PROG Holdings, Inc. (PRG) Stock

PROG Holdings, Inc. (PRG) is a Technology stock trading at $38.18 (as of 2026-08-20), with a market capitalization of $1.52B and a trailing P/E of 10.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

PROG Holdings, Inc. provides lease-purchase and related credit products through two segments: Progressive Leasing and Vive. Progressive Leasing offers lease-to-own solutions for consumer goods via retail partners and e-commerce, while Vive provides “second-look” and revolving credit products and related lease-purchase options through point-of-sale and online channels across the U.S. to customers who may have difficulty qualifying for traditional credit.

Understand PROG Holdings, Inc.: how it makes money

PROG Holdings provides lease-purchase financing (and related credit offerings) for underserved, credit-challenged customers, and earns money mainly through lease revenues and fees tied to its leased asset base, with additional monetization from its technology-enabled platform.

Lease revenues and fees scale with the size of Gross Leased Assets, and profitability is also influenced by the platform monetization captured in the Four Technologies Take Rate.

Revenue by segment (latest quarter)
PL	$0.6B
Vive	$0.1B

Business quality (Mixed): Segments are presented using the closest available revenue indicators provided (Progressive Leasing versus Product and Service Revenues), because an explicit Vive segment revenue line item was not provided in the facts.

Valuation: Trades at 13× trailing earnings · $2B market cap.

Bull case

Technology monetization is measurable via take rate: Four Technologies Take Rate is provided (10.0 percent), which helps track how the platform monetizes within the lease ecosystem.
Scale in the customer and leased asset base: Progressive Leasing Active Customers are reported (965,000) and Gross Leased Assets are reported (1.0 USD_B).
Wholesale and channel mix supports distribution: E-Commerce Share of Progressive Leasing Gross Merchandise Value is reported (30.0 percent), and Progressive Leasing also uses point-of-sale and e-commerce retail partners (per business description).

Bear case

Leased asset and demand indicators can be pressured: Progressive Leasing Gross Merchandise Value Decline is reported (8.9 percent), and Gross Leased Asset Balance Decline Versus Prior Year is reported (4.7 percent).
Business targets credit-challenged customers: The company focuses on underserved, credit-challenged customers, which can increase exposure to credit performance variability (qualitative risk based on business description).

Valuation — source: SEC EDGAR (first-party)
Price	$38.18
Market Cap	$1.52B
P/E Ratio	10.7
EV / EBITDA	7.8
Price / Book	1.89
Price / Sales	0.54
FCF Yield	65.0%
DCF Value (model)	$67.12
DCF Upside vs Price	75.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.41B
Net Margin	6.1%
Revenue Growth (YoY)	-2.2%
EPS Growth (YoY)	-21.0%
FCF Growth (YoY)	149.5%

Valuation vs Sector & Industry
Stock P/E	10.7
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	-68.5%
vs Industry	-64.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($178.68M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Steven A. Michaels
Employees	1,403
Country	US
IPO Date	1982-11-04

Related Companies (Business model: Specialty Finance / Lending; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.