Stocks PRG Financial statements
Financial statementsPROG Holdings, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data PROG Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,036 | 2,163 | 2,485 | 2,678 | 2,598 | 2,339 | 2,399 | 2,409 |
| Selling, general and administrative | 366 | 341 | 339 | 379 | ||||
| Operating expenses | 537 | 358 | 2,213 | 2,344 | 2,412 | |||
| Operating income | 157 | 27.6 | 272 | 334 | 186 | 219 | 195 | 207 |
| Interest expense | 0 | 0 | 0.19 | 5.32 | 37.4 | 39.5 | 39.5 | 49.3 |
| Interest income | 1.67 | 10 | 8.16 | 17 | ||||
| Pre-tax income | 157 | 27.6 | 272 | 328 | 148 | 189 | 163 | 175 |
| Income tax | 31.5 | 52.2 | 37.9 | 84.6 | 49.5 | 55.4 | -33.9 | 50.2 |
| Income from continuing operations | 125 | -24.6 | 234 | 244 | 98.7 | 134 | 197 | 124 |
| Net income | 196 | 31.5 | -61.5 | 244 | 98.7 | 139 | 197 | 147 |
| EBITDA | 164 | 36.7 | 281 | 345 | 219 | 250 | 221 | 231 |
| EPS, basic | 2.84 | 0.47 | -0.91 | 3.69 | 1.90 | 3.02 | 4.63 | 3.66 |
| EPS, diluted | 2.78 | 0.47 | -0.90 | 3.67 | 1.90 | 2.98 | 4.53 | 3.59 |
| Shares, basic (weighted) | 69.1 | 67.3 | 67.3 | 66 | 51.9 | 46 | 42.6 | 40.1 |
| Shares, diluted (weighted) | 70.6 | 67.3 | 68 | 66.4 | 52.1 | 46.6 | 43.5 | 40.9 |
| Dividend per share | 0.13 | 0.15 | 0.17 | 0.48 | 0.52 |
Balance sheet
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 15.3 | 57.8 | 36.6 | 170 | 132 | 155 | 90.9 | 309 |
| Inventory | 0 | |||||||
| Property, plant and equipment | 30.4 | 26.7 | 25.6 | 23.9 | 24.1 | 20 | 19.5 | |
| Lease right-of-use assets | 24.3 | 20.6 | 17.5 | 11.9 | 9.27 | 3.88 | 2.74 | |
| Goodwill | 289 | 289 | 306 | 296 | 296 | 296 | 296 | |
| Intangible assets | 177 | 154 | 137 | 114 | 91.7 | 73.8 | 57.8 | |
| Total assets | 3,298 | 1,317 | 1,622 | 1,492 | 1,491 | 1,514 | 1,610 | |
| Total liabilities | 1,561 | 331 | 942 | 921 | 900 | 863 | 864 | |
| Total debt | 0 | 50 | 590 | 591 | 592 | 644 | 595 | |
| Paid-in capital | 290 | 318 | 332 | 339 | 352 | 359 | 364 | |
| Retained earnings | 2,030 | 1,236 | 1,056 | 1,154 | 1,293 | 1,469 | 1,595 | |
| Treasury stock | -628 | -614 | -749 | -964 | -1,095 | -1,219 | -1,253 | |
| Other comprehensive income | -0.02 | 0 | ||||||
| Shareholders' equity | 1,761 | 1,737 | 986 | 679 | 570 | 591 | 650 | 746 |
| Total equity | 1,761 | 1,737 | 986 | 679 | 570 | 591 | 650 | 746 |
| Total liabilities and equity | 3,298 | 1,317 | 1,622 | 1,492 | 1,491 | 1,514 | 1,610 |
Cash flow statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 196 | 31.5 | -61.5 | 244 | 98.7 | 139 | 197 | 147 |
| Depreciation and amortization | 7.1 | 9.1 | 9.7 | 11 | 33.9 | 31.3 | 26.3 | 24 |
| Stock-based compensation | 28.2 | 26.5 | -2.6 | 21.3 | 17.5 | 24.9 | 29.2 | 28.8 |
| Deferred income tax | 27.4 | 36.6 | 37.6 | 15.7 | -9.2 | -33.1 | -53.4 | 42.4 |
| Change in receivables | -271 | -332 | -250 | -230 | -375 | -308 | -343 | -324 |
| Change in payables | -20.4 | 20.2 | 39.7 | 70.8 | 2.23 | 15.2 | -8.5 | 8.19 |
| Cash from operations | 356 | 317 | 456 | 246 | 242 | 204 | 139 | 335 |
| Capital expenditures | -78.8 | -93 | -64.3 | -9.56 | -9.67 | -9.62 | -8.32 | -10 |
| Acquisitions | -14.8 | -22.8 | 0.01 | |||||
| Cash from investing | -263 | -106 | -115 | -82.2 | -53.5 | -38.8 | -79.2 | 6.65 |
| Debt repaid | -285 | |||||||
| Stock issued | 7.98 | 7.75 | 12.4 | 4.59 | 1.15 | 1.36 | 2.36 | 1.63 |
| Share buybacks | -169 | -69.3 | 0 | -142 | -224 | -140 | -139 | -51.8 |
| Dividends paid | -6.24 | -9.44 | -13.8 | 0 | 0 | 0 | -20.4 | -20.8 |
| Cash from financing | -129 | -169 | -363 | -30.3 | -227 | -142 | -119 | -128 |
| Exchange rate effect | -0.16 | 0.12 | 0.02 | 0 | 0 | |||
| Net change in cash | -35.8 | 42.5 | -21.1 | 134 | -38.3 | 23.5 | -59.8 | 213 |
| Free cash flow | 278 | 224 | 392 | 236 | 233 | 195 | 130 | 325 |
| Interest paid | 16.2 | 16.5 | 10.4 | 1.45 | 35.7 | 37 | 37 | 37.4 |
| Income taxes paid | -63.8 | -0.73 | 29 | 53.6 | 62.2 | 100 | 49.8 | 45.8 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 8.5% | Operating income / revenue. |
| EBITDA margin | 9.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 6.6% | Pre-tax income / revenue. |
| Net margin | 5.6% | Net income / revenue. |
| FCF margin | 12.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 12.7% | Cash from operations / revenue. |
| Effective tax rate | 27.9% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 18.2% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 7.2% | Net income / average total assets. |
| Return on invested capital (ROIC) | 10.0% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| SG&A / revenue | 17.1% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 1.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.5% | Capital expenditures / revenue. |
| D&A / revenue | 1.4% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 0.4% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -2.5% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -0.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 6.2% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 3.7% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | -5.3% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 4.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 1.7% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | -3.9% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -25.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 14.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | -20.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 23.6% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 141.8% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 11.4% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -6.0% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 149.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 11.8% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -3.7% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 8.3% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 5y | 25.8% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 14.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 9.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -5.4% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 6.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 4.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -6.2% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -7.8% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -9.7% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 1.10x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 43.3% | Total debt / total assets. |
| Liabilities / assets | 60.7% | Total liabilities / total assets. |
| Net debt | $801.9M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 3.09x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 3.77x | Operating income / interest expense. |
| Goodwill and intangibles / assets | 34.7% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $95.3M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.28x | Revenue / average total assets. |
| Fixed asset turnover | 107x | Revenue / average property, plant and equipment. |
| FCF conversion | 217.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.60 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $64.19 | Revenue / diluted weighted shares. |
| FCF per share | $7.82 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $8.18 | Cash from operations / diluted weighted shares. |
| Book value per share | $19.77 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $2.34 | Tangible book value / shares outstanding. |
| Cash per share | $2.09 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 14.7% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 6.8% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 3.2% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.30B | Share price x shares outstanding. |
| Enterprise value | $2.10B | Market cap + total debt - cash - short-term investments. |
| P/E | 8.88x | Market cap / net income. Only when net income is positive. |
| P/S | 0.50x | Market cap / revenue. |
| P/B | 1.62x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 13.7x | Market cap / tangible book value, when positive. |
| P/FCF | 4.08x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 3.91x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.80x | Enterprise value / revenue. |
| EV/EBIT | 9.47x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 8.12x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 6.60x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 24.5% | Free cash flow / market cap. |
| Earnings yield | 11.3% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 1.7% | Dividends paid over the period / market cap. |
| Shareholder yield | 2.4% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.38x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was PROG Holdings, Inc.'s revenue in fiscal 2025?
PROG Holdings, Inc. reported revenue of $2.41B for fiscal 2025, 0.4% higher than the year before.
Was PROG Holdings, Inc. profitable in fiscal 2025?
Yes. Net income was $146.8M, a net margin of 6.1%.
How much free cash flow did PROG Holdings, Inc. generate in fiscal 2025?
Cash from operations of $335.0M minus capital expenditures of $10.0M left free cash flow of $324.9M.