VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

IDEX Corporation vs The Progressive Corporation

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

IDEX Corporation

IEX · New York Stock Exchange

Market cap (USD)$13.6B
Gross margin (TTM)43.5%
Operating margin (TTM)20.7%
Net margin (TTM)14%
SectorIndustrials
IndustryIndustrial - Machinery
CountryUS
Data as of2025-12-23
Moat score
58/ 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 IDEX Corporation's moat claims, evidence, and risks.

View IEX 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: The Progressive Corporation leads (75 / 100 vs 58 / 100 for IDEX Corporation).
  • Segment focus: IDEX Corporation has 3 segments (39.6% in Health & Science Technologies (HST)); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: IDEX Corporation has 7 moat types across 3 domains; The Progressive Corporation has 5 across 2.

Primary market context

IDEX Corporation

Health & Science Technologies (HST)

Market

Precision fluidics, optics/photonics, microfluidics, sealing solutions, pneumatic components, and process technologies for life science/diagnostics, semiconductor, aerospace/defense, and industrial markets

Geography

Global

Customer

Life science & diagnostic instrument OEMs, semiconductor/industrial OEMs, specialty industrial customers

Role

Component/subsystem supplier and specialty equipment provider

Revenue share

39.6%

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

IDEX Corporation
The Progressive Corporation
Ticker / Exchange
IEX - New York Stock Exchange
PGR - New York Stock Exchange
Market cap (USD)
$13.6B
$124.8B
Gross margin (TTM)
43.5%
26.3%
Operating margin (TTM)
20.7%
15.9%
Net margin (TTM)
14%
12.6%
Sector
Industrials
Financials
Industry
Industrial - Machinery
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Health & Science Technologies (HST)
Personal Lines
Market structure
Competitive
Oligopoly
Market share
n/a
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
75 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2025-12-23
2026-01-04

Moat coverage

Shared moat types

Learning Curve YieldBrand Trust

IDEX Corporation strengths

Design In QualificationData Workflow LockinInstalled Base ConsumablesIP Choke PointProcurement Inertia

The Progressive Corporation strengths

Service Field NetworkSuite BundlingOperational Excellence

Segment mix

IDEX Corporation segments

Full profile >

Fluid & Metering Technologies (FMT)

Competitive

37.7%

Health & Science Technologies (HST)

Competitive

39.6%

Fire & Safety/Diversified Products (FSDP)

Competitive

22.7%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.