The Progressive Corporation (PGR) Key Metrics
PGR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $126.81B
- Enterprise value
- $128.32B
- P/E (TTM)
- 11.0 10-yr median 17.3
- Forward P/E
- 12.7
- PEG ratio
- 63.46
- Price / sales
- 1.4 10-yr median 1.3
- Price / book
- 3.5 10-yr median 3.5
- EV / EBITDA
- 21.9 10-yr median 5.2
- Dividend yield
- 0.18% $0.40 a year
- Beta
- 0.23
PGR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPGR valuation Price multiples at each fiscal year-end price.
PGR returns How much profit the business earns on the capital it uses.
PGR per-share figures Results divided by the shares outstanding at year-end.
PGR financial health Debt, liquidity and how easily interest is covered.
PGR efficiency & capital use Working capital cycle and where the cash goes.
PGR valuation history
PGR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PGR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PGR cash returned to shareholders
PGR price vs earnings per share
PGR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $133.94B | $140.82B | $93.58B | $76.15B | $60.27B | $58.10B | $42.51B | $35.40B | $32.99B | $20.77B |
| Enterprise value | $121.01B | $71.62B | $38.21B | $32.82B | $25.06B | $21.89B | $12.28B | $9.82B | $12.96B | $3.89B |
| P/E ratio | 11.8 | 16.6 | 24.0 | 105.5 | 18.0 | 10.2 | 10.7 | 13.5 | 20.7 | 20.1 |
| Price / sales | 1.5 | 1.9 | 1.5 | 1.5 | 1.3 | 1.4 | 1.1 | 1.1 | 1.2 | 0.9 |
| Price / book | 4.4 | 5.5 | 4.6 | 4.8 | 3.3 | 3.4 | 3.1 | 3.3 | 3.6 | 2.6 |
| Price / free cash flow | 7.8 | 9.5 | 9.0 | 11.6 | 8.0 | 8.7 | 7.2 | 5.9 | 9.2 | 8.4 |
| Price / operating cash flow | 7.6 | 9.3 | 8.8 | 11.1 | 7.8 | 8.4 | 6.8 | 5.6 | 8.8 | 7.7 |
| EV / sales | 1.4 | 1.0 | 0.6 | 0.7 | 0.5 | 0.5 | 0.3 | 0.3 | 0.5 | 0.2 |
| EV / EBITDA | 8.2 | 6.4 | 7.0 | 22.3 | 5.3 | 2.8 | 2.2 | 2.7 | 5.1 | 2.1 |
| EV / free cash flow | 7.0 | 4.8 | 3.7 | 5.0 | 3.3 | 3.3 | 2.1 | 1.6 | 3.6 | 1.6 |
| Earnings yield | 8.4% | 6.0% | 4.2% | 0.9% | 5.6% | 9.8% | 9.3% | 7.4% | 4.8% | 5.0% |
| Free cash flow yield | 12.8% | 10.5% | 11.1% | 8.6% | 12.5% | 11.5% | 13.9% | 17.0% | 10.9% | 12.0% |
| Dividend yield | 2.1% | 0.5% | 0.3% | 0.3% | 6.3% | 2.7% | 3.9% | 1.9% | 1.2% | 2.5% |
| Shareholder yield (dividends + buybacks) | 2.3% | 0.9% | 0.4% | 0.5% | 6.6% | 2.9% | 4.1% | 2.1% | 1.4% | 3.4% |
| Share price at fiscal year-end | $227.72 | $239.61 | $159.28 | $129.71 | $102.65 | $98.88 | $72.39 | $60.33 | $56.32 | $35.50 |
| Per share | ||||||||||
| Revenue per share | $148.99 | $128.20 | $105.67 | $84.46 | $81.21 | $72.56 | $66.41 | $54.47 | $45.78 | $40.03 |
| Earnings per share | $19.22 | $14.43 | $6.64 | $1.23 | $5.71 | $9.71 | $6.76 | $4.46 | $2.72 | $1.76 |
| Operating cash flow per share | $29.83 | $25.73 | $18.12 | $11.67 | $13.22 | $11.75 | $10.66 | $10.71 | $6.41 | $4.62 |
| Free cash flow per share | $29.24 | $25.24 | $17.69 | $11.17 | $12.81 | $11.37 | $10.04 | $10.26 | $6.15 | $4.25 |
| Cash per share | $33.72 | $129.47 | $105.96 | $84.68 | $76.65 | $71.66 | $59.84 | $51.09 | $39.84 | $34.24 |
| Book value per share | $51.55 | $43.54 | $34.51 | $27.07 | $31.05 | $29.00 | $23.29 | $18.45 | $15.85 | $13.60 |
| Tangible book value per share | $48.08 | $39.82 | $31.25 | $26.53 | $30.08 | $27.93 | $22.13 | $17.17 | $14.45 | $12.09 |
| Dividends per share | $4.88 | $1.16 | $0.47 | $0.44 | $6.43 | $2.69 | $2.84 | $1.14 | $0.68 | $0.89 |
| Capex per share | $0.59 | $0.48 | $0.43 | $0.50 | $0.41 | $0.38 | $0.62 | $0.45 | $0.27 | $0.37 |
| Debt per share | $11.73 | $11.73 | $11.73 | $10.88 | $16.69 | $10.03 | $8.36 | $7.51 | $5.65 | $5.38 |
| Shares outstanding | 588.2M | 587.7M | 587.5M | 587.1M | 587.1M | 587.6M | 587.2M | 586.7M | 585.7M | 585.0M |
| Change in shares outstanding | +0.1% | +0.0% | +0.1% | 0.0% | −0.1% | +0.1% | +0.1% | +0.2% | +0.1% | −0.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 40.4% | 37.0% | 21.6% | 4.2% | 19.0% | 37.1% | 32.4% | 26.0% | 18.5% | 13.5% |
| Return on assets (ROA) | 9.9% | 8.7% | 4.8% | 1.0% | 5.0% | 9.6% | 7.8% | 6.1% | 4.4% | 3.3% |
| Return on tangible assets | 9.3% | 8.2% | 4.5% | 1.0% | 4.7% | 9.0% | 7.3% | 5.7% | 4.2% | 3.2% |
| Free cash flow margin | 19.6% | 19.7% | 16.7% | 13.2% | 15.8% | 15.7% | 15.1% | 18.8% | 13.4% | 10.6% |
| Income quality (OCF / net income) | 1.55 | 1.78 | 2.73 | 9.49 | 2.32 | 1.21 | 1.58 | 2.40 | 2.36 | 2.62 |
| Financial health | ||||||||||
| Total debt | $6.90B | $6.89B | $6.89B | $6.39B | $9.80B | $5.90B | $4.91B | $4.40B | $3.31B | $3.15B |
| Cash & short-term investments | $19.84B | $76.09B | $62.25B | $49.72B | $45.00B | $42.11B | $35.14B | $29.98B | $23.34B | $20.03B |
| Net debt | −$12.94B | −$69.20B | −$55.36B | −$43.33B | −$35.21B | −$36.21B | −$30.23B | −$25.57B | −$20.03B | −$16.88B |
| Debt / equity | 0.23 | 0.27 | 0.34 | 0.40 | 0.54 | 0.35 | 0.36 | 0.41 | 0.36 | 0.40 |
| Debt / assets | 0.06 | 0.07 | 0.08 | 0.08 | 0.14 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Net debt / EBITDA | −0.87 | −6.14 | −10.15 | −29.44 | −7.39 | −4.69 | −5.34 | −7.12 | −7.92 | −9.32 |
| Current ratio | 0.59 | 0.37 | 1.46 | 11.98 | 2.79 | 2.77 | 2.81 | 0.27 | 0.33 | 0.37 |
| Quick ratio | 0.59 | 0.37 | 2.91 | 16.53 | 3.56 | 3.76 | 3.41 | 0.26 | 0.32 | 0.36 |
| Interest coverage | 51.2 | 38.4 | 18.3 | 3.8 | 19.3 | 33.1 | 27.2 | 19.0 | 14.0 | 10.4 |
| Working capital | −$28.37B | −$39.59B | $25.03B | $60.73B | $37.95B | $34.60B | $29.47B | −$22.99B | −$17.58B | −$14.03B |
| Invested capital | $17.38B | −$43.61B | −$35.09B | −$27.44B | −$16.97B | −$19.17B | −$16.56B | −$14.75B | −$10.74B | −$8.92B |
| Tangible asset value | $28.28B | $23.40B | $18.36B | $15.58B | $17.66B | $16.41B | $12.99B | $10.07B | $8.47B | $7.07B |
| Net current asset value | −$52.55B | −$56.83B | $11.14B | $6.69B | $6.29B | $7.15B | $4.57B | −$27.39B | −$20.86B | −$17.18B |
| Graham number | $149.33 | $118.90 | $71.83 | $27.37 | $63.15 | $79.59 | $59.52 | $43.01 | $31.14 | $23.22 |
| Graham net-net per share | −$98.26 | $17.50 | −$56.21 | −$17.50 | −$9.09 | −$9.46 | −$4.93 | −$1.48 | −$3.21 | −$3.34 |
| Capital allocation | ||||||||||
| Dividends paid | $2.87B | $682.0M | $277.6M | $260.8M | $3.77B | $1.58B | $1.67B | $668.4M | $395.4M | $519.0M |
| Share buybacks (net) | $166.0M | $634.0M | $140.7M | $99.0M | $223.0M | $111.6M | $91.3M | $79.0M | $62.5M | $192.5M |
| Dividend payout ratio | 25.4% | 8.0% | 7.1% | 36.1% | 112.6% | 27.7% | 42.1% | 25.6% | 24.8% | 50.3% |
| Dividends + buybacks / free cash flow | 17.7% | 8.9% | 4.0% | 5.5% | 53.2% | 25.3% | 29.9% | 12.4% | 12.7% | 28.6% |
| Capex / revenue | 0.4% | 0.4% | 0.4% | 0.6% | 0.5% | 0.5% | 0.9% | 0.8% | 0.6% | 0.9% |
| Capex / operating cash flow | 2.0% | 1.9% | 2.4% | 4.3% | 3.1% | 3.2% | 5.8% | 4.2% | 4.1% | 8.0% |
| Capex / depreciation | 1.11 | 1.00 | 0.88 | 0.87 | 0.72 | 0.67 | 1.19 | 1.01 | 0.66 | 1.08 |
| Stock-based compensation / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.4% | 0.4% |
| SG&A / revenue | — | — | — | — | — | — | 0.5% | 0.4% | 0.4% | 0.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 81.7 | 87.7 | 97.9 | 112.7 | 101.7 | 98.7 | 81.3 | 68.1 | 67.6 | 66.2 |
| Days of inventory on hand | — | — | -379.0 | -180.8 | -175.6 | -189.1 | -63.2 | 2.5 | 4.2 | 4.2 |
| Days payables outstanding | — | — | — | 50.1 | 53.6 | 70.2 | 70.5 | 59.1 | 46.4 | 44.4 |
| Cash conversion cycle (days) | — | — | — | -118.2 | -127.5 | -160.5 | -52.4 | 11.5 | 25.4 | 26.0 |
| Receivables turnover | 4.47 | 4.16 | 3.73 | 3.24 | 3.59 | 3.70 | 4.49 | 5.36 | 5.40 | 5.51 |
| Payables turnover | — | — | — | 7.28 | 6.81 | 5.20 | 5.18 | 6.17 | 7.87 | 8.21 |
| Inventory turnover | — | — | — | — | — | — | — | 145.26 | 87.86 | 86.00 |
| Asset turnover | 0.77 | 0.77 | 0.76 | 0.68 | 0.71 | 0.72 | 0.77 | 0.75 | 0.74 | 0.74 |
| Average receivables | $19.62B | $18.09B | $16.65B | $15.31B | $13.28B | $11.53B | $8.69B | $5.96B | $4.97B | $4.25B |
| Average payables | — | — | — | $5.77B | $5.48B | $5.46B | $5.50B | $3.94B | $2.66B | $2.28B |
| Average inventory | — | — | −$52.25B | −$20.83B | −$17.96B | −$14.71B | −$4.94B | $167.2M | $238.2M | $217.9M |
| Intangibles / total assets | 1.7% | 2.1% | 2.2% | 0.4% | 0.8% | 1.0% | 1.2% | 1.6% | 2.1% | 2.6% |
Computed from PGR's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PGR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Progressive traded at 11.8 times earnings, against a 10-year median of 17.3. Based on the latest twelve months, the trailing P/E is 11.0 and the forward P/E is 12.7. Progressive earned a return on equity of 40.4% in fiscal 2025. It ended the year with $6.9 billion of debt and $19.8 billion in cash and short-term investments, a net cash position of $12.9 billion. It returned $3.0 billion to shareholders: $2.9 billion in dividends and $166.0 million in share buybacks, 18% of free cash flow.
See the PGR income statement, the PGR chart for price history, or the PGR stock overview for the latest quote and news.
PGR key metrics FAQ
What is Progressive's P/E ratio?
Progressive's trailing P/E ratio is 11.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.7. At the end of fiscal 2025 it was 11.8, compared with a 10-year median of 17.3.
What is Progressive's EV/EBITDA?
Progressive's enterprise value was 8.2 times EBITDA at the end of fiscal 2025 (enterprise value $121.0 billion, EBITDA $14.8 billion); the current EV/EBITDA is 21.9.
What is Progressive's return on equity?
Progressive's return on equity (ROE) was 40.4% in fiscal 2025: net income of $11.3 billion on average shareholders' equity of $28.0 billion.
How much debt does Progressive have?
Progressive had total debt of $6.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.23 and more cash than debt.
What is Progressive's dividend yield?
Progressive's forward dividend yield is 0.18%. Progressive paid $2.9 billion in dividends in fiscal 2025 ($4.88 per share), a payout ratio of 25.4%.
Does Progressive buy back its shares?
Yes. Progressive spent $166.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.1% over the year, to 588.2M..
What is Progressive's free cash flow yield?
Progressive generated $17.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 12.8% on its market value at year-end ($133.9 billion).
What is Progressive's current ratio?
Progressive's current ratio was 0.59 at the end of fiscal 2025: current assets were 0.59 times current liabilities.