L vs PGR: Loews 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 5.8 times Loews.
- Progressive grew revenue faster over the last year (+7.3% vs +3.9%).
- Progressive keeps more of each dollar of revenue as operating profit (16.2% vs 12.3%).
- On earnings, Progressive is the cheaper stock (11.4x vs 14.1x).
- Loews'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 | L | PGR |
|---|---|---|
| Market cap | $22.8B | $131.5B |
| Share price | $106.69 | $217.43 |
| Revenue (last fiscal year) | $18.5B | $87.7B |
| Free cash flow (last fiscal year) | $2.7B | $17.2B |
| Revenue growth, last year | +3.9% | +7.3% |
| Revenue growth per year, last 5 fiscal years | +5.9% | +16.4% |
| Operating margin | 12.3% | 16.2% |
| Net margin | 9.0% | 12.8% |
| Return on equity | 8.8% | 34.1% |
| P/E (trailing) | 14.1x | 11.4x |
| Price / free cash flow | 8.43x | 7.64x |
| EV / EBITDA | — | 8.74x |
| FCF growth the price implies | -6.5% | -7.9% |
| Dividend yield | 0.22% | 0.18% |
| Debt / equity | 3.52x | 2.64x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 14 |
| Insider purchases, last 12 months | 2 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Loews
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.7B | $2.1B | 14.7% |
| 2022 | $14.0B | $2.7B | 7.9% |
| 2023 | $15.9B | $3.2B | 12.6% |
| 2024 | $17.5B | $2.4B | 10.7% |
| 2025 | $18.5B | $2.7B | 12.4% |
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
Loews · by segments, 2025
CNA Financial Corporation$15.0B81%
Boardwalk Pipeline Partners, LP$2.3B13%
Loews Hotels Holding Corporation$945M5%
Corporate$196M1%
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 L in InvestinglyQuestions
Which is bigger, Loews or Progressive?
Progressive (PGR), at $131.5B against $22.8B.
Is L or PGR cheaper?
By trailing P/E, Progressive (11.4x) is cheaper than Loews (14.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, L or PGR?
Progressive: revenue grew +7.3% over the last year, against +3.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.