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Progress Software Corporation

PRGS Technology Software Infrastructure

Progress Software Corporation’s revenue for fiscal 2025 (year ended November 2025) was $977.8 million, up 29.8% from fiscal 2024.

Revenue
−1.52%
EPS
+22.2%
Free cash flow
+19.2%
Total debt
+16.2%

Quarter to August 2026, against a year earlier

43.41 1.18 −2.65%
Market cap
$1.8B
P/E
20.3×
Fwd P/E
36.0×
Dividend yield
0.00%
F-score
6/9
Altman Z
1.02
Beneish M
−2.56
Dividend safety
68/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 2.69
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 1 1 — 2 — 2 1 — 3 —
Insider Ownership 2.80%

Capital & Financial Ratios $m

Size
Market Cap 1,820.00
Revenue ttm 999.94
Net income ttm 92.41
Free cash flow ttm 319.15
Net debt Q 1,118.98
Valuation
P/E 20.35
Forward P/E 36.00 (above 35: high)
Price / sales 1.83
Forward P/S Powerpack
Price / FCF 5.73
Price / book 3.45
Financial health
Current ratio Q 0.80 (below 1: weak)
Debt / equity Q 2.33 (above 2: weak)
Interest coverage Q 2.75
Growth
Revenue growth Q −1.52% (below 0%: shrinking)
Operating income growth Q +6.10% (above 0%: growing)
EPS, this year +8.19%
EPS, next year A +15.97% (at or above 15%: strong)
Revenue, next year A +7.18%
EPS, past 5 yrs −1.16% (below 0%: weak)
EPS, next 5 yrs A +11.73%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 4.3×; over the ten years it ranged from 2.0× in 2026 to 6.0× in 2018.
P/E against its own 10 years 6.54%
10-year low 10-year high
P/S against its own 10 years 6.86%
10-year low 10-year high
P/B against its own 10 years 14.30%
10-year low 10-year high
EV/Sales against its own 10 years 9.53%
10-year low 10-year high
EV/FCF against its own 10 years 4.55%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
0.00%
Growth, 2017–25
−100.0%/yr
  1. 0.52 ’17
  2. 0.58 ’18 +12
  3. 0.63 ’19 +10
  4. 0.67 ’20 +6
  5. 0.70 ’21 +4
  6. 0.70 ’22 +0
  7. 0.70 ’23 +0
  8. 0.53 ’24 −25
  9. 0.00 ’25 −100
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 127 118 95 114
Receivables 156 198 242 169
Inventory — — — —
Other 48 52 63 47
331 369 400 330
2023 2024 2025 Q'26
Payables 12 14 16 10
ST’ Debt 13 — — —
Other — — — —
352 455 810 415

Compound Annual Growth %

10y 5y 3y
Sales 9.98% 17.20% 17.55%
Cash Flow 8.45% 10.18% 6.97%
Earnings 0.00% (1.71%) (8.37%)
Book Value (0.88%) 6.69% 6.28%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.49 Actual 1.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.31 1.51 Beat by 0.20
Q1 FY26 1.57 1.60 Beat by 0.03
Q2 FY26 1.49 1.62 Beat by 0.13
Q3 FY26 1.49 1.69 Beat by 0.20
Q4 FY26 1.27 — Reports 19 January 2027

EPS $

Feb May Aug Nov Year
’26 0.53 0.50 0.55 — —
’25 0.24 0.39 0.44 0.59 1.66
’24 0.51 0.37 0.65 0.03 1.54
’23 0.53 0.27 0.42 0.34 1.57
’22 0.46 0.66 0.50 0.54 2.15
’21 0.42 0.30 0.70 0.33 1.76
’20 0.46 0.37 0.53 0.39 1.76
Fiscal quarters ending in the months shown.

Revenue $m

Feb May Aug Nov Year
’26 248 253 246 — —
’25 238 237 250 253 978
’24 185 175 179 215 753
’23 164 178 175 177 694
’22 145 149 151 157 602
’21 121 122 147 140 531
’20 110 100 110 122 442
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Feb May Aug Nov Year
’26 99 79 88 — —
’25 69 30 73 63 235
’24 71 64 58 20 211
’23 47 48 46 33 174
’22 44 68 40 40 192
’21 45 55 35 44 179
’20 33 38 31 43 145
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Feb May Aug Nov Year
’26 96 77 86 — —
’25 68 30 72 60 229
’24 70 63 57 17 206
’23 46 46 45 31 168
’22 43 93 39 37 212
’21 44 54 35 42 174
’20 32 37 29 41 139
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Aug ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 405 389 379 413 442 531 602 694 753 978 1,000 +10.3% 1,048 1,280 1,287 +9.6%
Gross margin, % 83.79 82.23 82.33 81.79 85.95 85.23 84.30 81.77 82.68 80.82 82.23 (3.0) pt
EBT (35) 52 61 28 97 96 117 80 94 82 111 n/m
EBT margin, % (8.70) 13.48 16.04 6.89 21.86 17.98 19.48 11.47 12.51 8.35 11.09 +17.0 pt
Net income (56) 29 50 26 80 78 95 70 68 73 92 n/m
Per share, $
Per share, $ Revenue 8.19 8.09 8.32 9.23 9.85 12.10 13.85 15.98 17.41 22.74 24.35 +12.0%
Earnings (1.13) 0.60 1.09 0.59 1.78 1.79 2.19 1.62 1.58 1.70 2.19 n/m
Cash flow 2.08 2.20 2.66 2.87 3.23 4.07 4.42 4.00 4.89 5.47 7.99 +11.4%
Capex (0.12) (0.04) (0.16) 0.05 (0.13) (0.11) 0.46 (0.13) (0.12) (0.13) (0.22) +1.4%
Free cash flow 1.96 2.16 2.50 2.92 3.10 3.96 4.88 3.87 4.77 5.34 7.77 +11.8%
Book value 8.22 7.81 7.11 7.37 7.71 9.39 9.17 10.58 10.14 11.13 12.91 +3.4%
Shares, m 49 48 46 45 45 44 43 43 43 43 42 (1.5%)
Valuation, ×
Valuation, × P/E 0.00 69.26 29.73 70.91 22.66 27.07 24.35 33.25 43.23 24.68 20.35 34.5
P/S 3.61 5.11 4.23 4.46 4.07 4.00 3.85 3.37 3.92 1.84 1.83 3.8
P/B 3.60 5.29 4.94 5.58 5.20 5.16 5.82 5.09 6.74 3.77 3.45 5.1
EV/Sales 3.33 4.95 4.17 4.75 4.70 4.76 4.45 4.23 5.81 2.83 2.96 4.4
EV/FCF 13.89 18.56 13.83 15.03 14.91 14.55 12.64 17.45 21.23 12.05 9.29 15.4
Cash, $m
Cash, $m Operating cash flow 103 106 121 128 145 179 192 174 211 235 328 +9.6%
Capex (6) (2) (7) 2 (6) (5) 20 (6) (5) (6) (9) (0.2%)
Free cash flow 97 104 114 131 139 174 212 168 206 229 319 +10.0%
Balance, $m
Balance, $m Working capital 132 55 45 44 (24) 15 108 (21) (86) (410) (85) n/m
Net debt (115) (62) (23) 121 277 403 362 597 1,408 946 1,119 n/m
Shareholders’ equity 407 376 324 330 346 412 399 460 439 478 530 +1.8%
Returns, %
Returns, % ROA (6.83) 3.94 7.29 3.46 8.29 6.52 6.85 4.66 3.31 2.93 3.91 +9.8 pt
ROIC (6.36) 11.43 14.10 5.55 10.82 8.90 10.86 6.54 4.20 6.72 6.69 +13.1 pt
ROE (12.00) 7.42 14.19 8.07 23.58 20.68 23.45 16.36 15.23 15.95 18.34 +27.9 pt
People
People Employees 1,912 1,470 1,412 1,538 1,796 2,103 2,071 2,284 2,815 2,801 — +4.3%
Revenue/emp, $m 0.21 0.26 0.27 0.27 0.25 0.25 0.29 0.30 0.27 0.35 — +5.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Progress Software Corporation vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GCT GigaCloud Technology Inc. $2.3B 13.5× 12.7× +27.33% (above 0%: growing) +42.42% (above 0%: growing) −27.55% (below 0%: shrinking) 24.85% 13.94% Compare
EVTC Evertec, Inc. $2.0B 21.8× 19.4× +23.80% (above 0%: growing) +3.80% (above 0%: growing) +29.34% (above 0%: growing) 53.70% 17.89% Compare
MQ Marqeta, Inc. $1.9B 14.6× 66.4× +7.88% (above 0%: growing) n/m −77.59% (below 0%: shrinking) 69.30% 3.56% Compare
AI C3.ai, Inc. $1.8B — (loss-making) — (loss-making) −25.46% (below 0%: shrinking) n/m +106.02% (above 0%: growing) 31.83% (187.62%) Compare
PRGS Progress Software Corporation $1.8B 20.3× 36.0× −1.52% (below 0%: shrinking) +22.22% (above 0%: growing) +19.24% (above 0%: growing) 82.74% 18.92%
STNE StoneCo Ltd. $1.8B 3.0× 3.0× +14.89% (above 0%: growing) −2.63% (below 0%: shrinking) +2,108.82% (above 0%: growing) 68.05% 43.79% Compare
NYAX Nayax Ltd. $1.7B 214× 179× +28.25% (above 0%: growing) n/m −335.31% (below 0%: shrinking) 46.86% (5.42%) Compare
INFQ Infleqtion, Inc. $1.7B — (loss-making) — — n/m +914.79% (above 0%: growing) 16.01% (220.55%) Compare
ATEN A10 Networks, Inc. $1.6B 37.8× 39.0× +15.50% (above 0%: growing) −20.00% (below 0%: shrinking) +53.34% (above 0%: growing) 79.09% 11.26% Compare
Median of peers $1.8B 18.2× 29.2× +15.50% +0.58% +41.34% 50.28% 7.41%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.53m 6.96m 104.61
2024 10.37m 9.79m 172.27
2023 8.64m 9.25m 134.31
2022 6.90m 12.82m 132.97
2021 6.02m 13.09m 120.82

Ownership

Directors and executive officers, together 4.10%
BlackRock, Inc. 15.60%
The Vanguard Group, Inc. 13.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/PRGS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com