FUNDAMENTAL ANALYSIS
PGR
Progressive Corporation
FUNDAMENTAL RATING
FUNDAMENTAL SCORE
39 / 100
Summary
Progressive Corporation's three-year net income CAGR (compound annual growth rate) is an outsized 150.3% because one or more annual YoY (year-over-year) results fall well outside the ordinary range and inflate the headline pace. Revenue compounded at 20.9% a year (CAGR) while latest annual revenue rose 16.3% and latest annual net income rose 33.3%. The most recent quarter reported $3.31B in net income and improved QoQ (quarter-over-quarter) by 17.5%, which aligns with the positive but decelerating multi-year trends. Assets cover liabilities 1.33 times, which provides an adequate solvency buffer. The Piotroski F-Score of 3 on a 0 to 9 quality scale is a low earnings-quality reading below the mixed range. The next earnings report must show whether net income growth holds up after excluding the outlier year or whether earnings revert toward the underlying pace.
Revenue — Annual Comparison
Net Income — Annual Comparison
Quarterly Detail Charts
Quarterly Revenue
Quarterly Net Income
Piotroski F-Score Breakdown
3/9 · Neutral
Profitability — Net income positive this fiscal year
Pass
Return on Assets — Return on Assets improved year-over-year
Pass
Cash flow positive — Cash from operations positive this fiscal year
Pass
Earnings quality — Cash from operations exceeds net income
Fail
Leverage down — Long-term debt / total assets improved
N/A
Liquidity up — Current ratio improved year-over-year
N/A
No share dilution — Share count did not increase year-over-year
Fail
Margin up — Gross margin expanded year-over-year
N/A
Asset efficiency — Asset turnover improved year-over-year
Fail
Data Source
This dashboard applies a modified 9-signal Piotroski F-Score (Piotroski, 2000) and Altman Z-Score models. Fundamental filing data is sourced from the SEC's EDGAR XBRL database (primary), with API Ninjas as backup for freshly-filed 10-Ks not yet in SEC. Live price, market cap, and EPS display use Tiingo end-of-day data. This page is informational analysis, not investment advice. See Financial Disclaimer.
Recent Filings
Formula & Methodology
Trend inputAnnual revenue and net income year-over-year direction contributes 20% of the score.
Piotroski inputModified 9-test Piotroski F-Score (Quality) contributes 40% of the score.
Altman inputAltman Z-Score (Distress) contributes 40% of the score.
Rating ruleFormula: Trend (20%) + Piotroski F-Score (40%) + Altman Z-Score (40%). Trend blends annual revenue and net income year-over-year direction. Piotroski is the modified 9-test variant (7 classic + 2 cash-flow tests). Altman uses the 1968 Z-Score with Safe/Grey/Distress zones. Combined blend uses ±0.45 thresholds: Bullish at +0.45 or higher, Bearish at -0.45 or lower, Neutral in between. Missing sub-signals count as Neutral (0) and weights are not re-normalized — a company with fewer available signals must earn its rating from stronger reads on the remaining pillars.