PROG Holdings
PRGNYSEUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $38.45 Prior regular-session close from the quote source.
- $36.69–$38.63 Regular-session low and high so far today.
- 518.4K Regular-session shares traded · Nov 10, 4:00 PM ET.
- Feb 17 projected Projected for 2027-02-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $25.18–$47.73 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PRG if demand for alternative point-of-sale payment solutions and underwriting discipline hold up through credit and regulatory cycles.
PRG price history
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INVESTMENT THESIS
What must happen next
PROG’s consumer payment-option value proposition remains relevant because it addresses affordability and access gaps that traditional upfront payment or prime credit do not fully solve.HoldingMateriality: High
The company description says PROG provides transparent and competitive payment options to consumers. If this holds, revenue can remain resilient even in a mature category; if it breaks, the company loses the demand source that feeds every downstream profit driver.
Watch: Major retail partners replace PROG with in-house financing, bank-card programs, or point-of-sale lenders such as Affirm, Klarna, or Afterpay.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company description says PROG provides transparent and competitive payment options to consumers.
Open source ↗Risk pricing, approval discipline, and asset/collections execution must keep alternative-payment demand profitable rather than turning growth into credit or lease losses.HoldingMateriality: High
GAAP annual operating income rose to $206.8 million in FY2025 from $194.7 million in FY2024 while revenue was nearly flat. This determines whether demand is economically valuable; revenue growth bought with weaker underwriting would destroy owner value.
Watch: A consumer-credit downturn causes higher delinquencies, returns, or charge-offs before revenue visibly rolls over.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income rose to $206.8 million in FY2025 from $194.7 million in FY2024 while revenue was nearly flat.
Open source ↗The model must keep converting lease/payment activity into operating cash so PROG can fund originations and withstand volatility without relying on fragile external capital.StrengtheningMateriality: Medium
GAAP annual operating cash flow was $335.0 million in FY2025, up from $138.5 million in FY2024. Strong cash conversion gives owners flexibility; if cash generation is temporary or working-capital-driven, reported earnings are less valuable.
Watch: A rapid rebound in originations or lease assets consumes cash faster than collections replenish it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $335.0 million in FY2025, up from $138.5 million in FY2024.
Open source ↗A stronger cash position gives PROG room to absorb consumer-credit stress, fund operations, and make capital-allocation choices without forced deleveraging.StrengtheningMateriality: Medium
Cash and cash equivalents were $308.8 million at FY2025 year-end versus $90.9 million at FY2024 year-end. Liquidity can protect equity value in a cyclical credit-sensitive model; if consumed poorly, it removes a key downside buffer.
Watch: Management deploys cash into buybacks or acquisitions immediately before a consumer-credit downturn.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $308.8 million at FY2025 year-end versus $90.9 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
PROG’s consumer payment-option value proposition remains relevant because it addresses affordability and access gaps that traditional upfront payment or prime credit do not fully solve. If this holds, revenue can remain resilient even in a mature category; if it breaks, the company loses the demand source that feeds every downstream profit driver.
Risk pricing, approval discipline, and asset/collections execution must keep alternative-payment demand profitable rather than turning growth into credit or lease losses. This determines whether demand is economically valuable; revenue growth bought with weaker underwriting would destroy owner value.
The model must keep converting lease/payment activity into operating cash so PROG can fund originations and withstand volatility without relying on fragile external capital. Strong cash conversion gives owners flexibility; if cash generation is temporary or working-capital-driven, reported earnings are less valuable.
A stronger cash position gives PROG room to absorb consumer-credit stress, fund operations, and make capital-allocation choices without forced deleveraging. Liquidity can protect equity value in a cyclical credit-sensitive model; if consumed poorly, it removes a key downside buffer.
All standing thesis claims
Original report summary
demand for alternative point-of-sale payment solutions and underwriting discipline hold up through credit and regulatory cycles.
BULL CASE / BEAR CASE
Bull case and bear case for PROG Holdings
Where the evidence on PROG Holdings stands: Holding on the latest evidence (Oct 19, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
PROG’s consumer payment-option value proposition remains relevant because it addresses affordability and access gaps that traditional upfront payment or prime credit do not fully solve.
Risk pricing, approval discipline, and asset/collections execution must keep alternative-payment demand profitable rather than turning growth into credit or lease losses.
The model must keep converting lease/payment activity into operating cash so PROG can fund originations and withstand volatility without relying on fragile external capital.
A stronger cash position gives PROG room to absorb consumer-credit stress, fund operations, and make capital-allocation choices without forced deleveraging.
Bear case: what would count against it
Major retail partners replace PROG with in-house financing, bank-card programs, or point-of-sale lenders such as Affirm, Klarna, or Afterpay.
A consumer-credit downturn causes higher delinquencies, returns, or charge-offs before revenue visibly rolls over.
A rapid rebound in originations or lease assets consumes cash faster than collections replenish it.
Thesis-Break Engine
Thesis-break watch · PROG Holdings
No break has crossed PROG Holdings’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDOther material event.
PROG Holdings filed an SEC 8-K on 2026-08-05: Other material event. It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
PROG Holdings filed an SEC 8-K on 2026-07-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDDirector or principal officer change.
PROG Holdings filed an SEC 8-K on 2026-05-07: Director or principal officer change. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Major retail partners replace PROG with in-house financing, bank-card programs, or point-of-sale lenders such as Affirm, Klarna, or Afterpay.
- A consumer-credit downturn causes higher delinquencies, returns, or charge-offs before revenue visibly rolls over.
- A rapid rebound in originations or lease assets consumes cash faster than collections replenish it.
- Management deploys cash into buybacks or acquisitions immediately before a consumer-credit downturn.
PRG news
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FINANCIAL STATEMENTS
PRG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PRG: quick answers
- When does PROG Holdings (PRG) report earnings next?
- PROG Holdings's next results are projected for February 17, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is PRG's short interest?
- As of October 30, 2026, 3.5M PRG shares were sold short, up 7.4% from the count before. At the stock's average daily volume that is 4.6 days to cover. FINRA publishes the count twice a month. PRG short interest history
- Have members of Congress traded PRG?
- Reports made public in the last 90 days disclose 1 trade in PRG by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed PRG trade
- Which well-known investors own PRG?
- 1 of the 37 well-known funds tracked here reported PRG shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
PRG in well-known investors’ portfolios
1 of 37 funds reported PRG shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.01% | $2.7M | +36.1% | Q2 2026 |