Financials · Property & Casualty Insurance · US stock · price as of 16 Oct 2026
Key indicators
Price
$218.49
52-week range
$187.69 – $239.26
Market cap
$127.6B
P/E (trailing)
11.0×
Dividend yield
6.4%
Revenue (last 12 months)
$91.1B
Revenue growth (3y a year)
20.9%
Price / book
3.7×
Return on equity
34.1%
Fair value
Blended fair value$115.97 book-value models
Versus priceOvervalued−47% to fair value
Excess-return model (banks, insurers)
$89.50
Price / book vs return on equity
$155.67
Model uncertainty
Medium
X-Ray Score
65/ 100 · Medium confidence · ahead of 90% of sector peers
Valuation51
Growth87
Profitability65
Financial health62
Dividends61
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Progressive is an insurance group best known for personal auto insurance, and it also sells home, motorcycle, boat and commercial vehicle coverage. It reaches customers directly online and by phone, and through independent agents. Revenue comes from premiums and from investment income, and results depend on how accurately it prices risk and on claims costs and weather events.
The company reported revenue of $91.1 billion for the last twelve months at Progressive Corp. Revenue growth over the past three years averaged 20.9% a year. It kept an operating margin of 16.6%. The return on invested capital reached 37%, a measure of profit earned on the money invested in the business. The company pays a dividend, and the yield is 6.4%.
StocksXray gives Progressive Corp an X-Ray Score of 65 out of 100 (medium confidence), ahead of 90% of the S&P 500 stocks in its sector. Its strongest lens is growth (87) and its weakest is valuation (51).
Our fair value blend is $115.97. At $218.49 the stock trades 88% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Progressive Corp (PGR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$93.25
$118.25
$145.63
$220.47
$213.81
$218.49
Market cap
$54.7B
$69.4B
$85.6B
$129.6B
$125.7B
$127.6B
P/E
16.5×
100.2×
22.1×
15.3×
11.1×
11.0×
Price / book
3.0×
4.4×
4.2×
5.1×
4.1×
3.7×
Dividend yield
2.04%
0.34%
0.79%
2.22%
6.50%
6.36%
Fundamentals checklist ● 4 Good · ● 1 Average · ● 2 Bad · each check graded against the sector
Risk models
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)153.5%Good
Revenue growth (3y)20.9%Good
Growth consistency100%Good
Valuation
Fair value vs price0.5×Bad
Profitability
Return on invested capital37.1%Good
Operating margin16.6%Bad
XStocksXray
Progressive Corp (PGR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
47,702
49,611
62,109
75,372
87,671
91,055
Net income
3,351
722
3,903
8,480
11,308
11,695
Diluted EPS ($)
5.66
1.18
6.58
14.40
19.23
19.93
Net margin
7.0%
1.5%
6.3%
11.3%
12.9%
12.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
71,132
75,465
88,691
105,745
123,039
124,925
Cash
202
221
100
154
138
193
Total debt
0
0
0
0
0
–
Equity
18,232
15,891
20,277
25,591
30,323
34,333
Dividend per share ($)
1.90
0.40
1.15
4.90
13.90
13.90
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.