Market Cap : 79 B | Enterprise Value : 85.53 B | PE Ratio : 115.44 | PB Ratio : 4.97 |
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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 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Progressive's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Progressive was 9. The lowest was 2. And the median was 6.
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.
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.
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 in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.
How is the Piotroski F-Score calculated?
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Net Income was 962.3 + 313.9 + -542.9 + 124.1 = $857 Mil. Cash Flow from Operations was 452.1 + 2502.3 + 1389.6 + 2027.3 = $6,371 Mil. Revenue was 12485.1 + 11835.8 + 11513.3 + 12774.4 = $48,609 Mil. Average Total Assets from the begining of this year (Sep21) to the end of this year (Sep22) was (72618.1 + 71132.3 + 73929.6 + 73057.2 + 75524.2) / 5 = $73252.28 Mil. Total Assets at the begining of this year (Sep21) was $72,618 Mil. Long-Term Debt & Capital Lease Obligation was $6,387 Mil. Total Assets was $75,524 Mil. Total Liabilities was $60,748 Mil. |
Net Income was 1684.3 + 1480 + 790.1 + 118.5 = $4,073 Mil. Revenue was 11410.3 + 11439.6 + 11899.2 + 11852.6 = $46,602 Mil. Average Total Assets from the begining of last year (Sep20) to the end of last year (Sep21) was (62890.8 + 64098.3 + 65413.3 + 69824.3 + 72618.1) / 5 = $66968.96 Mil. Total Assets at the begining of last year (Sep20) was $62,891 Mil. Long-Term Debt & Capital Lease Obligation was $4,898 Mil. Total Assets was $72,618 Mil. Total Liabilities was $54,060 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 857.
==> 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.
Score 1 if positive, 0 if negative.
Progressive's current Cash Flow from Operations (TTM) was 6,371.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Sep21) |
= | 857.4 | / | 72618.1 | |
= | 0.01180697 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep20) |
= | 4072.9 | / | 62890.8 | |
= | 0.06476146 |
Progressive's return on assets of this year was 0.01180697. Progressive's return on assets of last year was 0.06476146.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Progressive's current Net Income (TTM) was 857. Progressive's current Cash Flow from Operations (TTM) was 6,371.
==> 6,371 > 857 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Sep22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep21 to Sep22 |
= | 6387.4 | / | 73252.28 | |
= | 0.08719729 |
Gearing (Last Year: Sep21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep20 to Sep21 |
= | 4898.2 | / | 66968.96 | |
= | 0.07314135 |
Progressive's gearing of this year was 0.08719729. Progressive's gearing of last year was 0.07314135.
==> Last year is lower than this year ==> Score 0.
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.
Current Ratio (This Year: Sep22) | = | Total Assets | / | Total Liabilities |
= | 75524.2 | / | 60748 | |
= | 1.24323764 |
Current Ratio (Last Year: Sep21) | = | Total Assets | / | Total Liabilities |
= | 72618.1 | / | 54060 | |
= | 1.34328709 |
Progressive's current ratio of this year was 1.24323764. Progressive's current ratio of last year was 1.34328709.
==> Last year's current ratio is higher ==> Score 0.
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 587.1. Progressive's number of shares in issue last year was 587.1.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
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.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 857.4 | / | 48608.6 | |
= | 0.01763885 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 4072.9 | / | 46601.7 | |
= | 0.0873981 |
Progressive's net margin of this year was 0.01763885. Progressive's net margin of last year was 0.0873981.
==> Last year's net margin is higher ==> Score 0.
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
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Sep21) |
= | 48608.6 | / | 72618.1 | |
= | 0.66937306 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep20) |
= | 46601.7 | / | 62890.8 | |
= | 0.74099391 |
Progressive's asset turnover of this year was 0.66937306. Progressive's asset turnover of last year was 0.74099391.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Progressive has an F-score of 4 indicating the company's financial situation is typical for a stable company.
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.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
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.
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.
Craig Pamela | director | C/O ACCENTURE 161 N CLARK STREET CHICAGO IL 60601 |
Clawson William L. Ii | officer: Chief Human Resources Officer | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Kent Remi | officer: Chief Marketing Officer | 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Bauer Jonathan S. | officer: Chief Investment Officer | 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Marshall Mariann Wojtkun | officer: Chief Accounting Officer | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS RD. MAYFIELD VILLAGE OH 44143 |
Tighe Jan E | director | C/O GOLDMAN SACHS & CO. LLC 200 WEST STREET NEW YORK NY 10282 |
Snyder Barbara R | director | 127 PUBLIC SQUARE CLEVELAND OH 44114 |
Quigg Andrew J | officer: Chief Strategy Officer | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Bleser Philip | director | 8760 CLAY ROAD SUITE 100 HOUSTON TX 77494 |
Broz Steven | officer: Chief Information Officer | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Niederst Lori A | officer: CRM President | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Bailo Karen | officer: Commercial Lines President | 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Mascaro Daniel P | officer: Vice Pres, Secretary and CLO | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Murphy John Jo | officer: Claims President | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
Callahan Patrick K | officer: Personal Lines President | C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143 |
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