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PRG

PROG Holdings, Inc.

PRG

PROG Holdings, Inc. • NYSE
$28.78 ▼ -1.30% (-0.38)
Market Cap $1.14 B
52w High $49.29
52w Low $23.50
Dividend Yield 0.52%
P/E 7.3
Volume 358.53K
Outstanding Shares 39.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $595.108M ▼ $541.579M ▼ $33.121M ▼ 5.566% ▼ $0.83 ▼ $440.078M ▼
Q2-2025 $604.663M ▼ $543.939M ▼ $38.483M ▲ 6.364% ▲ $0.96 ▲ $453.465M ▼
Q1-2025 $684.088M ▲ $627.767M ▲ $34.718M ▼ 5.075% ▼ $0.85 ▼ $523.76M ▲
Q4-2024 $623.32M ▲ $169.488M ▲ $57.547M ▼ 9.232% ▼ $1.39 ▼ $50.171M ▼
Q3-2024 $606.145M $155.844M $83.962M 13.852% $1.99 $459.158M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $292.61M ▲ $1.547B ▲ $843.044M ▲ $703.557M ▲
Q2-2025 $222.027M ▲ $1.455B ▼ $785.923M ▼ $668.673M ▲
Q1-2025 $213.301M ▲ $1.47B ▼ $815.465M ▼ $654.448M ▲
Q4-2024 $95.655M ▼ $1.514B ▲ $863.486M ▲ $650.281M ▲
Q3-2024 $221.726M $1.446B $815.533M $630.807M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $33.121M ▼ $110.045M ▲ $-34.252M ▼ $-5.21M ▲ $70.583M ▲ $106.492M ▲
Q2-2025 $38.483M ▲ $69.891M ▼ $-30.697M ▼ $-30.468M ▲ $8.726M ▼ $67.957M ▼
Q1-2025 $34.718M ▼ $209.929M ▲ $-4.092M ▲ $-88.191M ▼ $117.646M ▲ $207.967M ▲
Q4-2024 $57.547M ▼ $-84.488M ▼ $-43.522M ▼ $1.939M ▲ $-126.071M ▼ $-86.767M ▼
Q3-2024 $83.962M $31.886M $-17.826M $-42.468M $-28.408M $29.848M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Interest And Fees On Loans Receivable
Interest And Fees On Loans Receivable
 $0 ▲$30.00M ▲$30.00M ▲$40.00M ▲
Lease Revenues and Fees
Lease Revenues and Fees
 $590.00M ▲$650.00M ▲$570.00M ▼$560.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, revenue has been fairly steady, with only modest ups and downs rather than strong growth or sharp declines. Profitability has improved meaningfully: the company moved from a small loss at the start of the period to healthy profits more recently, with earnings per share climbing at an even faster pace. Margins look solid for this type of business, helped by an asset‑light model and careful cost control, though operating profit is still shy of its peak year. Overall, the income statement shows a mature business that is becoming more efficient and profitable, but not one that is rapidly expanding its top line.

Balance Sheet

Balance Sheet The balance sheet is relatively stable in size, suggesting the company is not aggressively chasing expansion or acquisitions. Cash levels are adequate but not excessive, so there is some cushion, but not a large war chest. Debt increased notably earlier in the period and now sits at a level that is meaningful but not extreme, roughly balancing the company’s equity. That mix means the company benefits from leverage when things go well but is more exposed if credit losses or the economy turn against it. Equity has started to rebuild after earlier pressure, which signals that retained profits are gradually strengthening the capital base.

Cash Flow

Cash Flow Cash generation remains positive and comfortably covers the company’s modest investment needs, which fits with its asset‑light, technology‑driven model. However, operating cash flow and free cash flow have trended down from their highs earlier in the period, even as accounting profits improved. That gap between rising earnings and softer cash generation is worth watching, as it can reflect working capital swings, changes in lease portfolios, or more aggressive growth in receivables. On the plus side, low capital spending requirements give management flexibility, but the recent softening in cash inflows means there is less room for rapid debt reduction or large new initiatives without trade‑offs.

Competitive Edge

Competitive Edge PROG holds a strong niche in serving non‑prime consumers through lease‑to‑own and related financing, a segment that many traditional lenders avoid. Its key advantage is a proprietary decisioning and risk‑assessment platform, fed by years of transaction data and deeply integrated into thousands of retailer systems. This tight integration at the checkout, both in stores and online, creates switching costs for merchants and a smoother experience for consumers, which is difficult for new entrants to replicate quickly. Compared with more store‑heavy competitors in rent‑to‑own, PROG’s virtual, partner‑based model is lighter on physical assets and more scalable. At the same time, it faces competition from other fintechs, buy now pay later providers, and traditional players targeting similar customers, so maintaining those retailer relationships and underwriting edge is critical.

Innovation and R&D

Innovation and R&D Innovation at PROG is centered on software, data science, and customer experience rather than physical R&D. The company’s collaboration with a major IT services firm to modernize its AI and cloud capabilities suggests a serious push to stay ahead in automated underwriting and personalization. Newer offerings—such as buy now, pay later, and a credit‑building tool—extend the business beyond core lease‑to‑own into a broader financial wellness ecosystem. Rapid growth in its newer platforms indicates traction, and the strategy to cross‑sell between leasing, financing, BNPL, and credit‑building could deepen customer relationships over time. The main risks are regulatory scrutiny of non‑prime and BNPL products, and the need for continuous investment to keep its technology advantage from eroding.

Summary

Overall, PRG shows the profile of a mature but resilient business: revenue is steady, profitability has improved significantly, and the model is capital‑light. The balance sheet carries noticeable but manageable debt, backed by a slowly strengthening equity base and consistent, though moderating, cash generation. Competitively, the company benefits from a data‑driven underwriting engine, strong retailer integrations, and a focused position in the non‑prime market, which together form a meaningful moat. Its ongoing investments in AI, cloud, and new financial wellness products point to a strategy of deepening its role in customers’ financial lives rather than relying only on traditional lease‑to‑own. Key variables to monitor include credit performance in a changing economy, the health of retailer partnerships, regulatory developments around non‑prime financing, and whether cash flows keep pace with the improved earnings profile.

NEWS

November 6, 2025 · 6:00 PM UTC

PROG Holdings, Inc. Declares Dividend

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October 22, 2025 · 7:30 AM UTC

PROG Holdings Reports Third Quarter 2025 Results

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October 22, 2025 · 7:10 AM UTC

PROG Holdings Announces Sale of Vive Credit Card Receivables Portfolio to Atlanticus

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October 1, 2025 · 8:00 AM UTC

PROG Holdings, Inc. to Release Third Quarter 2025 Financial Results on October 22, 2025

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