Progressive Corp (PGR) is fairly valued and W.R. Berkley Corp (WRB) is fairly valued.
Against our estimates of intrinsic value, PGR trades at the wider discount: a margin of safety of +3%, against -2% for WRB.
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 20.2% return on equity justifies, blended with earnings, values the shares at $67.15; the price of $68.17 is 2% above that value.
Leak Score 72/100 on 9 of 12 signals
| Metric | PGR | WRB |
|---|---|---|
| Verdict | Fairly valued | Fairly valued |
| Price | $206.94 | $68.17 |
| Intrinsic value | $213.51 | $67.15 |
| Margin of safety | +3% | -2% |
| Leak Score | 65/100 (9/12) | 72/100 (9/12) |
| Market cap | $120.3B | $25.3B |
| Revenue growth, 5 years | 15.5% | 12.7% |
| Operating margin | 16.6% | 16.9% |
| Net margin | 12.8% | 12.9% |
| Return on equity | 34.9% | 20.2% |
| Debt to equity | 0.24 | 0.32 |
| P/E | 10.4x | 14.0x |
| Forward P/E | 12.8x | 14.1x |
| P/B | 3.5x | 2.6x |
| Dividend yield | 4.7% | 2.0% |