PROG Holdings, Inc., a financial technology holding company, provides payment options to consumers in the United States. The company operates through two segments: Progressive Leasing and Four. It owns Progressive Leasing, an in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider; and Four, which enables consumers of all credit backgrounds to pay for purchases over time through short-term, interest-free instalment buy-now-pay-later …
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Competitive advantage assessment
Key strengths
Strong Interest Coverage & Conservative LeverageDebt serviceability is strong (score 0.92), with robust interest coverage.
ROIC Sustainably Above PeersROIC at 72.0th percentile exceeds peers and WACC, demonstrating superior capital allocation.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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PROG Holdings, Inc. ranks #9 of 28
scored companies in Rental & Leasing Services by moat score — the top 32%.
The widest moat in the group is Global Ship Lease Inc New (GSL)
at 79/100.
Moat scores for companies ranked near PRG in Rental & Leasing Services
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 41
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 71
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 69
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 85
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 41
· 15% of the moat score
Scale matters only when it converts into economics.
PROG Holdings, Inc. (PRG) scores 62 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #9 of 28 scored companies in Rental & Leasing Services, the top 32%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 27 companies in Rental & Leasing Services. Its strongest defense is Resilience (85/100) and its weakest is Cost Advantage (41/100).
How does PROG Holdings, Inc. compare with other Rental & Leasing Services companies?
PROG Holdings, Inc. ranks #9 of 28 scored companies in Rental & Leasing Services by moat score. The widest moat in Rental & Leasing Services is Global Ship Lease Inc New (GSL) at 79/100. The companies ranked closest are FTAI Aviation Ltd. - 9.500% Fix (FTAIM) at 62 just above it and Ryder System, Inc. (R) at 58 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 27 companies in Rental & Leasing Services. The defenses are then weighted to produce the overall score out of 100.
Why is PROG Holdings, Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for PROG Holdings, Inc.?
The Corporate Default template measures 6 defenses, and PRG scores: Pricing Power (60), Cost Advantage (41), Customer Stickiness (71), Capital Efficiency (69), Resilience (85), Scale & Market Position (41). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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