Arthur J. Gallagher vs Progressive Corp/oh/ (AJG vs PGR)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Progressive Corp/oh/ is the larger company by revenue ($87.7B vs $13.9B) and market value ($136.5B vs $65.0B). Progressive Corp/oh/ has grown revenue faster over the last 4 fiscal years (+83.8% cumulative vs +69.8%). Progressive Corp/oh/ trades at the lower trailing P/E (11.9x vs 41.0x).
About Arthur J. Gallagher
Arthur J. Gallagher & Co. provides insurance brokerage, reinsurance brokerage, consulting, and third-party property and casualty claims settlement and administration services globally. The company serves commercial, nonprofit, public sector entities, insurance companies, and individuals through its brokerage and risk management segments. Its services include placing insurance and reinsurance coverage, managing risk and employer-sponsored benefit programs, and administering claims for self-insured entities.
About Progressive Corp/oh/
Progressive Corporation is an insurance holding company that provides personal and commercial auto insurance, residential property insurance, and coverage for motorcycles, watercraft, and other recreational vehicles. It also offers business-related general liability, commercial property insurance, workers’ compensation primarily for the transportation industry, and other specialty property-casualty insurance. Progressive serves customers across the United States through both agency and direct channels, including independent insurance agencies and online or phone sales.
Head to head (AJG FY2025 vs PGR FY2025)
| Metric | AJGFY2025 | PGRFY2025 |
|---|---|---|
| Revenue | $13.94B | $87.67B |
| Revenue growth (YoY) | 20.7% | 16.3% |
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 10.7% | 12.9% |
| Net income | $1.49B | $11.31B |
| Diluted EPS | $5.74 | $19.23 |
| FCF margin | — | 19.6% |
| ROE | 6.4% | 37.3% |
| Debt / equity | 0.5× | — |
| Market cap | $65.03B | $136.51B |
| P/E (TTM) | 41.0× | 11.9× |
Fundamentals are from each company’s SEC filings (AJG FY2025, PGR FY2025). P/E and market cap are derived from recent market prices and update daily.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| AJG | $8.21B | $8.55B | $10.07B | $11.55B | $13.94B |
| PGR | $47.70B | $49.61B | $62.11B | $75.37B | $87.67B |
Peer standing
Where each company ranks among the 88 insurance companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | AJG | PGR |
|---|---|---|
| Net margin | 10.7%48th percentile of 82 | 12.9%58th percentile of 82 |
| Revenue growth (YoY) | +20.7%68th percentile of 88 | +16.3%63rd percentile of 88 |
| ROE | 6.4%24th percentile of 73 | 37.3%96th percentile of 73 |
| P/E (TTM) | 41.0×89th percentile of 71 | 11.9×49th percentile of 71 |
| Short interest (days to cover) | 3.36d60th percentile of 86 | 1.68d15th percentile of 86 |
Short interest
| FINRA settlement data | AJG | PGR |
|---|---|---|
| Shares sold short | 6.8M | 7.8M |
| Change vs prior settlement | -0.8% | +2.0% |
| Days to cover | 3.36 | 1.68 |
| As of settlement | 2026-06-30 | 2026-06-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 open-market activity | AJG | PGR |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 1 ($618,000) | 4 ($3.2M) |
Open-market purchases and sales reported on SEC Form 4 (grants, exercises and tax withholding excluded). For context, about 16% of covered companies saw any open-market insider buy in a 90-day window.
Held by the same investors
6 tracked 13F managers hold both Arthur J. Gallagher and Progressive Corp/oh/ as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, Gotham Asset Management, Millennium Management, Renaissance Technologies, Viking Global Investors. See which superinvestors hold your own portfolio with the smart money checker.
Go deeper
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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.