PGR

The Progressive Corporation

Financial Services · $119.5B market cap

Share price

$210.31

close of Oct 3, 2026

Fair value

$241.16

Sticker Price

Payback Price

$96.47

buy price

Undervalued

PGR is Undervalued: at $210.31 it trades 13% below its fair value of $241.16. Its buy price (Payback Price) is $96.47, 54% below today's price. Business quality is strong: all 5 key numbers clear the 10% bar.

How we valued it

Justified P/B (Financials). A bank or insurer. These are best valued on their book value and how much they earn on it.

Business quality

5 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth11.9% a year✓

Equity per share growth11.3% a year✓

Sales growth10.7% a year✓

Free cash flow growth15.0% a year✓

Return on invested capital17.3%✓

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Superinvestors

7 of the investors we track hold PGR. In Q2 2026, 2 added and 1 sold out. Who we track

Thomas Gayner

Markel Group · as of Q2 2026

$164.7M

753,750 shares

Francois Rochon

Giverny Capital · as of Q2 2026

$118.5M

542,292 shares

David Rolfe

Wedgewood Partners · as of Q2 2026

$23.2M

106,261 shares

Bruce Berkowitz

Fairholme Capital · as of Q2 2026

$15.8M

72,200 shares

John Rogers

Ariel Investments · as of Q2 2026

$12.9M

58,906 shares

Show all 7 holders

Tweedy Browne

Tweedy Browne · as of Q2 2026

$3.0M

13,711 shares

Glenn Greenberg

Brave Warrior Advisors · as of Q2 2026

$391K

1,789 shares

Moves in Q2 2026

Added: John Rogers, David Rolfe

Sold out: Viking Global Investors

Insider activity

Since Jun 22, 2026: no open-market purchases, 11 sales worth $24.7M and 55 other filings (stock awards, tax withholding and similar). Why purchases matter

Sales

Griffith Susan Patricia

President and CEO · 2026-09-01

Sold

$8.2M

Broz Steven

Chief Information Officer · 2026-08-20

Sold

$269K

Niederst Lori A

Chief Personal Lines Officer · 2026-08-13

Sold

$1.5M

Quigg Andrew J

VP and Chief Financial Officer · 2026-07-28

Sold

$770K

Bailo Karen

Commercial Lines President · 2026-07-27

Sold

$1.8M

Show all 11 sales

Bauer Jonathan S.

Chief Investment Officer · 2026-07-27

Sold

$477K

Griffith Susan Patricia

President and CEO · 2026-07-27

Sold

$7.9M

Murphy John Jo

Claims President · 2026-07-27

Sold

$1.7M

Broz Steven

Chief Information Officer · 2026-07-23

Sold

$237K

KELLY JEFFREY D

director · 2026-06-24

Sold

$1.5M

Broz Steven

Chief Information Officer · 2026-06-22

Sold

$237K

Other filings

Griffith Susan Patricia

President and CEO · 2026-09-01

G-Gift

1,598 shares

Bailo Karen

Commercial Lines President · 2026-07-24

Tax withholding

$1.4M

Bailo Karen

Commercial Lines President · 2026-07-24

Award

15,030.459 shares

Bauer Jonathan S.

Chief Investment Officer · 2026-07-24

Tax withholding

$410K

Bauer Jonathan S.

Chief Investment Officer · 2026-07-24

Award

4,175.647 shares

Show all 55 other filings

Broz Steven

Chief Information Officer · 2026-07-24

Tax withholding

$1.0M

Broz Steven

Chief Information Officer · 2026-07-24

Award

10,959.319 shares

Callahan Patrick K

Personal Lines President · 2026-07-24

Tax withholding

$2.7M

Callahan Patrick K

Personal Lines President · 2026-07-24

Award

29,851.9 shares

Clawson William L. II

Chief Human Resources Officer · 2026-07-24

Tax withholding

$876K

Clawson William L. II

Chief Human Resources Officer · 2026-07-24

Award

9,603.053 shares

DAY HEATHER E

CRM President · 2026-07-24

Tax withholding

$130K

DAY HEATHER E

CRM President · 2026-07-24

Award

2,087.816 shares

Griffith Susan Patricia

President and CEO · 2026-07-24

Tax withholding

$12.5M

Griffith Susan Patricia

President and CEO · 2026-07-24

Award

133,595.025 shares

Murphy John Jo

Claims President · 2026-07-24

Tax withholding

$1.4M

Murphy John Jo

Claims President · 2026-07-24

Award

14,528.824 shares

Niederst Lori A

Chief Personal Lines Officer · 2026-07-24

Tax withholding

$1.2M

Niederst Lori A

Chief Personal Lines Officer · 2026-07-24

Award

13,151.651 shares

Quigg Andrew J

VP and Chief Financial Officer · 2026-07-24

Tax withholding

$1.2M

Quigg Andrew J

VP and Chief Financial Officer · 2026-07-24

Award

12,524.606 shares

Stringer David M

Vice Pres, Secretary and CLO · 2026-07-24

Tax withholding

$50K

Stringer David M

Vice Pres, Secretary and CLO · 2026-07-24

Award

529.502 shares

WITALEC DANIEL J

Chief Strategy Officer · 2026-07-24

Tax withholding

$150K

WITALEC DANIEL J

Chief Strategy Officer · 2026-07-24

Award

2,422.24 shares

DAY HEATHER E

CRM President · 2026-07-20

Award

1,443 shares

Niederst Lori A

Chief Personal Lines Officer · 2026-07-20

Award

337 shares

Quigg Andrew J

VP and Chief Financial Officer · 2026-07-20

Award

481 shares

Griffith Susan Patricia

President and CEO · 2026-07-13

G-Gift

6,043 shares

Bailo Karen

Commercial Lines President · 2026-07-10

Award

6.275 shares

Bauer Jonathan S.

Chief Investment Officer · 2026-07-10

Award

5.27 shares

Broz Steven

Chief Information Officer · 2026-07-10

Award

5.443 shares

Callahan Patrick K

Personal Lines President · 2026-07-10

Award

6.687 shares

Callahan Patrick K

Personal Lines President · 2026-07-10

Award

42.837 shares

Clawson William L. II

Chief Human Resources Officer · 2026-07-10

Award

5.09 shares

DAY HEATHER E

CRM President · 2026-07-10

Award

1.803 shares

Griffith Susan Patricia

President and CEO · 2026-07-10

Award

13.158 shares

Joyce Carl G

Chief Accounting Officer · 2026-07-10

Award

0.98 shares

Murphy John Jo

Claims President · 2026-07-10

Award

5.989 shares

Niederst Lori A

Chief Personal Lines Officer · 2026-07-10

Award

5.549 shares

Pumarejo Maribel

Chief Marketing Officer · 2026-07-10

Award

3.382 shares

Quigg Andrew J

VP and Chief Financial Officer · 2026-07-10

Award

5.292 shares

Stringer David M

Vice Pres, Secretary and CLO · 2026-07-10

Award

0.052 shares

Stringer David M

Vice Pres, Secretary and CLO · 2026-07-10

Award

3.982 shares

WITALEC DANIEL J

Chief Strategy Officer · 2026-07-10

Award

2.6 shares

Bleser Philip

director · 2026-07-10

Award

10.887 shares

Craig Pamela J.

director · 2026-07-10

Award

3.07 shares

DAVIS CHARLES A

director · 2026-07-10

Award

2.193 shares

DAVIS CHARLES A

director · 2026-07-10

Award

9.538 shares

FARAH ROGER N

director · 2026-07-10

Award

67.739 shares

FITT LAWTON W

director · 2026-07-10

Award

63.53 shares

Snyder Barbara R

director · 2026-07-10

Award

9.396 shares

Quigg Andrew J

VP and Chief Financial Officer · 2026-07-06

G-Gift

531 shares

Snyder Barbara R

director · 2026-07-01

D-Return

$23K

Snyder Barbara R

director · 2026-07-01

Option exercise

824.719 shares

About The Progressive Corporation

The Progressive Corporation, an insurance holding company, offers a comprehensive range of insurance products and associated services across the United States. Its portfolio includes personal and commercial vehicle coverage, residential and commercial property protection, general liability, and various other specialized property-casualty insurance options. The company's operations are structured into three main…

Insurance - Property & Casualty

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works

Verdict

How we valued it

Business quality

Superinvestors

Insider activity

Sales

Other filings

About The Progressive Corporation