VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

The Progressive Corporation vs S&P Global 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

S&P Global Inc.

SPGI · New York Stock Exchange

Market cap (USD)$161.4B
Gross margin (TTM)70%
Operating margin (TTM)40.7%
Net margin (TTM)27.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-21
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 S&P Global Inc.'s moat claims, evidence, and risks.

View SPGI analysis

Comparison highlights

  • Moat score gap: S&P Global Inc. leads (77 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: The Progressive Corporation has 2 segments (85% in Personal Lines); S&P Global Inc. has 5 segments (32.6% in S&P Global Market Intelligence).
  • Moat breadth: The Progressive Corporation has 5 moat types across 2 domains; S&P Global Inc. has 9 across 5.

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%

S&P Global Inc.

S&P Global Market Intelligence

Market

Financial market data, analytics, and workflow tools for institutions

Geography

Global

Customer

B2B (institutional investors, banks, insurers, corporates)

Role

Data/analytics and workflow software provider

Revenue share

32.6%

Side-by-side metrics

The Progressive Corporation
S&P Global Inc.
Ticker / Exchange
PGR - New York Stock Exchange
SPGI - New York Stock Exchange
Market cap (USD)
$124.8B
$161.4B
Gross margin (TTM)
26.3%
70%
Operating margin (TTM)
15.9%
40.7%
Net margin (TTM)
12.6%
27.5%
Sector
Financials
Financials
Industry
Insurance - Property & Casualty
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Personal Lines
S&P Global Market Intelligence
Market structure
Oligopoly
Oligopoly
Market share
16.7% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
77 / 100
Moat domains
Supply, Demand
Demand, Supply, Legal, Network, Financial
Last update
2026-01-04
2025-12-21

Moat coverage

Shared moat types

Brand Trust

The Progressive Corporation strengths

Learning Curve YieldService Field NetworkSuite BundlingOperational Excellence

S&P Global Inc. strengths

Data Workflow LockinScope EconomiesRegulated Standards PipeDe Facto StandardCompliance AdvantageSwitching Costs GeneralEcosystem ComplementsBenchmark Pricing Power

Segment mix

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

S&P Global Inc. segments

Full profile >

S&P Global Market Intelligence

Oligopoly

32.6%

S&P Global Ratings

Oligopoly

29.6%

S&P Global Commodity Insights

Oligopoly

15.1%

S&P Global Mobility

Competitive

11.3%

S&P Dow Jones Indices

Oligopoly

11.4%

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.