PROG Holdings, Inc. (PRG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+920.2%

$382.16

vs $37.46 price

Levered DCF

$87.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.1

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.06×	9.13×	10.24×	8.89×	12.22×	-59.2×	121.51×	14.81×
P/B	1.58×	2.77×	2.41×	1.54×	4.38×	3.67×	2.21×	1.65×
P/S	0.49×	0.73×	0.59×	0.34×	1.11×	1.46×	1.78×	0.76×
EV / EBITDA	2.33×	1.27×	1.02×	0.69×	1.48×	1.66×	8.28×	8.87×
Gross margin	33.0%	100.0%	34.5%	32.3%	32.0%	31.9%	33.2%	94.9%
Operating margin	9.9%	7.9%	9.4%	7.1%	12.5%	10.9%	1.3%	7.6%
Net margin	6.1%	8.0%	5.8%	3.8%	9.1%	-2.5%	1.5%	5.1%
Current ratio	11.22×	5.94×	6.5×	7.22×	7.87×	10.06×	3.65×	3.72×
Debt / equity	0.82×	1.01×	1.03×	1.07×	0.91×	0.08×	0.02×	0.24×
Interest coverage	6.06×	5.02×	7.67×	4.96×	19.78×	1,453.28×	0×	0×
Dividend yield	1.8%	1.1%	0.0%	0.0%	0.0%	0.4%	0.2%	0.2%
Payout ratio	14.1%	10.3%	0.0%	0.0%	0.0%	-22.4%	30.0%	3.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.7%	30.3%	23.5%	17.3%	35.8%	-6.2%	1.8%	11.1%
Return on invested capital	11.2%	14.1%	11.9%	9.1%	16.7%	18.9%	-0.8%	9.1%
Return on assets	9.1%	13.0%	9.3%	6.6%	15.0%	-4.7%	1.0%	6.9%
Free cash flow yield	27.5%	7.2%	13.7%	26.5%	7.9%	10.8%	5.8%	9.6%
Earnings yield	12.4%	11.0%	9.8%	11.3%	8.2%	-1.7%	0.8%	6.7%
Enterprise value	$1.5B	$2.4B	$1.9B	$1.4B	$3.4B	$3.7B	$3.8B	$3.3B
Net debt / EBITDA	0.47×	0.3×	0.25×	0.24×	0.19×	0.02×	-0.05×	1.1×
Cash conversion cycle (days)	158	35	171	159	166	150	186	2,331