Is PROG Holdings, Inc. overvalued or undervalued?

As of 14 November 2025, the valuation grade for PROG Holdings, Inc. moved from expensive to very expensive, indicating a significant deterioration in its valuation outlook. The company appears overvalued based on its current metrics, including a P/E ratio of 8, a Price to Book Value of 2.92, and an EV to EBIT of 9.22. In comparison to peers, SLM Corp. has a P/E of 23.91 and is considered fairly valued, while Nelnet, Inc. boasts a more attractive valuation with a P/E of 11.39.
Recent stock performance shows that PROG Holdings has underperformed relative to the S&P 500, with a year-to-date return of -34.38% compared to the index's 14.49%. This trend reinforces the notion that the stock is overvalued, particularly when considering its declining returns over multiple periods.