Is PROG Holdings, Inc. overvalued or undervalued?

As of 14 November 2025, the valuation grade for PROG Holdings, Inc. has moved from expensive to very expensive, indicating a significant deterioration in its valuation outlook. The company is overvalued based on its current metrics, with a P/E ratio of 8, a Price to Book Value of 2.92, and an EV to EBITDA ratio of 1.19. In comparison to peers, SLM Corp. has a fair P/E of 23.91, while Nelnet, Inc. stands out with a very attractive P/E of 11.39, highlighting the relative overvaluation of PROG Holdings.
The stock has underperformed against the S&P 500, with a year-to-date return of -34.38% compared to the index's 14.49%, and a one-year return of -41.98% against 13.19% for the S&P 500. This further reinforces the notion that PROG Holdings, Inc. is not only overvalued but also struggling in the current market environment.