| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 78 | 10.9x | 17.8x | Top tier | |
Growth | 65 | 10.5% | 7.1% | Around median | |
Quality | 98 | — | — | Top tier | |
Safety | 34 | — | — | Bottom tier | |
Capital Return | 79 | 6.39% | 2.12% | Top tier | |
Momentum | 55 | -12.7% | 2.9% | Around median | |
Sentiment | 68 | 16 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The Progressive Corporation (PGR) operates in insurance within the United States, led by its personal auto insurance policies, alongside homeowners insurance, commercial lines, and ancillary products such as renters and umbrella insurance. The company relies on two main distribution channels: direct sales and independent agents; it became the largest underwriter of U.S. personal auto insurance based on direct written premiums during the twelve months ended in Q2 FY2026, while total policies in force exceeded 40 million.
Progressive expands its customer relationships by bundling auto and homeowners insurance within the Robinsons segment, while also generating service revenue from selling partner insurers' products through platforms such as HomeQuote Explorer. The platform began online quoting in 2017, and quote initiations increased at a 27% compound annual growth rate from just under one million to more than 6 million, while the platform grew to offer 26 options from 19 companies; commissions and fees from third-party relationships reached $274 million in the first half of FY2026.
In Q2 FY2026, Progressive reported revenue of $23.6 billion, net income of $3.3 billion, and earnings per share of $5.67, exceeding analyst estimates according to an August 24, 2026 report. These figures equate to a net income margin of approximately 14.0%, compared with revenue of $22.2 billion and net income of $2.8 billion in Q1 FY2026; auto remains dominant in the business mix, as the call cited property premiums of just over $3 billion within approximately $80 billion in combined premiums, with personal auto policies growing 8% through agents and 10% through the direct channel, property policies growing 1%, and special lines growing 6%.
The average analyst price target is $225.5, within a wide range of $198 to $259, compared with a consensus rating of Neutral; the average is approximately 9.7% below the 52-week range high of $249.83. The 52-week range extends from $189.2 to $249.83, and the data does not provide a published price-to-earnings ratio, making analyst targets and Q2 FY2026 results clearer reference points than a traditional multiple comparison, while slowing policy growth and intensifying competition remain factors that limit an optimistic interpretation.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Robinsons represents customers who bundle auto and homeowners insurance and accounts for approximately 35% of the U.S. auto market. A customer in this segment generates about 70% more lifetime premiums than a single-product Wright customer and five times those of a Sam customer. Since 2023, Progressive's cross-selling efforts have converted approximately 0.5 million customers into Robinsons relationships, but the company's share of this segment remains in the single digits, leaving room for growth.
Management described the turnaround as largely complete on August 4, 2026, after the combined ratio improved from above 100 through 2022 to 75 in 2025 and 78 year-to-date in FY2026. Between 2022 and 2025, the company reduced the mix of insured value in states with high weather risk by 23%, while the probable maximum loss for a once-in-100-year event declined by approximately 33%. By June 2026, 41 states were positioned for growth, compared with 18 states in May 2025, and the addressable market expanded from 40% to 82%.
Personal lines policies in force increased 8%, comprising 8% growth in agent auto, 10% in direct auto, 1% in property, and 6% in special lines. The company's total policies exceeded 40 million after adding 2.8 million, including 2.2 million personal auto policies. Despite this increase, management acknowledged on August 4, 2026, that growth rates had slowed from their peak in 2024 and 2025 as competition intensified.
Automated analysis for informational purposes only — not investment advice.
Progressive uses pricing and segmentation models to align price with risk and launched property model 6.0 in July 2026, adding aerial imagery and predictive variables from auto activity. As of June 2026, states representing 93% of Progressive Homes premiums were using model 5.0 or a later version. Management also stated on August 4, 2026, that dozens of advanced generative and agentic artificial intelligence initiatives were underway, but it did not provide a specific financial figure for cost savings.
The company sells through the direct channel and a network comprising more than 40 thousand agencies and approximately 90 thousand storefronts, and estimates that its scale is about three times that of its largest competitor in the independent agent channel. HomeQuote Explorer supports the direct channel with more than 6 million annual quote initiations and 26 product options from 19 companies, alongside approximately 2,000 in-house agents. Commissions and fees from partner insurer relationships reached $274 million in the first half of FY2026.
Progressive generated revenue of $23.6 billion, net income of $3.3 billion, and earnings per share of $5.67 in Q2 FY2026. These results equate to a net income margin of approximately 14.0%, and both revenue and earnings per share exceeded analyst estimates according to an August 24, 2026 report. By comparison, Q1 FY2026 recorded revenue of $22.2 billion, net income of $2.8 billion, and earnings per share of $4.80.
