Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 19%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, Online Banking & Lending, Show more.

Trading close to highs
Dist 52W High is -4.3%

Weak multi-year price returns
2Y Excs Rtn is -25%, 3Y Excs Rtn is -56%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 57%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%

Key risks
PRG key risks include [1] increased compliance costs and significant penalties from recent regulatory settlements, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 19%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%
2 Low stock price volatility
Vol 12M is 48%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, Online Banking & Lending, Show more.
4 Trading close to highs
Dist 52W High is -4.3%
5 Weak multi-year price returns
2Y Excs Rtn is -25%, 3Y Excs Rtn is -56%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 57%
7 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%
8 Key risks
PRG key risks include [1] increased compliance costs and significant penalties from recent regulatory settlements, Show more.

PRG in ETFs

Weight = PRG's share of each fund

VTI0.00%
ITOT0.00%
IWM0.04%
IJR0.08%
VB0.02%
VIOV0.17%
SLYV0.17%
IJS0.17%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/16/2026

PROG (PRG) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. PROG Holdings delivered a significant beat on its fiscal Q1 2026 earnings, which ended March 31, 2026, driving a substantial stock price surge. The company reported non-GAAP diluted earnings per share of $1.24, significantly exceeding the anticipated $0.80 forecast by analysts, representing a 55% positive surprise. Consolidated revenues reached $742.7 million, an 11.1% increase year-over-year, also surpassing the $734.62 million forecast. Following this announcement on April 29, 2026, the stock price surged by 19.46% in pre-market trading.

2. The strong financial performance was largely driven by robust growth in the Four Technologies segment and the strategic acquisition of Purchasing Power. The Four Technologies segment achieved a Gross Merchandise Volume (GMV) of $280.0 million in fiscal Q1 2026, representing a 133.6% increase compared to the prior year, with revenues up 142.3%. The results for fiscal Q1 2026 also included the Purchasing Power acquisition, completed on January 2, 2026, which contributed a GMV of $132.7 million, up 10.3% on a standalone basis. These diversified revenue streams and growth engines significantly contributed to the overall positive results.

Show more
Updated on 6/16/2026

PROG (PRG) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. PROG Holdings delivered a significant beat on its fiscal Q1 2026 earnings, which ended March 31, 2026, driving a substantial stock price surge. The company reported non-GAAP diluted earnings per share of $1.24, significantly exceeding the anticipated $0.80 forecast by analysts, representing a 55% positive surprise. Consolidated revenues reached $742.7 million, an 11.1% increase year-over-year, also surpassing the $734.62 million forecast. Following this announcement on April 29, 2026, the stock price surged by 19.46% in pre-market trading.

2. The strong financial performance was largely driven by robust growth in the Four Technologies segment and the strategic acquisition of Purchasing Power. The Four Technologies segment achieved a Gross Merchandise Volume (GMV) of $280.0 million in fiscal Q1 2026, representing a 133.6% increase compared to the prior year, with revenues up 142.3%. The results for fiscal Q1 2026 also included the Purchasing Power acquisition, completed on January 2, 2026, which contributed a GMV of $132.7 million, up 10.3% on a standalone basis. These diversified revenue streams and growth engines significantly contributed to the overall positive results.

3. PROG Holdings demonstrated improved financial health through substantial debt reduction following its acquisition activities. Since the acquisition of Purchasing Power, the company reduced its net recourse debt by $210 million, effectively lowering its net leverage ratio to 2.0. This focus on strengthening the balance sheet likely reassured investors regarding the company's financial stability and capital management.

4. Positive analyst sentiment and favorable price targets provided a strong endorsement for the stock. As of April 30, 2026, analysts maintained a "Buy" or "Moderate Buy" consensus rating for PROG Holdings, with an average price target of $45.17, implying a potential upside of 21.64% from recent ratings. Analysts also projected full-year 2026 EPS of $4.31, with price targets ranging from $28.50 to $55, indicating continued confidence in the company's future performance.

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Stock Movement Drivers

Fundamental Drivers

The 10.1% change in PRG stock from 2/28/2026 to 6/19/2026 was primarily driven by a 9.7% change in the company's P/E Multiple.
(LTM values as of)22820266192026Change
Stock Price ($)34.9038.4310.1%
Change Contribution By: 
Total Revenues ($ Mil)2,3942,4683.1%
Net Income Margin (%)6.1%6.0%-2.1%
P/E Multiple9.410.49.7%
Shares Outstanding (Mil)4040-0.5%
Cumulative Contribution10.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/19/2026
ReturnCorrelation
PRG10.1% 
Market (SPY)9.2%29.0%
Sector (XLF)4.7%31.4%

Fundamental Drivers

The 34.7% change in PRG stock from 11/30/2025 to 6/19/2026 was primarily driven by a 49.8% change in the company's P/E Multiple.
(LTM values as of)113020256192026Change
Stock Price ($)28.5338.4334.7%
Change Contribution By: 
Total Revenues ($ Mil)2,4272,4681.7%
Net Income Margin (%)6.8%6.0%-11.1%
P/E Multiple6.910.449.8%
Shares Outstanding (Mil)4040-0.5%
Cumulative Contribution34.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/19/2026
ReturnCorrelation
PRG34.7% 
Market (SPY)9.9%27.5%
Sector (XLF)1.3%30.0%

Fundamental Drivers

The 35.7% change in PRG stock from 5/31/2025 to 6/19/2026 was primarily driven by a 87.9% change in the company's P/E Multiple.
(LTM values as of)53120256192026Change
Stock Price ($)28.3338.4335.7%
Change Contribution By: 
Total Revenues ($ Mil)2,4262,4681.7%
Net Income Margin (%)8.7%6.0%-30.7%
P/E Multiple5.510.487.9%
Shares Outstanding (Mil)41402.4%
Cumulative Contribution35.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/19/2026
ReturnCorrelation
PRG35.7% 
Market (SPY)28.1%33.6%
Sector (XLF)6.7%36.6%

Fundamental Drivers

The 22.5% change in PRG stock from 5/31/2023 to 6/19/2026 was primarily driven by a 27.6% change in the company's Net Income Margin (%).
(LTM values as of)53120236192026Change
Stock Price ($)31.3838.4322.5%
Change Contribution By: 
Total Revenues ($ Mil)2,5432,468-2.9%
Net Income Margin (%)4.7%6.0%27.6%
P/E Multiple12.610.4-17.5%
Shares Outstanding (Mil)484019.9%
Cumulative Contribution22.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/19/2026
ReturnCorrelation
PRG22.5% 
Market (SPY)85.7%33.6%
Sector (XLF)77.0%39.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PRG Return-16%-63%83%38%-29%29%-27%
Peers Return21%-42%87%6%22%13%93%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
PRG Win Rate42%42%50%58%50%83% 
Peers Win Rate53%42%52%40%58%47% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PRG Max Drawdown-31%-73%-36%-17%-45%-31% 
Peers Max Drawdown-37%-56%-40%-38%-41%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: KPLT, AFRM, OMF, CACC, EZPW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventPRGS&P 500
2025 US Tariff Shock
  % Loss-21.1%-18.8%
  % Gain to Breakeven26.7%23.1%
  Time to Breakeven63 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.4%-9.5%
  % Gain to Breakeven35.9%10.5%
  Time to Breakeven170 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-72.5%-24.5%
  % Gain to Breakeven263.4%32.4%
  Time to Breakeven648 days427 days

Compare to KPLT, AFRM, OMF, CACC, EZPW

In The Past

PROG's stock fell -21.1% during the 2025 US Tariff Shock. Such a loss loss requires a 26.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPRGS&P 500
2025 US Tariff Shock
  % Loss-21.1%-18.8%
  % Gain to Breakeven26.7%23.1%
  Time to Breakeven63 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.4%-9.5%
  % Gain to Breakeven35.9%10.5%
  Time to Breakeven170 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-72.5%-24.5%
  % Gain to Breakeven263.4%32.4%
  Time to Breakeven648 days427 days

Compare to KPLT, AFRM, OMF, CACC, EZPW

In The Past

PROG's stock fell -21.1% during the 2025 US Tariff Shock. Such a loss loss requires a 26.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About PROG (PRG)

PROG Holdings, Inc. (PRG) is an omnichannel provider specializing in financial solutions for consumers who are underserved by traditional credit markets. The company primarily offers lease-purchase options and various credit products, targeting customers who may have challenged credit profiles and difficulty qualifying for prime lending.

The company operates its core business through two main segments. Its Progressive Leasing segment provides lease-purchase solutions for a broad range of consumer goods, including furniture, appliances, electronics, jewelry, and mobile phones. These solutions are integrated into the purchasing process at approximately 24,000 third-party retail partner locations and e-commerce websites across 49 U.S. states and the District of Columbia.

Additionally, PROG operates the Vive segment, which offers "second-look" and revolving credit products. This segment issues both private label and Vive-branded credit cards, specifically catering to customers seeking alternative credit options when they do not meet the criteria for traditional prime lending.

AI Analysis | Feedback

Here are 1-3 brief analogies for PROG (PRG):

  • Like a Rent-A-Center, but integrated into thousands of retail stores offering lease-to-own for a wide range of products.
  • Similar to 'buy now, pay later' services like Affirm or Klarna, but specifically for customers with developing or challenged credit histories.
  • A specialized financial services provider, akin to Synchrony Bank, focused on offering credit and lease-to-own solutions to non-prime customers.

AI Analysis | Feedback

  • Lease-Purchase Solutions: Offers flexible leasing options with an embedded purchase option for various consumer goods, targeting credit-challenged customers.
  • Second-Look Credit Products: Provides credit offerings for customers who may not qualify for traditional prime lending.
  • Revolving Credit Products: Delivers credit card-based solutions for customers with non-prime credit profiles, often through private label or Vive-branded cards.

AI Analysis | Feedback

PROG (PRG) primarily sells its lease-purchase solutions and credit products to individuals.

The company serves the following categories of customers:

  • Credit-Challenged Consumers: Individuals with limited, poor, or no credit history who may not qualify for traditional prime lending or financing options.
  • Underserved Consumers: Individuals who face barriers to accessing mainstream financial services and credit products due to various socio-economic factors, often overlapping with the credit-challenged category.
  • Consumers Seeking Alternative Payment Solutions: Individuals who require flexible lease-purchase options or "second-look" credit to acquire essential or desired retail merchandise such as furniture, appliances, and electronics, when direct purchase or traditional credit is not viable or preferred.

AI Analysis | Feedback

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AI Analysis | Feedback

Steven A. Michaels, President and Chief Executive Officer

Steven A. Michaels has served as the Chief Executive Officer of PROG Holdings since December 1, 2020, and was named President as of April 1, 2021. He has a long history with the company and its predecessor, having spent 31 years in total, with the first 25 years at The Aaron's Company before the businesses separated in 2020. While at Aaron's, he held various strategic roles, including Vice President, Strategic Planning & Business Development (2013-2014), President (2014-2016), and Chief Financial Officer and President of Strategic Operations (2016-2020). He was instrumental in the planning, execution, and integration of the Progressive Leasing acquisition in 2014. Michaels also served as CEO of the Progressive Leasing operating segment from July 2020 to November 2020. He holds a Bachelor of Science degree in Finance from the University of Florida and an MBA from Georgia State University, and is a Certified Public Accountant.

Brian Garner, Chief Financial Officer

Brian Garner has been the Chief Financial Officer of PROG Holdings since December 2020. Prior to this role, he served as Senior Vice President of Finance and Accounting, Vice President of Finance and Accounting, and Controller for the Company's Progressive Leasing segment. Before joining Progressive Leasing, Mr. Garner was employed by Ernst & Young, where he worked in their Assurance and Advisory practice, providing technical guidance and advising on SEC filings, initial public offerings, and M&A transactions for both public and private corporations. He earned a Master of Science degree in Accounting and Finance from Brigham Young University.

Curt Doman, Co-Founder and Special Advisor to the CEO

Curt Doman founded Progressive Leasing in 1999, which later became a core part of PROG Holdings. His venture received early financial support from private equity partners and angel investors. Progressive Leasing was acquired by Aaron's, Inc. in 2014 for approximately $700 million. He continues to be involved with the company as Co-Founder and Special Advisor to the CEO.

Todd King, Chief Legal & Compliance Officer and Corporate Secretary

Todd King serves as the Chief Legal & Compliance Officer and Corporate Secretary for PROG Holdings. In this role, he oversees the company's legal affairs and ensures compliance with regulatory requirements.

Trevor Thatcher, Chief Operations Officer

Trevor Thatcher holds the position of Chief Operations Officer at PROG Holdings. He is responsible for managing and optimizing the company's operational functions.

AI Analysis | Feedback

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Here are the key risks to PROG Holdings, Inc.'s business:

  1. Macroeconomic Conditions and Consumer Credit Risk: PROG Holdings, Inc. serves underserved and credit-challenged customers, making its business highly vulnerable to adverse macroeconomic conditions. Factors such as inflation, higher cost of living, and elevated interest rates can significantly reduce consumer disposable income and discretionary spending, thereby decreasing demand for the company's lease-purchase solutions and impacting customers' ability to make timely payments. This can lead to increased delinquencies, higher charge-offs, and negatively affect the company's financial performance.
  2. Regulatory Challenges and Industry Scrutiny: The company operates in a highly regulated environment, particularly within the subprime financial marketplace and its "Buy Now, Pay Later" (BNPL) segment. It faces ongoing scrutiny from government officials, consumer advocacy groups, and regulatory bodies such such as the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). This regulatory landscape can lead to increased compliance costs, the imposition of monetary penalties, mandated changes to product offerings and fee structures, and stricter data privacy laws, all of which could impact the company's operational freedom and profitability.
  3. Reliance on Key Point-of-Sale (POS) Partners: A significant portion of PROG Holdings' Progressive Leasing segment revenue is derived from a concentrated number of key point-of-sale partners. The disruption or loss of a major retail partner could materially and adversely affect the company's financial performance and growth trajectory. The bankruptcy of a top-five retail partner, such as Big Lots, Inc., has been cited as an example of how such events can lead to substantial reductions in Gross Merchandise Volume (GMV).
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AI Analysis | Feedback

The clear emerging threat for PROG Holdings, Inc. is the rapid rise and widespread adoption of Buy Now, Pay Later (BNPL) services. Companies like Affirm, Klarna, Afterpay, and others are directly competing with PROG's Progressive Leasing segment by offering immediate point-of-sale installment financing for a wide range of retail merchandise. While PROG traditionally targets underserved and credit-challenged customers with lease-purchase solutions, BNPL providers are expanding their offerings and customer reach, including longer-term financing and sophisticated underwriting models. The simplicity, transparency, and often 0% interest options (for certain terms) of BNPL services present a significant appeal to consumers, potentially diverting demand from PROG's lease-purchase agreements and placing competitive pressure on its business model and retail partner relationships.

AI Analysis | Feedback

PROG Holdings, Inc. (PRG) operates in the lease-purchase and credit markets primarily within the United States.

The addressable market sizes for their main products and services are as follows:

  • Lease-Purchase Solutions: The U.S. rent-to-own market was valued at approximately USD 11.95 billion in 2023 and is projected to reach USD 18.17 billion by 2029. Another estimate places the U.S. Rent-To-Own market size at USD 12.31 billion in 2024, with a projection to reach USD 19.39 billion by 2032.
  • Second-Look Credit Products: The market for second-look financing serves a significant portion of the U.S. population. Approximately 30% of the U.S. population falls into the "near-prime" financing category, which could benefit from second-look financing. More than 40% of the U.S. population has less than perfect credit, with credit scores ranging from 550 to 700, and is categorized as near prime.
  • Revolving Credit Products: In the United States, outstanding revolving credit was measured at over USD 1.3 trillion at the end of 2023. The total U.S. revolving credit outstanding is at a current level of USD 1.329 trillion.

AI Analysis | Feedback

PROG Holdings, Inc. (PRG) anticipates several key drivers to fuel its revenue growth over the next two to three years:
  1. Evolving to a Multi-Product Consumer Platform: PROG Holdings is strategically expanding beyond its traditional lease-centric business, Progressive Leasing, to become a multi-product consumer access platform. This involves the growth of its other offerings, including Four Technologies, MoneyApp, and the recent acquisition of Purchasing Power. The addition of Purchasing Power is particularly highlighted as a strategic move that adds scale, growth, and profitability by providing access to over 7 million eligible employees through payroll relationships, leading to lower customer acquisition costs and higher conversion potential.
  2. Leveraging Technology Modernization and AI-enabled Servicing: The company is investing in modernizing its core systems and deploying automation and artificial intelligence (AI) to enhance servicing. This initiative aims to reduce the cost to serve, accelerate delivery, and improve overall customer and partner experiences. These operational efficiencies and improved experiences are expected to contribute to revenue growth by enhancing customer retention and acquisition.
  3. Data-Driven Marketing and Personalization: PROG Holdings plans to utilize its extensive proprietary dataset, built from years of customer behavioral and payment performance information, to improve the effectiveness of its marketing efforts, personalize customer interactions, and enhance decision precision across all its products. This targeted approach is anticipated to drive more efficient customer acquisition and increase customer lifetime value.
  4. Expansion and Diversification of Distribution Channels: The company is focused on deepening its competitive moat by expanding its distribution channels. This includes strengthening its existing exclusive, multi-year enterprise retail relationships, which account for a significant portion of Progressive Leasing's Gross Merchandise Volume (GMV). Additionally, PROG is growing its employer channel through Purchasing Power and expanding its direct-to-consumer and app-driven engagement, broadening its reach to new customer segments.
  5. Sustained Gross Merchandise Volume (GMV) Growth in Progressive Leasing: Despite navigating a challenging retail environment and the exit of a significant retail partner, the core Progressive Leasing segment remains a key focus for revenue growth. Management emphasizes driving GMV growth by focusing on increasing customer acquisition and lifetime value, coupled with disciplined portfolio management to maintain healthy performance. Recent earnings reports have indicated a return to GMV growth in some quarters, demonstrating the effectiveness of their initiatives.

AI Analysis | Feedback

Share Repurchases

  • PROG Holdings, Inc. had a $500 million share repurchase program.
  • As of the fourth quarter of 2025, $309.6 million of repurchase capacity remained under this $500 million share repurchase program, and no shares were repurchased during that quarter.
  • The company repurchased $25.7 million of its stock in the second quarter of 2025.

Share Issuance

  • The company's diluted weighted average shares outstanding in the second quarter of 2025 were 7.2% lower year-over-year, indicating a reduction in shares, primarily due to repurchases.

Outbound Investments

  • PROG Holdings acquired Purchasing Power for $420 million in cash; this acquisition was agreed upon in December 2025 and closed on January 2, 2026.
  • The company divested its Vive Financial credit card receivables portfolio, resulting in $150 million of excess cash on the balance sheet by Q3 2025, a move aimed at improving capital efficiency.

Capital Expenditures

  • PROG Holdings' capital expenditure plan includes projected spending of $9 million for 2026 and $10 million annually from 2027 to 2030.
  • Capital allocation priorities include investing in high-ROI growth initiatives across the platform, such as modernization, data, marketing, and product expansion.

Better Bets vs. PROG (PRG)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PRGKPLTAFRMOMFCACCEZPWMedian
NamePROG Katapult Affirm OneMain Credit A.EZCORP  
Mkt Price38.436.2973.9258.18579.7331.7248.30
Mkt Cap1.50.024.96.86.22.04.1
Rev LTM2,4682993,9725,0472,3001,4772,384
Op Inc LTM3865769-656201386
FCF LTM286-47873,2061,053131536
FCF 3Y Avg221-175582,8421,14697390
CFO LTM297-31,0093,2061,055174653
CFO 3Y Avg231-167412,8421,149135486

Growth & Margins

PRGKPLTAFRMOMFCACCEZPWMedian
NamePROG Katapult Affirm OneMain Credit A.EZCORP  
Rev Chg LTM1.7%17.6%32.1%8.6%4.8%22.8%13.1%
Rev Chg 3Y Avg-0.8%13.5%38.2%6.4%8.2%15.1%10.9%
Rev Chg Q11.1%9.8%32.6%6.4%2.2%45.9%10.5%
QoQ Delta Rev Chg LTM3.1%2.4%6.9%1.5%0.5%10.5%2.8%
Op Inc Chg LTM-5.2%159.0%293.1%-72.9%61.5%72.9%
Op Inc Chg 3Y Avg-3.1%46.3%163.7%-17.8%35.3%35.3%
Op Mgn LTM15.7%1.7%19.4%-28.5%13.6%15.7%
Op Mgn 3Y Avg16.5%-1.2%1.3%-20.5%11.0%11.0%
QoQ Delta Op Mgn LTM-0.8%1.6%1.4%-1.4%1.1%1.4%
CFO/Rev LTM12.0%-1.1%25.4%63.5%45.9%11.8%18.7%
CFO/Rev 3Y Avg9.5%-6.2%23.9%60.7%54.1%10.5%17.2%
FCF/Rev LTM11.6%-1.4%19.8%63.5%45.8%8.9%15.7%
FCF/Rev 3Y Avg9.1%-6.7%17.8%60.7%54.0%7.5%13.5%

Valuation

PRGKPLTAFRMOMFCACCEZPWMedian
NamePROG Katapult Affirm OneMain Credit A.EZCORP  
Mkt Cap1.50.024.96.86.22.04.1
P/S0.60.16.31.32.71.31.3
P/Op Inc4.06.632.4-9.59.79.5
P/EBIT6.91.129.8-9.58.58.5
P/E10.42.765.28.513.713.311.8
P/CFO5.2-10.924.72.15.911.35.5
Total Yield11.0%37.1%1.5%19.1%7.3%7.5%9.3%
Dividend Yield1.4%0.0%0.0%7.4%0.0%0.0%0.0%
FCF Yield 3Y Avg18.4%-35.8%3.9%46.8%19.9%10.1%14.2%
D/E0.62.20.43.31.00.40.8
Net D/E0.61.60.33.11.00.20.8

Returns

PRGKPLTAFRMOMFCACCEZPWMedian
NamePROG Katapult Affirm OneMain Credit A.EZCORP  
1M Rtn13.9%1.8%10.1%7.4%3.9%-4.7%5.6%
3M Rtn39.1%-13.2%68.7%15.2%34.5%24.7%29.6%
6M Rtn29.5%-1.7%-3.0%-11.6%25.5%65.0%11.9%
12M Rtn40.0%-25.6%19.8%16.7%15.0%139.2%18.3%
3Y Rtn21.3%-69.4%360.6%74.8%17.8%284.0%48.0%
1M Excs Rtn14.4%2.0%11.2%8.0%3.8%-2.7%5.9%
3M Excs Rtn24.4%-29.1%52.8%2.7%15.4%9.4%12.4%
6M Excs Rtn17.1%-11.6%-9.6%-21.1%17.2%45.3%3.7%
12M Excs Rtn12.0%-51.2%-2.0%-6.2%-9.4%113.1%-4.1%
3Y Excs Rtn-56.4%-130.4%222.8%-2.9%-57.0%192.1%-29.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Progressive Leasing2,3232,3662,3342,5242,619
Four74    
Other1333630
Vive 64697158
Total2,4092,4632,4082,5982,678


Operating Income by Segment
$ Mil20052004200320021998
Sales & Lease Ownership63574331 
Franchise221814114
Rent-to-Rent1196920
Manufacturing1-0111
Other-12-2-6-1
Rental Purchase    12
Total9786624735


Assets by Segment
$ Mil20252024202320222021
Progressive Leasing1,4441,2831,2871,3091,446
Four132    
Other2093642727
Assets of Discontinued Operations14    
Vive 138141156150
Total1,6101,5141,4911,4921,622


Price Behavior

Price Behavior
Market Price$38.43 
Market Cap ($ Bil)1.5 
First Trading Date10/19/2020 
Distance from 52W High-4.3% 
   50 Days200 Days
DMA Price$34.31$31.93
DMA Trendupup
Distance from DMA12.0%20.4%
 3M1YR
Volatility63.2%47.7%
Downside Capture-51.5571.84
Upside Capture82.9091.32
Correlation (SPY)23.0%32.1%
PRG Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.591.671.431.241.391.05
Up Beta3.403.182.101.642.141.18
Down Beta5.5711.223.252.431.890.83
Up Capture32%59%64%91%93%92%
Bmk +ve Days13283667141432
Stock +ve Days8192863120373
Down Capture-15%-310%77%49%95%104%
Bmk -ve Days7132757109318
Stock -ve Days12223561129374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRG
PRG37.5%47.5%0.80-
Sector ETF (XLF)8.3%14.6%0.3335.6%
Equity (SPY)26.5%12.4%1.6132.1%
Gold (GLD)24.2%27.5%0.77-2.8%
Commodities (DBC)19.8%18.8%0.83-15.1%
Real Estate (VNQ)11.0%13.7%0.5223.8%
Bitcoin (BTCUSD)-40.0%42.5%-1.0810.3%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRG
PRG-6.2%50.7%0.06-
Sector ETF (XLF)9.3%18.6%0.3745.7%
Equity (SPY)13.5%17.1%0.6243.7%
Gold (GLD)17.1%18.3%0.761.5%
Commodities (DBC)7.5%19.4%0.291.7%
Real Estate (VNQ)1.9%18.9%0.0039.4%
Bitcoin (BTCUSD)11.0%54.2%0.4019.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRG
PRG-2.3%49.7%0.10-
Sector ETF (XLF)13.0%22.2%0.5444.4%
Equity (SPY)15.3%18.0%0.7342.9%
Gold (GLD)12.3%16.1%0.632.0%
Commodities (DBC)5.9%18.0%0.263.7%
Real Estate (VNQ)5.3%20.7%0.2238.4%
Bitcoin (BTCUSD)60.0%66.8%1.0018.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity3.2 Mil
Short Interest: % Change Since 5152026-5.3%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest7.4 days
Basic Shares Quantity39.9 Mil
Short % of Basic Shares8.0%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/202624.1%23.0%29.4%
2/18/20266.6%9.5%-16.9%
10/22/2025-0.4%-3.8%-19.1%
7/23/202516.6%12.4%14.7%
4/23/2025-7.0%-0.9%8.8%
2/19/2025-28.4%-31.7%-36.0%
10/23/2024-9.6%-7.9%0.3%
7/24/202422.0%32.7%33.4%
...
SUMMARY STATS   
# Positive151413
# Negative789
Median Positive8.8%9.7%13.4%
Median Negative-7.0%-5.4%-9.1%
Max Positive24.1%32.7%33.4%
Max Negative-28.4%-31.7%-36.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/202624.1%23.0%29.4%
2/18/20266.6%9.5%-16.9%
10/22/2025-0.4%-3.8%-19.1%
7/23/202516.6%12.4%14.7%
4/23/2025-7.0%-0.9%8.8%
2/19/2025-28.4%-31.7%-36.0%
10/23/2024-9.6%-7.9%0.3%
7/24/202422.0%32.7%33.4%
4/24/20248.8%1.4%10.7%
1/25/20242.1%1.4%-6.1%
10/25/20233.2%-3.8%-5.2%
7/26/202314.9%9.9%-5.2%
4/26/202317.7%14.5%25.8%
2/22/20239.1%8.9%1.5%
7/27/20226.0%12.9%22.3%
4/27/2022-5.5%2.6%-0.3%
2/23/2022-13.2%-18.4%-19.6%
11/3/202115.5%14.5%13.4%
7/29/2021-2.3%-5.5%0.7%
4/29/20212.9%9.0%8.9%
2/25/20213.0%-5.3%-9.1%
10/29/20200.1%1.7%18.3%
SUMMARY STATS   
# Positive151413
# Negative789
Median Positive8.8%9.7%13.4%
Median Negative-7.0%-5.4%-9.1%
Max Positive24.1%32.7%33.4%
Max Negative-28.4%-31.7%-36.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/29/202610-Q
12/31/202502/18/202610-K
09/30/202510/22/202510-Q
06/30/202507/23/202510-Q
03/31/202504/23/202510-Q
12/31/202402/19/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/24/202410-Q
12/31/202302/21/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/22/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202604/29/202610-Q
12/31/202502/18/202610-K
09/30/202510/22/202510-Q
06/30/202507/23/202510-Q
03/31/202504/23/202510-Q
12/31/202402/19/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/24/202410-Q
12/31/202302/21/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/22/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
12/31/202102/23/202210-K
09/30/202111/03/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202002/26/202110-K
09/30/202010/29/202010-Q
06/30/202007/29/202010-Q
03/31/202005/07/202010-Q
12/31/201902/20/202010-K
09/30/201911/04/201910-Q
06/30/201907/25/201910-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue700.00 Mil712.50 Mil725.00 Mil-2.4% LoweredGuidance: 730.00 Mil for Q1 2026
Q2 2026 Net Earnings29.00 Mil33.50 Mil38.00 Mil157.7% RaisedGuidance: 13.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDA72.00 Mil77.00 Mil82.00 Mil10.0% RaisedGuidance: 70.00 Mil for Q1 2026
Q2 2026 Diluted EPS0.740.830.93160.9% RaisedGuidance: 0.32 for Q1 2026
Q2 2026 Non-GAAP Diluted EPS0.850.951.0518.8% RaisedGuidance: 0.8 for Q1 2026
2026 Revenue3.00 Bil3.05 Bil3.10 Bil-1.0% LoweredGuidance: 3.08 Bil for 2026
2026 Net Earnings150.50 Mil158.25 Mil166.00 Mil10.3% RaisedGuidance: 143.50 Mil for 2026
2026 Adjusted EBITDA343.00 Mil356.50 Mil370.00 Mil6.4% RaisedGuidance: 335.00 Mil for 2026
2026 Diluted EPS3.683.874.068.6% RaisedGuidance: 3.56 for 2026
2026 Non-GAAP Diluted EPS4.44.64.88.9% RaisedGuidance: 4.22 for 2026

Prior: Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue715.00 Mil730.00 Mil745.00 Mil25.3% Higher NewGuidance: 582.50 Mil for Q4 2025
Q1 2026 Adjusted EBITDA65.00 Mil70.00 Mil75.00 Mil38.6% Higher NewGuidance: 50.50 Mil for Q4 2025
Q1 2026 Non-GAAP EPS0.70.80.933.3% Higher NewGuidance: 0.6 for Q4 2025
2026 Revenue3.02 Bil3.08 Bil3.14 Bil27.1% Higher NewGuidance: 2.42 Bil for 2025
2026 Adjusted EBITDA320.00 Mil335.00 Mil350.00 Mil28.1% Higher NewGuidance: 261.50 Mil for 2025
2026 Non-GAAP EPS44.224.4524.3% Higher NewGuidance: 3.4 for 2025

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Garner, BrianChief Financial OfficerDirectBuy514202528.933,500101,2553,836,031Form
2Michaels, Steven APresident and CEODirectBuy514202529.0314,000406,42016,246,378Form
3Michaels, Steven APresident and CEOSpouseBuy514202529.031,00029,030290,300Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Garner, BrianChief Financial OfficerDirectBuy514202528.933,500101,2553,836,031Form
2Michaels, Steven APresident and CEODirectBuy514202529.0314,000406,42016,246,378Form
3Michaels, Steven APresident and CEOSpouseBuy514202529.031,00029,030290,300Form
Core Cache Last Updated: 6/19/2026