Insurance carriers · 21/36 against 12/36 checks · to 2026-09-08
PGR vs UNH.
ProgressiveSells car and home insurance direct and through agents, and prices it on driving data.
UnitedHealthAmerica's largest health insurer, plus the Optum health services and pharmacy business.→Progressive (PGR) and UnitedHealth (UNH) are within reach of each other at $124.9B and $359.8B, and on the filings Progressive passes more, 21 checks of 36 against 12.
Which passes more checks?
widest gap first→The two are furthest apart on Value, where Progressive passes 3 more of the six.
| PGR | UNH | |
|---|---|---|
| Value | 3/6 | 0/6 |
| Growth | 4/6 | 1/6 |
| Health | 4/6 | 2/6 |
| Quality | 3/6 | 2/6 |
| Shareholder returns | 5/6 | 6/6 |
| Trend analysis | 2/6 | 1/6 |
| All checks | 21/36 | 12/36 |
→UnitedHealth turns over $450.1B to Progressive's $91.1B, 4.9 times as much. Progressive keeps 12.8% of revenue as profit against 3.1% at UnitedHealth.
Which is cheaper?
→Progressive is the cheaper of the two on earnings, 10.8x against 25.9x. Against their own histories, Progressive is below its 12.6x median and UnitedHealth is above its 17.8x.
| PGR | UNH | |
|---|---|---|
| Share price | $214.90 | $400.84 |
| Market cap | $124.9B | $359.8B |
| P/E | 10.8x | 25.9x |
| P/E, own median own 11-year median / own 11-year median | 12.6x | 17.8x |
| P/S | 1.4x | 0.8x |
| Free cash flow yield | 12.8% | 6.6% |
Which is growing faster, PGR or UNH?
→Progressive grew revenue faster last year, +10.5% against +6.5% at UnitedHealth - 4 points apart. Over three years the order is the same, Progressive at +20.9% and UnitedHealth at +11.4%.
| PGR | UNH | |
|---|---|---|
| Revenue (TTM) | $91.1B | $450.1B |
| Revenue growth, 1 year | +10.5% | +6.5% |
| Revenue CAGR, 3 years | +20.9% | +11.4% |
| Net income (TTM) | $11.7B | $14.1B |
| Free cash flow (TTM) | $16.0B | $23.6B |
Which balance sheet is stronger?
| PGR | UNH | |
|---|---|---|
| Debt / equity | - | 0.70x |
| Interest coverage | - | 5.6x |
| Cash and short-term investments | $2.2B | $31.5B |
Which keeps more of each sale?
| PGR | UNH | |
|---|---|---|
| Gross margin | - | 88.6% |
| Operating margin | - | 4.8% |
| Return on equity | 34.1% | 13.5% |
Which hands more back to owners?
→Both pay: Progressive yields the more at 2.3% against 2.2%. A yield rises when a price falls, so read it beside the payout checks in each report.
| PGR | UNH | |
|---|---|---|
| Dividend yield | 2.3% | 2.2% |
| Payout ratio | 24.5% | 56.1% |
| Years of unbroken dividend | - | - |
Where they differ most
the checks behind the gapValue: Progressive 3 ahead
- Earnings yield beats a long bond (4%) 9.3% vs 4.0%
- Hands back over 3% in dividends and buybacks 6.7% vs 3.0%
- Price isn't outrunning growth PEG 0.07
- Earnings yield beats a long bond (4%) 3.9% vs 4.0%
- Hands back over 3% in dividends and buybacks 2.7% vs 3.0%
- Cheap on book value 3.44 vs 1.50 (peer median)
Growth: Progressive 3 ahead
- Sustained growth beats its sector (3 years) 20.9% vs 11.7% (sector 70th pct, n=101)
- Profits grew last year 12.1% vs 0.0%
- Profit growth beats its peers 150.1% vs 13.8% (sector 70th pct, n=80)
- Premiums outgrew the sector last year 7.3% vs 16.7% (sector 70th pct, n=103)
- Sustained growth beats its sector (3 years) 11.4% vs 11.7% (sector 70th pct, n=101)
- Profits grew last year -33.7% vs 0.0%