# Progressive Corp. (PGR)

> Progressive sells auto, home, renters, recreational-vehicle and small-business insurance, and invests premiums collected before claims are paid.

- Exchange: NYSE · Sector: Financials · Industry: Insurance Property and Casualty
- Headquarters: Mayfield Village, Ohio, United States
- Founded: 1937
- Employees: about 70,000 (December 31, 2025)
- SEC CIK: 0000080661 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000080661))
- Full page: https://inspectstocks.com/stocks/pgr
- Data as of: price 2026-09-28; newest filing used 2026-08-03; latest fiscal period ended 2026-06-30

## Grade

**B+** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $91.1B | $55.9B |
| Revenue growing recently | passed | $91.1B | $87.7B |
| Free cash flow positive | passed | $16B |  |
| Free cash flow growing overall | passed | $16B | $7.5B |
| Free cash flow growing recently | failed | $16B | $17.2B |

Business quality (the + / − mark): 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 12.8% |  |
| Healthy profit margin | passed | 12.8% |  |
| Good return on equity | passed | 38.6% |  |
| Debt under control | passed | 0.01 |  |
| Turns sales into cash | passed | 17.5% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $91.1B |
| Net income, trailing twelve months | $11.7B |
| Free cash flow, trailing twelve months | $16B |
| Net margin | 12.8% |
| Return on equity | 38.6% |
| Debt to equity | 0.01 |
| Diluted EPS, trailing twelve months | $19.94 |
| Share price | $209.48 |
| Market value | $121.8B |
| Price / earnings | 10.5x |
| Price / sales | 1.3x |

## What the business does

Progressive is an insurance group that sells coverage across the United States to individuals, households and businesses. Customers can buy directly online or by phone, or through independent insurance agents. Progressive also invests the premiums it collects and earns income from those investments.

### How it makes money

- **Personal Lines insurance premiums** — Customers pay premiums for personal auto, recreational-vehicle, homeowners, renters, umbrella and flood coverage. Progressive records the premiums as revenue over the period the policies provide coverage; the filings provided do not give this segment's share of total revenue.
- **Commercial Lines insurance premiums** — Businesses pay premiums for commercial vehicle, business property and liability, and workers’ compensation coverage. Progressive records the premiums as revenue over the period the policies provide coverage; the filings provided do not give this segment's share of total revenue.
- **Investment income** — Progressive invests insurance funds in securities and earns income such as interest and dividends, as well as gains or losses when securities are sold. The filings provided do not give this income's share of total revenue.
- **Commissions and fees from insurance and related services** (<1% (2025)) — Progressive acts as an agent for other insurers on some policies and receives commissions or fees. These service businesses represented less than 1% of total revenue.

### Products

- **Personal auto insurance and Snapshot** — Auto coverage for individuals. Snapshot is an optional program that uses driving information from a device or mobile app to help set an individual customer's rate.
- **Special lines vehicle insurance** — Insurance for motorcycles, recreational vehicles, boats and other recreational vehicles.
- **Personal property insurance** — Coverage for homeowners and renters, as well as manufactured homes, personal umbrella liability and flood insurance.
- **Commercial auto insurance** — Liability and vehicle-damage coverage for business vehicles, including trucks, contractors’ vehicles, small-business autos, fleets and vehicles used for rideshare services.
- **Small-business property and liability insurance** — Business property and general liability coverage, including a business owners’ policy that combines types of protection for small businesses.
- **Workers’ compensation insurance** — Coverage for work-related employee injuries, offered primarily to businesses in the transportation industry.

### Customers

- Individuals buying auto insurance directly online or by phone, or through an independent insurance agent.
- Motorcycle, boat and recreational-vehicle owners buying coverage directly or through agents.
- Homeowners and renters buying property coverage, often alongside auto insurance.
- Small businesses buying vehicle, property and liability coverage through agents or direct quoting tools.
- Truck operators, transportation businesses and fleets buying commercial auto or workers’ compensation coverage through agents or specialist brokers.
- Ride-hailing companies arranging commercial auto coverage for drivers using their services.

### Competitors

- GEICO, a Berkshire Hathaway subsidiary (BRK.B) — Personal auto insurance, sold directly to consumers.
- State Farm — Personal auto and home insurance, including sales through its agent network.
- Allstate (ALL) — Personal auto and home insurance sold through direct and agent channels.
- Travelers (TRV) — Personal and commercial property and casualty insurance, including auto and business coverage.
- Liberty Mutual — Personal auto, home and commercial insurance sold directly and through agents.
- Nationwide — Personal auto, home and commercial insurance sold through agents and direct channels.

### What it depends on

- Insurance regulators control important parts of the business, including licenses, permitted coverages, policy terms and, in some places, rates and rate changes.
- Progressive relies on independent insurance agents and brokers to sell many policies, especially personal property and commercial coverage.
- Progressive buys reinsurance to share some property catastrophe losses and certain commercial losses; it generally does not buy catastrophe-specific reinsurance for personal auto or core commercial auto.
- The company relies on its own and third-party computer systems to quote policies, handle claims and serve customers.
- Some insurance products are written by unaffiliated partner insurers, and Progressive earns commissions for referring or placing those policies.

### What could go wrong

- If Progressive misjudges claim frequency or severity, sets rates that do not cover claims and expenses, or estimates unpaid claims incorrectly, insurance results can be affected.
- Severe storms and other catastrophes can cause large property claims; losses may exceed reinsurance coverage, and reinsurance may not remain available on acceptable terms.
- A cyberattack or disruption affecting Progressive’s systems or a third-party provider could interrupt quoting, policy service or claims handling and expose customer or company information.

## More on this company

- [Overview](https://inspectstocks.com/stocks/pgr)
- [Financial statements](https://inspectstocks.com/stocks/pgr/financials)
- [Competitors](https://inspectstocks.com/stocks/pgr/peers)
- [Earnings](https://inspectstocks.com/stocks/pgr/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.