysts cover PGR with an average 12-month price target of $230.38, +1% from the current price. 32% of them rate it a buy.
When does PGR report earnings?
Progressive is expected to report earnings on January 27, 2027. It has beaten EPS estimates 4 quarters in a row.
How many employees does Progressive have?
Progressive has about 70,053 full-time employees, or $1.3 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology