CINF vs PGR: Cincinnati Financial and Progressive compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Progressive is the larger company, worth $131.5B, about 5.1 times Cincinnati Financial.
- Cincinnati Financial grew revenue faster over the last year (+31.6% vs +7.3%).
- Cincinnati Financial keeps more of each dollar of revenue as operating profit (29.8% vs 16.2%).
- On earnings, Cincinnati Financial is the cheaper stock (9.5x vs 11.4x).
- Cincinnati Financial's price assumes faster free cash flow growth: about -7% a year, against -8% for Progressive (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CINF | PGR |
|---|---|---|
| Market cap | $25.8B | $131.5B |
| Share price | $163.39 | $217.43 |
| Revenue (last fiscal year) | $12.6B | $87.7B |
| Free cash flow (last fiscal year) | $3.1B | $17.2B |
| Revenue growth, last year | +31.6% | +7.3% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +16.4% |
| Operating margin | 29.8% | 16.2% |
| Net margin | 23.8% | 12.8% |
| Return on equity | 20.0% | 34.1% |
| P/E (trailing) | 9.52x | 11.4x |
| Price / free cash flow | 8.34x | 7.64x |
| EV / EBITDA | 5.65x | 8.74x |
| FCF growth the price implies | -6.7% | -7.9% |
| Dividend yield | 2.1% | 0.18% |
| Debt / equity | 1.59x | 2.64x |
| Fundamental grade | B | C |
| Superinvestors holding it | 2 | 14 |
| Insider purchases, last 12 months | 5 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cincinnati Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.6B | $2.0B | 38.4% |
| 2022 | $6.6B | $2.0B | -10.6% |
| 2023 | $10.0B | $2.0B | 22.7% |
| 2024 | $11.3B | $2.6B | 25.2% |
| 2025 | $12.6B | $3.1B | 23.6% |
Progressive
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $47.7B | $7.5B | 8.8% |
| 2022 | $49.6B | $6.6B | 1.9% |
| 2023 | $62.1B | $10.4B | 7.9% |
| 2024 | $75.4B | $14.8B | 14.2% |
| 2025 | $87.7B | $17.2B | 16.2% |
Where the revenue comes from
Cincinnati Financial · by segments, 2023
Commercial Insurance$4.3B46%
Personal Insurance$2.0B22%
Investments Segment$2.0B22%
Excess and Surplus Lines Insurance$545M6%
Life Insurance Segment$323M4%
Progressive
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CINF in InvestinglyQuestions
Which is bigger, Cincinnati Financial or Progressive?
Progressive (PGR), at $131.5B against $25.8B.
Is CINF or PGR cheaper?
By trailing P/E, Cincinnati Financial (9.52x) is cheaper than Progressive (11.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CINF or PGR?
Cincinnati Financial: revenue grew +31.6% over the last year, against +7.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.