The Progressive Corporation (PGR)

FairStock Score: 75/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach an insurer as I would any financial business: quality first, then price. Progressive sells personal auto and specialty property-casualty insurance, a commodity product where scale, data, and underwriting discipline matter. The recorded results show real strength. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $23.6B, net income $3.3B, and diluted EPS $5.67; a year earlier, fiscal Q2 2025, the quarter ended 2025-06-30, had revenue $22.0B, net income $3.2B, and diluted EPS $5.40. For fiscal 2025, revenue was $87.7B, net income $11.3B, and diluted EPS $19.23, up from $75.4B, $8.5B, and $14.40 in fiscal 2024, and $62.1B, $3.9B, and $6.58 in fiscal 2023. FairStock's STALWART label fits: steady five-year profit growth of 14.7% a year and revenue growth of 15.5%, though insurance earnings can swing with the underwriting cycle. At the 2026-10-26 close of $229.25, FairStock shows a P/E of 11.50, P/B of 3.88, ROE of 34.94%, ROCE of 7.84%, PEG of 2.67, D/E of 0.24, and a Piotroski F-Score of 7/9. The high ROE and modest leverage are attractive; the book multiple is not cheap, so the market already credits profitability. CET1 and NIM are bank measures not in the data; the insurance combined ratio is also not in the data. I'd want that underwriting measure before calling the cycle normalized.

In plain English: Progressive sells auto and other property and casualty insurance, mostly in the U.S. The business looks strong: it makes a lot of profit relative to shareholders' money, has grown revenue and profit, and uses modest debt. At $229.25, the price looks fair to a little rich compared with reported earnings and accounting value, not a bargain.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer