VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

The Progressive Corporation vs Thomson Reuters Corporation

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

Thomson Reuters Corporation

TRI · Toronto Stock Exchange

Market cap (USD)$80.2B
Gross margin (TTM)88.6%
Operating margin (TTM)33.9%
Net margin (TTM)23.8%
SectorIndustrials
IndustrySpecialty Business Services
CountryCA
Data as of2025-12-30
Moat score
84/ 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 Thomson Reuters Corporation's moat claims, evidence, and risks.

View TRI analysis

Comparison highlights

  • Moat score gap: Thomson Reuters Corporation leads (84 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: The Progressive Corporation has 2 segments (85% in Personal Lines); Thomson Reuters Corporation has 5 segments (40.1% in Legal Professionals).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: The Progressive Corporation has 5 moat types across 2 domains; Thomson Reuters Corporation has 4 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%

Thomson Reuters Corporation

Legal Professionals

Market

Legal research and legal workflow software

Geography

Global

Customer

Law firms, corporate legal departments, and governments

Role

Subscription software + proprietary legal content

Revenue share

40.1%

Side-by-side metrics

The Progressive Corporation
Thomson Reuters Corporation
Ticker / Exchange
PGR - New York Stock Exchange
TRI - Toronto Stock Exchange
Market cap (USD)
$124.8B
$80.2B
Gross margin (TTM)
26.3%
88.6%
Operating margin (TTM)
15.9%
33.9%
Net margin (TTM)
12.6%
23.8%
Sector
Financials
Industrials
Industry
Insurance - Property & Casualty
Specialty Business Services
HQ country
US
CA
Primary segment
Personal Lines
Legal Professionals
Market structure
Oligopoly
Duopoly
Market share
16.7% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
75 / 100
84 / 100
Moat domains
Supply, Demand
Demand, Legal, Supply
Last update
2026-01-04
2025-12-30

Moat coverage

Shared moat types

Brand Trust

The Progressive Corporation strengths

Learning Curve YieldService Field NetworkSuite BundlingOperational Excellence

Thomson Reuters Corporation strengths

Data Workflow LockinRegulated Standards PipeScale Economies Unit Cost

Segment mix

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Thomson Reuters Corporation segments

Full profile >

Legal Professionals

Duopoly

40.1%

Corporates

Oligopoly

25.3%

Tax & Accounting Professionals

Oligopoly

16%

Reuters News

Oligopoly

11.4%

Global Print

Competitive

7.1%

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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.