Question 1

What is Progressive's EV/EBITDA ratio?

Accepted Answer

Progressive (PGR) EV/EBITDA ratio is 8.3× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Progressive?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Progressive specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is Progressive's EV/EBITDA ratio high or low?

Accepted Answer

Progressive's EV/EBITDA ratio of 8.3× is below its own 5-year average of 10.8× and below the sector median of 9.3×. That places the current reading at the 31th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Progressive's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Progressive (PGR) EV/EBITDA ratio has ranged from a low of 0.5× in 2011 to a high of 227.0× in 2008. The 5-year average is 10.8× and the 5-year median is 10.3×.

Question 7

What was Progressive's EV/EBITDA ratio in 2025?

Accepted Answer

Progressive (PGR) EV/EBITDA ratio at the end of 2025 was 8.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Progressive's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$133.94B	$14.81B	8.2×	+1.9×	Dec 31, 2025
2024	$140.30B	$11.28B	6.3×	-0.6×	Dec 31, 2024
2023	$93.23B	$5.46B	6.9×	-14.7×	Dec 31, 2023
2022	$75.87B	$1.50B	21.7×	+17.5×	Dec 31, 2022
2021	$59.94B	$4.77B	4.2×	+1.4×	Dec 31, 2021
2020	$57.83B	$7.72B	2.7×	+0.6×	Dec 31, 2020
2019	$42.28B	$5.66B	2.1×	-0.5×	Dec 31, 2019
2018	$35.17B	$3.59B	2.7×	-2.4×	Dec 31, 2018
2017	$32.73B	$2.53B	5.0×	+3.0×	Dec 31, 2017
2016	$20.58B	$1.81B	2.0×	+0.4×	Dec 31, 2016
2015	$18.55B	$2.20B	1.6×	+0.6×	Dec 31, 2015
2014	$15.86B	$2.12B	1.0×	-0.6×	Dec 31, 2014
2013	$16.20B	$1.94B	1.6×	+1.1×	Dec 31, 2013
2012	$12.67B	$1.49B	0.5×	+0.1×	Dec 31, 2012
2011	$11.83B	$1.71B	0.5×	-6.9×	Dec 31, 2011
2010	$12.95B	$1.86B	7.3×	+0.2×	Dec 31, 2010
2009	$11.90B	$1.80B	7.1×	-219.8×	Dec 31, 2009
2008	$9.88B	$48.00M	227.0×	+219.7×	Dec 31, 2008
2007	$12.87B	$2.01B	7.3×	+0.4×	Dec 31, 2007
2006	$17.87B	$2.69B	6.9×	-3.3×	Dec 31, 2006
2005	$22.81B	$2.29B	10.2×	+3.9×	Dec 31, 2005
2004	$16.88B	$2.68B	6.3×	-2.9×	Dec 31, 2004
2003	$17.95B	$2.05B	9.2×	-1.1×	Dec 31, 2003
2002	$10.81B	$1.14B	10.3×	-6.1×	Dec 31, 2002
2001	$10.97B	$720.80M	16.4×	—	Dec 31, 2001


Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
KeyCorp (KEY)	-9.2×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for Progressive (PGR)

EV/EBITDA daily chart for Progressive (PGR)

Historical EV/EBITDA for Progressive (PGR) from 2001 to 2025

About EV/EBITDA at Progressive (PGR)

Progressive EV/EBITDA by Year

Progressive EV/EBITDA 2025: 8.2×

Progressive EV/EBITDA 2024: 6.3×

Progressive EV/EBITDA 2023: 6.9×

Progressive EV/EBITDA 2022: 21.7×

Progressive EV/EBITDA 2021: 4.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Progressive (PGR) Key Financials

EV/EBITDA daily chart for Progressive (PGR)

Historical EV/EBITDA for Progressive (PGR) from 2001 to 2025

About EV/EBITDA at Progressive (PGR)

Progressive EV/EBITDA by Year

Progressive EV/EBITDA 2025: 8.2×

Progressive EV/EBITDA 2024: 6.3×

Progressive EV/EBITDA 2023: 6.9×

Progressive EV/EBITDA 2022: 21.7×

Progressive EV/EBITDA 2021: 4.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Progressive's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Progressive?

+Is Progressive's EV/EBITDA ratio high or low?

+What is Progressive's historical EV/EBITDA ratio range?

+What was Progressive's EV/EBITDA ratio in 2025?

+Why does Progressive's EV/EBITDA ratio change over time?

Progressive (PGR) Key Financials