Stock PGR PROGRESSIVE CORPORATION
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Financials Progressive Corporation

Equities

PGR

US7433151039

Property & Casualty Insurance

Market Closed - Nyse
Other stock markets
 01:30:02 27/04/2024 am IST 		5-day change 1st Jan Change
208 USD -0.97% Intraday chart for Progressive Corporation -3.10% +30.61%
17/04 UBS Adjusts Progressive Price Target to $218 From $216, Maintains Neutral Rating MT
17/04 BofA Securities Adjusts Price Target on Progressive to $273 From $279, Maintains Buy Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 42,321 57,874 60,057 75,889 93,173 1,21,843 - -
Enterprise Value (EV) 1 42,321 57,874 60,057 79,212 99,976 1,09,597 98,915 1,21,843
P/E ratio 10.8 x 10.2 x 18.1 x 110 x 24.2 x 18.4 x 18.1 x 17.2 x
Yield 3.66% 4.96% 1.85% 0.31% 0.72% 1.07% 1.54% 1.63%
Capitalization / Revenue 1.13 x 1.43 x 1.29 x 1.49 x 1.51 x 1.68 x 1.47 x 1.33 x
EV / Revenue 1.13 x 1.43 x 1.29 x 1.55 x 1.62 x 1.51 x 1.19 x 1.33 x
EV / EBITDA - - - - 18.3 x 16.5 x 11.9 x -
EV / FCF - - - 12.1 x 9.62 x 13.7 x 10.2 x -
FCF Yield - - - 8.28% 10.4% 7.33% 9.78% -
Price to Book 3.21 x 3.5 x 3.38 x 4.93 x 4.71 x 4.94 x 4.14 x 3.31 x
Nbr of stocks (in thousands) 5,84,630 5,85,300 5,85,064 5,85,070 5,84,961 5,85,698 - -
Reference price 2 72.39 98.88 102.6 129.7 159.3 208.0 208.0 208.0
Announcement Date 29/01/20 27/01/21 26/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 37,578 40,569 46,405 51,081 61,550 72,721 82,958 91,784
EBITDA 1 - - - - 5,472 6,641 8,335 -
EBIT 1 5,350 7,390 4,429 1,166 5,172 9,818 8,957 11,009
Operating Margin 14.24% 18.22% 9.54% 2.28% 8.4% 13.5% 10.8% 11.99%
Earnings before Tax (EBT) 1 5,160 7,173 4,210 922.1 4,904 8,460 8,652 9,332
Net income 1 3,970 5,705 3,351 721.5 3,902 6,733 6,839 7,260
Net margin 10.57% 14.06% 7.22% 1.41% 6.34% 9.26% 8.24% 7.91%
EPS 2 6.720 9.660 5.660 1.180 6.580 11.28 11.49 12.06
Free Cash Flow 1 - - - 6,557 10,391 8,029 9,676 -
FCF margin - - - 12.84% 16.88% 11.04% 11.66% -
FCF Conversion (EBITDA) - - - - 189.91% 120.9% 116.09% -
FCF Conversion (Net income) - - - 908.77% 266.28% 119.24% 141.49% -
Dividend per Share 2 2.650 4.900 1.900 0.4000 1.150 2.217 3.207 3.390
Announcement Date 29/01/20 27/01/21 26/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 12,446 10,749 13,181 12,422 13,018 12,460 16,110 14,717 15,594 15,130 18,962 17,185 18,233 17,527 21,458
EBITDA - - - - - - - - - - - - - - -
EBIT - - - - - - - - - 2,573 - - - - -
Operating Margin - - - - - - - - - 17.01% - - - - -
Earnings before Tax (EBT) 1 139 1,204 390.2 -635.9 142.5 1,025 554.4 435.7 1,410 2,503 2,940 1,828 1,595 2,024 2,316
Net income 1 118.5 962.3 313.9 -542.9 124.1 826.4 447.9 345.4 1,121 1,988 2,331 1,520 1,314 1,622 1,897
Net margin 0.95% 8.95% 2.38% -4.37% 0.95% 6.63% 2.78% 2.35% 7.19% 13.14% 12.29% 8.85% 7.21% 9.26% 8.84%
EPS 2 0.1900 1.630 0.5200 -0.9400 0.2000 1.400 0.7500 0.5700 1.890 3.370 3.940 2.585 2.284 2.762 3.226
Dividend per Share 2 0.1000 1.600 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.8500 0.1000 0.1000 0.1000 2.100 0.1000
Announcement Date 14/10/21 26/01/22 14/04/22 15/07/22 13/10/22 25/01/23 13/04/23 13/07/23 13/10/23 24/01/24 12/04/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 3,323 6,804 - - -
Net Cash position 1 - - - - - 12,246 22,928 -
Leverage (Debt/EBITDA) - - - - 1.243 x - - -
Free Cash Flow 1 - - - 6,557 10,391 8,029 9,676 -
ROE (net income / shareholders' equity) 25.9% 28.7% 12.2% 13% 21.6% 30% 25.6% 21.9%
ROA (Net income/ Total Assets) 6.26% 7.41% 4.96% 0.98% 4.75% 6% 6.1% 6.2%
Assets 1 63,413 76,992 67,616 73,323 82,078 1,12,222 1,12,109 1,17,094
Book Value Per Share 2 22.50 28.30 30.40 26.30 33.80 42.10 50.20 62.80
Cash Flow per Share - 11.80 - 11.70 - - - -
Capex 1 - 3,617 244 292 252 302 296 -
Capex / Sales - 8.92% 0.52% 0.57% 0.41% 0.42% 0.36% -
Announcement Date 29/01/20 27/01/21 26/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Progressive Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
208 USD
Average target price
220.6 USD
Spread / Average Target
+6.04%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Insurance - Automobile

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Insurance - Automobile
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