Progressive vs Travelers Companies
Progressive is the larger business, with $87.67bn of revenue in fiscal 2025 against $48.83bn for Travelers Companies (1.8 times as much). Progressive grew faster (16.3% against 5.2%). Progressive kept more of each dollar of sales as profit: a net margin of 12.9% against 12.9%. Progressive carries less debt relative to equity (22.9% against 28.2%).
| Latest fiscal year | ProgressivePGR, 2025 | Travelers CompaniesTRV, 2025 |
|---|---|---|
| Revenue | $87.67bn | $48.83bn |
| Revenue growth | 16.3% | 5.2% |
| Net income | $11.31bn | $6.29bn |
| Operating margin | — | — |
| Net margin | 12.9% | 12.9% |
| Return on equity | 40.4% | 20.7% |
| Free cash flow | $17.20bn | — |
| Cash | $138m | $842m |
| Total debt | $6.95bn | $9.27bn |
| Debt to equity | 22.9% | 28.2% |
| Dividend per share | — | — |
| Dividend yield | 6.0% | 1.2% |
| Share buybacks | — | $3.00bn |
| Employees | 70,000 | 34,000 |
| Market value | $133.13bn | $80.89bn |
| Price vs our value range | — | — |
| Moat score | 55 (Moderate) | 80 (Strong) |
| Insider trades, 12 months | 0 buys, 27 sales | 0 buys, 82 sales |