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Progressive Valuation Multiples

Discover revenue and EBITDA valuation multiples for Progressive and similar public comparables like Challenger, NN Group, and ASR Nederland.

Progressive Overview

About Progressive

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.


Founded

1937

HQ

United States of America
Employees

66.3K+

Website

progressive.com

Financials

LTM Revenue $77.1B

LTM EBITDA $11.8B

EV

$173B

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Progressive Financials

Progressive has a last 12-month revenue of $77.1B and a last 12-month EBITDA of $11.8B.

In the most recent fiscal year, Progressive achieved revenue of $75.3B and an EBITDA of n/a.

Progressive expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Progressive P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $62.1B $75.3B XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit $722M $3.9B XXX XXX XXX
Net Margin 1% 5% XXX XXX XXX
Net Debt $6.2B $6.8B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Progressive Stock Performance

As of March 14, 2025, Progressive's stock price is $284.

Progressive has current market cap of $166B, and EV of $173B.

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Progressive Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$173B $166B XXX XXX XXX XXX $14.27

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Progressive Valuation Multiples

As of March 14, 2025, Progressive has market cap of $166B and EV of $173B.

Progressive's trades at 2.2x LTM EV/Revenue multiple, and 14.6x LTM EBITDA.

Analysts estimate Progressive's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Progressive Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $173B XXX XXX XXX
EV/Revenue 2.3x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E 19.6x XXX XXX XXX
P/E/Growth 4.4x XXX XXX XXX
EV/FCF 11.7x XXX XXX XXX

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Progressive Valuation Multiples

Progressive's NTM/LTM revenue growth is 16%

Progressive's revenue per employee for the last fiscal year averaged $1.1M, while opex per employee averaged n/a for the same period.

Over next 12 months, Progressive's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Progressive's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Progressive Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 21% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $1.1M XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue n/a XXX XXX XXX XXX

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Progressive Public Comps

See public comps and valuation multiples for Insurance Carriers comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNIC XXX XXX XXX XXX XXX XXX
Aegon XXX XXX XXX XXX XXX XXX
ASR Nederland XXX XXX XXX XXX XXX XXX
NN Group XXX XXX XXX XXX XXX XXX
Challenger XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Progressive M&A and Investment Activity

Progressive acquired  XXX companies to date.

Last acquisition by Progressive was  XXXXXXXX, XXXXX XXXXX XXXXXX . Progressive acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Progressive

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Progressive

When was Progressive founded? Progressive was founded in 1937.
Where is Progressive headquartered? Progressive is headquartered in United States of America.
How many employees does Progressive have? As of today, Progressive has 66.3K+ employees.
Who is the CEO of Progressive? Progressive's CEO is Ms. Susan Patricia Griffith.
Is Progressive publicy listed? Yes, Progressive is a public company listed on NYS.
What is the stock symbol of Progressive? Progressive trades under PGR ticker.
When did Progressive go public? Progressive went public in 1987.
Who are competitors of Progressive? Similar companies to Progressive include e.g. ADNIC, Aegon, ASR Nederland, NN Group.
What is the current market cap of Progressive? Progressive's current market cap is $166B
What is the current revenue of Progressive? Progressive's last 12-month revenue is $77.1B.
What is the current EBITDA of Progressive? Progressive's last 12-month EBITDA is $11.8B.
What is the current EV/Revenue multiple of Progressive? Current revenue multiple of Progressive is 2.2x.
What is the current EV/EBITDA multiple of Progressive? Current EBITDA multiple of Progressive is 14.6x.
What is the current revenue growth of Progressive? Progressive revenue growth between 2023 and 2024 was 21%.
Is Progressive profitable? Yes, Progressive is EBITDA-positive (as of the last 12 months).

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