At a glance
PROG Holdings Inc is worth $1.20B, about 9 times its fiscal 2025 earnings. Revenue grew 0.4% to $2.41B in fiscal 2025, with 6.1% kept as profit; over 5 years it has grown 0.6% a year. It pays a 1.78% dividend yield, raised every year for at least 4 years, and returned $737.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.2% over the past year with dividends reinvested and −4.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months after the low.
The business in plain English
PROG Holdings, formerly Aaron's Holdings Company, is a financial technology company that offers payment plans to shoppers who may struggle to get regular credit. Many customers have near-prime or subprime FICO credit scores, which lenders treat as higher risk. Revenue totaled $2.41 billion in 2025.
Progressive Leasing brought in about 96% of that revenue. It offers lease-to-own deals: renting an item with the option to own it. It has no stores, working instead through about 24,000 partner retail locations and e-commerce sites in 45 states, the District of Columbia and Puerto Rico. It buys furniture, appliances, phones and other goods from the retailer and leases them to shoppers for up to 12 months. The customer owns the item at the end, can buy it early, or can return it and cancel without penalty. Retailers gain sales from shoppers who would not qualify for their usual financing.
Four, a smaller segment, runs a buy now, pay later app that splits purchases into short, interest-free installments. The company also owns MoneyApp, which offers interest-free cash advances. It sold nearly all of Vive's credit card loans on October 20, 2025, and is winding Vive down. On January 2, 2026, it bought Purchasing Power, which lets workers at client employers buy brand-name goods and repay through payroll deductions.
Price history
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PRG -0.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $725.8M, up 25.6% from a year earlier, and net income was $37.2M (+12.4%).
- For fiscal 2025, revenue was $2.41B (+0.4% year over year; -0.6% a year from FY2020 to FY2025) with a 6.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -0.6% weak |
|---|---|
| Operating margin | 8.6% watch |
| Free cash flow margin | 13.5% good |
| Return on equity (FY2025) | 19.7% good |
| Return on assets (FY2025) | 9.1% good |
| Net cash (cash minus debt) | $-756.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.48B | $-61.5M | $391.6M |
| FY2021 | $2.68B | $243.6M | $236.4M |
| FY2022 | $2.60B | $98.7M | $232.8M |
| FY2023 | $2.34B | $138.8M | $194.6M |
| FY2024 | $2.40B | $197.2M | $130.2M |
| FY2025 | $2.41B | $146.8M | $324.9M |
Valuation snapshot
| Market value | $1.20B |
|---|---|
| P/E ratio | 8.6 |
| Dividend yield | 1.78% |
Rank among 1514 US companies
Market value at each year end
PROG Holdings’s market value went from $3.64B at the end of 2020 to $1.20B on Oct 28, 2026, down 67%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.20B | +3.3% |
| 2025 | $1.17B | -33.6% |
| 2024 | $1.76B | +27.0% |
| 2023 | $1.38B | +63.6% |
| 2022 | $845.1M | -71.4% |
| 2021 | $2.95B | -18.9% |
| 2020 | $3.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PRG price data to Oct 28, 2026 | +6.0% | -0.2% | +6.0% | -4.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.0% |
| 2025 | -28.9% |
| 2024 | +38.4% |
| 2023 | +83.0% |
| 2022 | -62.6% |
| 2021 | -16.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 65.7% over that stretch · deepest drop along the way 67.6%, back to its old high 22.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($183K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | George M Sewell CAO, SVP Fin Rep | sell | $91K |
| Aug 5, 2026 | Michael Todd King Chief Legal and Compliance Off | sell | $49K |
| Aug 4, 2026 | Michael Todd King Chief Legal and Compliance Off | sell | $43K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.3% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.27% | Mar 31, 2026 |
| Vanguard Capital Management | 5% | Jun 30, 2026 |
| FMR LLC | 3.4% | Mar 31, 2025 |
ETFs with the most weight in PRG
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.18% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.02% |
| SYLD Cambria Shareholder Yield ETF | 0.95% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.69% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.67% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.48% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.46% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.45% |
What could go wrong
- Customers with weak credit may not pay. Many Progressive Leasing customers have near-prime or subprime (below-average) credit. Its provision for unpaid leases was 7.5% of lease revenue in 2025 and 2024, up from 6.7% in 2023, within a 6% to 8% target.
- Reliance on a few big retailers. Several key retail partners generate a large share of Progressive Leasing's revenue. Losing any of them would hurt results, and the business depends on partners featuring its lease option prominently.
- Regulators and critics scrutinize lease-to-own. Progressive Leasing paid the Federal Trade Commission $175 million in 2020 over advertising claims, admitting no violations. Seven state attorneys general questioned six buy now, pay later firms in December 2025, though not PROG's Four.
- A weaker economy could hurt repayment. Inflation, a higher cost of living and high interest rates can cut demand and strain customers' budgets. In uncertain times, the company's approval algorithms may misjudge who can pay, leaving loss reserves too small.
- Purchasing Power adds new, different risks. Purchasing Power, bought January 2, 2026, works differently from lease-to-own and carries its own risks. Acquisitions may not deliver expected results, and its reserves for unpaid balances may fall short.
- Sizable debt and funding needs. Debt was $866 million, cash just $109 million, as of September 30, 2026. Some debt has floating rates, and Purchasing Power relies on funding backed by customer balances that could become costlier or unavailable.
Recent events
- Other company announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
For income and retirement investors
PRG pays a small dividend with a short record. It paid $0.48 per share in fiscal 2024 and $0.52 in fiscal 2025, after paying none in fiscal 2021 through 2023. The yield was 1.78% as of October 28, 2026. The 2025 dividend used only 14.1% of earnings and 6.4% of free cash flow (cash left after business spending), a low payout. Buybacks have mattered far more: $696 million over fiscal 2021–2025, versus $41 million in dividends. Shares outstanding fell 40.4% between October 2021 and October 2026, though buybacks slowed to $52 million in fiscal 2025.
In the 2022 market slump, the stock fell 67.6% from January 4 to September 30, 2022, and did not regain that peak until August 19, 2024. It also dropped 31.3% in the three months to October 28, 2026. For income investors, the modest yield means returns depend mostly on the share price. Single stocks carry more risk than diversified funds.
Questions investors ask
How does PROG Holdings make money?
Mostly by leasing goods to shoppers who may not qualify for regular financing. Its Progressive Leasing segment, about 96% of revenue in 2025, buys furniture, appliances, electronics and other items from retail partners with about 24,000 locations and websites, then leases them to customers for up to 12 months. Customers can own the item at the end, buy it early, or return it. Smaller businesses include the Four buy now, pay later app and, since January 2, 2026, Purchasing Power's payroll-deduction shopping program.
Does PROG Holdings pay a dividend?
Yes, but the yield is small. PRG paid $0.52 per share in fiscal 2025, up from $0.48 in fiscal 2024, after paying no dividend in fiscal 2021 through 2023. The yield was 1.78% as of October 28, 2026. The 2025 dividend used just 14.1% of earnings. The company has returned far more cash through share buybacks: $696 million over fiscal 2021–2025, compared with $41 million in dividends.
What is Purchasing Power, and why did PROG Holdings buy it?
Purchasing Power runs a voluntary employee benefit program. Employees of its employer clients can buy brand-name products and services and pay through automatic payroll deductions. PROG Holdings closed the purchase on January 2, 2026, calling it a complementary platform and a chance to sell its other products to Purchasing Power's customers. The deal also adds risks: a different business model, reliance on funding backed by customer balances, and new borrowing reported the day the deal closed.
Did Progressive Leasing settle with the FTC?
Yes. In April 2020, Progressive Leasing paid $175 million to the Federal Trade Commission (FTC) to settle allegations that some of its advertising and marketing practices violated the FTC Act. It did not admit any violations. It also agreed to improve customer disclosures and expand monitoring of its retail partners. The company's 10-K, filed February 18, 2026, warns that more federal or state scrutiny could raise compliance costs or lead to penalties.
Is PROG Holdings stock volatile?
Yes. The share price fell 62.6% in 2022, rose 83.0% in 2023 and 38.4% in 2024, then fell 28.9% in 2025. Over the year to October 28, 2026, its volatility, a measure of how widely the price swings, was 45.9%. Its deepest drop over the prior three years was 51.9%. It also fell 31.3% in the three months to that date.