Progressive vs Travelers Companies
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The short version
- Progressive is the larger business, with $87.7B of revenue in fiscal 2025 against $48.8B for Travelers Companies, about 1.8 times as much.
- Progressive grew revenue faster (16.3%, against 5.2%).
- Progressive earned a higher return on the capital invested in it (39.2%, against 20.1%).
- Investors pay more for each dollar of Progressive’s earnings: a P/E of 11.4x against 10.5x for Travelers Companies.
| Latest fiscal year | PGR · FY25 | TRV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $133.2B | $83.9B |
| Revenue | $87.7B | $48.8B |
| Free cash flow | $17.2B | — |
| Net income | $11.3B | $6.3B |
| Growth | ||
| Revenue growth | 16.3% | 5.2% |
| 5-year growth | 15.5% | 8.8% |
| Share count change | 0.1% | −1.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 12.9% | 12.9% |
| FCF margin | 19.6% | — |
| Return on capital | 39.2% | 20.1% |
| Return on equity | 40.5% | 20.7% |
| Balance sheet | ||
| Net debt | −$3.2B | $2.7B |
| Net debt / EBITDA | −0.2x | 0.3x |
| Dividends and buybacks | $2.9B | $4.0B |
| Valuation & quality | ||
| P/E | 11.4x | 10.5x |
| Piotroski F-score | — | — |
Revenue
FY16
PGR $23.4B
TRV $27.6B
FY17
PGR $26.8B
TRV $28.9B
FY18
PGR $32.0B
TRV $30.3B
FY19
PGR $39.0B
TRV $31.6B
FY20
PGR $42.7B
TRV $32.0B
FY21
PGR $47.7B
TRV $34.8B
FY22
PGR $49.6B
TRV $36.9B
FY23
PGR $62.1B
TRV $41.4B
FY24
PGR $75.4B
TRV $46.4B
FY25
PGR $87.7B
TRV $48.8B
PGR
TRV
Operating margin
FY16
PGR —
TRV —
FY17
PGR —
TRV —
FY18
PGR —
TRV —
FY19
PGR —
TRV —
FY20
PGR —
TRV —
FY21
PGR —
TRV —
FY22
PGR —
TRV —
FY23
PGR —
TRV —
FY24
PGR —
TRV —
FY25
PGR —
TRV —
PGR
TRV
Free cash flow
FY16
PGR $2.5B
TRV —
FY17
PGR $3.6B
TRV —
FY18
PGR $6.0B
TRV —
FY19
PGR $5.9B
TRV —
FY20
PGR $6.7B
TRV —
FY21
PGR $7.5B
TRV —
FY22
PGR $6.6B
TRV —
FY23
PGR $10.4B
TRV —
FY24
PGR $14.8B
TRV —
FY25
PGR $17.2B
TRV —
PGR
TRV
Return on capital
FY16
PGR 15.5%
TRV 13.3%
FY17
PGR 20.4%
TRV 9.4%
FY18
PGR 24.2%
TRV 11.3%
FY19
PGR 28.1%
TRV 11.2%
FY20
PGR 35.4%
TRV 10.5%
FY21
PGR 18.0%
TRV 12.9%
FY22
PGR 4.4%
TRV 11.2%
FY23
PGR 18.5%
TRV 12.9%
FY24
PGR 30.5%
TRV 18.5%
FY25
PGR 39.2%
TRV 20.1%
PGR
TRV
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.