Net margin
12.9% Fiscal year 2025
Rank 47 of 100: higher than 47% of 237 peers (All). medium.
Rank 17 of 100: higher than 17% of 33 peers (Sector). weak.
Median Financials: 26.2%
Profit after all costs, interest and taxes divided by revenue.
About the company
Progressive is a major US insurer focused on auto insurance for individuals. It also insures commercial vehicles, homes and motorcycles. It sells directly online and through independent agents, almost exclusively in the US. As of Oct 11, 2026
Fact sheet (from the annual report) Property and casualty insurance · Mayfield Village, USA
Progressive is an insurance holding company whose subsidiaries offer auto insurance for individuals and businesses as well as homeowners and renters policies. In addition, there are policies for motorcycles, boats and recreational vehicles as well as liability and property coverage mainly for small businesses. The personal lines segment delivered most of the net premiums written in 2025, and there is also a commercial lines segment. Progressive operates throughout the United States; sales run through independent agencies and directly online and by phone. Smaller service businesses also place policies of other insurers for a commission.
Automatically summarized from SEC annual report (10-K, filed Mar 2, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 15, 2026
What the methods say about Progressive
- 52-week-high breakout No current pattern View
- Pullback in trend No current pattern View
- Double bottom Pattern detected on Oct 22, 2026 View
- Gap with volume No current pattern View
- Elliott + Fibonacci No current Elliott setup View
- Fundamentals Growth: greenMargin: yellowDebt: gray View
Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze
Price performance at a glance
Last 30 trading days
- Today −1.6%
- 7 days +1.7%
- 30 days +9.8%
- 1 year +4.2%
Day range (last trading day)
−0.8%Price at 36% of the range+1.4%
52-week range
−16.1%Price at 73% of the range+6.1%
- Distance from the all-time high
- −23.0%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginProgressive Corporation · Sector Financials · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Mar 2, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet · 2 without data
5 of 6 criteria met
Growth
Revenue and earnings per share
7 of 7 criteria met
Dividend
Level, consistency, coverage · 2 without data
3 of 5 criteria met
Financial strength
Piotroski, debt, liquidity · 3 without data
3 of 3 criteria met
Quality 5 of 6 met · 2 without data
- no data: Gross margin above 40% not stated in the SEC filings
- no data: Operating margin above 15% not stated in the SEC filings
- met: Net margin above 10% 12.9%
- met: Return on equity above 15% 37.3%
- met: Free cash flow margin above 10% 19.6%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- not met: Equity ratio above 30% 24.6%
Return on equity
37.3% Fiscal year 2025
Rank 81 of 100: higher than 81% of 218 peers (All). strong.
Rank 89 of 100: higher than 89% of 32 peers (Sector). strong.
Median Financials: 13.9%
Net income divided by equity at fiscal year end.
Return on assets
9.2% Fiscal year 2025 (total assets at year end)
Rank 67 of 100: higher than 67% of 238 peers (All). strong.
Rank 89 of 100: higher than 89% of 33 peers (Sector). strong.
Median Financials: 2.4%
Net income divided by total assets at fiscal year end.
Equity ratio
24.6% Fiscal year 2025
Rank 34 of 100: higher than 34% of 239 peers (All). medium.
Rank 65 of 100: higher than 65% of 33 peers (Sector). medium.
Median Financials: 18.2%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
19.6% Fiscal year 2025
Rank 68 of 100: higher than 68% of 213 peers (All). strong.
Rank 46 of 100: higher than 46% of 23 peers (Sector). medium.
Median Financials: 25.8%
Free cash flow divided by revenue.
Free cash flow
17.2B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 7 of 7 met
- met: Over 3 years, revenue grew by more than 5% per year +20.9%
- met: Over 5 years, revenue grew by more than 5% per year +15.5%
- met: Over 10 years, revenue grew by more than 5% per year +15.4%
- met: Over 3 years, EPS grew by more than 5% per year +153.5%
- met: Over 5 years, EPS grew by more than 5% per year +14.8%
- met: Revenue rose in at least 4 of the last 5 fiscal years 5 of 5
- met: Revenue rose in the last fiscal year +16.3%
Revenue growth 3 years
+20.9% per year
Rank 77 of 100: higher than 77% of 230 peers (All). strong.
Rank 83 of 100: higher than 83% of 32 peers (Sector). strong.
Median Financials: +9.7%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+15.5% per year
Rank 66 of 100: higher than 66% of 217 peers (All). medium.
Rank 74 of 100: higher than 74% of 29 peers (Sector). strong.
Median Financials: +9.1%
Average growth per year over 5 fiscal years.
Revenue growth 10 years
+15.4% per year
Rank 81 of 100: higher than 81% of 157 peers (All). strong.
Rank 98 of 100: higher than 98% of 23 peers (Sector). strong.
Median Financials: +7.2%
Average growth per year over 10 fiscal years.
EPS growth 3 years
+153.5% per year
Rank 98 of 100: higher than 98% of 157 peers (All). strong.
Rank 98 of 100: higher than 98% of 24 peers (Sector). strong.
Median Financials: +17.6%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+14.8% per year
Rank 53 of 100: higher than 53% of 146 peers (All). medium.
Rank 50 of 100: higher than 50% of 25 peers (Sector). medium.
Median Financials: +14.8%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
+24.5% per year
Rank 89 of 100: higher than 89% of 140 peers (All). strong.
Rank 98 of 100: higher than 98% of 24 peers (Sector). strong.
Median Financials: +11.5%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 3 of 5 met · 2 without data
- met: Pays a dividend 13.90 USD
- not met: Payout ratio at most 60% of earnings 72%
- met: Dividend paid in each of the last 5 fiscal years 5 of 5
- not met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. 1 times
- met: Dividend per share higher than 5 years ago +23.2%
- no data: Free cash flow per share covers the dividend not meaningful for banks and insurers
- no data: Dividends paid over the last 5 years covered by free cash flow not meaningful for banks and insurers
Payout ratio
72% Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+23.2% per year
Rank 89 of 100: higher than 89% of 118 peers (All). strong.
Rank 98 of 100: higher than 98% of 20 peers (Sector). strong.
Median Financials: +10.0%
Growth of the dividend per share per year.
Free cash flow coverage
2.1x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 3 of 3 met · 3 without data
- no data: Piotroski F-Score at least 7 of 9 not meaningful for banks and insurers
- no data: Long-term debt no higher than equity no long-term debt reported
- no data: Current assets cover current liabilities not reported (usual for banks and insurers)
- met: Positive equity 30.3B USD
- met: In 5 years, share count up by at most 5% +0.1%
- met: Free cash flow positive in the last fiscal year 17.2B USD
Change in share count
+0.1% in 5 years
Rank 42 of 100: lower than 42% of 199 peers (All). medium.
Rank 35 of 100: lower than 35% of 24 peers (Sector). medium.
Median Financials: −6.1%
Change in diluted share count. Negative = share buybacks, positive = new shares.
Banks and insurers usually do not report gross margin, current assets or capital expenditure – those criteria then do not count. Debt is part of their business.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light green: Revenue grew over 5 years (+15.5% per year), at least as fast as the sector median.
- Light green: Net income (total) grew over 5 years (+14.7% per year), at least as fast as the sector median; per share +14.8% per year.
- Light yellow: Net margin 12.9%, below the sector median (19.4%).
- Light green: Profit in each of the last 10 fiscal years.
- Light yellow: High payout ratio (72% of earnings).
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 23.4B USD · Net income 1.0B USD · Net margin 4.4%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 26.8B USD · Net income 1.6B USD · Net margin 5.9%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 32.0B USD · Net income 2.6B USD · Net margin 8.2%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 39.0B USD · Net income 4.0B USD · Net margin 10.2%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 42.7B USD · Net income 5.7B USD · Net margin 13.4%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 47.7B USD · Net income 3.4B USD · Net margin 7.0%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 49.6B USD · Net income 721.5M USD · Net margin 1.5%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 62.1B USD · Net income 3.9B USD · Net margin 6.3%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 75.4B USD · Net income 8.5B USD · Net margin 11.3%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 87.7B USD · Net income 11.3B USD · Net margin 12.9%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Revenue 15.6B USD · Net income 1.1B USD · Net margin 7.2%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 16.9B USD · Net income 2.0B USD · Net margin 11.8% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 17.2B USD · Net income 2.3B USD · Net margin 13.5%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 18.1B USD · Net income 1.5B USD · Net margin 8.0%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 19.7B USD · Net income 2.3B USD · Net margin 11.8%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 20.3B USD · Net income 2.4B USD · Net margin 11.6% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 20.4B USD · Net income 2.6B USD · Net margin 12.6%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 22.0B USD · Net income 3.2B USD · Net margin 14.4%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 22.5B USD · Net income 2.6B USD · Net margin 11.6%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 22.7B USD · Net income 3.0B USD · Net margin 13.0% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 22.2B USD · Net income 2.8B USD · Net margin 12.7%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 23.6B USD · Net income 3.3B USD · Net margin 14.0%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 1.76 USD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 2.72 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 4.42 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 6.72 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 9.66 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 5.66 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 1.18 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 6.58 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 14.40 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 19.23 USD
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Earnings per share 1.89 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 3.94 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 2.48 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 3.97 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 4.37 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 5.40 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 4.45 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 4.80 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 5.67 USD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 0.68 USD · Payout ratio 38.7%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 1.12 USD · Payout ratio 41.3%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 2.51 USD · Payout ratio 56.9%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 2.65 USD · Payout ratio 39.4%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 4.90 USD · Payout ratio 50.7%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 1.90 USD · Payout ratio 33.6%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 0.40 USD · Payout ratio 33.9%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 1.15 USD · Payout ratio 17.5%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 4.90 USD · Payout ratio 34.0%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 13.90 USD · Payout ratio 72.3%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Dividend per share 0.10 USD · Payout ratio 5.3%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 0.85 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 0.10 USD · Payout ratio 2.5%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 0.10 USD · Payout ratio 4.0%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 0.10 USD · Payout ratio 2.5%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 4.60 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 0.10 USD · Payout ratio 2.3%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 0.10 USD · Payout ratio 1.9%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 0.10 USD · Payout ratio 2.2%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 13.60 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 0.10 USD · Payout ratio 2.1%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 0.10 USD · Payout ratio 1.8%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 87.7B USD · Net income 11.3B USD · Net margin 12.9%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 12.9 USD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 87.7B USD | 100.0% |
| Net income | 11.3B USD | 12.9% |
| Interest expense | 278.0M USD | 0.3% |
| Taxes | 2.9B USD | 3.3% |
| Remaining costs & other | 73.2B USD | 83.5% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The net margin stayed roughly the same in 5 years (12.9%).
Net margin- Fiscal year 2016: Net margin 4.4%
- Fiscal year 2017: Net margin 5.9%
- Fiscal year 2018: Net margin 8.2%
- Fiscal year 2019: Net margin 10.2%
- Fiscal year 2020: Net margin 13.4%
- Fiscal year 2021: Net margin 7.0%
- Fiscal year 2022: Net margin 1.5%
- Fiscal year 2023: Net margin 6.3%
- Fiscal year 2024: Net margin 11.3%
- Fiscal year 2025: Net margin 12.9%
Returns
Return on equity rose in 5 years from 33.5% to 37.3%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 13.0% · Return on assets 3.1%
- Fiscal year 2017: Return on equity 17.1% · Return on assets 4.1%
- Fiscal year 2018: Return on equity 24.2% · Return on assets 5.6%
- Fiscal year 2019: Return on equity 29.0% · Return on assets 7.2%
- Fiscal year 2020: Return on equity 33.5% · Return on assets 8.9%
- Fiscal year 2021: Return on equity 18.4% · Return on assets 4.7%
- Fiscal year 2022: Return on equity 4.5% · Return on assets 1.0%
- Fiscal year 2023: Return on equity 19.2% · Return on assets 4.4%
- Fiscal year 2024: Return on equity 33.1% · Return on assets 8.0%
- Fiscal year 2025: Return on equity 37.3% · Return on assets 9.2%
Equity and long-term debt
The equity ratio fell in 5 years from 26.6% to 24.6%.
Equity in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 8.0B USD
- Fiscal year 2017: Equity 9.3B USD
- Fiscal year 2018: Equity 10.8B USD
- Fiscal year 2019: Equity 13.7B USD
- Fiscal year 2020: Equity 17.0B USD
- Fiscal year 2021: Equity 18.2B USD
- Fiscal year 2022: Equity 15.9B USD
- Fiscal year 2023: Equity 20.3B USD
- Fiscal year 2024: Equity 25.6B USD
- Fiscal year 2025: Equity 30.3B USD
Share count
The share count stayed roughly the same in 5 years.
Diluted share count- Fiscal year 2016: Diluted share count 585.0M
- Fiscal year 2017: Diluted share count 585.7M
- Fiscal year 2018: Diluted share count 586.7M
- Fiscal year 2019: Diluted share count 587.2M
- Fiscal year 2020: Diluted share count 587.6M
- Fiscal year 2021: Diluted share count 587.1M
- Fiscal year 2022: Diluted share count 587.1M
- Fiscal year 2023: Diluted share count 587.5M
- Fiscal year 2024: Diluted share count 587.7M
- Fiscal year 2025: Diluted share count 588.1M
Banks and insurers: gross margin, current assets and capital expenditure are usually not reported and cash flow is not meaningful there – those lines and charts are omitted.
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 13.90 USD · Fiscal year 2025
- Dividend growth per year
- 3 y –5 y –10 y –
- Years without a cut
- 3 in a row up to now
- Payout ratio
- of earnings 72% of free cash flow 17%
- Share count over 5 years
- +0.1% roughly unchanged
Dividend per share
The dividend per share rose in 5 years from 4.90 USD to 13.90 USD.
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share 0.68 USD
- Fiscal year 2017: Dividend per share 1.12 USD
- Fiscal year 2018: Dividend per share 2.51 USD
- Fiscal year 2019: Dividend per share 2.65 USD
- Fiscal year 2020: Dividend per share 4.90 USD
- Fiscal year 2021: Dividend per share 1.90 USD
- Fiscal year 2022: Dividend per share 0.40 USD
- Fiscal year 2023: Dividend per share 1.15 USD
- Fiscal year 2024: Dividend per share 4.90 USD
- Fiscal year 2025: Dividend per share 13.90 USD
Payout ratios
The payout ratio rose in 5 years from 50.7% to 72.3%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) 38.7% · Payout ratio (free cash flow) 20.9%
- Fiscal year 2017: Payout ratio (earnings) 41.3% · Payout ratio (free cash flow) 11.0%
- Fiscal year 2018: Payout ratio (earnings) 56.9% · Payout ratio (free cash flow) 10.9%
- Fiscal year 2019: Payout ratio (earnings) 39.4% · Payout ratio (free cash flow) 27.9%
- Fiscal year 2020: Payout ratio (earnings) 50.7% · Payout ratio (free cash flow) 23.2%
- Fiscal year 2021: Payout ratio (earnings) 33.6% · Payout ratio (free cash flow) 49.8%
- Fiscal year 2022: Payout ratio (earnings) 33.9% · Payout ratio (free cash flow) 3.6%
- Fiscal year 2023: Payout ratio (earnings) 17.5% · Payout ratio (free cash flow) 2.3%
- Fiscal year 2024: Payout ratio (earnings) 34.0% · Payout ratio (free cash flow) 4.5%
- Fiscal year 2025: Payout ratio (earnings) 72.3% · Payout ratio (free cash flow) 16.7%
What goes back to shareholders
Over 5 years, 7.8B USD went back to shareholders as dividends. That is 14% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid 519.0M USD · Share repurchases 192.5M USD · New shares issued (including employee plans) not available · Free cash flow 2.5B USD
- Fiscal year 2017: Dividends paid 395.4M USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 3.6B USD
- Fiscal year 2018: Dividends paid 654.9M USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 6.0B USD
- Fiscal year 2019: Dividends paid 1.6B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 5.9B USD
- Fiscal year 2020: Dividends paid 1.6B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 6.7B USD
- Fiscal year 2021: Dividends paid 3.7B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 7.5B USD
- Fiscal year 2022: Dividends paid 234.0M USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 6.6B USD
- Fiscal year 2023: Dividends paid 234.0M USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 10.4B USD
- Fiscal year 2024: Dividends paid 674.0M USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 14.8B USD
- Fiscal year 2025: Dividends paid 2.9B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 17.2B USD
For banks and insurers free cash flow is not meaningful; ratios to free cash flow are usually omitted.
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
Progressive Corporation next to 8 stocks of the sector Financials we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| BAC Bank of America | 113.1B USD | +5.7% | – | – | 27.0% | 10.1% | 8.9% | – | – |
| PGR Progressive Corporation this stock | 87.7B USD | +15.5% | – | – | 12.9% | 37.3% | 24.6% | – | – |
| C Citigroup | 85.2B USD | +2.8% | – | – | 16.8% | 6.7% | 8.0% | – | – |
| WFC Wells Fargo | 83.7B USD | +3.0% | – | – | 25.5% | 11.8% | 8.4% | – | – |
| MS Morgan Stanley | 70.6B USD | +7.9% | – | – | 23.9% | 15.1% | 7.9% | – | – |
| CB Chubb Limited | 59.4B USD | +10.5% | – | – | 17.4% | 14.0% | 27.1% | – | – |
| GS Goldman Sachs | 58.3B USD | +5.5% | – | – | 29.5% | 13.7% | 6.9% | – | – |
| COF Capital One | 53.4B USD | +13.4% | – | – | 4.6% | 2.2% | 17.0% | – | – |
| TRV Travelers Companies (The) | 48.8B USD | +8.8% | – | – | 12.9% | 19.1% | 22.9% | – | – |
| Median of the sector 33 symbols | 27.0B USD | +9.1% | – | 39.0% | 26.2% | 13.9% | 18.2% | – | – |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Banks and insurers: gross margin (only if reported), free cash flow margin and Piotroski are not meaningful there (“–”).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 79 symbols in the Financials sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+15.5% per year, last 5 years
Sector Financials: median +8.8% (73 symbols)
What does this mean? Revenue: over 5 years it grew by 15.5% per year on average – at least as fast as the median company in the sector (+8.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+14.7% per year, last 5 years
Sector Financials: median +13.8% (71 symbols)
per share: +14.8% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 14.7% per year on average – at least as fast as the median company in the sector (+13.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin12.9% last fiscal year
Sector Financials: median 19.4% (75 symbols)
What does this mean? Of every 100 USD in revenue, 12.90 USD remained as profit – less than the median company in the sector (19.4%). Five years ago the margin was 13.4%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth– latest balance sheet
Sector Financials: median 0.63 (60 symbols)
What does this mean? No usable figure: reported financial debt or positive equity for the same balance sheet date is missing.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth72% Dividend / earnings per share
Sector Financials: median 34% (58 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.72 USD went to shareholders as a dividend. Little buffer remains for weaker years. Median company in the sector: 34%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 87.7B | 11.3B | 12.9% | 19.23 | 13.90 | 72% |
| 2024 | Dec 31, 2024 | 75.4B | 8.5B | 11.3% | 14.40 | 4.90 | 34% |
| 2023 | Dec 31, 2023 | 62.1B | 3.9B | 6.3% | 6.58 | 1.15 | 17% |
| 2022 | Dec 31, 2022 | 49.6B | 721.5M | 1.5% | 1.18 | 0.40 | 34% |
| 2021 | Dec 31, 2021 | 47.7B | 3.4B | 7.0% | 5.66 | 1.90 | 34% |
| 2020 | Dec 31, 2020 | 42.7B | 5.7B | 13.4% | 9.66 | 4.90 | 51% |
| 2019 | Dec 31, 2019 | 39.0B | 4.0B | 10.2% | 6.72 | 2.65 | 39% |
| 2018 | Dec 31, 2018 | 32.0B | 2.6B | 8.2% | 4.42 | 2.51 | 57% |
| 2017 | Dec 31, 2017 | 26.8B | 1.6B | 5.9% | 2.72 | 1.12 | 41% |
| 2016 | Dec 31, 2016 | 23.4B | 1.0B | 4.4% | 1.76 | 0.68 | 39% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 23.6B | 3.3B | 14.0% | 5.67 | 0.10 | 2% |
| Q1/26 | Mar 31, 2026 | 22.2B | 2.8B | 12.7% | 4.80 | 0.10 | 2% |
| Q4/25* | Dec 31, 2025 | 22.7B | 3.0B | 13.0% | – | 13.60 | – |
| Q3/25 | Sep 30, 2025 | 22.5B | 2.6B | 11.6% | 4.45 | 0.10 | 2% |
| Q2/25 | Jun 30, 2025 | 22.0B | 3.2B | 14.4% | 5.40 | 0.10 | 2% |
| Q1/25 | Mar 31, 2025 | 20.4B | 2.6B | 12.6% | 4.37 | 0.10 | 2% |
| Q4/24* | Dec 31, 2024 | 20.3B | 2.4B | 11.6% | – | 4.60 | – |
| Q3/24 | Sep 30, 2024 | 19.7B | 2.3B | 11.8% | 3.97 | 0.10 | 3% |
| Q2/24 | Jun 30, 2024 | 18.1B | 1.5B | 8.0% | 2.48 | 0.10 | 4% |
| Q1/24 | Mar 31, 2024 | 17.2B | 2.3B | 13.5% | 3.94 | 0.10 | 3% |
| Q4/23* | Dec 31, 2023 | 16.9B | 2.0B | 11.8% | – | 0.85 | – |
| Q3/23 | Sep 30, 2023 | 15.6B | 1.1B | 7.2% | 1.89 | 0.10 | 5% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $11.3M4 people | −$11.3M |
| 6 months | $00 people | $26.6M8 people | −$26.6M |
| 12 months | $00 people | $31.3M12 people | −$31.3M |
Latest transactions
- Oct 22, 2026 Broz Steven Officer Open-market sale · 10b5-1 plan 1,225 shares · $273.6K · SEC
- Sep 24, 2026 Broz Steven Officer Open-market sale · 10b5-1 plan 1,225 shares · $250.3K · SEC
- Sep 1, 2026 Griffith Susan Patricia Chief executive (CEO), Director Open-market sale · 10b5-1 plan 37,338 shares · $8.2M · SEC
- Aug 20, 2026 Broz Steven Officer Open-market sale · 10b5-1 plan 1,225 shares · $268.8K · SEC
- Aug 13, 2026 Niederst Lori A Officer Open-market sale · 10b5-1 plan 7,339 shares · $1.5M · SEC
- Jul 28, 2026 Quigg Andrew J Chief financial officer (CFO) Open-market sale · 10b5-1 plan 3,499 shares · $769.8K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +65
Price vs. EMA 50+15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows+0
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)14.4
Rel. strength 60 d+6.1%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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News
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