Where do Progressive's ratios come from?

Every ratio is computed from Progressive's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Progressive PGR Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Net margin	12.9%+1.8pp	12.9%+1.6pp	12.6%+1.3pp	12.7%+2.5pp	11.1%+2.2pp
Free cash flow margin	18.4%-1.7pp	19.6%-0.1pp	20%+0.2pp	20%+0.6pp	20%+1.3pp
Returns
Return on equity	37.9%+3.6pp	40.4%+3.5pp	34.2%-2.2pp	37.3%+2.8pp	34.3%+4.4pp
Return on assets	9.9%+1.4pp	9.9%+1.2pp	9.4%+0.9pp	9.8%+2.1pp	8.5%+1.9pp
Efficiency
Asset turnover	0.8×0.0×	0.8×0.0×	0.8×0.0×	0.8×0.0×	0.8×0.0×
Leverage
Debt-to-equity	0.3×0.0×	0.2×0.0×	0.2×-0.1×	0.2×-0.1×	0.2×-0.1×
Debt-to-assets	0.1×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Per Share
Book value per share	$54.59+10.8%	$51.56+18.4%	$60.26+30.4%	$55.47+39.6%	$49.27+32.7%
Valuation
Market capitalization	$115.96B-30.1%	$133.49B-4.9%	$144.81B-2.5%	$155.94B+28.2%	$165.91B+37.0%
Enterprise value	$124.19B-28.1%	$140.47B-4.6%	$151.53B-2.4%	$162.71B+26.7%	$172.61B+35.1%
Price / earnings	10×-9.0×	11.8×-4.7×	13.5×-4.8×	14.9×-2.7×	19×-1.9×
Price / sales	1.3×-0.8×	1.5×-0.3×	1.7×-0.4×	1.9×+0.1×	2.1×+0.3×
Price / book	3.6×-2.1×	4.4×-1.1×	4.1×-1.4×	4.8×-0.4×	5.7×+0.2×
EV / sales	1.4×-0.8×	1.6×-0.4×	1.8×-0.4×	2×+0.1×	2.2×+0.2×
Free cash flow yield	14.2%+4.7pp	12.9%+2.3pp	11.8%+2.2pp	10.6%-0.2pp	9.5%-0.6pp
Earnings yield	10%+4.7pp	8.5%+2.4pp	7.4%+1.9pp	6.7%+1.0pp	5.3%+0.5pp
Dividend yield	7%+5.3pp	2.2%+1.7pp	2%+1.5pp	1.8%+1.3pp	1.7%+1.2pp
PEG ratio	0.3×-0.1×	0.4×+0.2×	0.4×+0.3×	0.3×+0.2×	0.4×+0.3×

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Where do Progressive's ratios come from?: Every ratio is computed from Progressive's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.