“The favorable development was primarily due to lower than anticipated loss severity and frequency in Florida and, to a lesser extent, lower than anticipated litigation defense costs across most states.”10-Q · Aug 3, 2026 ↗
The Progressive Corporation
PGR
Market read
The Progressive Corporation's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
- Direct personal auto quotes fell while conversion rose, making the relationship between shopper volume and policy growth a current operating sensitivity.
Invalidation: The isolated read changes if PGR's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- Direct personal auto quotes fell while conversion rose, making the relationship between shopper volume and policy growth a current operating sensitivity.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +16.3% year over year.
- Net margin changed +1.6 percentage points in the latest annual period.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- P/E is 19% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 16% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
216.23Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The effect the previously discussed rate increases had on written premium per policy for our core commercial auto business was offset by a shift in the mix of business, primarily driven by decreased demand for products in our for-hire transportation BMT.”10-Q · Nov 3, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.5× · EV/sales 1.5×. Comparisons use only industry-matched filing peers.
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 12:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PGR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for PGR. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind PGR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
UBERUber Technologies, Inc.customerMar 2, 2026 ▾
“In addition to the BMTs listed above, as of December 31, 2025, we provided commercial auto coverage in the TNC business to Uber Technologies subsidiaries in 14 states.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PGR is currently a Early Follower in the organic co-movement group Property & Casualty Insurance. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.