Berkshire Hathaway vs Progressive
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The short version
- Berkshire Hathaway is the larger business, with $371.4B of revenue in fiscal 2025 against $87.7B for Progressive, about 4.2 times as much.
- Progressive grew revenue faster (16.3%, against 0.0%).
- Progressive turned more of its sales into free cash flow (19.6% FCF margin, against 6.7%).
| Latest fiscal year | BRK-B · FY25 | PGR · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $133.2B |
| Revenue | $371.4B | $87.7B |
| Free cash flow | $25.0B | $17.2B |
| Net income | $67.0B | $11.3B |
| Growth | ||
| Revenue growth | 0.0% | 16.3% |
| 5-year growth | 8.6% | 15.5% |
| Share count change | — | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 18.0% | 12.9% |
| FCF margin | 6.7% | 19.6% |
| Return on capital | — | 39.2% |
| Return on equity | 9.8% | 40.5% |
| Balance sheet | ||
| Net debt | — | −$3.2B |
| Net debt / EBITDA | — | −0.2x |
| Dividends and buybacks | $0.0M | $2.9B |
| Valuation & quality | ||
| P/E | — | 11.4x |
| Piotroski F-score | — | — |
FY16
BRK-B $215.1B
PGR $23.4B
FY17
BRK-B $239.9B
PGR $26.8B
FY18
BRK-B $247.8B
PGR $32.0B
FY19
BRK-B $254.6B
PGR $39.0B
FY20
BRK-B $245.6B
PGR $42.7B
FY21
BRK-B $276.2B
PGR $47.7B
FY22
BRK-B $302.0B
PGR $49.6B
FY23
BRK-B $364.5B
PGR $62.1B
FY24
BRK-B $371.4B
PGR $75.4B
FY25
BRK-B $371.4B
PGR $87.7B
BRK-B
PGR
FY16
BRK-B —
PGR —
FY17
BRK-B —
PGR —
FY18
BRK-B —
PGR —
FY19
BRK-B —
PGR —
FY20
BRK-B —
PGR —
FY21
BRK-B —
PGR —
FY22
BRK-B —
PGR —
FY23
BRK-B —
PGR —
FY24
BRK-B —
PGR —
FY25
BRK-B —
PGR —
BRK-B
PGR
FY16
BRK-B $19.7B
PGR $2.5B
FY17
BRK-B $34.0B
PGR $3.6B
FY18
BRK-B $22.9B
PGR $6.0B
FY19
BRK-B $22.7B
PGR $5.9B
FY20
BRK-B $26.8B
PGR $6.7B
FY21
BRK-B $26.2B
PGR $7.5B
FY22
BRK-B $21.9B
PGR $6.6B
FY23
BRK-B $29.8B
PGR $10.4B
FY24
BRK-B $11.6B
PGR $14.8B
FY25
BRK-B $25.0B
PGR $17.2B
BRK-B
PGR
FY16
BRK-B —
PGR 15.5%
FY17
BRK-B —
PGR 20.4%
FY18
BRK-B —
PGR 24.2%
FY19
BRK-B —
PGR 28.1%
FY20
BRK-B —
PGR 35.4%
FY21
BRK-B —
PGR 18.0%
FY22
BRK-B —
PGR 4.4%
FY23
BRK-B —
PGR 18.5%
FY24
BRK-B —
PGR 30.5%
FY25
BRK-B —
PGR 39.2%
BRK-B
PGR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.