Allstate vs Progressive
Progressive is the larger business, with $87.67bn of revenue in fiscal 2025 against $67.69bn for Allstate (1.3 times as much). Progressive grew faster (16.3% against 5.6%). Allstate kept more of each dollar of sales as profit: a net margin of 15.2% against 12.9%. Progressive carries less debt relative to equity (22.9% against 24.6%).
| Latest fiscal year | AllstateALL, 2025 | ProgressivePGR, 2025 |
|---|---|---|
| Revenue | $67.69bn | $87.67bn |
| Revenue growth | 5.6% | 16.3% |
| Net income | $10.28bn | $11.31bn |
| Operating margin | — | — |
| Net margin | 15.2% | 12.9% |
| Return on equity | 39.5% | 40.4% |
| Free cash flow | $9.88bn | $17.20bn |
| Cash | $678m | $138m |
| Total debt | $7.54bn | $6.95bn |
| Debt to equity | 24.6% | 22.9% |
| Dividend per share | $4.00 | — |
| Dividend yield | 1.6% | 6.0% |
| Share buybacks | $1.23bn | — |
| Employees | 53,000 | 70,000 |
| Market value | $66.46bn | $133.13bn |
| Price vs our value range | — | — |
| Moat score | 55 (Moderate) | 55 (Moderate) |
| Insider trades, 12 months | 0 buys, 54 sales | 0 buys, 27 sales |