PROG Holdings, Inc.

PRG

$38.47

-0.72%

N/A-$0.28

Financial Services

Financial - Credit Services

NYSE

Active Trading

PROG Holdings, Inc. functions as a multi-channel financial services firm, specializing in lease-to-own programs for individuals with limited credit access or those ...

Supply Chain of PRG

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Consortium of Institutional Lenders (Credit Agreement)

Experian plc

Atlanticus Holdings Corporation

JPMorgan Chase Bank, N.A.

NYSE:JPM

Administrative Agent / Lead Lender — Senior Credit Facility & Warehouse Lines. Provides the revolving credit facility ($350M senior unsecured), term loan A ($125M), and warehouse facilities ($150M total commitments) that fund lease origination inventory.

Consortium of Institutional Lenders (Credit Agreement)

Syndicate of banks providing $350M senior unsecured credit facility (Nov 2020) and warehouse lines. Used to fund the purchase of merchandise from retailers when customers enter lease-to-own agreements.

Equifax Inc.

NYSE:EFX

Credit Bureau — Provides consumer credit data for soft-pull underwriting decisions on lease-to-own applications.

Experian plc

LON:EXPN

Credit Bureau — Provides consumer credit data for soft-pull underwriting decisions on lease-to-own applications.

TransUnion

NYSE:TRU

Credit Bureau — Provides consumer credit data for soft-pull underwriting decisions on lease-to-own applications.

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Walmart Inc.

Best Buy Co., Inc.

Lowe's Companies, Inc.

Amazon.com, Inc.

The Home Depot, Inc.

Bed Bath & Beyond, Inc. (formerly Beyond/Overstock)

Big Lots, Inc.

Signet Jewelers Limited (Kay Jewelers, Zales, Jared)

Walmart Inc.

NYSE:WMT

Major retail partner offering Progressive Leasing lease-to-own at thousands of Walmart store locations and Walmart.com for eligible merchandise (furniture, electronics, appliances, etc.).

Best Buy Co., Inc.

NYSE:BBY

Major retail partner offering Progressive Leasing in-store and online at BestBuy.com for electronics, home theater, appliances, and smart home products.

Lowe's Companies, Inc.

NYSE:LOW

Major retail partner offering Progressive Leasing for appliances and home improvement products in-store and online.

Amazon.com, Inc.

NASDAQ:AMZN

Online retail partner offering Progressive Leasing payment option at checkout for eligible merchandise on Amazon.

The Home Depot, Inc.

NYSE:HD

Retail partner offering Progressive Leasing for appliances and home improvement products.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Upbound Group, Inc.

Katapult Holdings, Inc.

Atlanticus Holdings Corporation

FlexShopper, Inc.

Upbound Group, Inc.

NASDAQ:UPBD

Closest public comparable — operates Rent-A-Center and Acima, the primary direct competitor in the virtual lease-to-own and rent-to-own space. Both serve subprime/near-prime consumers through retail partner networks.

Katapult Holdings, Inc.

NASDAQ:KPLT

Direct public competitor in the e-commerce lease-to-own space, offering similar point-of-sale lease solutions through 200+ retail partners without requiring credit history.

Atlanticus Holdings Corporation

NASDAQ:ATLC

FlexShopper, Inc.

OTC:FPAYQ

Smaller public competitor in the lease-to-own and virtual rent-to-own market, though currently trading OTC and may have limited liquidity.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

Walmart Inc.

Best Buy Co., Inc.

Lowe's Companies, Inc.

Amazon.com, Inc.

United States

Single-country operational concentration — 100% of revenue generated in the US. Not available in Wyoming, New Jersey, Wisconsin, Minnesota, or New York.

Walmart Inc.NYSE:WMTMajor retail partner — nationwide US presence

Best Buy Co., Inc.NYSE:BBYMajor retail partner — nationwide US presence

Lowe's Companies, Inc.NYSE:LOWMajor retail partner — nationwide US presence

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Progressive Leasing revenue is heavily concentrated with a small number of large national retail partners (Walmart, Best Buy, Lowe's, Amazon, Home Depot). A large percentage of Progressive Leasing's ~96% of consolidated revenue derives from these key partners. The loss of any major partner or a partner bankruptcy (as occurred with Big Lots in late 2024) would materially impact revenue and GMV.

Other

Critical

Progressive Leasing represents ~96% of total consolidated revenue, creating extreme business line concentration risk. The remaining segments (Four, MoneyApp, Build, Purchasing Power) are too small to offset a downturn in the core LTO business.

Other

High

The company relies on debt/warehouse credit facilities (led by JPMorgan Chase) to fund lease origination inventory. Any tightening of credit markets, covenant breach, or inability to refinance could severely constrain operations.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Progressive Leasing (Lease Revenues and Fees)

96.0%

$2.3B

Dominant segment driving virtually all upstream capital needs (debt/warehouse facilities to fund lease originations) and downstream retail partner relationships. GMV was ~$2.5B in FY2025. Revenue concentration risk as ~96% of total company revenue flows through this segment.

Other Segments (Four Technologies BNPL, MoneyApp, Build, Purchasing Power)

4.0%

$0.1B

Includes BNPL transaction fees, cash advance fees, credit-building subscriptions, and Purchasing Power employee purchase program fees. Less capital-intensive than Progressive Leasing; diversified revenue but currently small relative to the core LTO business.

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PROG Holdings, Inc.

Supply Chain of PRG

Upstream

JPMorgan Chase Bank, N.A.

Consortium of Institutional Lenders (Credit Agreement)

Equifax Inc.

Experian plc

TransUnion

Atlanticus Holdings Corporation

Downstream

Walmart Inc.

Best Buy Co., Inc.

Lowe's Companies, Inc.

Amazon.com, Inc.

The Home Depot, Inc.

Bed Bath & Beyond, Inc. (formerly Beyond/Overstock)

Big Lots, Inc.

Signet Jewelers Limited (Kay Jewelers, Zales, Jared)

View More

Proxies

Upbound Group, Inc.

Katapult Holdings, Inc.

Atlanticus Holdings Corporation

FlexShopper, Inc.

Geographic

United States

Supply Chain of PRG

Upstream

JPMorgan Chase Bank, N.A.

Consortium of Institutional Lenders (Credit Agreement)

Equifax Inc.

Experian plc

TransUnion

Atlanticus Holdings Corporation

Downstream

Walmart Inc.

Best Buy Co., Inc.

Lowe's Companies, Inc.

Amazon.com, Inc.

The Home Depot, Inc.

Bed Bath & Beyond, Inc. (formerly Beyond/Overstock)

Big Lots, Inc.

Signet Jewelers Limited (Kay Jewelers, Zales, Jared)

View More

Proxies

Upbound Group, Inc.

Katapult Holdings, Inc.

Atlanticus Holdings Corporation

FlexShopper, Inc.

Geographic

United States