Hartford vs Progressive
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The short version
- Progressive is the larger business, with $87.7B of revenue in fiscal 2025 against $28.4B for Hartford, about 3.1 times as much.
- Progressive grew revenue faster (16.3%, against 6.9%).
- Hartford turned more of its sales into free cash flow (20.3% FCF margin, against 19.6%).
- Progressive earned a higher return on the capital invested in it (39.2%, against 22.6%).
- Investors pay more for each dollar of Progressive’s earnings: a P/E of 11.4x against 8.8x for Hartford.
| Latest fiscal year | HIG · FY25 | PGR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.8B | $133.2B |
| Revenue | $28.4B | $87.7B |
| Free cash flow | $5.8B | $17.2B |
| Net income | $3.8B | $11.3B |
| Growth | ||
| Revenue growth | 6.9% | 16.3% |
| 5-year growth | 6.7% | 15.5% |
| Share count change | −4.1% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 13.5% | 12.9% |
| FCF margin | 20.3% | 19.6% |
| Return on capital | 22.6% | 39.2% |
| Return on equity | 21.7% | 40.5% |
| Balance sheet | ||
| Net debt | −$159M | −$3.2B |
| Net debt / EBITDA | −0.0x | −0.2x |
| Dividends and buybacks | $2.2B | $2.9B |
| Valuation & quality | ||
| P/E | 8.8x | 11.4x |
| Piotroski F-score | — | — |
Revenue
FY16
HIG $16.3B
PGR $23.4B
FY17
HIG $17.2B
PGR $26.8B
FY18
HIG $19.0B
PGR $32.0B
FY19
HIG $20.7B
PGR $39.0B
FY20
HIG $20.5B
PGR $42.7B
FY21
HIG $22.4B
PGR $47.7B
FY22
HIG $22.4B
PGR $49.6B
FY23
HIG $24.5B
PGR $62.1B
FY24
HIG $26.5B
PGR $75.4B
FY25
HIG $28.4B
PGR $87.7B
HIG
PGR
Operating margin
FY16
HIG —
PGR —
FY17
HIG —
PGR —
FY18
HIG —
PGR —
FY19
HIG —
PGR —
FY20
HIG —
PGR —
FY21
HIG —
PGR —
FY22
HIG —
PGR —
FY23
HIG —
PGR —
FY24
HIG —
PGR —
FY25
HIG —
PGR —
HIG
PGR
Free cash flow
FY16
HIG $1.8B
PGR $2.5B
FY17
HIG $1.9B
PGR $3.6B
FY18
HIG $2.7B
PGR $6.0B
FY19
HIG $3.4B
PGR $5.9B
FY20
HIG $3.8B
PGR $6.7B
FY21
HIG $4.0B
PGR $7.5B
FY22
HIG $3.8B
PGR $6.6B
FY23
HIG $4.0B
PGR $10.4B
FY24
HIG $5.8B
PGR $14.8B
FY25
HIG $5.8B
PGR $17.2B
HIG
PGR
Return on capital
FY16
HIG —
PGR 15.5%
FY17
HIG —
PGR 20.4%
FY18
HIG 11.8%
PGR 24.2%
FY19
HIG 14.7%
PGR 28.1%
FY20
HIG 10.3%
PGR 35.4%
FY21
HIG 13.5%
PGR 18.0%
FY22
HIG 12.2%
PGR 4.4%
FY23
HIG 18.1%
PGR 18.5%
FY24
HIG 20.4%
PGR 30.5%
FY25
HIG 22.6%
PGR 39.2%
HIG
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.