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Progressive (NYSE:PGR) Asset Turnover

: 0.17 (As of Sep. 2022)
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Asset Turnover measures how quickly a company turns over its asset through sales. It is calculated as Revenue divided by Total Assets. Progressive's Revenue for the three months ended in Sep. 2022 was $12,774 Mil. Progressive's Total Assets for the quarter that ended in Sep. 2022 was $74,291 Mil. Therefore, Progressive's Asset Turnover for the quarter that ended in Sep. 2022 was 0.17.

Asset Turnover is linked to ROE % through Du Pont Formula. Progressive's annualized ROE % for the quarter that ended in Sep. 2022 was 3.26%. It is also linked to ROA % through Du Pont Formula. Progressive's annualized ROA % for the quarter that ended in Sep. 2022 was 0.67%.


Progressive Asset Turnover Historical Data

The historical data trend for Progressive's Asset Turnover 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.

* Premium members only.

Progressive Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Asset Turnover
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.75 0.77 0.72 0.71 0.68

Progressive Quarterly Data
Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22
Asset Turnover Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.17 0.16 0.16 0.17 0.18

Competitive Comparison

For the Insurance - Property & Casualty subindustry, Progressive's Asset Turnover, along with its competitors' market caps and Asset Turnover 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 Asset Turnover Distribution

For the Insurance industry and Financial Services sector, Progressive's Asset Turnover distribution charts can be found below:

* The bar in red indicates where Progressive's Asset Turnover falls in comparison to its industry or sector. The grey bar indicates the Asset Turnover's extreme value range as defined by GuruFocus.



Progressive Asset Turnover Calculation

Asset Turnover measures how quickly a company turns over its asset through sales.

Progressive's Asset Turnover for the fiscal year that ended in Dec. 2021 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: Dec. 2021 )/( (Total Assets (A: Dec. 2020 )+Total Assets (A: Dec. 2021 ))/ count )
=47676.5/( (64098.3+71132.3)/ 2 )
=47676.5/67615.3
=0.71

Progressive's Asset Turnover for the quarter that ended in Sep. 2022 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Sep. 2022 )/( (Total Assets (Q: Jun. 2022 )+Total Assets (Q: Sep. 2022 ))/ count )
=12774.4/( (73057.2+75524.2)/ 2 )
=12774.4/74290.7
=0.17

* 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.

Companies with low profit margins tend to have high Asset Turnover, while those with high profit margins have low Asset Turnover. Companies in the retail industry tend to have a very high turnover ratio.


Progressive  (NYSE:PGR) Asset Turnover Explanation

Asset Turnover is linked to ROE % through Du Pont Formula.

Progressive's annulized ROE % for the quarter that ended in Sep. 2022 is

ROE %**(Q: Sep. 2022 )
=Net Income/Total Stockholders Equity
=496.4/15214.45
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(496.4 / 51097.6)*(51097.6 / 74290.7)*(74290.7/ 15214.45)
=Net Margin %*Asset Turnover*Equity Multiplier
=0.97 %*0.6878*4.8829
=ROA %*Equity Multiplier
=0.67 %*4.8829
=3.26 %

Note: The Net Income data used here is four times the quarterly (Sep. 2022) net income data. The Revenue data used here is four times the quarterly (Sep. 2022) revenue data.

* 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.

** The ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.

It is also linked to ROA % through Du Pont Formula:

Progressive's annulized ROA % for the quarter that ended in Sep. 2022 is

ROA %(Q: Sep. 2022 )
=Net Income/Total Assets
=496.4/74290.7
=(Net Income / Revenue)*(Revenue / Total Assets)
=(496.4 / 51097.6)*(51097.6 / 74290.7)
=Net Margin %*Asset Turnover
=0.97 %*0.6878
=0.67 %

Note: The Net Income data used here is four times the quarterly (Sep. 2022) net income data. The Revenue data used here is four times the quarterly (Sep. 2022) revenue data.

* 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.


Be Aware

In the article Joining The Dark Side: Pirates, Spies and Short Sellers, James Montier reported that In their US sample covering the period 1968-2003, Cooper et al find that firms with low asset growth outperformed firms with high asset growth by an astounding 20% p.a. equally weighted. Even when controlling for market, size and style, low asset growth firms outperformed high asset growth firms by 13% p.a. Therefore a company with fast asset growth may underperform.

Therefore, it is a good sign if a company's Asset Turnover is consistent or even increases. If a company's asset grows faster than sales, its Asset Turnover will decline, which can be a warning sign.


Progressive Asset Turnover Related Terms

Thank you for viewing the detailed overview of Progressive's Asset Turnover provided by GuruFocus.com. Please click on the following links to see related term pages.


Progressive (NYSE:PGR) Business Description

Progressive logo
Traded in Other Exchanges
Address
6300 Wilson Mills Road, Mayfield Village, OH, USA, 44143
Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth-largest auto insurer in the United States. Progressive markets its policies through independent insurance agencies in the U.S. 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.
Executives
Pamela Craig 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
Remi Kent officer: Chief Marketing Officer 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Jonathan S. Bauer officer: Chief Investment Officer 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Mariann Wojtkun Marshall officer: Chief Accounting Officer C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS RD., MAYFIELD VILLAGE OH 44143
Jan E Tighe director C/O GOLDMAN SACHS & CO. LLC, 200 WEST STREET, NEW YORK NY 10282
Barbara R Snyder director 127 PUBLIC SQUARE, CLEVELAND OH 44114
Andrew J Quigg officer: Chief Strategy Officer C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Philip Bleser director 8760 CLAY ROAD SUITE 100, HOUSTON TX 77494
Steven Broz officer: Chief Information Officer C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Lori A Niederst officer: CRM President C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Karen Bailo officer: Commercial Lines President 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Daniel P Mascaro officer: Vice Pres, Secretary and CLO C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
John Jo Murphy officer: Claims President C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143
Patrick K Callahan officer: Personal Lines President C/O THE PROGRESSIVE CORPORATION, 6300 WILSON MILLS ROAD, MAYFIELD VILLAGE OH 44143

Progressive (NYSE:PGR) Headlines

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