PerpEquities

Equity · Financial services

Is Progressive Corporation (PGR) tradable as a perp? Not yet

Progressive Corporation is a US insurance holding company offering auto, property, and commercial insurance through agencies and direct channels.

Not yet listed on any perp exchange

No perpetual-futures venue lists PGR yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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TradingView symbol NYSE:PGR

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Company data

Company fundamentals

Updated 5h ago
Market cap
$124.1B
Updated 5h ago
Revenue
$91B
Trailing 12 months
Revenue growth
+1%
Next fiscal year
Profit margin
+12.8%
P/E
10.7
Peer P/E 26.5
Free cash flow
$16B
Trailing 12 months
More metrics
Net income
$11.7B
Trailing 12 months
P/S
1.4
Peer P/E
26.5
Similar listed perps
Revenue estimate
$88.4B
Next fiscal year
Earnings
2026-10-21
Revenue est. $22.4B · Updated 5h ago
Dividend
$0.1
2026-10-01

Fundamental detail

Annual + quarterly
Latest revenue$87.6B
Net margin+12.9%
Free cash flow$17.2B
Net debt$6.8B
2020$42.6B
2021$47.7B
2022$49.6B
2023$62.1B
2024$75.3B
2025$87.6B
PeriodRevenueGrowthNet incomeFCF
2020$42.6B+9%$5.7B$6.7B
2021$47.7B+12%$3.4B$7.5B
2022$49.6B+4%$722M$6.6B
2023$62.1B+25%$3.9B$10.4B
2024$75.3B+21%$8.5B$14.8B
2025$87.6B+16%$11.3B$17.2B
PeriodGross marginOperating marginNet marginROEROA
2020+33.4%+16.8%+13.4%+33.5%+8.9%
2021+21.7%+8.8%+7.0%+18.4%+4.7%
2022+15.2%+1.9%+1.5%+4.5%+1.0%
2023+18.9%+7.9%+6.3%+19.2%+4.4%
2024+27.7%+14.2%+11.3%+33.1%+8.0%
2025+29.5%+16.2%+12.9%+37.3%+9.2%
PeriodCashDebtNet debtCurrent ratio
2020$76.5M$5.4B$5.3B11.03
2021$187.1M$4.9B$4.7B9.86
2022$203.5M$6.4B$6.2B11.98
2023$85M$6.9B$6.8B1.46
2024$143M$6.9B$6.8B0.37
2025$125M$6.9B$6.8B0.59
PeriodMarket capEnterprise valueP/SP/E
2020$57.8B$63.2B1.410.2
2021$60B$64.7B1.318.0
2022$75.8B$82B1.5109.0
2023$93.2B$100B1.524.1
2024$140.3B$147B1.916.6
2025$133.5B$140.3B1.511.8
Q3 2024$19.7B
Q4 2024$20.3B
Q1 2025$20.4B
Q2 2025$22B
Q3 2025$22.5B
Q4 2025$22.7B
Q1 2026$22.2B
Q2 2026$23.6B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$19.7B+27%$2.3B$4.6B
Q4 2024$20.3B+20%$2.4B$2.9B
Q1 2025$20.4B+18%$2.6B$5.1B
Q2 2025$22B+21%$3.2B$3.9B
Q3 2025$22.5B+14%$2.6B$5.1B
Q4 2025$22.7B+12%$3B$3B
Q1 2026$22.2B+9%$2.8B$4.3B
Q2 2026$23.6B+7%$3.3B$3.5B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+29.5%+14.9%+11.8%+8.6%+2.2%
Q4 2024+28.8%+14.6%+11.6%+9.2%+2.2%
Q1 2025+30.1%+15.9%+12.6%+8.9%+2.3%
Q2 2025+31.3%+18.1%+14.4%+9.7%+2.7%
Q3 2025+15.8%+14.8%+11.6%+7.4%+2.2%
Q4 2025+29.3%+16.2%+13.0%+9.7%+2.4%
Q1 2026+37.7%+16.1%+12.7%+8.8%+2.3%
Q2 2026+25.2%+17.8%+14.0%+9.6%+2.7%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$136.1M$6.9B$6.8B0.26
Q4 2024$143M$6.9B$6.8B0.37
Q1 2025$195M$6.9B$6.7B1.46
Q2 2025$125M$6.9B$6.8B1.50
Q3 2025$173M$6.9B$6.7B0.45
Q4 2025$125M$6.9B$6.8B0.59
Q1 2026$162M$8.4B$8.2B0.25
Q2 2026$178M$8.4B$8.2B0.24
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$148.6B$155.4B7.515.9
Q4 2024$140.3B$147.1B6.914.9
Q1 2025$165.8B$172.5B8.116.2
Q2 2025$156.4B$163.2B7.112.3
Q3 2025$145.3B$152B6.513.9
Q4 2025$133.9B$140.7B5.911.3
Q1 2026$116.1B$124.3B5.210.3
Q2 2026$112.3B$120.5B4.88.5

Refreshed 5h ago

Charts: revenue, profit, cash flow & valuation
Revenue$23.6BQ2 2026
$5.9B$11.8B$17.7B$23.6BQ3 2023: $15.6BQ4 2023: $16.9BQ1 2024: $17.2BQ2 2024: $18.1BQ3 2024: $19.7BQ4 2024: $20.3BQ1 2025: $20.4BQ2 2025: $22BQ3 2025: $22.5BQ4 2025: $22.7BQ1 2026: $22.2BQ2 2026: $23.6BQ3 2023Q2 2026
Net income$3.3BQ2 2026
$827.8M$1.7B$2.5B$3.3BQ3 2023: $1.1BQ4 2023: $2BQ1 2024: $2.3BQ2 2024: $1.5BQ3 2024: $2.3BQ4 2024: $2.4BQ1 2025: $2.6BQ2 2025: $3.2BQ3 2025: $2.6BQ4 2025: $3BQ1 2026: $2.8BQ2 2026: $3.3BQ3 2023Q2 2026
EBITDA$4.4BQ2 2026
$1.1B$2.2B$3.3B$4.4BQ3 2023: $1.6BQ4 2023: $2.6BQ1 2024: $3.1BQ2 2024: $2BQ3 2024: $3.1BQ4 2024: $3.1BQ1 2025: $3.4BQ2 2025: $4.1BQ3 2025: $3.5BQ4 2025: $3.8BQ1 2026: $3.7BQ2 2026: $4.4BQ3 2023Q2 2026
Free cash flow$3.5BQ2 2026
$1.3B$2.6B$3.8B$5.1BQ3 2023: $3.4BQ4 2023: $2.4BQ1 2024: $4.2BQ2 2024: $3.2BQ3 2024: $4.6BQ4 2024: $2.9BQ1 2025: $5.1BQ2 2025: $3.9BQ3 2025: $5.1BQ4 2025: $3BQ1 2026: $4.3BQ2 2026: $3.5BQ3 2023Q2 2026
EPS$5.67Q2 2026
$1.42$2.84$4.25$5.67Q3 2023: $1.89Q4 2023: $3.37Q1 2024: $3.94Q2 2024: $2.48Q3 2024: $3.97Q4 2024: $4.01Q1 2025: $4.37Q2 2025: $5.4Q3 2025: $4.45Q4 2025: $5.02Q1 2026: $4.8Q2 2026: $5.67Q3 2023Q2 2026
Cash / Debt$178MQ2 2026
$2.1B$4.2B$6.3B$8.4BQ3 2023 · Cash: $123.5MQ3 2023 · Debt: $6.9BQ4 2023 · Cash: $85MQ4 2023 · Debt: $6.9BQ1 2024 · Cash: $154.5MQ1 2024 · Debt: $6.9BQ2 2024 · Cash: $90.2MQ2 2024 · Debt: $6.9BQ3 2024 · Cash: $136.1MQ3 2024 · Debt: $6.9BQ4 2024 · Cash: $143MQ4 2024 · Debt: $6.9BQ1 2025 · Cash: $195MQ1 2025 · Debt: $6.9BQ2 2025 · Cash: $125MQ2 2025 · Debt: $6.9BQ3 2025 · Cash: $173MQ3 2025 · Debt: $6.9BQ4 2025 · Cash: $125MQ4 2025 · Debt: $6.9BQ1 2026 · Cash: $162MQ1 2026 · Debt: $8.4BQ2 2026 · Cash: $178MQ2 2026 · Debt: $8.4BQ3 2023Q2 2026
CashDebt
Profitability+25.2%Q2 2026
+9.4%+18.8%+28.2%+37.7%Q3 2023 · Gross margin: +19.2%Q4 2023 · Gross margin: +24.8%Q1 2024 · Gross margin: +29.2%Q2 2024 · Gross margin: +23.3%Q3 2024 · Gross margin: +29.5%Q4 2024 · Gross margin: +28.8%Q1 2025 · Gross margin: +30.1%Q2 2025 · Gross margin: +31.3%Q3 2025 · Gross margin: +15.8%Q4 2025 · Gross margin: +29.3%Q1 2026 · Gross margin: +37.7%Q2 2026 · Gross margin: +25.2%Q3 2023 · Operating margin: +9.1%Q4 2023 · Operating margin: +14.8%Q1 2024 · Operating margin: +17.1%Q2 2024 · Operating margin: +10.3%Q3 2024 · Operating margin: +14.9%Q4 2024 · Operating margin: +14.6%Q1 2025 · Operating margin: +15.9%Q2 2025 · Operating margin: +18.1%Q3 2025 · Operating margin: +14.8%Q4 2025 · Operating margin: +16.2%Q1 2026 · Operating margin: +16.1%Q2 2026 · Operating margin: +17.8%Q3 2023 · Net margin: +7.2%Q4 2023 · Net margin: +11.8%Q1 2024 · Net margin: +13.5%Q2 2024 · Net margin: +8.0%Q3 2024 · Net margin: +11.8%Q4 2024 · Net margin: +11.6%Q1 2025 · Net margin: +12.6%Q2 2025 · Net margin: +14.4%Q3 2025 · Net margin: +11.6%Q4 2025 · Net margin: +13.0%Q1 2026 · Net margin: +12.7%Q2 2026 · Net margin: +14.0%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+7.4%Q2 2026
+6.7%+13.4%+20.1%+26.7%Q3 2024: +26.7%Q4 2024: +20.0%Q1 2025: +18.4%Q2 2025: +21.3%Q3 2025: +14.2%Q4 2025: +12.2%Q1 2026: +8.7%Q2 2026: +7.4%Q3 2023Q2 2026
Shares outstanding584.3MQ2 2026
147.1M294.1M441.2M588.2MQ3 2023: 587.5MQ4 2023: 587.5MQ1 2024: 587.3MQ2 2024: 587.4MQ3 2024: 587.6MQ4 2024: 587.7MQ1 2025: 587.7MQ2 2025: 587.8MQ3 2025: 588.2MQ4 2025: 588.2MQ1 2026: 586.9MQ2 2026: 584.3MQ3 2023Q2 2026
Valuation8.5Q2 2026
5.310.515.821.0Q3 2023 · P/E: 18.3Q4 2023 · P/E: 11.8Q1 2024 · P/E: 13.3Q2 2024 · P/E: 21.0Q3 2024 · P/E: 15.9Q4 2024 · P/E: 14.9Q1 2025 · P/E: 16.2Q2 2025 · P/E: 12.3Q3 2025 · P/E: 13.9Q4 2025 · P/E: 11.3Q1 2026 · P/E: 10.3Q2 2026 · P/E: 8.5Q3 2023 · P/S: 5.2Q4 2023 · P/S: 5.5Q1 2024 · P/S: 7.1Q2 2024 · P/S: 6.8Q3 2024 · P/S: 7.5Q4 2024 · P/S: 6.9Q1 2025 · P/S: 8.1Q2 2025 · P/S: 7.1Q3 2025 · P/S: 6.5Q4 2025 · P/S: 5.9Q1 2026 · P/S: 5.2Q2 2026 · P/S: 4.8Q3 2023Q2 2026
P/EP/S
Revenue$87.6B2025
$21.9B$43.8B$65.7B$87.6B2018: $32B2019: $39B2020: $42.6B2021: $47.7B2022: $49.6B2023: $62.1B2024: $75.3B2025: $87.6B20182025
Net income$11.3B2025
$2.8B$5.7B$8.5B$11.3B2018: $2.6B2019: $4B2020: $5.7B2021: $3.4B2022: $722M2023: $3.9B2024: $8.5B2025: $11.3B20182025
EBITDA$14.8B2025
$3.7B$7.4B$11.1B$14.8B2018: $3.6B2019: $5.7B2020: $7.7B2021: $4.8B2022: $1.5B2023: $5.5B2024: $11.3B2025: $14.8B20182025
Free cash flow$17.2B2025
$4.3B$8.6B$12.9B$17.2B2018: $6B2019: $5.9B2020: $6.7B2021: $7.5B2022: $6.6B2023: $10.4B2024: $14.8B2025: $17.2B20182025
EPS$19.22025
$4.81$9.62$14.4$19.22018: $4.462019: $6.722020: $9.662021: $5.662022: $1.182023: $6.582024: $14.42025: $19.220182025
Cash / Debt$125M2025
$1.7B$3.4B$5.2B$6.9B2018 · Cash: $69.5M2018 · Debt: $4.4B2019 · Cash: $226.2M2019 · Debt: $4.9B2020 · Cash: $76.5M2020 · Debt: $5.4B2021 · Cash: $187.1M2021 · Debt: $4.9B2022 · Cash: $203.5M2022 · Debt: $6.4B2023 · Cash: $85M2023 · Debt: $6.9B2024 · Cash: $143M2024 · Debt: $6.9B2025 · Cash: $125M2025 · Debt: $6.9B20182025
CashDebt
Profitability+29.5%2025
+8.4%+16.7%+25.1%+33.4%2018 · Gross margin: +24.0%2019 · Gross margin: +26.9%2020 · Gross margin: +33.4%2021 · Gross margin: +21.7%2022 · Gross margin: +15.2%2023 · Gross margin: +18.9%2024 · Gross margin: +27.7%2025 · Gross margin: +29.5%2018 · Operating margin: +9.9%2019 · Operating margin: +13.2%2020 · Operating margin: +16.8%2021 · Operating margin: +8.8%2022 · Operating margin: +1.9%2023 · Operating margin: +7.9%2024 · Operating margin: +14.2%2025 · Operating margin: +16.2%2018 · Net margin: +8.2%2019 · Net margin: +10.2%2020 · Net margin: +13.4%2021 · Net margin: +7.0%2022 · Net margin: +1.5%2023 · Net margin: +6.3%2024 · Net margin: +11.3%2025 · Net margin: +12.9%20182025
Gross marginOperating marginNet margin
Revenue growth+16.3%2025
+6.3%+12.6%+18.9%+25.2%2019: +22.0%2020: +9.3%2021: +11.8%2022: +4.0%2023: +25.2%2024: +21.4%2025: +16.3%20182025
Shares outstanding588.2M2025
147.1M294.1M441.2M588.2M2018: 586.7M2019: 587.2M2020: 587.6M2021: 587.1M2022: 587.1M2023: 587.5M2024: 587.7M2025: 588.2M20182025
Valuation11.82025
27.354.581.8109.02018 · P/E: 13.42019 · P/E: 10.72020 · P/E: 10.22021 · P/E: 18.02022 · P/E: 109.02023 · P/E: 24.12024 · P/E: 16.62025 · P/E: 11.82018 · P/S: 1.12019 · P/S: 1.12020 · P/S: 1.42021 · P/S: 1.32022 · P/S: 1.52023 · P/S: 1.52024 · P/S: 1.92025 · P/S: 1.520182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202618.00$88.4B+1%16
FY 202716.19$93B+6%15
FY 202815.96$98B+12%7
Q1 20274.41$24.4B+10%8
Q2 20273.92$22.6B-4%6
Q3 20273.62$23.8B+6%6

Company events

6
2026-10-21EarningsActual - / Estimate 4.12-
2026-10-01Dividend$0.1-
2026-07-15EarningsActual 4.85 / Estimate 4.64Beat
2026-07-02Dividend$0.1-
2026-04-15EarningsActual 4.81 / Estimate 4.85Miss
2026-04-02Dividend$0.1-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
SPGI$119.5B7.424.7+30.5%1HOOD$107.7B21.851.9+42.0%30CME$99.2B14.723.3+63.1%3BX$151B9.427.8+21.9%18IBKR$156.7B14.135.8+10.1%1KKR$88.7B4.229.4+15.0%1LYG$84.3B1.013.5+26.7%1BLK$165.8B6.125.2+24.1%2

Analyst track record

How the analysts covering PGR have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings194568
Analysts2226
Buy / hold / sell67 / 104 / 23327 / 214 / 27
Upgrades / downgrades / initiations4 / 6 / 116 / 12 / 8
Price targets hit / missed42 / 136 (24%)126 / 402 (24%)
Avg. return after a rating (TipRanks)-9.8%-11.0%
Best / worst call+13.8% / -38.4%+94.9% / -38.4%

After buy calls on this stock: median 21-day move +1.1% vs S&P 500 -0.4% (n = 329)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Jimmy BhullarJ.P. Morgan92% hit rate on this stock · 12 targets measuredBuytarget $275Jan 7, 2026
  2. Paul NewsomePiper Sandler90% hit rate on this stock · 10 targets measuredBuytarget $241Jul 16, 2026
  3. Michael ZaremskiBMO Capital85% hit rate on this stock · 26 targets measuredHoldtarget $205Aug 19, 2026

Latest ratings

DateAnalystCallTarget
Sep 21, 2026Harry FongRoth MKMBuyMaintained$245article ↗
Sep 21, 2026Alex ScottBarclaysBuyMaintained$246
Sep 21, 2026Harry FongRoth MKMBuyMaintained$245
Sep 18, 2026Meyer ShieldsKBWBuyMaintained$250article ↗
Sep 18, 2026Meyer ShieldsKBWBuyMaintained$250article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$200$220$240$260Oct 25 · Buy 8 · Hold 10 · Sell 1Oct 25Nov 25 · Buy 8 · Hold 11 · Sell 1Dec 25 · Buy 7 · Hold 13 · Sell 1Dec 25Jan 26 · Buy 7 · Hold 13 · Sell 1Feb 26 · Buy 7 · Hold 11 · Sell 1Feb 26Mar 26 · Buy 8 · Hold 9 · Sell 1Apr 26 · Buy 9 · Hold 9 · Sell 1Apr 26May 26 · Buy 9 · Hold 9 · Sell 1Jun 26 · Buy 9 · Hold 8 · Sell 2Jun 26Jul 26 · Buy 7 · Hold 12 · Sell 1Aug 26 · Buy 8 · Hold 12 · Sell 1Aug 26Sep 26 · Buy 8 · Hold 12 · Sell 1Oct 25 · avg. target $265Nov 25 · avg. target $262Dec 25 · avg. target $260Jan 26 · avg. target $251Feb 26 · avg. target $242Mar 26 · avg. target $235Apr 26 · avg. target $234May 26 · avg. target $235Jun 26 · avg. target $230Jul 26 · avg. target $229Aug 26 · avg. target $233Sep 26 · avg. target $233Oct 25 · month-end close $206Nov 25 · month-end close $229Dec 25 · month-end close $228Jan 26 · month-end close $208Feb 26 · month-end close $214Mar 26 · month-end close $198Apr 26 · month-end close $201May 26 · month-end close $190Jun 26 · month-end close $218Jul 26 · month-end close $211Aug 26 · month-end close $218Sep 26 · month-end close $216

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 21, 2026 · 194 ratings