PGRPROGRESSIVE CORP/OH/
Fire, Marine & Casualty Insurance
- Revenue
- $87.7B
- 16% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $134.5B
- Employees
- 18,000
- $5M revenue each
- Net debt / EBITDA
- —
- $8.2B net debt
- AI in 10-K
- 5.4
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo155% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo17% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$5M · 88th pctBottom quartile of its SIC industry
- Quiet on AINo5.4 per 10K words · 84th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$134.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$31M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $47.7B | $49.6B | $62.1B | $75.4B | $87.7B | 16% |
| Net income | $3.4B | $722M | $3.9B | $8.5B | $11.3B | 33% |
| Operating cash flow | $7.8B | $6.8B | $10.6B | $15.1B | $17.5B | 16% |
| Capex | $244M | $292M | $252M | $285M | $348M | 22% |
| Stock-based comp | — | — | $121M | $122M | $132M | 8.2% |
| Dividends | $3.7B | $234M | $234M | $674M | $2.9B | 326% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $31M · 27
- Net
- −$31M
Pay vs performance
No pay-versus-performance disclosure yet.