Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Progressive has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Progressive's Piotroski F-Score or its related term are showing as below:
PGR'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of Progressive was 8. The lowest was 3. And the median was 6.
Progressive Piotroski F-Score Historical Data
The historical data trend for Progressive's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Competitive Comparison of Progressive's Piotroski F-Score
For the Insurance - Property & Casualty subindustry, Progressive's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Progressive's Piotroski F-Score Distribution in the Insurance Industry
For the Insurance industry and Financial Services sector, Progressive's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Progressive's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar25) TTM:
Last Year (Mar24) TTM:
Net Income was 1458.7 + 2333.4 + 2356.5 + 2567 = $8,716 Mil. Cash Flow from Operations was 3266.2 + 4610.5 + 3007.3 + 5143 = $16,027 Mil. Revenue was 18127 + 19711.8 + 20267.4 + 20402 = $78,508 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(94127.9 + 97893 + 105202.5 + 105745 + 111409) / 5 = $102875.48 Mil. Total Assets at the begining of this year (Mar24) was $94,128 Mil. Long-Term Debt & Capital Lease Obligation was $6,894 Mil. Total Assets was $111,409 Mil. Total Liabilities was $82,455 Mil.
Net Income was 345.4 + 1121.3 + 1988.4 + 2331 = $5,786 Mil.
Revenue was 15347.4 + 15553.4 + 16884.5 + 17237 = $65,022 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(80407.1 + 82945.2 + 85652.6 + 88691 + 94127.9) / 5 = $86364.76 Mil. Total Assets at the begining of last year (Mar23) was $80,407 Mil. Long-Term Debt & Capital Lease Obligation was $6,890 Mil. Total Assets was $94,128 Mil. Total Liabilities was $72,317 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Progressive's current Net Income (TTM) was 8,716.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Progressive's return on assets of this year was 0.09259316. Progressive's return on assets of last year was 0.07196006.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Progressive's gearing of this year was 0.06701305. Progressive's gearing of last year was 0.07977444.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Progressive's current ratio of this year was 1.35114911. Progressive's current ratio of last year was 1.30160848.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Progressive's number of shares in issue this year was 587.7. Progressive's number of shares in issue last year was 587.3.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Progressive's net margin of this year was 0.11101516. Progressive's net margin of last year was 0.08898639.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Progressive's asset turnover of this year was 0.83405876. Progressive's asset turnover of last year was 0.80866366.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Progressive has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Progressive Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Progressive's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 24 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.
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