Berkshire Hathaway vs Progressive
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KIRAβs take AI analyst
I put Berkshire Hathaway and Progressive side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Berkshire Hathaway
BRK-B
1/5
Net margin
Progressive
PGR
4/5
Revenue growth5-year growthFCF marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | BRK-B FY25 | PGR FY25 |
|---|---|---|
| Size | ||
| Market cap | β | $133.9B |
| 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 | β | 0.1% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 18.0% | 12.9% |
| FCF margin | 6.7% | 19.6% |
| Return on capital | β | 39.2% |
| Return on equity | 9.8% | 40.5% |
| Balance sheet | ||
| Net debt | β | β$3.2B |
| Net debt / EBITDA | β | β0.2x |
| Dividends and buybacks | $0.0M | $2.9B |
| Valuation & quality | ||
| P/E | β | 11.5x |
| Piotroski F-score | β | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.