VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

The Progressive Corporation vs Vulcan Materials Company

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

Vulcan Materials Company

VMC · New York Stock Exchange

Market cap (USD)$39.2B
Gross margin (TTM)28.2%
Operating margin (TTM)20.9%
Net margin (TTM)14.3%
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
73/ 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 Vulcan Materials Company's moat claims, evidence, and risks.

View VMC analysis

Comparison highlights

  • Moat score gap: The Progressive Corporation leads (75 / 100 vs 73 / 100 for Vulcan Materials Company).
  • Segment focus: The Progressive Corporation has 2 segments (85% in Personal Lines); Vulcan Materials Company has 3 segments (74.4% in Aggregates).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: The Progressive Corporation has 5 moat types across 2 domains; Vulcan Materials Company has 5 across 2.

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%

Vulcan Materials Company

Aggregates

Market

Construction aggregates (crushed stone, sand & gravel)

Geography

United States (local/regional markets)

Customer

Construction contractors and public infrastructure agencies

Role

Upstream raw materials producer

Revenue share

74.4%

Side-by-side metrics

The Progressive Corporation
Vulcan Materials Company
Ticker / Exchange
PGR - New York Stock Exchange
VMC - New York Stock Exchange
Market cap (USD)
$124.8B
$39.2B
Gross margin (TTM)
26.3%
28.2%
Operating margin (TTM)
15.9%
20.9%
Net margin (TTM)
12.6%
14.3%
Sector
Financials
Materials
Industry
Insurance - Property & Casualty
Construction Materials
HQ country
US
US
Primary segment
Personal Lines
Aggregates
Market structure
Oligopoly
Oligopoly
Market share
16.7% (reported)
8%-11% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
75 / 100
73 / 100
Moat domains
Supply, Demand
Legal, Supply
Last update
2026-01-04
2026-01-01

Moat coverage

Shared moat types

No overlap yet.

The Progressive Corporation strengths

Learning Curve YieldBrand TrustService Field NetworkSuite BundlingOperational Excellence

Vulcan Materials Company strengths

Permits Rights Of WayGeographic NaturalPhysical Network DensityScale Economies Unit CostSupply Chain Control

Segment mix

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Vulcan Materials Company segments

Full profile >

Aggregates

Oligopoly

74.4%

Asphalt

Competitive

16.8%

Concrete

Competitive

8.8%

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.