VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

HEICO Corporation vs The Progressive Corporation

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

HEICO Corporation

HEI · NYSE

Market cap (USD)$47.5B
Gross margin (TTM)41.1%
Operating margin (TTM)22.9%
Net margin (TTM)15.4%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2025-12-30
Moat score
77/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into HEICO Corporation's moat claims, evidence, and risks.

View HEI analysis

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
Moat score
75/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score gap: HEICO Corporation leads (77 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: HEICO Corporation has 2 segments (69.5% in Flight Support Group (FSG)); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Moat breadth: HEICO Corporation has 6 moat types across 3 domains; The Progressive Corporation has 5 across 2.

Primary market context

HEICO Corporation

Flight Support Group (FSG)

Market

Aerospace aftermarket replacement parts and MRO services (jet engine and aircraft components), including FAA-approved PMA parts

Geography

Global

Customer

Commercial airlines, cargo carriers, MROs, OEMs, and government/military customers

Role

Aftermarket parts manufacturer + MRO/repair provider + distributor

Revenue share

69.5%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

HEICO Corporation
The Progressive Corporation
Ticker / Exchange
HEI - NYSE
PGR - New York Stock Exchange
Market cap (USD)
$47.5B
$124.8B
Gross margin (TTM)
41.1%
26.3%
Operating margin (TTM)
22.9%
15.9%
Net margin (TTM)
15.4%
12.6%
Sector
Industrials
Financials
Industry
Aerospace & Defense
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Flight Support Group (FSG)
Personal Lines
Market structure
Oligopoly
Oligopoly
Market share
n/a
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
75 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand
Last update
2025-12-30
2026-01-04

Moat coverage

Shared moat types

Learning Curve YieldBrand Trust

HEICO Corporation strengths

Regulated Standards PipeDesign In QualificationIP Choke PointGovernment Contracting Relationships

The Progressive Corporation strengths

Service Field NetworkSuite BundlingOperational Excellence

Segment mix

HEICO Corporation segments

Full profile >

Flight Support Group (FSG)

Oligopoly

69.5%

Electronic Technologies Group (ETG)

Oligopoly

30.5%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.