# PROG Holdings, Inc. (PRG)

> Source: Nexqual · https://nexqual.com/PRG · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, PROG Holdings, Inc. (PRG), nexqual.com/PRG" · informational, not investment advice.

**Price:** USD 33.48 (+8.42% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 30.88 · day 30.06–33.83 · 52w 25.18–47.73 · market cap $1.31B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $2.76B, net income $151M (5.5% margin), free cash flow $316M (SEC filings).
- Valuation: P/E 8.7x (avg 9.3x at the last 3 fiscal year-ends), EV/EBITDA 7.4x, net debt $757M.
- 1 of 80 tracked superinvestors hold PRG (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $183K; 2 not under a Rule 10b5-1 plan ($183K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 49 (range 40–64).
- Total return with dividends: 1Y +16.0% vs S&P 500 +14.4%; 5Y -13.7% vs S&P 500 +79.1%.
- Latest earnings report: 2026-10-28 (next date not yet announced).
- Dividend: USD 0.56 a year (yield 1.81%), paid quarterly; latest ex-dividend date 2026-08-18.
- Short interest: 12.07% of float (as of 2026-10-15), 4.5 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.68B | $2.60B | $2.34B | $2.40B | $2.41B | $2.76B |
| Operating income | $334M | $186M | $219M | $195M | $207M | $235M |
| Net income | $244M | $98.7M | $139M | $197M | $147M | $151M |
| EPS (diluted) | $3.67 | $1.90 | $2.98 | $4.53 | $3.59 | — |
| Free cash flow | $236M | $233M | $195M | $130M | $325M | $316M |
| Operating margin | 12.5% | 7.1% | 9.3% | 8.1% | 8.6% | 8.5% |
| Net margin | 9.1% | 3.8% | 5.9% | 8.2% | 6.1% | 5.5% |
| Revenue growth | +7.8% | -3.0% | -9.9% | +2.6% | +0.4% | — |
| Cash + short-term investments | $170M | $132M | $155M | $90.9M | $309M | — |
| Total debt | $590M | $591M | $592M | $644M | $595M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 8.7x · P/S 0.5x · EV/EBITDA 7.4x · EV/Sales 0.8x · P/FCF 4.1x · P/B 1.6x · FCF yield 24.18% · Earnings yield 11.55% · Dividend yield (paid, TTM) 1.67% · Buyback yield (TTM) 3.59% · Net debt $757M · EV $2.06B
P/E at fiscal year-ends: Dec 2025 8.2x, Dec 2024 9.3x, Dec 2023 10.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PRG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Vulcan Value Partners |  | 0.40% | $13.1M | Reduced -50.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Sewell George M | CAO, SVP Fin Rep | 2,000 | $91K | 6.6% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-04…2026-08-05 | King Michael Todd | Chief Legal and Compliance Off | 2,000 | $92K | 3.2% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 49 (low 40, high 64).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-29 | TD Cowen | Target lowered | Buy | $50 → $45 |
| 2026-10-29 | Stephens & Co. | Target lowered | Overweight | $55 → $49 |
| 2026-10-08 | Loop Capital | Upgrade | Hold → Buy | $45 |
| 2026-10-07 | Jefferies | Target lowered | Buy | $60 → $50 |
| 2026-07-30 | B. Riley Securities | Target raised | Buy | $57 → $64 |
| 2026-07-30 | Keybanc | Target raised | Overweight | $45 → $50 |
| 2026-07-08 | Jefferies | Upgrade | Hold → Buy | $33 → $60 |
| 2026-07-07 | TD Cowen | Target raised | Buy | $45 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +16.0% | -13.7% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +16.1% | -2.9% |
| Volatility (annualized) | 46.5% | 53.0% |
| Max drawdown | -37.8% (Jul 2026→Oct 2026) | -73.6% (Nov 2021→Oct 2022) |

## Dividends
Annual dividend rate USD 0.56 per share, yield 1.81% at the current price. Paid over the last 12 months: USD 0.55 in 4 payments (quarterly).
Most recent ex-dividend date: Aug 18, 2026; payment date: Sep 3, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 7.7% to USD 0.14 per payment from USD 0.13, starting with the Mar 12, 2026 ex-dividend date.
Payout ratio 17% of earnings · 5-year average yield 0.24%.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-08-18 | USD 0.14 |
| 2026-05-19 | USD 0.14 |
| 2026-03-12 | USD 0.14 |
| 2025-11-18 | USD 0.13 |
| 2025-08-19 | USD 0.13 |
| 2025-05-20 | USD 0.13 |
| 2025-03-13 | USD 0.13 |
| 2024-11-19 | USD 0.12 |
Total by calendar year: 2024 USD 0.48 · 2025 USD 0.52.

## Short interest
3,263,285 shares sold short, 12.07% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,733,548 shares (+19.4%). Days to cover: 4.5 (short shares ÷ average daily volume).

## Peers (Rental & Leasing Services)
LIME (Neutron Holdings, Inc.) USD 24.52 +0.45% · WLFC (Willis Lease Finance Corporatio) USD 41.86 +4.05% · VSTS (Vestis Corporation) USD 15.21 -0.26% · HTZ (Hertz Global Holdings, Inc) USD 1.94 +2.11% · CTOS (Custom Truck One Source, Inc.) USD 10.92 +1.39% · MGRC (McGrath RentCorp) USD 119.6 +0.69%

## More
Full page: https://nexqual.com/PRG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PRG's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1808834/000180883426000012/prg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Four Technologies | "Four enables us to reach a broader customer base beyond traditional lease-to-own transactions and capture incremental GMV through short-term installment plans across a wide range of merchants and categories by engaging c…" |
| Customer | Big Lots | "The number of customers for Progressive Leasing was lower in 2025, compared to the prior year, due to lower lease approvals primarily as a result of the bankruptcy of Big Lots and the tightening of our decisioning postur…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.26 | $1.39 | -9.1% | $844.2M | 6 |
| Next quarter (ends 2027-03-31) | $1.29 | $1.27 | +1.5% | $780.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $4.76 | $4.94 | -3.7% | $3.03B | 7 |
| Next fiscal year (ends 2027-12-31) | $5.54 | $5.64 | -1.8% | $3.24B | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $1.06 | $1.09 | Miss −2.8% | — |
| — | Quarter ended Jun 30, 2026 | $1.19 | $0.95 | Beat +25.3% | — |
| — | Quarter ended Mar 31, 2026 | $1.24 | $0.78 | Beat +59.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.74 | $0.61 | Beat +21.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1808834/000162828026067756/0001628280-26-067756-index.htm |
| 2026-10-28 | 8-K | Quarterly results; Other material event — “On October 28, 2026, the Company announced its intention to enter into an accelerated share repurchase program (the "Intended ASR Program") to repurchase an aggregate of $100 million of its outstanding common stock, par value $0.50 per share ("Common Stock"). In connection with the Intended ASR Program, the Company's Board of Directors authorized and approved an additional $237.3 million under its existing share repurchase program, pursuant to which the Company may purchase shares of its Common Stock, bringing the…” | https://www.sec.gov/Archives/edgar/data/1808834/000162828026067737/0001628280-26-067737-index.htm |
| 2026-08-05 | 8-K | Other material event — “On August 5, 2026, the Board of Directors of the Company declared a quarterly cash dividend of $0.14 per share of common stock. The dividend will be payable on September 3, 2026 to shareholders of record as of August 18, 2026. A copy of the press release announcing the dividend is attached hereto as Exhibit 99.1 and is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/1808834/000180883426000118/0001808834-26-000118-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1808834/000210011926001476/0002100119-26-001476-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1808834/000180883426000106/0001808834-26-000106-index.htm |
| 2026-07-29 | 8-K | Quarterly results; Other material event — “On July 29, 2026, the Company announced with deep sadness that Douglas C. Curling, a member of the Company's Board of Directors (the "Board"), passed away unexpectedly on July 25, 2026. In light of Mr. Curling's passing, on July 27, 2026, the Board reduced the size of the Board from ten members to nine members, effective immediately. The Board, management team, and employees of the Company extend their deepest condolences to Mr. Curling's family and express profound gratitude for his leadership and more than a…” | https://www.sec.gov/Archives/edgar/data/1808834/000180883426000101/0001808834-26-000101-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.