VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

L3Harris Technologies, Inc. vs The Progressive Corporation

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

L3Harris Technologies, Inc.

LHX · NYSE

Market cap (USD)$58.3B
Gross margin (TTM)23.1%
Operating margin (TTM)10.9%
Net margin (TTM)8.1%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2026-01-02
Moat score
72/ 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 L3Harris Technologies, Inc.'s moat claims, evidence, and risks.

View LHX 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 72 / 100 for L3Harris Technologies, Inc.).
  • Segment focus: L3Harris Technologies, Inc. has 4 segments (31.9% in Space & Airborne Systems); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Moat breadth: L3Harris Technologies, Inc. has 8 moat types across 3 domains; The Progressive Corporation has 5 across 2.

Primary market context

L3Harris Technologies, Inc.

Space & Airborne Systems

Market

Defense & intelligence space and airborne mission systems (payloads, sensors, avionics, mission networks)

Geography

Global (U.S.-centric demand)

Customer

Government defense/intelligence agencies, prime contractors, and allied governments

Role

Prime contractor / subsystem integrator

Revenue share

31.9%

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

L3Harris Technologies, Inc.
The Progressive Corporation
Ticker / Exchange
LHX - NYSE
PGR - New York Stock Exchange
Market cap (USD)
$58.3B
$124.8B
Gross margin (TTM)
23.1%
26.3%
Operating margin (TTM)
10.9%
15.9%
Net margin (TTM)
8.1%
12.6%
Sector
Industrials
Financials
Industry
Aerospace & Defense
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Space & Airborne Systems
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
72 / 100
75 / 100
Moat domains
Legal, Demand, Supply
Supply, Demand
Last update
2026-01-02
2026-01-04

Moat coverage

Shared moat types

No overlap yet.

L3Harris Technologies, Inc. strengths

Government Contracting RelationshipsDesign In QualificationCompliance AdvantageSwitching Costs GeneralCapex Knowhow ScaleProcurement InertiaCapacity MoatKeystone Component

The Progressive Corporation strengths

Learning Curve YieldBrand TrustService Field NetworkSuite BundlingOperational Excellence

Segment mix

L3Harris Technologies, Inc. segments

Full profile >

Space & Airborne Systems

Oligopoly

31.9%

Integrated Mission Systems

Oligopoly

31.8%

Communication Systems

Oligopoly

25.4%

Aerojet Rocketdyne

Duopoly

10.9%

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

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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.