VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

The Progressive Corporation vs Teradyne, 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

Teradyne, Inc.

TER · Nasdaq Stock Market

Market cap (USD)$35.3B
Gross margin (TTM)58.9%
Operating margin (TTM)17.9%
Net margin (TTM)15.5%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-23
Moat score
79/ 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 Teradyne, Inc.'s moat claims, evidence, and risks.

View TER analysis

Comparison highlights

  • Moat score gap: Teradyne, Inc. leads (79 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: The Progressive Corporation has 2 segments (85% in Personal Lines); Teradyne, Inc. has 3 segments (77.9% in Semiconductor Test).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: The Progressive Corporation has 5 moat types across 2 domains; Teradyne, Inc. has 6 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%

Teradyne, Inc.

Semiconductor Test

Market

Semiconductor automated test equipment (ATE) and system-level test (SLT)

Geography

Global

Customer

IDMs, foundries, fabless, OSATs

Role

Capital equipment supplier

Revenue share

77.9%

Side-by-side metrics

The Progressive Corporation
Teradyne, Inc.
Ticker / Exchange
PGR - New York Stock Exchange
TER - Nasdaq Stock Market
Market cap (USD)
$124.8B
$35.3B
Gross margin (TTM)
26.3%
58.9%
Operating margin (TTM)
15.9%
17.9%
Net margin (TTM)
12.6%
15.5%
Sector
Financials
Technology
Industry
Insurance - Property & Casualty
Semiconductors
HQ country
US
US
Primary segment
Personal Lines
Semiconductor Test
Market structure
Oligopoly
Duopoly
Market share
16.7% (reported)
27%-30% (implied)
HHI estimate
n/a
3,565
Pricing power
Moderate
Moderate
Moat score
75 / 100
79 / 100
Moat domains
Supply, Demand
Demand, Supply, Network
Last update
2026-01-04
2025-12-23

Moat coverage

Shared moat types

Brand Trust

The Progressive Corporation strengths

Learning Curve YieldService Field NetworkSuite BundlingOperational Excellence

Teradyne, Inc. strengths

Format Lock InCapex Knowhow ScaleDesign In QualificationSwitching Costs GeneralEcosystem Complements

Segment mix

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Teradyne, Inc. segments

Full profile >

Semiconductor Test

Duopoly

77.9%

Product Test

Competitive

11.7%

Robotics

Competitive

10.4%

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.