PROG Holdings: Return To Growth

2026-05-15 05:32:30 ET

Investment Thesis

PROG Holdings, Inc. (PRG) is a buy as it remains undervalued while generating significant free-cash-flow [FCF] and predictably growing gross merchandise volume [GMV] and revenue through 2028. I have decided to write a follow-up article since PROG has changed significantly since my last article in November 2025. PROG has experienced the following changes:

1. Acquired Purchasing Power at the end of 2025.
2. Returned to GMV and revenue growth with management issuing growth guidance through 2028.
3. De-leveraged PROG’s balance sheet by paying off $210 million of recourse debt, which was used to partially fund the Purchasing Power acquisition.

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