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Progressive Corporation（PGR）与旅行者集团（TRV）财务数据对比。点击上方公司名可切换其他公司
Progressive Corporation的季度营收约是旅行者集团的1.8倍（$22.7B vs $12.4B）。旅行者集团净利率更高（20.1% vs 13.0%，领先7.1%）。Progressive Corporation同比增速更快（12.2% vs 3.5%）。过去两年Progressive Corporation的营收复合增速更高（14.9% vs 5.2%）
美国Progressive Corporation是1937年由杰克·格林与约瑟夫·M·刘易斯联合创立的保险公司，总部位于俄亥俄州梅菲尔德，是美国第二大汽车保险服务商，仅次于州立农业保险。其业务覆盖乘用车、摩托车、房车、船只、商用车等险种，同时通过合作机构提供家财险、寿险、宠物险等多元保险产品。
旅行者集团是美国跨国保险企业，为美国第二大商业财产及意外伤害保险承保商，同时是美国第六大通过独立代理人展业的个人保险提供商。公司注册地为明尼苏达州，总部设于纽约市，最大办事处在康涅狄格州哈特福德，2009年6月8日起成为道琼斯工业平均指数成分股。
PGR vs TRV — 直观对比
营收规模更大
PGR
是对方的1.8倍
$12.4B
营收增速更快
PGR
高出8.7%
3.5%
净利率更高
TRV
高出7.1%
13.0%
两年增速更快
PGR
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $22.7B | $12.4B |
| 净利润 | $3.0B | $2.5B |
| 毛利率 | — | — |
| 营业利润率 | 16.2% | 25.0% |
| 净利率 | 13.0% | 20.1% |
| 营收同比 | 12.2% | 3.5% |
| 净利润同比 | 25.3% | 19.9% |
| 每股收益（稀释后） | $5.01 | $10.96 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PGRTRV
| Q4 25 | $22.7B | $12.4B | ||
| Q3 25 | $22.5B | $12.5B | ||
| Q2 25 | $22.0B | $12.1B | ||
| Q1 25 | $20.4B | $11.8B | ||
| Q4 24 | $20.3B | $12.0B | ||
| Q3 24 | $19.7B | $11.9B | ||
| Q2 24 | $18.1B | $11.3B | ||
| Q1 24 | $17.2B | $11.2B |
净利润PGRTRV
| Q4 25 | $3.0B | $2.5B | ||
| Q3 25 | $2.6B | $1.9B | ||
| Q2 25 | $3.2B | $1.5B | ||
| Q1 25 | $2.6B | $395.0M | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $1.5B | $534.0M | ||
| Q1 24 | $2.3B | $1.1B |
营业利润率PGRTRV
| Q4 25 | 16.2% | 25.0% | ||
| Q3 25 | 14.8% | 18.8% | ||
| Q2 25 | 18.1% | 15.5% | ||
| Q1 25 | 15.9% | 4.0% | ||
| Q4 24 | 14.6% | 21.6% | ||
| Q3 24 | 14.9% | 13.1% | ||
| Q2 24 | 10.3% | 5.8% | ||
| Q1 24 | 17.1% | 12.2% |
净利率PGRTRV
| Q4 25 | 13.0% | 20.1% | ||
| Q3 25 | 11.6% | 15.1% | ||
| Q2 25 | 14.4% | 12.5% | ||
| Q1 25 | 12.6% | 3.3% | ||
| Q4 24 | 11.6% | 17.3% | ||
| Q3 24 | 11.8% | 10.6% | ||
| Q2 24 | 8.0% | 4.7% | ||
| Q1 24 | 13.5% | 10.0% |
每股收益（稀释后）PGRTRV
| Q4 25 | $5.01 | $10.96 | ||
| Q3 25 | $4.45 | $8.24 | ||
| Q2 25 | $5.40 | $6.53 | ||
| Q1 25 | $4.37 | $1.70 | ||
| Q4 24 | $4.01 | $8.96 | ||
| Q3 24 | $3.97 | $5.42 | ||
| Q2 24 | $2.48 | $2.29 | ||
| Q1 24 | $3.94 | $4.80 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $10.0B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $30.3B | $32.9B |
| 总资产 | $123.0B | $143.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PGRTRV
| Q4 25 | $10.0B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $615.0M | — | ||
| Q3 24 | $757.0M | — | ||
| Q2 24 | $733.0M | — | ||
| Q1 24 | $1.3B | — |
股东权益PGRTRV
| Q4 25 | $30.3B | $32.9B | ||
| Q3 25 | $35.4B | $31.6B | ||
| Q2 25 | $32.6B | $29.5B | ||
| Q1 25 | $29.0B | $28.2B | ||
| Q4 24 | $25.6B | $27.9B | ||
| Q3 24 | $27.2B | $27.7B | ||
| Q2 24 | $23.3B | $24.9B | ||
| Q1 24 | $21.8B | $25.0B |
总资产PGRTRV
| Q4 25 | $123.0B | $143.7B | ||
| Q3 25 | $121.5B | $143.7B | ||
| Q2 25 | $115.5B | $138.9B | ||
| Q1 25 | $111.4B | $136.0B | ||
| Q4 24 | $105.7B | $133.2B | ||
| Q3 24 | $105.2B | $134.6B | ||
| Q2 24 | $97.9B | $129.3B | ||
| Q1 24 | $94.1B | $127.4B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $3.2B | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $3.0B | — |
| 自由现金流率自由现金流/营收 | 13.4% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | 1.07× | 1.08× |
| 过去12个月自由现金流最近4个季度 | $17.2B | — |
8季度趋势，按日历期对齐
经营现金流PGRTRV
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $5.2B | $4.2B | ||
| Q2 25 | $4.0B | $2.3B | ||
| Q1 25 | $5.1B | $1.4B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $4.6B | $3.9B | ||
| Q2 24 | $3.3B | $1.7B | ||
| Q1 24 | $4.2B | $1.5B |
自由现金流PGRTRV
| Q4 25 | $3.0B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $4.2B | — |
自由现金流率PGRTRV
| Q4 25 | 13.4% | — | ||
| Q3 25 | 22.8% | — | ||
| Q2 25 | 17.9% | — | ||
| Q1 25 | 24.9% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 23.1% | — | ||
| Q2 24 | 17.6% | — | ||
| Q1 24 | 24.3% | — |
资本支出强度PGRTRV
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.3% | — |
现金转化率PGRTRV
| Q4 25 | 1.07× | 1.08× | ||
| Q3 25 | 1.99× | 2.24× | ||
| Q2 25 | 1.27× | 1.55× | ||
| Q1 25 | 2.00× | 3.44× | ||
| Q4 24 | 1.28× | 0.99× | ||
| Q3 24 | 1.97× | 3.08× | ||
| Q2 24 | 2.24× | 3.14× | ||
| Q1 24 | 1.82× | 1.30× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
TRV
| Business And International Insurance | $6.6B | 53% |
| Personal Insurance | $4.6B | 37% |
| Bond And Specialty Insurance | $1.2B | 9% |
