Progressive Corp (PGR) is fairly valued and Travelers Companies Inc (TRV) is undervalued.
Against our estimates of intrinsic value, TRV trades at the wider discount: a margin of safety of +21%, against +3% for PGR.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 34.9% return on equity justifies, blended with earnings, values the shares at $213.51; the price of $206.94 is 3% below that value.
Leak Score 65/100 on 9 of 12 signals
Book value at 2.50x, the multiple a 26.5% return on equity justifies, blended with earnings, values the shares at $459.92; the price of $362.01 is 21% below that value.
Leak Score 96/100 on 8 of 12 signals
| Metric | PGR | TRV |
|---|---|---|
| Verdict | Fairly valued | Undervalued |
| Price | $206.94 | $362.01 |
| Intrinsic value | $213.51 | $459.92 |
| Margin of safety | +3% | +21% |
| Leak Score | 65/100 (9/12) | 96/100 (8/12) |
| Market cap | $120.3B | $75.5B |
| Revenue growth, 5 years | 15.5% | 8.8% |
| Operating margin | 16.6% | 22.0% |
| Net margin | 12.8% | 16.8% |
| Return on equity | 34.9% | 26.5% |
| Debt to equity | 0.24 | 0.27 |
| P/E | 10.4x | 9.7x |
| Forward P/E | 12.8x | 11.9x |
| P/B | 3.5x | 2.3x |
| Dividend yield | 4.7% | 1.3% |