Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 9.9x · ROE 40.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $137.0B | $133.9B | $140.8B | $93.6B | $76.2B | $60.3B | $58.1B | $42.5B | $35.4B | $33.0B | $20.8B |
| Enterprise Value | $143.7B | $140.7B | $147.6B | $100.4B | $82.3B | $65.0B | $63.4B | $47.2B | $39.7B | $36.0B | $23.7B |
| P/E Ratio → | 12.19 | 11.84 | 16.64 | 24.21 | 109.92 | 18.14 | 10.24 | 10.77 | 13.53 | 20.71 | 20.17 |
| P/S Ratio | 1.56 | 1.53 | 1.87 | 1.51 | 1.54 | 1.26 | 1.36 | 1.09 | 1.11 | 1.23 | 0.89 |
| P/B Ratio | 4.55 | 4.42 | 5.50 | 4.61 | 4.79 | 3.31 | 3.41 | 3.11 | 3.27 | 3.55 | 2.61 |
| P/FCF | 7.96 | 7.79 | 9.49 | 9.01 | 11.61 | 8.02 | 8.70 | 7.21 | 5.88 | 9.16 | 8.35 |
| P/OCF | 7.81 | 7.63 | 9.31 | 8.79 | 11.12 | 7.76 | 8.41 | 6.79 | 5.63 | 8.78 | 7.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.61 | 1.96 | 1.62 | 1.66 | 1.36 | 1.49 | 1.21 | 1.24 | 1.34 | 1.01 |
| EV / EBITDA | 9.89 | 9.68 | 13.42 | 19.34 | 67.05 | 14.29 | 8.45 | 8.63 | 11.60 | 15.17 | 14.19 |
| EV / EBIT | 10.11 | 9.70 | 13.43 | 19.41 | 70.62 | 14.67 | 8.58 | 8.82 | 11.93 | 15.72 | 14.71 |
| EV / FCF | — | 8.18 | 9.95 | 9.66 | 12.56 | 8.64 | 9.49 | 8.00 | 6.60 | 10.00 | 9.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.5% | 29.5% | 27.7% | 18.9% | 15.2% | 21.7% | 33.4% | 26.9% | 24.0% | 21.9% | 20.0% |
| Operating Margin | 16.2% | 16.2% | 14.2% | 7.9% | 1.9% | 8.8% | 16.8% | 13.2% | 9.9% | 8.0% | 6.3% |
| Net Profit Margin | 12.9% | 12.9% | 11.3% | 6.3% | 1.5% | 7.0% | 13.4% | 10.2% | 8.2% | 5.9% | 4.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.4% | 40.4% | 37.0% | 21.6% | 4.2% | 19.0% | 37.1% | 32.4% | 26.0% | 18.5% | 13.5% |
| ROA | 9.9% | 9.9% | 8.7% | 4.8% | 1.0% | 5.0% | 9.6% | 7.8% | 6.1% | 4.4% | 3.3% |
| ROIC | 30.7% | 30.7% | 27.0% | 15.0% | 3.1% | 13.9% | 26.4% | 23.1% | 17.3% | 13.8% | 10.7% |
| ROCE | 29.2% | 29.2% | 31.2% | 6.0% | 1.4% | 6.8% | 13.2% | 11.4% | 8.7% | 6.8% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.27 | 0.34 | 0.40 | 0.27 | 0.32 | 0.36 | 0.41 | 0.36 | 0.40 |
| Debt / EBITDA | 0.47 | 0.47 | 0.63 | 1.33 | 5.20 | 1.08 | 0.72 | 0.90 | 1.29 | 1.39 | 1.88 |
| Net Debt / Equity | — | 0.22 | 0.26 | 0.34 | 0.39 | 0.26 | 0.31 | 0.34 | 0.40 | 0.33 | 0.37 |
| Net Debt / EBITDA | 0.47 | 0.47 | 0.61 | 1.31 | 5.04 | 1.04 | 0.71 | 0.86 | 1.27 | 1.28 | 1.76 |
| Debt / FCF | — | 0.39 | 0.46 | 0.65 | 0.94 | 0.63 | 0.80 | 0.79 | 0.72 | 0.84 | 1.18 |
| Interest Coverage | 52.16 | 52.16 | 39.40 | 19.30 | 4.78 | 20.26 | 34.06 | 28.20 | 20.00 | 14.97 | 11.44 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.59 | 0.59 | 0.37 | — | 11.98 | 9.86 | 11.03 | 9.12 | 6.63 | 4.29 | 9.90 |
| Quick Ratio | 0.59 | 0.59 | 0.37 | — | 11.98 | 9.86 | 11.03 | 9.12 | 6.63 | 4.29 | 9.90 |
| Cash Ratio | 0.29 | 0.29 | 1.21 | — | 8.99 | 7.42 | 8.50 | 6.87 | 5.41 | 3.46 | 8.03 |
| Asset Turnover | — | 0.71 | 0.71 | 0.70 | 0.66 | 0.67 | 0.67 | 0.71 | 0.69 | 0.69 | 0.70 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 2.1% | 0.5% | 0.3% | 0.3% | 6.2% | 2.7% | 3.9% | 1.9% | 1.2% | 2.5% |
| Payout Ratio | 25.4% | 25.4% | 7.9% | 6.0% | 32.4% | 111.8% | 27.2% | 41.4% | 25.0% | 24.8% | 50.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 8.4% | 6.0% | 4.1% | 0.9% | 5.5% | 9.8% | 9.3% | 7.4% | 4.8% | 5.0% |
| FCF Yield | 12.6% | 12.8% | 10.5% | 11.1% | 8.6% | 12.5% | 11.5% | 13.9% | 17.0% | 10.9% | 12.0% |
| Buyback Yield | 0.1% | 0.1% | 0.5% | 0.2% | 0.1% | 0.4% | 0.2% | 0.2% | 0.2% | 0.2% | 0.9% |
| Total Shareholder Yield | 2.2% | 2.3% | 0.9% | 0.4% | 0.4% | 6.6% | 2.9% | 4.1% | 2.1% | 1.4% | 3.4% |
| Shares Outstanding | — | $588M | $588M | $588M | $587M | $587M | $588M | $587M | $587M | $586M | $585M |
Claims severity and inflation
According to current market data, Progressive trades at a P/B multiple of 4.35, which significantly exceeds the peer group average and suggests that investors are pricing in a sustained competitive advantage derived from the company's proprietary telematics-driven risk segmentation and superior underwriting efficiency.
The valuation premium appears justified by the company's consistent ability to maintain a combined ratio below its 96% target, a feat that peers like Allstate and Travelers struggle to replicate with similar consistency. While the P/B multiple is elevated, it reflects the market's confidence in Progressive's ability to generate higher ROE through its unique information-arbitrage model rather than mere scale.
As reported in the quarterly financial data, Progressive achieved a combined ratio of 83.9% in 2026Q1, demonstrating a robust underwriting performance that consistently outperforms industry benchmarks and underscores the effectiveness of the company's rapid rate-filing capabilities in mitigating inflationary pressures on loss severity.
The trajectory of the combined ratio, which has remained largely favorable despite the 2025Q3 spike to 85.2%, suggests that management's focus on granular risk pricing is successfully offsetting the rising costs of vehicle repair and medical inflation. This underwriting discipline serves as the primary engine for the company's profitability, allowing it to generate significant float even in challenging economic environments.
Based on the provided financial figures, Progressive maintains a D/E ratio of 0.23, which indicates a highly conservative capital structure that provides the company with significant financial flexibility to navigate periods of heightened catastrophe exposure or unexpected volatility in the broader insurance market.
This low leverage ratio suggests that the company is not reliant on debt to fuel its growth, instead utilizing its internal capital accumulation to support policy expansion. Investors should monitor whether this conservative stance persists as the company continues to scale its Property segment, which inherently carries higher volatility than the core auto business.
As noted in industry research, the P/E ratio is frequently misapplied to Progressive, as it obscures the volatility inherent in underwriting cycles and the significant impact of investment income on float, which can lead to distorted perceptions of the company's true earnings power.
Analysts should prioritize the combined ratio and P/B as more reliable indicators of value, as the P/E ratio fails to account for the quality of reserves or the sustainability of underwriting margins. Relying on P/E may lead to an overreaction to short-term earnings noise caused by catastrophe events, whereas P/B provides a more stable anchor for assessing the value of the underlying invested assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PGR stock.
The Progressive Corporation's current P/E ratio is 12.2x. The historical average is 24.5x. This places it at the 24th percentile of its historical range.
The Progressive Corporation's current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
The Progressive Corporation's return on equity (ROE) is 40.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.4%.
Based on historical data, The Progressive Corporation is trading at a P/E of 12.2x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Progressive Corporation's current dividend yield is 2.08% with a payout ratio of 25.4%.
The Progressive Corporation has 29.5% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
The Progressive Corporation's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.