Progressive Corporation (PGR)财务
NYSE · Financial Services · Insurance - Property & Casualty · 员工70,053人 · CEO Susan Patricia Griffith
- 股价
- $231.28 +0.48%
- 市值
- $1340亿
- 企业价值
- $1430亿
- 最近财报
- Q3 '26 2026-10-14提交
- 下次财报
- 2027-01-27
营收(TTM)$917亿+7.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)16.0%+0.2 百分点 对比去年同期营业利润 $147亿
净利润(TTM)$116亿+8.5% 对比去年同期税后,含营业外收益
自由现金流(TTM)$108亿-36.5% 对比去年同期资本支出 $3.22亿
稀释EPS(TTM)$19.86+8.9% 对比去年同期最近4个季度之和
净现金-$62.6亿-281.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1340亿 EV $1430亿
- 营收
- $917亿 过去12个月
- 营收增速
- 0% FY2026年一致预期
- 净利润率
- 12.7% 净利润 / 营收,TTM
- P/E
- 11.6× 预期 12.6×(FY2026)
- P/S
- 1.5× 股价 / 营收,TTM
- EV / EBITDA
- 9.4× TTM
- 自由现金流
- $108亿 过去12个月
- 净利润
- $116亿 过去12个月
- 营收预期
- $879亿 FY2026年一致预期
- 盈利
- 2027-01-27
- 股息
- $13.90 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 营收增长放缓:同比3.0%Q3 '26营收$232亿,此前四个季度的平均值为10.6%。
- 营业利润率16.0%(TTM),较去年同期+0.2 百分点营收增长7.7%,营业利润增长8.8%。
- 资本支出占营收的0.4%(去年为0.4%)最近4个季度投入$3.22亿(同比-4.5%)。自由现金流$108亿,相当于净利润的93.1%。
- 股东回报$92.4亿 = 自由现金流的85.4%回购$11.5亿(去年为$1.07亿),股息$80.9亿,股权激励$4200万(TTM)。
- 稀释股数一年内减少1.0%Q3 '26稀释股数5.82亿,一年前为5.88亿。
- 净债务 $62.6亿现金 + 短期投资 $21.3亿,含租赁债务 $83.9亿;一年前净现金 $34.6亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $232亿 | $225亿 | +3.0% |
| 毛利率 | 100.0% | 15.8% | +84.2 百分点 |
| 营业利润 | $32.4亿 | $33.2亿 | -2.6% |
| 营业利润率 | 14.0% | 14.8% | -0.8 百分点 |
| 净利润 | $25.4亿 | $26.2亿 | -2.8% |
| 稀释EPS | $4.37 | $4.45 | -1.8% |
| 经营现金流 | $0 | $52亿 | -100.0% |
| 资本支出 | $0 | $6600万 | -100.0% |
| 自由现金流 | $0 | $51.3亿 | -100.0% |
| R&D | $0 | $0 | – |
| 股权激励费用 | -$5200万 | $4200万 | -223.8% |
营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q1 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Personal Lines Segment | $187亿 | +10.0% | 87.8% | $735亿 | -6.8% | |
| Commercial Lines Segment | $26亿 | -4.9% | 12.2% | $109亿 | -20.7% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $111亿
- 资本支出
- -$3.22亿
- 股票回购
- -$11.5亿
- 股息
- -$80.9亿
- 收购
- $0
- 债务净发行
- $14.9亿
- 股权激励费用
- $4200万
- 自由现金流
- $108亿
- 股东回报 / FCF
- 85.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 11.6× | 35.9× | 11.8× – 109.0× |
| EV / EBITDA | 9.4× | 22.0× | 9.5× – 55.7× |
| EV / 营收 | 1.6× | 1.6× | 1.4× – 2.0× |
| 股价 / FCF | 12.4× | 9.1× | 7.8× – 11.6× |
| 股价 / 净资产 | 3.9× | 4.5× | 3.3× – 5.5× |
| FCF收益率 | 8.1% | 11.2% | 8.6% – 12.9% |
| 投入资本回报率 | 27.1% | 11.6% | 1.0% – 20.7% |
| 净资产收益率 | 35.4% | 22.5% | 4.5% – 37.3% |
分析师
一致目标价 $223.23 (-3.5%)
区间 $196.00 – $245.00 · 评级 Hold
强烈买入0
买入16
持有22
卖出4
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $879亿 | +0.3% | $18.38 | -4.4% | 12.6× | 15 |
| FY2027 | $916亿 | +4.2% | $16.20 | -11.9% | 14.3× | 16 |
| FY2028 | $967亿 | +5.6% | $16.04 | -1.0% | 14.4× | 10 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
The Progressive Corporation在近期10-Q / 10-K文件中标记的全部271项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $91.8亿 | $84.3亿 | +8.8% | $93.2亿 | $76.5亿 | +21.8% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $3200万 | $3400万 | -5.9% | $1.24亿 | $3000万 | +313.3% |
| Accrued Income Taxes | $7亿2026-03-31 | $8.38亿 | -16.5% | $2800万 | $2600万 | +7.7% |
| Accrued Investment Income Receivable | $7.28亿 | $6.36亿 | +14.5% | $6.7亿 | $5.94亿 | +12.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $13.8亿 | $13.7亿 | +0.9% | $14.6亿 | $14.6亿 | -0.1% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$200万 | -$100万 | -100.0% | -$100万 | -$100万 | 0.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$8.47亿 | -$9500万 | -791.6% | $1.03亿 | -$14.2亿 | +107.2% |
| Additional Paid in Capital, Common Stock | $23.4亿 | $21.9亿 | +6.7% | $23.1亿 | $21.5亿 | +7.6% |
| Advertising Expense | – | – | – | $51.3亿 | $40亿 | +28.2% |
| AOCI before Tax, Attributable to Parent | -$10.7亿 | -$1.28亿 | -737.5% | $1.3亿 | -$18.1亿 | +107.2% |
| AOCI Tax, Attributable to Parent | -$2.25亿 | -$3300万 | -581.8% | $2700万 | -$3.86亿 | +107.0% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$1300万 | -$1300万 | 0.0% | -$1300万 | -$1400万 | +7.1% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | -$8.32亿 | -$8100万 | -927.2% | $1.17亿 | -$14.1亿 | +108.3% |
| Assets | $1250亿 | $1150亿 | +8.2% | $1230亿 | $1060亿 | +16.4% |
| Benefits, Losses and Expenses | $194亿 | $180亿 | +7.6% | $734亿 | $647亿 | +13.6% |
| Cash | $1.78亿 | $1.25亿 | +42.4% | $1.25亿 | $1.43亿 | -12.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.93亿 | $1.35亿 | +43.0% | $1.38亿 | $1.54亿 | -10.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1400万 | -$7200万 | +119.4% | -$1600万 | $5400万 | -129.6% |
| Ceded Premiums Earned | – | – | – | $11.9亿 | $13.7亿 | -13.4% |
| Ceded Premiums Written | – | – | – | $10.3亿 | $14.7亿 | -29.6% |
| Common Stock, Dividends, Per Share, Declared | $0.10 | $0.10 | 0.0% | $13.90 | $4.90 | +183.7% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 9亿 | 9亿 | 0.0% | 9亿 | 9亿 | 0.0% |
| Common Stock, Shares, Issued | 7.98亿 | 7.98亿 | 0.0% | 7.98亿 | 7.98亿 | 0.0% |
| Common Stock, Value, Outstanding | $5.81亿 | $5.86亿 | -0.9% | $5.86亿 | $5.86亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $29.4亿 | $36亿 | -18.6% | $128亿 | $86.7亿 | +48.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $30.4亿 | $22.5亿 | +35.4% |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $31.2亿 | $23.1亿 | +35.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7500万 | $5800万 | +29.3% |
| Current Year Claims and Claims Adjustment Expense | $151亿 | $139亿 | +8.5% | $554亿 | $495亿 | +11.9% |
| Debt and Equity Securities, Gain (Loss) | $6.04亿 | $3.87亿 | +56.1% | $7.27亿 | $2.64亿 | +175.4% |
| Debt and Equity Securities, Realized Gain (Loss) | $1600万 | $1900万 | -15.8% | $2.48亿 | -$4.14亿 | +159.9% |
| Debt and Equity Securities, Unrealized Gain (Loss) | $5.88亿 | $3.68亿 | +59.8% | $4.8亿 | $6.79亿 | -29.3% |
| Debt Instrument, Basis Spread on Variable Rate | 1.0% | – | – | – | – | – |
| Debt Securities, Available-for-sale | $924亿 | $844亿 | +9.5% | $929亿 | $759亿 | +22.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1.77亿 | $8.89亿 | -80.1% | $9.01亿 | $1.45亿 | +521.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $12.3亿 | $9.99亿 | +23.1% | $7.53亿 | $19.4亿 | -61.1% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $935亿 | $845亿 | +10.6% | $927亿 | $777亿 | +19.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $113亿 | $159亿 | -29.3% | $132亿 | $183亿 | -27.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $6.96亿 | $9.66亿 | -28.0% | $6.86亿 | $14.5亿 | -52.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 436 security | 611 security | -28.6% | 514 security | 731 security | -29.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $509亿 | $54.5亿 | +834.3% | $154亿 | $355亿 | -56.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $5.34亿 | $3300万 | +1,518.2% | $6700万 | $4.85亿 | -86.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 788 security | 157 security | +401.9% | 182 security | 342 security | -46.8% |
| Debt Securities, Available-for-sale, Realized Gain | $6000万 | $2700万 | +122.2% | $3.27亿 | $7900万 | +313.9% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $100万 | $1800万 | -94.4% | $1.57亿 | -$4.41亿 | +135.6% |
| Debt Securities, Available-for-sale, Realized Loss | $5900万 | $900万 | +555.6% | $1.7亿 | $5.2亿 | -67.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $622亿 | $214亿 | +190.6% | $286亿 | $538亿 | -46.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $12.3亿 | $9.99亿 | +23.1% | $7.53亿 | $19.4亿 | -61.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,224 security | 768 security | +59.4% | 696 security | 1,073 security | -35.1% |
| Debt, Long-term and Short-term, Combined Amount | $83.9亿 | $69亿 | +21.6% | $69亿 | $68.9亿 | +0.1% |
| Deferred Compensation Plan Assets | $1.96亿2025-12-31 | $2.93亿 | -33.1% | $1.96亿 | $2.93亿 | -33.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.99亿 | -$7000万 | -184.3% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$2.02亿 | -$7200万 | -180.6% |
| Deferred Income Tax Assets, Net | $6.81亿 | $6.33亿 | +7.6% | – | – | – |
| Deferred Policy Acquisition Cost | $22.1亿 | $21.1亿 | +4.8% | $20.4亿 | $19.6亿 | +4.2% |
| Deferred Policy Acquisition Costs, Amortization Expense | $15.7亿 | $15.1亿 | +3.7% | $61亿 | $53.8亿 | +13.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01