The Progressive Corporation Financial Ratios — PGR Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	24.28	22.1	28.58	29.06	25.37	18.76	25.82	33.29	38.98	45.05	22.26	4.31	21.66	38.25	42.85
Return on Assets (%)	4.72	4.05	4.95	5.1	4.56	3.26	4.41	6.13	7.82	9.59	4.96	0.99	4.76	8.72	9.89
Return on Capital (%)	17.33	15.58	20.62	21.17	17.86	13.13	18.1	23.1	26.9	32.21	17.13	4.1	16.48	29.73	34.64
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	9.43	7.72	9.47	9.84	9.18	6.28	7.98	9.9	13.23	16.82	8.83	1.86	7.9	14.22	16.23
Profit Margin (%)	6.44	5.29	6.42	6.61	6.08	4.4	5.94	8.18	10.18	13.38	7.03	1.46	6.29	11.26	12.9
Net Income to Common Margin (%)	6.44	5.29	6.42	6.61	6.08	4.4	5.94	8.12	10.11	13.32	6.97	1.4	6.23	11.23	12.9
Effective Tax Rate (%)	31.71	31.52	32.24	32.84	31.97	28.12	25.28	17.15	22.87	20.47	20.41	21.69	20.41	20.84	20.49
Dvd Payout Ratio (%)	25.96	94.61	15.07	69.68	30.27	47.9	24.65	24.83	41.46	27.32	112.71	33.67	6.18	7.86	25.39
Sustainable Growth Rate (%)	17.97	1.19	24.28	8.81	17.69	9.77	19.45	25.02	22.82	32.75	-2.83	2.86	20.32	35.24	31.97

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	2,442	2,063	1,861	2,165	2,708	3,148	3,306	4,405	4,906	5,396	4,899	6,388	6,889	6,893	6,897
ST Debt	500	150	- -	- -	- -	- -	3,269	499	499	- -	- -	- -	- -	- -	- -
LT Debt	1,942	1,913	1,861	2,165	2,708	3,148	37	3,906	4,407	5,396	4,899	6,388	6,889	6,893	6,897
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.59	-1.03	-1.19	-0.92	-0.96	-1.53	-1.02	-1.6	-1.92	-1.03	-1.11	-1.2	-0.94	-1.02	-1.25
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	133	124	118	117	136	141	153	166	190	217	219	244	268	279	278
Common Equity/Total Assets	18.81	17.89	16.78	18.31	17.67	17.11	17.09	19.26	20.51	21.75	22.39	21.61	21.86	23.52	22.69
Long-Term Debt/Equity (%)	33.45	31.85	30.07	31.24	37.15	39.56	0.4	36.09	32.23	31.67	26.87	40.2	33.97	26.94	22.75
Long-Term Debt/Capital (%)	29.65	31.25	31.24	31.44	33.94	35.5	0.37	28.16	26.45	27.21	22.98	27.55	25.73	21.7	19.81
Long-Term Debt/Total Assets (%)	8.89	8.43	7.62	8.39	9.08	9.42	0.1	8.39	8.03	8.42	6.89	8.47	7.77	6.52	5.61
Total Debt/Equity (%)	42.06	34.34	30.07	31.24	37.15	39.56	35.61	40.7	35.88	31.67	26.87	40.2	33.97	26.94	22.75
Total Debt/Capital (%)	37.28	33.7	31.24	31.44	33.94	35.5	33.33	31.76	29.44	27.21	22.98	27.55	25.73	21.7	19.81
Total Debt/Total Assets (%)	11.18	9.09	7.62	8.39	9.08	9.42	8.54	9.46	8.94	8.42	6.89	8.47	7.77	6.52	5.61
Net Debt to Equity	39.38	31.36	28.85	29.68	34.07	36.91	32.76	40.06	34.23	31.22	25.84	38.92	33.56	26.38	22.33
Net Debt/Capital (%)	35.76	31.7	30.36	30.34	32.03	33.92	31.5	31.42	28.47	26.93	22.3	26.91	25.5	21.35	19.52
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285	-348
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	18.81	17.89	16.78	18.31	17.67	17.11	17.09	19.26	20.51	21.75	22.39	21.61	21.86	23.52	22.69
Long-Term Debt/Equity (%)	33.45	31.85	30.07	31.24	37.15	39.56	0.4	36.09	32.23	31.67	26.87	40.2	33.97	26.94	22.75
Long-Term Debt/Capital (%)	29.65	31.25	31.24	31.44	33.94	35.5	0.37	28.16	26.45	27.21	22.98	27.55	25.73	21.7	19.81
Long-Term Debt/Total Assets (%)	8.89	8.43	7.62	8.39	9.08	9.42	0.1	8.39	8.03	8.42	6.89	8.47	7.77	6.52	5.61
Total Debt/Equity (%)	42.06	34.34	30.07	31.24	37.15	39.56	35.61	40.7	35.88	31.67	26.87	40.2	33.97	26.94	22.75
Total Debt/Capital (%)	37.28	33.7	31.24	31.44	33.94	35.5	33.33	31.76	29.44	27.21	22.98	27.55	25.73	21.7	19.81
Total Debt/Total Assets (%)	11.18	9.09	7.62	8.39	9.08	9.42	8.54	9.46	8.94	8.42	6.89	8.47	7.77	6.52	5.61
CFO/Total Liabilities	9.34	10.14	10.43	9.15	10.18	10.73	12.77	17.58	15.18	14.67	14.67	11.5	15.56	18.86	18.93
CFO/CapEx	18.98	13.25	13.53	15.96	17.54	12.71	24.13	23.63	17.23	30.9	31.88	23.46	42.23	53.05	50.43
Altman's Z-Score	1.25	1.29	1.33	1.36	1.34	1.33	1.48	1.45	1.53	1.64	1.64	1.69	1.79	2.06	1.89

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	5.56	5.58	5.59	5.66	5.54	5.51	5.4	5.36	4.49	3.7	3.59	3.24	3.73	4.16	4.54
Days Sales Outstanding	65.63	65.36	65.28	64.5	65.93	66.22	67.59	68.08	81.35	98.73	101.67	112.73	97.89	87.65	80.34
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	8,195	9,025	11,724	12,172	14,608	16,672	26,903	29,510	37,013	52,471	58,117	73,681	90,823	137,645	133,512
- Cash & Cash Equivalents	156	179	75	108	224	212	265	70	226	76	187	204	85	143	125
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	494	494	494	494	494	494	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2,442	2,063	1,861	2,165	2,708	3,148	3,306	4,405	4,906	5,396	4,899	6,388	6,889	6,893	6,897
Enterprise Value	-2,830	-2,855	-1,303	-1,470	-412	-208	6,873	4,432	7,278	16,255	18,507	30,846	35,953	68,448	120,573
Total Capital	6,550	6,122	5,957	6,886	7,978	8,868	9,920	13,869	16,665	19,830	21,317	23,188	26,769	31,762	34,810
Total Debt/Capital (%)	37.28	33.7	31.24	31.44	33.94	35.5	33.33	31.76	29.44	27.21	22.98	27.55	25.73	21.7	19.81
Total Debt / EV	-0.86	-0.72	-1.43	-1.47	-6.57	-15.1	0.48	0.99	0.67	0.33	0.26	0.21	0.19	0.1	0.06
EV/Sales	- -	- -	- -	- -	- -	0.01	0.26	0.14	0.19	0.38	0.39	0.62	0.58	0.91	1.38
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	0.04	1.78	0.69	1.14	2.3	2.33	4.38	3.31	4.46	6.79
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	0.04	1.71	0.66	1.07	2.23	2.26	4.21	3.24	4.38	6.66
Diluted Market Cap	8,254	9,093	11,812	12,259	14,701	16,766	27,130	29,728	37,228	52,714	58,375	74,022	91,227	138,162	133,922
Diluted Enterprise Value	10,541	10,977	13,598	14,315	17,184	19,703	30,171	34,557	42,403	58,527	63,581	80,700	98,525	144,912	140,694
EV per Share	- -	- -	- -	- -	- -	0.2	11.83	7.61	12.47	27.79	31.66	52.78	61.47	116.91	205.65
TTM Sales	15,761	17,070	18,156	19,377	20,832	23,417	26,816	31,955	38,998	42,638	47,676	49,587	62,083	75,343	87,637
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1,589	1,776	1,980	1,804	2,385	2,834	3,871	6,423	6,408	7,078	7,936	7,040	10,856	15,340	17,769
TTM Free Cash Flow to Firm	1,667	1,904	2,120	1,912	2,516	3,049	4,027	6,689	6,771	7,302	8,179	7,332	11,108	15,625	18,117

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	5.23	5	5.79	6.69	6.07	5.69	6.93	4.54	5.62	7.39	7.29	10.37	8.37	8.97	7.48
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-2,830	-2,855	-1,303	-1,470	-412	-208	6,873	4,432	7,278	16,255	18,507	30,846	35,953	68,448	120,573
Low Price	16.88	19.01	21.36	22.53	25.23	29.32	35.23	50.79	58.1	62.18	84.89	100.81	111.41	159.34	199.9
EV/Sales	- -	- -	- -	- -	- -	0.01	0.26	0.14	0.19	0.38	0.39	0.62	0.58	0.91	1.38
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	8.07	10	10.06	9.5	11.52	16.17	16.9	11.38	9.39	9.24	17.48	106.02	23.5	16.26	11.81
Price/Earnings Average	8.15	9.64	9.4	8.78	10.5	14.86	13.36	11.74	9.58	7.93	15.95	95.7	20.64	14.94	13.04
Price/Earnings High	13.75	15.65	14.67	12.69	15.68	20.28	20.86	16.55	12.58	10.51	18.92	113.1	25.06	18.72	15.19
Price/Earnings Low	10.51	12.71	10.98	10.39	11.65	16.54	12.85	11.4	8.6	6.41	14.93	84.77	16.86	11.02	10.36
Price/Book Value	1.99	2.22	2.86	2.58	2.77	2.91	4.07	3.29	3.29	3.76	3.65	4.52	4.68	5.53	4.78
Price/Book Value Average	2.01	2.14	2.68	2.38	2.52	2.68	3.22	3.39	3.35	3.23	3.33	4.08	4.11	5.08	5.28
Price/Book Value High	3.4	3.48	4.17	3.44	3.77	3.66	5.02	4.78	4.4	4.28	3.95	4.82	5	6.37	6.15
Price/Book Value Low	2.6	2.83	3.12	2.82	2.8	2.98	3.09	3.3	3.01	2.61	3.12	3.61	3.36	3.75	4.2
Price/Tangible Book Value	1.41	1.5	1.89	1.76	2.3	2.36	3.18	3.08	2.96	3.3	3.39	4.89	4.59	5.38	4.4
Price/Tangible Book Value Average	1.42	1.45	1.77	1.63	2.1	2.16	2.51	3.18	3.02	2.83	3.09	4.41	4.03	4.94	4.86
Price/Tangible Book Value High	2.4	2.35	2.76	2.35	3.13	2.96	3.92	4.48	3.97	3.75	3.66	5.21	4.9	6.19	5.67
Price/Tangible Book Value Low	1.84	1.91	2.07	1.92	2.33	2.41	2.42	3.09	2.71	2.28	2.89	3.91	3.29	3.65	3.87
Price/Sales	0.52	0.53	0.65	0.63	0.7	0.71	1	0.92	0.95	1.23	1.22	1.49	1.46	1.83	1.52
Price/Sales Average	0.52	0.51	0.6	0.58	0.64	0.65	0.79	0.95	0.97	1.06	1.11	1.34	1.28	1.68	1.68
Price/Sales High	0.89	0.83	0.94	0.84	0.95	0.89	1.24	1.34	1.27	1.4	1.32	1.59	1.56	2.1	1.96
Price/Sales Low	0.68	0.67	0.7	0.69	0.71	0.73	0.76	0.93	0.87	0.85	1.04	1.19	1.05	1.24	1.34
Price/Cash Flow	5.47	5.34	6.17	7.05	6.37	6.1	7.16	4.7	5.91	7.6	7.49	10.76	8.53	9.1	7.61
Price/Cash Flow Average	5.52	5.14	5.77	6.52	5.8	5.6	5.66	4.84	6.03	6.52	6.83	9.71	7.49	8.36	8.41
Price/Cash Flow High	9.32	8.35	9	9.42	8.67	7.65	8.84	6.83	7.92	8.64	8.1	11.48	9.1	10.48	9.79
Price/Cash Flow Low	7.13	6.78	6.74	7.71	6.44	6.24	5.45	4.71	5.42	5.27	6.39	8.6	6.12	6.17	6.68
Price/Free Cash Flow Average	5.29	4.82	5.41	6.18	5.52	5.23	5.48	4.68	5.73	6.34	6.65	9.36	7.35	8.24	8.27
Price/Free Cash Flow High	8.92	7.82	8.44	8.93	8.25	7.13	8.56	6.6	7.53	8.41	7.89	11.06	8.93	10.32	9.63
Price/Free Cash Flow Low	6.82	6.35	6.32	7.31	6.13	5.82	5.27	4.55	5.15	5.13	6.23	8.29	6.01	6.08	6.57
EV/Sales Average	0.67	0.62	0.7	0.69	0.76	0.78	0.91	1.1	1.1	1.19	1.22	1.48	1.4	1.77	1.76
EV/Sales High	1.03	0.94	1.04	0.94	1.07	1.02	1.35	1.49	1.4	1.54	1.43	1.72	1.68	2.19	2.04
EV/Sales Low	0.82	0.78	0.8	0.79	0.83	0.85	0.88	1.08	1	0.99	1.15	1.32	1.17	1.33	1.41
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	12.96	14.96	19.57	20.61	24.95	28.66	46.32	50.67	63.4	89.71	99.43	126.08	155.28	235.09	227.72
High Price	22.08	23.41	28.54	27.52	33.95	35.95	57.18	73.69	84.96	102.05	107.59	134.5	165.57	270.62	292.99
Enterprise Value Average	10,560	10,586	12,743	13,302	15,789	18,253	24,307	35,269	42,947	50,824	58,222	73,191	87,067	133,158	154,264
Enterprise Value High	16,248	16,007	18,884	18,310	22,362	23,849	36,251	47,746	54,774	65,503	68,092	85,280	104,140	165,198	178,552
Enterprise Value Low	12,960	13,353	14,583	15,363	17,256	19,992	23,503	34,409	39,093	42,183	54,824	65,592	72,462	100,044	123,973

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	613	605	596	588	584	580	582	583	585	585	584	585	585	586	586
Diluted Weighted Avg Shares	637	608	604	595	589	585	586	587	587	588	587	587	588	588	588
Basic Weighted Avg Shares	632	603	599	591	586	582	581	582	584	585	584	584	585	586	586
Revenue per Share	24.93	28.29	30.31	32.81	35.58	40.26	46.17	54.87	66.8	72.9	81.57	84.85	106.14	128.68	149.47
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.61	1.5	1.95	2.17	2.16	1.77	2.74	4.45	6.75	9.71	5.69	1.19	6.61	14.45	19.29
Basic EPS from Cont Ops	1.61	1.5	1.95	2.17	2.22	1.82	2.75	4.5	6.82	9.75	5.73	1.24	6.67	14.48	19.29
Diluted EPS, GAAP	1.59	1.48	1.93	2.15	2.15	1.76	2.72	4.42	6.72	9.66	5.66	1.18	6.58	14.4	19.23
Diluted EPS from Cont Ops	1.59	1.48	1.93	2.15	2.21	1.81	2.73	4.47	6.78	9.71	5.71	1.23	6.64	14.43	19.23
Dividend per Share	0.42	1.42	0.29	1.51	0.69	0.89	0.68	1.15	2.86	2.7	6.46	0.45	0.47	1.16	4.9
Cash Flow per Share	2.37	2.8	3.17	2.92	3.92	4.7	6.47	10.79	10.73	11.81	13.28	11.72	18.2	25.82	29.93
Free Cash Flow per Basic Share	2.24	2.59	2.94	2.74	3.69	4.33	6.2	10.33	10.1	11.42	12.86	11.22	17.77	25.34	29.34
Cash & Equivalents per Share	21.3	23.11	24.85	26.76	30.28	34.43	40.18	51.47	60.18	71.99	76.99	85.07	106.43	129.96	33.83
Book Value per Share	6.5	6.73	6.84	7.99	9	9.83	11.39	15.4	19.29	23.83	27.24	27.9	33.14	42.47	47.61
Tangible Book Value per Share	9.18	9.96	10.33	11.71	10.84	12.16	14.58	16.45	21.41	27.22	29.37	25.81	33.82	43.71	51.72

The Progressive Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)