Hartford vs Progressive
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KIRA’s take AI analyst
I put Hartford and Progressive side by side, using each one’s latest annual report. Here is what stands out:
- 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 11.5x against 8.8x for Hartford.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Hartford
HIG
3/8
Net marginFCF marginShare count change
Progressive
PGR
5/8
Revenue growth5-year growthReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | HIG FY25 | PGR FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.6B | $133.9B |
| 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 | 11.5x |
| Piotroski F-score | — | — |
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.