PROG Holdings Inc PRG

FinancialsFinancial Technology (Fintech) & InfrastructureUnited States of America

Last close 34.75 USD on Nov 1, 2026, +19.3% year to date

Quant rating

Quant rating A Rank 49 of 799 in Financials

Growth B 262 of 799
Valuation A 9 of 799
Quality A 36 of 799
Revisions B 179 of 799
Momentum C 542 of 799

Wall Street consensus Buy (1.71)Average target 49.00 USD +41.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.4B
Enterprise value: 2.1B
52-week range: 25.30 – 47.64
3-year range: 24.02 – 50.26
Dividend yield: 1.61%
Beta (5 years): 1.85
Shares outstanding: 39.0M
Next earnings: Feb 18, 2027

About the company

PROG Holdings, Inc. is a fintech holding company that provides payment options and inclusive consumer financial products. Its Progressive Leasing segment is provider of e-commerce, app-based, in-store point-of-sale lease-to-own solutions provider. The segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and e-commerce Website partners. Its Vive segment primarily serves customers that may not qualify for traditional prime lending offers who desire to purchase goods and services from participating merchants. Vive offers customized programs with services that include revolving loans through private label and Vive-branded credit cards. The Company also owns Four Technologies, provider of Buy Now, Pay Later payment options through its platform Four; Build, provider of personal credit building products, and Purchasing Power, a voluntary employee benefit program that enables workers to purchase brand-name products and services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,409	2,399	2,339	2,598	2,678	–
Revenue growth	0.4%	2.6%	−9.9%	−3.0%	7.8%	−0.6%
EPS (basic, normalized)	3.35	3.41	3.67	2.60	3.94	–
EPS growth	−1.8%	−7.1%	41.2%	−34.0%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.2%	8.2%	5.7%	3.8%	9.1%	6.4%
ROE	17.8%	31.8%	23.0%	15.8%	29.2%	23.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	109
Current ratio	–
Long-term debt (mil)	866
Net debt (mil)	757
Total equity (mil)	808
Net debt / equity	0.94x
Net debt / EBITDA	3.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,409	+0.4%	0.9x	234	−14.0%	9.0x	3.35	−1.8%	10.4x
2026	3,041	+26.2%	0.7x	352	+50.1%	6.0x	4.81	+43.5%	7.2x
2027	3,255	+7.0%	0.6x	399	+13.5%	5.3x	5.57	+15.9%	6.2x
2028	3,499	+7.5%	0.6x	364	−8.9%	5.8x	6.28	+12.6%	5.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,041	−0.5%	−0.6%	−0.1%	4.81	−2.2%	−2.6%	+2.7%
2027	3,255	−1.0%	−1.5%	−1.0%	5.57	+0.5%	−1.1%	+5.2%
2028	3,499	+2.7%	−3.5%	−0.2%	6.28	+6.6%	−9.6%	+2.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	642	592	606	623	684	605	595	575	743	720
Sales mean (mil)	633	571	595	613	678	586	586	585	722	717
Surprise	+1.3%	+3.7%	+1.9%	+1.7%	+0.9%	+3.2%	+1.5%	−1.8%	+2.9%	+0.4%
EPS reported	0.91	0.92	0.77	0.80	0.90	1.02	0.90	0.58	1.24	1.19
EPS mean	0.82	0.73	0.79	0.77	0.83	0.80	0.74	0.59	0.80	0.95
Surprise	+10.4%	+26.9%	−2.3%	+4.6%	+8.9%	+27.4%	+21.7%	−2.3%	+56.0%	+24.6%

Peer comparison Financial Technology (Fintech) & Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PRG PROG Holdings Inc	1.4B	3.23x	5.2%	1.68x	7.2x	6.2x	6.0x	5.3x
AFRM Affirm Holdings, Inc.	24.9B	11.33x	45.3%	4.52x	37.3x	25.6x	21.3x	15.7x
PGY Pagaya Technologies Ltd.	1.6B	1.91x	5.9%	2.57x	11.1x	8.2x	4.9x	4.1x
FINV FinVolution Group	689M	−0.52x	18.7%	0.28x	3.6x	3.7x	1.8x	2.0x
XYF X Financial	186M	–	19.2%	0.15x	–	–	–	–
Mean		3.99x	18.9%	1.84x	14.8x	10.9x	8.5x	6.8x
Median		2.57x	18.7%	1.68x	9.1x	7.2x	5.4x	4.7x

Technical analysis

1M+8.8%
3M−22.7%
1Y+12.3%
3Y+33.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PROG Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,409	2,399	2,339	2,598	2,678	2,485
Cost of revenue	–	–	–	–	–	–
Gross profit	2,409	2,399	2,339	2,598	2,678	2,485
Selling, general & administrative expenses	594	538	155	537	456	407
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,622	1,656	1,585	1,803	1,864	1,723
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−3.9	20.8	0	19.2	0	17.1
Other operating expenses	−9.6	−10.3	381	53.7	24.0	66.2
Operating income	207	195	219	186	334	272
Net interest income (expense)	−32.3	−31.3	−29.4	−37.4	−5.3	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	175	163	189	148	328	272
Provision for taxes	50.2	−33.9	55.4	49.5	84.6	72.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	124	197	134	98.7	244	199
Extraordinary items	22.4	−0.1	4.9	0	–	−261
Net income	147	197	139	98.7	244	−61.5
EBIT, normalized	203	216	219	205	334	289
EBITDA, normalized	1,818	1,864	1,827	1,996	2,187	2,546
Basic EPS, normalized	3.35	3.41	3.67	2.60	3.94	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PROG Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	309	95.7	155	132	170	36.6
Receivables	74.2	80.2	67.9	64.5	66.3	61.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	50.0	59.0	34.9	36.0	28.3	26.7
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	631	706	667	684	757	658
Goodwill	296	296	296	296	306	289
Intangibles	57.8	73.8	91.7	114	137	154
Long-term investments	–	–	–	–	–	–
Note receivable	139	158	160	150	134	79.1
Other long-term assets	487	281	277	248	287	137
Total assets	1,610	1,514	1,491	1,492	1,622	1,317
Liabilities
Accounts payable	18.5	13.1	20.2	14.4	13.7	8.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	84.1	87.9	146	140	145	81.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	595	644	592	591	590	50.0
Minority interest	–	–	–	–	–	–
Other liabilities	269	220	308	330	353	281
Total liabilities	864	863	900	921	942	331
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	41.0	41.0	41.0	41.0	41.0	45.4
Additional paid-in capital	364	359	352	339	332	318
Retained earnings (accumulated deficit)	1,595	1,469	1,293	1,154	1,056	1,236
Treasury stock	−1,253	−1,219	−1,095	−964	−749	−614
Other equity	0	0	0	0	0	0
Total equity	746	650	591	570	679	986
Total liabilities & shareholders' equity	1,610	1,514	1,491	1,492	1,622	1,317

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PROG Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	147	197	139	98.7	244	−61.5
Depreciation, depletion & amortization	1,615	1,648	1,608	1,792	1,853	2,257
Deferred taxes	51.1	−56.0	−32.4	−9.2	15.7	−141
Non-cash items	391	415	362	436	257	902
Changes in working capital	−1,869	−2,066	−1,872	−2,075	−2,124	−2,500
Cash from operations	335	139	204	242	246	456
Investing activities
Capital expenditures	−10.0	−8.3	−9.6	−9.7	−9.6	−64.3
Other investing cash flows	16.7	−70.9	−29.2	−43.9	−72.6	−50.2
Cash from investing	6.6	−79.2	−38.8	−53.5	−82.2	−115
Financing activities
Financing cash flow items	−7.6	−12.4	−3.7	−4.8	−434	−69.1
Cash dividends paid	−20.8	−20.4	–	0	0	−13.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−100	−86.3	−138	−222	404	−280
Cash from financing	−128	−119	−142	−227	−30.3	−363
Foreign exchange effects	–	–	–	0	0	0
Net change in cash	213	−59.8	23.5	−38.3	134	−21.1
Free cash flow	325	130	195	233	236	392

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.