Progressive Corp (PGR) - Net Assets
Based on the latest financial reports, Progressive Corp (PGR) has net assets worth $34.33 Billion USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($124.92 Billion) and total liabilities ($90.59 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check PGR capital-intensive asset ratio to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $34.33 Billion |
| % of Total Assets | 27.48% |
| Annual Growth Rate | 14.87% |
| 5-Year Change | 66.32% |
| 10-Year Change | 281.08% |
| Growth Volatility | 27.95 |
Progressive Corp - Net Assets Trend (1985–2025)
This chart illustrates how Progressive Corp's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see PGR company net worth.
Annual Net Assets for Progressive Corp (1985–2025)
The table below shows the annual net assets of Progressive Corp from 1985 to 2025. Also explore Progressive Corp (PGR) equity growth momentum to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $30.32 Billion | +18.49% |
| 2024-12-31 | $25.59 Billion | +26.21% |
| 2023-12-31 | $20.28 Billion | +27.60% |
| 2022-12-31 | $15.89 Billion | -12.84% |
| 2021-12-31 | $18.23 Billion | +7.00% |
| 2020-12-31 | $17.04 Billion | +24.61% |
| 2019-12-31 | $13.67 Billion | +26.35% |
| 2018-12-31 | $10.82 Billion | +16.55% |
| 2017-12-31 | $9.28 Billion | +16.69% |
| 2016-12-31 | $7.96 Billion | +9.16% |
| 2015-12-31 | $7.29 Billion | +5.21% |
| 2014-12-31 | $6.93 Billion | +11.94% |
| 2013-12-31 | $6.19 Billion | +3.04% |
| 2012-12-31 | $6.01 Billion | +3.45% |
| 2011-12-31 | $5.81 Billion | -4.00% |
| 2010-12-31 | $6.05 Billion | +5.22% |
| 2009-12-31 | $5.75 Billion | +36.37% |
| 2008-12-31 | $4.22 Billion | -14.59% |
| 2007-12-31 | $4.94 Billion | -27.91% |
| 2006-12-31 | $6.85 Billion | +12.10% |
| 2005-12-31 | $6.11 Billion | +18.47% |
| 2004-12-31 | $5.16 Billion | +2.48% |
| 2003-12-31 | $5.03 Billion | +33.51% |
| 2002-12-31 | $3.77 Billion | +15.91% |
| 2001-12-31 | $3.25 Billion | +13.27% |
| 2000-12-31 | $2.87 Billion | +4.25% |
| 1999-12-31 | $2.75 Billion | +7.65% |
| 1998-12-31 | $2.56 Billion | +19.72% |
| 1997-12-31 | $2.14 Billion | +27.37% |
| 1996-12-31 | $1.68 Billion | +13.63% |
| 1995-12-31 | $1.48 Billion | +28.12% |
| 1994-12-31 | $1.15 Billion | +15.43% |
| 1993-12-31 | $997.90 Million | +58.65% |
| 1992-12-31 | $629.00 Million | +35.07% |
| 1991-12-31 | $465.70 Million | +14.00% |
| 1990-12-31 | $408.50 Million | -6.14% |
| 1989-12-31 | $435.20 Million | +4.31% |
| 1988-12-31 | $417.20 Million | +5.62% |
| 1987-12-31 | $395.00 Million | +26.85% |
| 1986-12-31 | $311.40 Million | +163.01% |
| 1985-12-31 | $118.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Progressive Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 30162.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $27.33 Billion | 90.12% |
| Common Stock | $586.00 Million | 1.93% |
| Other Comprehensive Income | $103.00 Million | 0.34% |
| Other Components | $2.31 Billion | 7.61% |
| Total Equity | $30.32 Billion | 100.00% |
Progressive Corp Competitors by Market Cap
The table below lists competitors of Progressive Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Unilever PLC
NASDAQ:UNLYD
|
$120.76 Billion |
|
Parker-Hannifin Corporation
NYSE:PH
|
$121.65 Billion |
|
SAFRAN UNSPONS.ADR 1/4
F:SEJU
|
$121.75 Billion |
|
Banco Bilbao Viscaya Argentaria SA ADR
NYSE:BBVA
|
$122.53 Billion |
|
BP PLC ADR
NYSE:BP
|
$119.34 Billion |
|
HITACHI LTD ADR/10
F:HIAA
|
$119.08 Billion |
|
S&P Global Inc
NYSE:SPGI
|
$118.64 Billion |
|
China Life Insurance Co Ltd A
SHG:601628
|
$117.89 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Progressive Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 25,591,000,000 to 30,323,000,000, a change of 4,732,000,000 (18.5%).
- Net income of 11,308,000,000 contributed positively to equity growth.
- Dividend payments of 2,871,000,000 reduced retained earnings.
- Share repurchases of 166,000,000 reduced equity.
- Other comprehensive income increased equity by 1,526,000,000.
- Other factors decreased equity by 5,065,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $11.31 Billion | +37.29% |
| Dividends Paid | $2.87 Billion | -9.47% |
| Share Repurchases | $166.00 Million | -0.55% |
| Other Comprehensive Income | $1.53 Billion | +5.03% |
| Other Changes | $-5.07 Billion | -16.7% |
| Total Change | $- | 18.49% |
Book Value vs Market Value Analysis
This analysis compares Progressive Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 4.01x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 1408.85x to 4.01x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $0.15 | $206.94 | x |
| 1986-12-31 | $0.31 | $206.94 | x |
| 1987-12-31 | $0.38 | $206.94 | x |
| 1988-12-31 | $0.40 | $206.94 | x |
| 1989-12-31 | $0.43 | $206.94 | x |
| 1990-12-31 | $0.43 | $206.94 | x |
| 1991-12-31 | $0.48 | $206.94 | x |
| 1992-12-31 | $0.70 | $206.94 | x |
| 1993-12-31 | $1.11 | $206.94 | x |
| 1994-12-31 | $1.26 | $206.94 | x |
| 1995-12-31 | $1.59 | $206.94 | x |
| 1996-12-31 | $1.83 | $206.94 | x |
| 1997-12-31 | $2.36 | $206.94 | x |
| 1998-12-31 | $2.85 | $206.94 | x |
| 1999-12-31 | $3.08 | $206.94 | x |
| 2000-12-31 | $3.22 | $206.94 | x |
| 2001-12-31 | $3.61 | $206.94 | x |
| 2002-12-31 | $4.22 | $206.94 | x |
| 2003-12-31 | $5.70 | $206.94 | x |
| 2004-12-31 | $5.96 | $206.94 | x |
| 2005-12-31 | $7.64 | $206.94 | x |
| 2006-12-31 | $8.84 | $206.94 | x |
| 2007-12-31 | $6.87 | $206.94 | x |
| 2008-12-31 | $6.26 | $206.94 | x |
| 2009-12-31 | $8.62 | $206.94 | x |
| 2010-12-31 | $9.12 | $206.94 | x |
| 2011-12-31 | $9.12 | $206.94 | x |
| 2012-12-31 | $9.88 | $206.94 | x |
| 2013-12-31 | $10.25 | $206.94 | x |
| 2014-12-31 | $11.65 | $206.94 | x |
| 2015-12-31 | $12.37 | $206.94 | x |
| 2016-12-31 | $13.60 | $206.94 | x |
| 2017-12-31 | $15.85 | $206.94 | x |
| 2018-12-31 | $18.45 | $206.94 | x |
| 2019-12-31 | $23.29 | $206.94 | x |
| 2020-12-31 | $29.00 | $206.94 | x |
| 2021-12-31 | $31.05 | $206.94 | x |
| 2022-12-31 | $27.07 | $206.94 | x |
| 2023-12-31 | $34.51 | $206.94 | x |
| 2024-12-31 | $43.54 | $206.94 | x |
| 2025-12-31 | $51.55 | $206.94 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Progressive Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 37.29%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 12.90%
- • Asset Turnover: 0.71x
- • Equity Multiplier: 4.06x
- Recent ROE (37.29%) is above the historical average (19.63%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 21.54% | 5.20% | 0.61x | 6.85x | $13.66 Million |
| 1986 | 17.76% | 7.56% | 0.58x | 4.07x | $24.16 Million |
| 1987 | 23.11% | 9.13% | 0.56x | 4.52x | $51.80 Million |
| 1988 | 25.91% | 8.04% | 0.58x | 5.53x | $66.38 Million |
| 1989 | 17.92% | 5.60% | 0.53x | 6.08x | $34.48 Million |
| 1990 | 22.86% | 68.32% | 0.13x | 2.66x | $52.55 Million |
| 1991 | 7.06% | 2.20% | 0.50x | 6.40x | $-13.67 Million |
| 1992 | 24.45% | 8.84% | 0.58x | 4.78x | $90.90 Million |
| 1993 | 26.79% | 13.67% | 0.49x | 4.02x | $167.51 Million |
| 1994 | 23.81% | 11.36% | 0.52x | 4.06x | $159.11 Million |
| 1995 | 16.97% | 8.32% | 0.56x | 3.63x | $102.92 Million |
| 1996 | 18.71% | 9.02% | 0.56x | 3.69x | $146.01 Million |
| 1997 | 18.73% | 8.68% | 0.61x | 3.54x | $186.41 Million |
| 1998 | 17.86% | 8.63% | 0.63x | 3.31x | $200.99 Million |
| 1999 | 10.72% | 4.82% | 0.63x | 3.53x | $19.92 Million |
| 2000 | 1.61% | 0.68% | 0.67x | 3.50x | $-240.88 Million |
| 2001 | 12.66% | 5.49% | 0.67x | 3.42x | $86.33 Million |
| 2002 | 17.71% | 7.18% | 0.69x | 3.60x | $290.50 Million |
| 2003 | 24.96% | 10.56% | 0.73x | 3.24x | $752.34 Million |
| 2004 | 31.98% | 11.96% | 0.80x | 3.33x | $1.13 Billion |
| 2005 | 22.82% | 9.75% | 0.76x | 3.09x | $783.15 Million |
| 2006 | 24.06% | 11.14% | 0.76x | 2.85x | $962.84 Million |
| 2007 | 23.96% | 8.05% | 0.78x | 3.82x | $688.95 Million |
| 2008 | -1.66% | -0.55% | 0.70x | 4.33x | $-491.53 Million |
| 2009 | 18.40% | 7.26% | 0.73x | 3.49x | $482.64 Million |
| 2010 | 17.66% | 7.03% | 0.72x | 3.50x | $463.41 Million |
| 2011 | 17.49% | 6.44% | 0.72x | 3.76x | $434.83 Million |
| 2012 | 15.02% | 5.29% | 0.75x | 3.78x | $301.60 Million |
| 2013 | 18.83% | 6.42% | 0.74x | 3.94x | $546.45 Million |
| 2014 | 18.49% | 6.61% | 0.75x | 3.72x | $588.14 Million |
| 2015 | 17.39% | 6.08% | 0.70x | 4.09x | $538.66 Million |
| 2016 | 12.96% | 4.40% | 0.70x | 4.20x | $235.29 Million |
| 2017 | 17.15% | 5.94% | 0.69x | 4.17x | $663.72 Million |
| 2018 | 24.17% | 8.18% | 0.69x | 4.30x | $1.53 Billion |
| 2019 | 29.04% | 10.18% | 0.71x | 4.01x | $2.60 Billion |
| 2020 | 33.48% | 13.38% | 0.67x | 3.76x | $4.00 Billion |
| 2021 | 18.38% | 7.03% | 0.67x | 3.90x | $1.53 Billion |
| 2022 | 4.54% | 1.46% | 0.66x | 4.75x | $-867.10 Million |
| 2023 | 19.25% | 6.29% | 0.70x | 4.37x | $1.88 Billion |
| 2024 | 33.14% | 11.26% | 0.71x | 4.13x | $5.92 Billion |
| 2025 | 37.29% | 12.90% | 0.71x | 4.06x | $8.28 Billion |
Industry Comparison
This section compares Progressive Corp's net assets metrics with peer companies in the Insurance - Property & Casualty industry.
Industry Context
- Industry: Insurance - Property & Casualty
- Average net assets among peers: $5,028,941,600
- Average return on equity (ROE) among peers: 15.18%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Progressive Corp (PGR) | $34.33 Billion | 21.54% | 2.64x | $120.31 Billion |
| American Coastal Insurance Corp (ACIC) | $24.11 Million | 71.36% | 10.49x | $435.35 Million |
| American Financial Group, Inc. (AFG) | $2.06 Billion | -2.72% | 6.98x | $10.91 Billion |
| Aspen Insurance Holdings Ltd (AHL) | $3.16 Billion | -3.49% | 2.00x | $119.39 Million |
| American Integrity Insurance Group, Inc. (AII) | $133.97 Million | 28.21% | 5.43x | $386.34 Million |
| Assurant, Inc. (AIZ) | $4.28 Billion | 12.14% | 6.44x | $13.37 Billion |
| The Allstate Corporation (ALL) | $17.45 Billion | 12.67% | 5.01x | $58.03 Billion |
| Ategrity Specialty Insurance Company Holdings (ASIC) | $322.20 Million | 3.12% | 1.74x | $990.91 Million |
| Bowhead Specialty Holdings Inc. (BOW) | $192.08 Million | 13.04% | 4.35x | $1.10 Billion |
| Chubb Ltd (CB) | $16.68 Billion | 15.46% | 3.32x | $124.22 Billion |
| Cincinnati Financial Corporation (CINF) | $6.00 Billion | 1.97% | 1.22x | $25.45 Billion |
About Progressive Corp
The Progressive Corporation operates as an insurance company in the United States. It writes insurance for personal autos and special lines products, including motorcycles, RVs, and watercraft; and personal residential property insurance for homeowners and renters. The company also writes auto-related liability and physical damage insurance for comprising dump trucks, log trucks, garbage trucks, … Read more