| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 93 | 10.2x | 17.8x | Top tier | |
Growth | 46 | 8.0% | 7.1% | Around median | |
Quality | 93 | — | — | Top tier | |
Safety | 50 | — | — | Around median | |
Capital Return | 39 | 1.46% | 2.12% | Bottom tier | |
Momentum | 63 | 32.7% | 2.9% | Around median | |
Sentiment | 45 | 5 | 3 | Around median |
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.
PROG Holdings operates through a consumer finance ecosystem comprising Progressive Leasing, Four Technologies, Purchasing Power, and MoneyApp. Progressive Leasing generates revenue from lease-to-own agreements, while Four offers a pay-in-four service and relies heavily on repeat purchases and Four Plus subscriptions. Purchasing Power provides employer-sponsored financed purchases, while MoneyApp supports engagement and cross-selling within the ecosystem. These products target a similar consumer base, with differences in purchase sizes and repayment mechanisms across each product.
In fiscal Q2 2026, consolidated revenue reached $719.7 million, up 22.3% year over year, while gross profit according to EDGAR data was approximately $644.0 million, net income was $37.0 million, and reported earnings per share were $0.91. The company also recorded adjusted earnings before interest, taxes, depreciation, and amortization of $88.4 million, with a margin of 12.3%, and adjusted non-GAAP earnings per share of $1.19, exceeding the high end of its previous guidance.
Progressive Leasing remained the largest business component, with revenue of $550.3 million despite a 3.4% year-over-year decline, and generated a gross profit margin of 33.8% and an adjusted earnings before interest, taxes, depreciation, and amortization margin of 12.7%. Four generated revenue of $35.1 million and adjusted earnings before interest, taxes, depreciation, and amortization of $8.7 million, while Purchasing Power recorded revenue of $130.4 million and adjusted earnings before interest, taxes, depreciation, and amortization of $10.6 million. Consolidated revenue growth was driven primarily by the addition of Purchasing Power and triple-digit growth at Four, offset by the continued decline in Progressive Leasing revenue during the quarter.
Automated analysis for informational purposes only — not investment advice.
Analyst consensus rates PRG shares a “Buy,” with an average price target of $50.1 and a wide range of $45 to $60; the average is slightly above the 52-week range high of $47.73, while the low end of the range is $25.80. No price-to-earnings ratio is available in the data despite earnings per share of approximately $3.60 during the trailing twelve-month period ended in 2026, making it difficult to test the optimism of analyst targets against a stated earnings multiple. The wide 52-week range and target range reflect the valuation's sensitivity to the balance between the growth of Four and Purchasing Power on one hand, and higher Progressive Leasing write-offs and consumer pressure on the other.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Consolidated revenue increased 22.3% year over year to $719.7 million in fiscal Q2 2026. Growth was driven primarily by the addition of Purchasing Power, which recorded revenue of $130.4 million, and by Four's 118% revenue increase to $35.1 million. This was partially offset by a 3.4% decline in Progressive Leasing revenue to $550.3 million due to a smaller average portfolio during the quarter.
Progressive Leasing's gross merchandise value returned to growth, increasing 3.4% year over year to $428.1 million after declining 2.2% in fiscal Q1 2026. Applications increased at a double-digit rate, and e-commerce's contribution reached 25.6% of gross merchandise value, compared with 20.9% a year earlier. However, segment revenue remained down 3.4% year over year, and management expects the comparison to turn positive during the second half as the leased asset balance is rebuilt.
Four generated gross merchandise value of $315 million in fiscal Q2 2026, up 111% year over year, marking its eleventh consecutive quarter of triple-digit growth. Its revenue reached $35.1 million and adjusted earnings before interest, taxes, depreciation, and amortization reached $8.7 million, with a margin of 24.8%. Four Plus subscribers also contributed approximately 80% of merchandise value, while average purchase frequency was approximately five transactions per quarter, supporting repeat usage and operating leverage.
Progressive Leasing merchandise write-offs reached approximately 8.4% of segment revenue in fiscal Q2 2026, as customers were affected by inflation and higher fuel prices. Management expects fiscal 2026 write-offs to remain within the 6% to 8% range but near its high end, and it reduced approval rates year over year and made limited adjustments to underwriting decisions. By contrast, Four's provisions as a percentage of merchandise value remained approximately stable year over year, while Purchasing Power's provisions were within management's expectations.
The company raised its fiscal 2026 revenue guidance to a range of $3.025 billion to $3.1 billion. It also expects adjusted earnings before interest, taxes, depreciation, and amortization of between $355 million and $375 million, and adjusted earnings per share of between $4.75 and $5.00. This guidance assumes continued existing financial pressure on customers, no significant increase in unemployment among its consumer base, and no material change in its underwriting decision approach.
PROG Holdings ended fiscal Q2 2026 with unrestricted cash of $85.2 million and total available liquidity of $435.2 million. Recourse debt declined to $600 million after repaying $50 million during the quarter and $260 million since completing the Purchasing Power acquisition, reducing net leverage to 1.7 times as of June 30, 2026. The company pays quarterly dividends of $0.14 per share and repurchased 280 thousand shares during the quarter after resuming its repurchase program.
