PROG Holdings, Inc.

PRG

IndustrialsSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

PROG Holdings, Inc., a financial technology holding company, provides payment options to consumers in the United States. The company operates through two segments: Progressive Leasing and Four. It owns Progressive Leasing, an in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider; and Four, which enables consumers of all credit backgrounds to pay for purchases over time through short-term, interest-free instalment buy-now-pay-later BNPL plans. The company offers Purchasing Power, that provides these underserved customers with alternatives to traditional financing options. The company was formerly known as Aaron's Holdings Company, Inc. and changed its name to PROG Holdings, Inc. in December 2020. PROG Holdings, Inc. was founded in 1955 and is based in Draper, Utah.

Valuation

Market Cap$1.4B

Current Price$39.06as of Jun 23, 2026

P/E Ratio9.32

P/B Ratio1.83

EV / EBITDA0.91

EV / Sales0.69

Profitability

Operating Margin16.8%

Net Profit Margin6.1%

EBITDA Margin75.9%

Returns

ROE19.7%

ROCE27.4%

ROIC %-

ROA9.1%

Solvency

Current Ratio8.67

Debt / Equity0.81

Debt / Assets0.37

CFO / Net Profit2.28

Price History▲ 39.20% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.4B▲ 0.4%

EBITDA$1.8B▼ 1.2%

Net Profit$147M▼ 25.6%

Cash from Ops (CFO)$335M▲ 141.8%

Free Cash Flow (FCF)$325M▲ 149.5%

Revenue CAGR 3Y-2.5%

Revenue CAGR 5Y-

Net Profit CAGR 3Y14.1%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.4B	$1.8B	$147M	$325M	19.7%	0.4%	-25.6%
2024	$2.4B	$1.9B	$197M	$130M	30.3%	2.6%	42.1%
2023	$2.3B	$1.8B	$139M	$195M	23.5%	-9.9%	40.7%
2022	$2.6B	$2.0B	$99M	$233M	17.3%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,597.83	2,339.35	2,399.08	2,409.22
Operating Revenue	-	2,597.83	2,333.59	2,366.49	2,322.75
Operating Expense	-	2,186.61	1,941.57	1,989.12	2,005.33
Selling General And Administration	-	326.17	329.32	323.05	350.72
Total Expenses	-	2,186.61	1,941.57	1,989.12	2,005.33
Operating Income	-	411.21	397.78	409.96	403.90
Total Operating Income As Reported	-	185.64	218.71	194.72	206.77
EBITDA	-	1,978.50	1,827.04	1,850.33	1,828.54
Normalized EBITDA	-	2,191.58	1,994.83	2,049.51	1,997.80
EBIT	-	186.92	218.71	202.25	213.84
Interest Income	-	1.27	9.29	7.53	7.07
Interest Expense	-	38.67	29.41	38.82	39.32
Net Interest Income	-	-49.89	-40.69	-47.35	-60.12
Other Income Expense	-	-213.08	-167.78	-199.18	-169.26
Interest Income Non Operating	-	1.27	9.29	7.53	7.07
Interest Expense Non Operating	-	38.67	29.41	38.82	39.32
Net Non Operating Interest Income Expense	-	-49.89	-40.69	-47.35	-60.12
Pretax Income	-	148.24	189.30	163.44	174.52
Tax Provision	-	49.54	55.41	-33.88	50.17
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-71.17	-49.16	-41.83	-48.58
Net Income Continuous Operations	-	98.71	133.89	197.31	124.35
Net Income From Continuing And Discontinued Operation	-	98.71	138.84	197.25	146.79
Net Income From Continuing Operation Net Minority Interest	-	98.71	133.89	197.31	124.35
Net Income	-	98.71	138.84	197.25	146.79
Net Income Common Stockholders	-	98.71	138.84	197.25	146.79
Net Income Including Noncontrolling Interests	-	98.71	138.84	197.25	146.79
Normalized Income	-	240.62	252.51	354.66	245.04
Diluted NI Availto Com Stockholders	-	98.71	138.84	197.25	146.79
Basic Average Shares	-	51.92	46.03	42.58	40.09
Diluted Average Shares	-	52.08	46.55	43.55	40.86
Reconciled Depreciation	-	33.85	1,608.34	1,648.08	1,614.70
Total Unusual Items	-	-213.08	-167.78	-199.18	-169.26
Total Unusual Items Excluding Goodwill	-	-213.08	-167.78	-199.18	-169.26
Net Income Discontinuous Operations	-	0	4.95	-0.06	22.44
Special Income Charges	-	-213.08	-167.78	-199.18	-175.91
Write Off	-	193.93	155.25	178.34	173.12
Impairment Of Capital Assets	0	10.15	0	0	-
Restructuring And Mergern Acquisition	-	9	12.53	20.84	2.80
Gain On Sale Of Security	-	-	-	-	6.65
Depreciation Amortization Depletion Income Statement	-	1,791.58	1,607.59	1,647.44	1,614.27
Depreciation And Amortization In Income Statement	-	1,791.58	1,607.59	1,647.44	1,614.27
General And Administrative Expense	-	281.58	284.80	274.81	292.27
Other Gand A	-	63.40	85.06	85.51	106.53
Salaries And Wages	-	211.72	194.50	185.28	182.40
Rent Expense Supplemental	-	6.47	5.25	4.02	3.34
Total Other Finance Cost	-	12.49	11.29	16.06	27.86
Other Operating Expenses	-	68.86	4.66	18.64	40.34
Selling And Marketing Expense	-	44.59	44.52	48.24	58.45
Rent And Landing Fees	-	6.47	5.25	4.02	3.34
Depreciation Income Statement	-	1,791.58	1,607.59	1,647.44	1,614.27

Peer Comparison

Industrials sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
PROG Holdings, Inc.this co.	PRG	$1.4B	9.32↓ discount	1.83	19.7%	0.91
Tennant Company	TNC	$1.4B	32.96	2.40	7.3%	13.28
Hillman Solutions Corp.	HLMN	$1.4B	35.39	1.16	3.3%	8.51
Willis Lease Finance Corporation	WLFC	$1.4B	12.43	2.14	17.2%	10.10
Arlo Technologies, Inc.	ARLO	$1.4B

Learn while you research

Hand-picked academy chapters to deepen your understanding of PROG Holdings, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Value Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.4B

$1.8B

$147M

$325M

19.7%

0.4%

-25.6%

2024

$2.4B

$1.9B

$197M

$130M

30.3%

2.6%

42.1%

2023

$2.3B

$1.8B

$139M

$195M

23.5%

-9.9%

40.7%

2022

$2.6B

$2.0B

$99M

$233M

17.3%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,597.83

2,339.35

2,399.08

2,409.22

Operating Revenue

2,597.83

2,333.59

2,366.49

2,322.75

Operating Expense

2,186.61

1,941.57

1,989.12

2,005.33

Selling General And Administration

326.17

329.32

323.05

350.72

Total Expenses

2,186.61

1,941.57

1,989.12

2,005.33

Operating Income

411.21

397.78

409.96

403.90

Total Operating Income As Reported

185.64

218.71

194.72

206.77

EBITDA

1,978.50

1,827.04

1,850.33

1,828.54

Normalized EBITDA

2,191.58

1,994.83

2,049.51

1,997.80

EBIT

186.92

218.71

202.25

213.84

Interest Income

1.27

9.29

7.53

7.07

Interest Expense

38.67

29.41

38.82

39.32

Net Interest Income

-49.89

-40.69

-47.35

-60.12

Other Income Expense

-213.08

-167.78

-199.18

-169.26

Interest Income Non Operating

1.27

9.29

7.53

7.07

Interest Expense Non Operating

38.67

29.41

38.82

39.32

Net Non Operating Interest Income Expense

-49.89

-40.69

-47.35

-60.12

Pretax Income

148.24

189.30

163.44

174.52

Tax Provision

49.54

55.41

-33.88

50.17

Tax Rate For Calcs

Tax Effect Of Unusual Items

-71.17

-49.16

-41.83

-48.58

Net Income Continuous Operations

98.71

133.89

197.31

124.35

Net Income From Continuing And Discontinued Operation

98.71

138.84

197.25

146.79

Net Income From Continuing Operation Net Minority Interest

98.71

133.89

197.31

124.35

Net Income

98.71

138.84

197.25

146.79

Net Income Common Stockholders

98.71

138.84

197.25

146.79

Net Income Including Noncontrolling Interests

98.71

138.84

197.25

146.79

Normalized Income

240.62

252.51

354.66

245.04

Diluted NI Availto Com Stockholders

98.71

138.84

197.25

146.79

Basic Average Shares

51.92

46.03

42.58

40.09

Diluted Average Shares

52.08

46.55

43.55

40.86

Reconciled Depreciation

33.85

1,608.34

1,648.08

1,614.70

Total Unusual Items

-213.08

-167.78

-199.18

-169.26

Total Unusual Items Excluding Goodwill

-213.08

-167.78

-199.18

-169.26

Net Income Discontinuous Operations

4.95

-0.06

22.44

Special Income Charges

-213.08

-167.78

-199.18

-175.91

Write Off

193.93

155.25

178.34

173.12

Impairment Of Capital Assets

10.15

Restructuring And Mergern Acquisition

12.53

20.84

2.80

Gain On Sale Of Security

6.65

Depreciation Amortization Depletion Income Statement

1,791.58

1,607.59

1,647.44

1,614.27

Depreciation And Amortization In Income Statement

1,791.58

1,607.59

1,647.44

1,614.27

General And Administrative Expense

281.58

284.80

274.81

292.27

Other Gand A

63.40

85.06

85.51

106.53

Salaries And Wages

211.72

194.50

185.28

182.40

Rent Expense Supplemental

6.47

5.25

4.02

3.34

Total Other Finance Cost

12.49

11.29

16.06

27.86

Other Operating Expenses

68.86

4.66

18.64

40.34

Selling And Marketing Expense

44.59

44.52

48.24

58.45

Rent And Landing Fees

6.47

5.25

4.02

3.34

Depreciation Income Statement

1,791.58

1,607.59

1,647.44

1,614.27

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

PROG Holdings, Inc.this co.

PRG

$1.4B

9.32↓ discount

1.83

19.7%

0.91

Tennant Company

TNC

$1.4B

32.96

2.40

7.3%

13.28

Hillman Solutions Corp.

HLMN

$1.4B

35.39

1.16

3.3%

8.51

Willis Lease Finance Corporation

WLFC

$1.4B

12.43

2.14

17.2%

10.10

Arlo Technologies, Inc.

ARLO

$1.4B

PROG Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

PROG Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on