PROGRESSIVE CORPOH（PGR）の決算・業績分析
PROGRESSIVE CORPOHの2025年有価証券報告書をAI分析。売上高$87.7B(+16.3%)。Financials。
目次
PROGRESSIVE CORPOHの2025年度 業績サマリー
PROGRESSIVE CORPOH（証券コード: PGR）の2025年度決算・業績分析。売上高は$87.7B（前年比+16.3%）。純利益は$11.3B（前年比+33.3%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
PROGRESSIVE CORPOHの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 4.0% YoY to $49.6B (XBRL), but net income fell 78.5% YoY to $722M (XBRL).
- Free cash flow (FCF) reached $6.6B (XBRL), driven by $6.8B operating cash flow (XBRL) and $292M CapEx (XBRL).
- Debt-to-equity ratio rose to 4.31x (XBRL), reflecting high leverage despite strong cash flow generation.
- Historical revenue CAGR of 14.2% (XBRL) contrasts with FY2024 net income CAGR of 8.3% (XBRL).
PROGRESSIVE CORPOHの売上高変化の要因
- •Revenue grew 4.0% YoY to $49.6B (XBRL), continuing a 5-year CAGR of 14.2% (XBRL). Historical data shows steady growth from $32.0B in FY2020 to $49.6B in FY2024 (XBRL). However, net income fell sharply to $722M (XBRL) in FY2024, down 78.5% YoY from $3.4B in FY2023 (XBRL). This decline contrasts with the 8.3% CAGR in net income over the same period (XBRL).
PROGRESSIVE CORPOHの営業利益変化の要因
- •Profitability metrics show operating margin at 1.9% (XBRL) and net margin at 1.5% (XBRL), both below historical levels. Net income dropped 78.5% YoY (XBRL), while EBITDA remained stable at $1.2B (2.5% of revenue) (XBRL). Operating income of $922M (XBRL) reflects underwriting and investment activities, but margins remain low compared to industry benchmarks.
PROGRESSIVE CORPOHの事業リスクと対応
Insurance Risks: Underwriting and pricing accuracy must cover losses and expenses (10-K).
Operating Risks: Disruptions from regulatory changes or economic downturns could impact operations (10-K).
Market Risks: Investment portfolio values may fluctuate due to market conditions (10-K).
Liquidity Risk: Inability to meet short-term obligations could harm financial stability (10-K).
Credit Risks: Counterparty failures or capital access issues may impact obligations (10-K).
Technological Disruption: Advances like autonomous vehicles may alter claim patterns and settlements (10-K).
Climate Change: Potential impacts on property insurance claims and underwriting assumptions (10-K).
PROGRESSIVE CORPOHの事業内容
Progressive Corp (PGR) is an insurance holding company generating revenue through premium payments from policyholders in personal and commercial auto, residential property, and specialty lines (10-K). Key segments include Personal Lines (auto, RV, motorcycle, watercraft, residential property), Commercial Lines (business liability, property, workers’ compensation), and specialty property-casualty insurance (10-K). Competitive advantages include a strong brand, broad customer focus, and pricing strategies, with leadership in specialty lines like motorcycle and boat insurance (10-K). The company operates in a highly competitive market with ~240 competitors in private passenger auto insurance, where the top 15 insurers control 85% of the market (10-K).
PROGRESSIVE CORPOHのAI業績分析レポート（2024年度）
Progressive Corp (PGR) FY2024 Annual Report Analysis
Highlights
Business Overview
Progressive Corp (PGR) is an insurance holding company generating revenue through premium payments from policyholders in personal and commercial auto, residential property, and specialty lines (10-K). Key segments include Personal Lines (auto, RV, motorcycle, watercraft, residential property), Commercial Lines (business liability, property, workers’ compensation), and specialty property-casualty insurance (10-K). Competitive advantages include a strong brand, broad customer focus, and pricing strategies, with leadership in specialty lines like motorcycle and boat insurance (10-K). The company operates in a highly competitive market with ~240 competitors in private passenger auto insurance, where the top 15 insurers control 85% of the market (10-K).
Revenue Analysis
Revenue grew 4.0% YoY to $49.6B (XBRL), continuing a 5-year CAGR of 14.2% (XBRL). Historical data shows steady growth from $32.0B in FY2020 to $49.6B in FY2024 (XBRL). However, net income fell sharply to $722M (XBRL) in FY2024, down 78.5% YoY from $3.4B in FY2023 (XBRL). This decline contrasts with the 8.3% CAGR in net income over the same period (XBRL).
Profitability Analysis
Profitability metrics show operating margin at 1.9% (XBRL) and net margin at 1.5% (XBRL), both below historical levels. Net income dropped 78.5% YoY (XBRL), while EBITDA remained stable at $1.2B (2.5% of revenue) (XBRL). Operating income of $922M (XBRL) reflects underwriting and investment activities, but margins remain low compared to industry benchmarks.
Balance Sheet Analysis
The equity ratio stands at 17.9% (XBRL), with total assets of $88.7B (XBRL) and total equity of $15.9B (XBRL). The debt-to-equity ratio of 4.31x (XBRL) highlights significant leverage. Return on equity (ROE) is 4.5% (XBRL), while return on assets (ROA) and return on invested capital (ROIC) are both 0.8% (XBRL), indicating weak asset efficiency.
Cash Flow Analysis
Operating cash flow totaled $6.8B (XBRL), with $6.6B in free cash flow (FCF) after $292M in CapEx (XBRL). Investing cash flow was -$8.0B (XBRL), likely reflecting asset purchases. Financing cash flow of $1.1B (XBRL) included $234M in dividends paid (XBRL), with a payout ratio of 32.4% (XBRL).
Working Capital Analysis
N/A
Risks
Outlook
N/A
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 32.0B | 39.0B | 42.7B | 47.7B | 49.6B | 62.1B |
| Operating Income | N/A | N/A | N/A | N/A | 922M | N/A |
| Net Income | 2.6B | 4.0B | 5.7B | 3.4B | 722M | 3.9B |
| Total Assets | 54.9B | 64.1B | 71.1B | 75.5B | 88.7B | 105.7B |
| Total Equity | 10.8B | 13.7B | 17.0B | 18.2B | 15.9B | 20.3B |
| Operating Cash Flow | 6.3B | 6.3B | 6.9B | 7.8B | 6.8B | 10.6B |
Financialsの企業一覧
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