Progressive Corporation key statistics and ratios

In fiscal 2025, Progressive Corporation had return on equity of 40.4%, a net margin of 12.9% and debt equal to 22.9% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Progressive Corporation: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Net margin	7.3%	7.0%	6.4%	5.3%	6.4%	6.6%	6.1%	4.4%	5.9%	8.2%	10.2%	13.4%	7.0%	1.5%	6.3%	11.3%	12.9%	12.7%
Free-cash-flow margin	9.8%	10.6%	9.0%	9.2%	9.7%	8.3%	10.4%	10.7%	13.4%	18.8%	15.1%	15.7%	15.8%	13.2%	16.7%	19.7%	19.6%	16.6%
Return on equity	18.4%	18.1%	17.1%	15.3%	19.1%	19.5%	17.8%	13.5%	18.5%	26.0%	32.4%	37.1%	19.0%	4.2%	21.6%	37.0%	40.4%	35.9%
Return on assets	5.3%	5.2%	4.7%	4.1%	4.9%	5.1%	4.6%	3.3%	4.4%	6.1%	7.8%	9.6%	5.0%	1.0%	4.8%	8.7%	9.9%	9.3%
Asset turnover	0.73	0.74	0.73	0.77	0.77	0.77	0.75	0.74	0.74	0.75	0.77	0.72	0.71	0.68	0.76	0.78	0.77	0.73
Debt to equity	37.9%	32.4%	42.4%	34.6%	30.3%	31.5%	37.4%	39.9%	35.9%	41.1%	32.5%	32.0%	27.2%	40.6%	34.3%	27.2%	22.9%	24.3%
Effective tax rate	32.1%	31.7%	31.7%	31.5%	32.2%	32.8%	32.0%	28.1%	25.3%	17.2%	22.9%	20.5%	20.4%	21.7%	20.4%	20.8%	20.5%	20.9%
Capital spending as % of revenue	0.5%	0.4%	0.5%	0.7%	0.8%	0.6%	0.6%	0.9%	0.6%	0.8%	0.9%	0.5%	0.5%	0.6%	0.4%	0.4%	0.4%	0.5%
Free cash flow ÷ net income	134.3%	151.1%	139.7%	173.3%	151.0%	126.3%	170.6%	244.2%	226.2%	230.1%	148.6%	117.1%	224.4%	908.2%	266.2%	174.9%	152.1%	131.0%
Dividends ÷ net income	0.0%	71.5%	26.0%	94.6%	15.1%	69.7%	31.8%	50.3%	24.8%	25.0%	41.4%	27.2%	111.8%	32.4%	6.0%	7.9%	25.4%	70.1%
Dividends and buybacks ÷ free cash flow	12.7%	63.3%	88.9%	65.7%	25.5%	72.0%	28.3%	28.3%	11.0%	10.9%	27.9%	23.2%	49.8%	3.6%	2.3%	4.5%	16.7%	53.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Progressive Corporation: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Net margin	11.6%	12.6%	14.4%	11.6%	13.0%	12.7%	14.0%	11.0%
Free-cash-flow margin	14.3%	24.9%	17.9%	22.8%	13.4%	19.4%	14.7%	19.0%
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

55 /100

Moderate moat

How hard Progressive's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 6.1% of total assets over 10 years.
Durability 4 / 20

Net margin has been a median 9.1%; its worst year was 1.8%.
Discipline 12 / 20

The diluted share count fell 0.3% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ALL vs PGR CB vs PGR PGR vs TRV

More: Property & Casualty Insurance stocks compared, Financials sector, rankings of US companies

Figures from Progressive Corporation's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Progressive Corporation.