VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

The Progressive Corporation vs Republic Services, Inc.

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

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

Republic Services, Inc.

RSG · New York Stock Exchange

Market cap (USD)$66.6B
Gross margin (TTM)30.6%
Operating margin (TTM)20.1%
Net margin (TTM)12.8%
SectorIndustrials
IndustryWaste Management
CountryUS
Data as of2025-12-31
Moat score
80/ 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 Republic Services, Inc.'s moat claims, evidence, and risks.

View RSG analysis

Comparison highlights

  • Moat score gap: Republic Services, Inc. leads (80 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: The Progressive Corporation has 2 segments (85% in Personal Lines); Republic Services, Inc. has 2 segments (88.5% in Recycling & Waste Services).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: The Progressive Corporation has 5 moat types across 2 domains; Republic Services, Inc. has 7 across 3.

Primary market context

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%

Republic Services, Inc.

Recycling & Waste Services

Market

Integrated non-hazardous solid waste collection, transfer, landfill disposal & recycling services

Geography

United States and Canada

Customer

Municipal, commercial, industrial

Role

Integrated hauler and disposal operator

Revenue share

88.5%

Side-by-side metrics

The Progressive Corporation
Republic Services, Inc.
Ticker / Exchange
PGR - New York Stock Exchange
RSG - New York Stock Exchange
Market cap (USD)
$124.8B
$66.6B
Gross margin (TTM)
26.3%
30.6%
Operating margin (TTM)
15.9%
20.1%
Net margin (TTM)
12.6%
12.8%
Sector
Financials
Industrials
Industry
Insurance - Property & Casualty
Waste Management
HQ country
US
US
Primary segment
Personal Lines
Recycling & Waste Services
Market structure
Oligopoly
Competitive
Market share
16.7% (reported)
12%-15% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
80 / 100
Moat domains
Supply, Demand
Legal, Supply, Demand
Last update
2026-01-04
2025-12-31

Moat coverage

Shared moat types

Service Field Network

The Progressive Corporation strengths

Learning Curve YieldBrand TrustSuite BundlingOperational Excellence

Republic Services, Inc. strengths

Permits Rights Of WayCapacity MoatPhysical Network DensityScope EconomiesLong Term ContractsCompliance Advantage

Segment mix

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Republic Services, Inc. segments

Full profile >

Recycling & Waste Services

Competitive

88.5%

Environmental Solutions

Competitive

11.5%

Want the full wide moat stocks list?

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

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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.