Marsh & Mclennan Companies vs Progressive Corp/oh/ (MRSH 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 $27.0B) and market value ($124.3B vs $86.0B). Progressive Corp/oh/ has grown revenue faster over the last 4 fiscal years (+83.8% cumulative vs +36.1%). Progressive Corp/oh/ trades at the lower trailing P/E (10.4x vs 22.3x).
About Marsh & Mclennan Companies
Marsh & McLennan Companies, Inc. provides risk management, insurance and reinsurance brokerage, and consulting services worldwide. Its Risk and Insurance Services segment includes Marsh Risk, which offers insurance broking, risk advisory, and program management, and Guy Carpenter, which specializes in reinsurance broking and strategic advisory. The Consulting segment delivers health, wealth, career advice, and management consulting services through Mercer and Marsh Management Consulting to organizations globally.
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 (MRSH FY2025 vs PGR FY2025)
| Metric | MRSHFY2025 | PGRFY2025 |
|---|---|---|
| Revenue | $26.98B | $87.67B |
| Revenue growth (YoY) | 10.3% | 16.3% |
| Gross margin | — | — |
| Operating margin | 23.1% | — |
| Net margin | 15.4% | 12.9% |
| Net income | $4.16B | $11.31B |
| Diluted EPS | $8.43 | $19.23 |
| FCF margin | 18.5% | 19.6% |
| ROE | 27.2% | 37.3% |
| Debt / equity | 1.2× | — |
| Market cap | $86.02B | $124.32B |
| P/E (TTM) | 22.3× | 10.4× |
Fundamentals are from each company’s SEC filings (MRSH 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 |
|---|---|---|---|---|---|
| MRSH | $19.82B | $20.72B | $22.74B | $24.46B | $26.98B |
| 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 | MRSH | PGR |
|---|---|---|
| Net margin | 15.4%69th percentile of 82 | 12.9%58th percentile of 82 |
| FCF margin | 18.5%57th percentile of 55 | 19.6%61st percentile of 55 |
| Revenue growth (YoY) | +10.3%54th percentile of 88 | +16.3%63rd percentile of 88 |
| ROE | 27.2%83rd percentile of 73 | 37.3%96th percentile of 73 |
| P/E (TTM) | 22.3×83rd percentile of 71 | 10.4×37th percentile of 71 |
| Short interest (days to cover) | 2.08d15th percentile of 86 | 2.99d27th percentile of 86 |
Short interest
| FINRA settlement data | MRSH | PGR |
|---|---|---|
| Shares sold short | 5.0M | 9.6M |
| Change vs prior settlement | -5.2% | +23.3% |
| Days to cover | 2.08 | 2.99 |
| As of settlement | 2025-12-31 | 2026-07-15 |
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 | MRSH | PGR |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 2 ($4.8M) | 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
8 tracked 13F managers hold both Marsh & Mclennan Companies and Progressive Corp/oh/ as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Markel Group, Millennium Management, Renaissance Technologies, Two Sigma Investments. 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.