Aureus
AExcellent

Progressive Corporation (The)(PGR)

A

Financial data as of Dec 31, 2025Stable · Financials

FCF Margin19.6%Free Cash Flow / Revenue
Cash Conversion155.2%Operating CF / Net Income
Free Cash Flow$17.2B
Revenue$87.6B
Net Cash-$6.8BNet debt position
Debt / FCF0.4xManageable debt load
Current Ratio0.00Tight short-term liquidity
YoY FCF Growth+5.2%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
+0.5Healthy FCF margin with manageable debt (19.6%, 0.4x)
→
-0.5Current ratio below 1.0 (0.00) (reduced — strong FCF covers short-term obligations)
→
+1Very low debt-to-FCF ratio (0.4x)
→
+0.5Highly consistent quarterly FCF
→
FinalA

Analysis Summary

Strengths

  • Strong FCF margin (19.6%)
  • Excellent cash conversion (155%)
  • Very low debt relative to cash flow (0.4x)
  • Highly consistent quarterly FCF

Concerns

  • Net debt position ($6.8B) — 0.4x FCF, manageable
  • Current ratio below 1.0 — tight short-term liquidity

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin19.6%
Net Margin12.9%
Operating CF Margin20.0%
CapEx Ratio0.4%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$6.8BNet debt position
Debt / FCF0.4xManageable debt load
Current Ratio0.00Tight liquidity
Debt / Equity0.23Low leverage

Quarterly FCF Trend

+5.2% YoYStable (+5.2%)

Free cash flow per quarter

Sector Comparison — Financials

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameProgressive Corporation (The)
SectorFinancials
Free Cash Flow$17.2B
Revenue$87.6B
Net Income$11.3B
Operating Cash Flow$17.5B
Capital Expenditure$348.0M
FCF Margin19.6%
Cash Conversion Rate155.2%
Net Margin12.9%
Total Debt$6.9B
Total Cash$125.0M
Net Cash-$6.8B
Current Ratio0.00
Debt / Equity0.23
Debt / FCF0.4x
YoY FCF Growth+5.2%
Positive Quarters5 of 5
Trend DirectionStable
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

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