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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. In the quarter to August 2026, revenue fell 1.52%, EPS grew 23.3%, free cash flow grew 19.2% and total debt rose 16.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.

40.84 0.03 −0.07%
Market cap
$1.7B
P/E
18.6×
Fwd P/E
18.0×
Dividend yield
0.00%
F-score
6/9
Altman Z
1.02
Beneish M
−2.56
Dividend safety
68/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 2.48
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — 1 1 1 — 2 — 2 1 — 1
Insider Ownership 2.80%

Capital & Financial Ratios $m

Market Cap 1,670.00
Revenue 999.94
Net Income 92.41
Free Cash Flow 319.15
Net Debt 1,118.98
Current Ratio 0.80 (below 1: weak)
Debt/Equity 2.33 (above 2: weak)
P/E ratio 18.61
Fwd P/E 18.00
P/S ratio 1.68
P/B ratio 3.16
Past 5Y EPS Growth (1.16%) (below 0%: weak)
This Y EPS Growth 8.19%
Next Y EPS Growth 15.97% (at or above 15%: strong)
Next Y revenue growth 7.18%
Next 5Y EPS Growth 11.73%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, 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 4.80%
10-year low 10-year high
P/S against its own 10 years 4.61%
10-year low 10-year high
P/B against its own 10 years 12.38%
10-year low 10-year high
EV/Sales against its own 10 years 5.31%
10-year low 10-year high
EV/FCF against its own 10 years 3.46%
10-year low 10-year high

Dividends

Payout Ratio 0.00
Annual Dividend Rate 0.00
Annual Dividend Yield 0.00%
total individual payouts
2027 Powerpack
2026 Powerpack
2025 Powerpack
2024 0.53
0.18
0.18
0.18
2023 0.70
0.18
0.18
0.18
0.18
2022 0.70
0.18
0.18
0.18
0.18
2021 0.70
0.18
0.18
0.18
0.18
2020 0.67
0.17
0.17
0.17
0.18
2019 0.63
0.16
0.16
0.16
0.17
2018 0.58
0.14
0.14
0.14
0.16
2017 0.52
0.13
0.13
0.13
0.14
2016 0.13
0.13
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 22.01 27.16 30.23 31.83 28.09 39.91 40.33 49.02 48.00 39.00

Analyst estimates 2026–2028

Powerpack
High 32.47 43.12 53.60 47.60 52.50 53.99 54.23 62.34 70.56 65.73
People
People Employees 1,912 1,470 1,412 1,538 1,796 2,103 2,071 2,284 2,815 2,801
Revenue/emp, $m 0.21 0.26 0.27 0.27 0.25 0.25 0.29 0.30 0.27 0.35
Income, $m
Income, $m Revenue 405 389 379 413 442 531 602 694 753 978
Gross margin, % 83.79 82.23 82.33 81.79 85.95 85.23 84.30 81.77 82.68 80.82
EBT (35) 52 61 28 97 96 117 80 94 82
EBT margin, % (8.70) 13.48 16.04 6.89 21.86 17.98 19.48 11.47 12.51 8.35
Net income (56) 29 50 26 80 78 95 70 68 73
Depreciation 136 43 45 81 35 61 77 105 107 158
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
Earnings (1.13) 0.60 1.09 0.59 1.78 1.79 2.19 1.62 1.58 1.70
Cash flow 2.08 2.20 2.66 2.87 3.23 4.07 4.42 4.00 4.89 5.47
Capex (0.12) (0.04) (0.16) 0.05 (0.13) (0.11) 0.46 (0.13) (0.12) (0.13)
Free cash flow 1.96 2.16 2.50 2.92 3.10 3.96 4.88 3.87 4.77 5.34
Book value 8.22 7.81 7.11 7.37 7.71 9.39 9.17 10.58 10.14 11.13
Shares, m 49 48 46 45 45 44 43 43 43 43
Valuation, ×
Valuation, × P/E 0.00 69.26 29.73 70.91 22.66 27.07 24.35 33.25 43.23 24.68
P/S 3.61 5.11 4.23 4.46 4.07 4.00 3.85 3.37 3.92 1.84
P/B 3.60 5.29 4.94 5.58 5.20 5.16 5.82 5.09 6.74 3.77
EV/Sales 3.33 4.95 4.17 4.75 4.70 4.76 4.45 4.23 5.81 2.83
EV/FCF 13.89 18.56 13.83 15.03 14.91 14.55 12.64 17.45 21.23 12.05
Cash, $m
Cash, $m Operating cash flow 103 106 121 128 145 179 192 174 211 235
Capex (6) (2) (7) 2 (6) (5) 20 (6) (5) (6)
Free cash flow 97 104 114 131 139 174 212 168 206 229
Balance, $m
Balance, $m Working capital 132 55 45 44 (24) 15 108 (21) (86) (410)
Total debt 135 122 116 295 383 560 618 724 1,526 1,041
Net debt (115) (62) (23) 121 277 403 362 597 1,408 946
Shareholders’ equity 407 376 324 330 346 412 399 460 439 478
Returns, %
Returns, % ROA (6.83) 3.94 7.29 3.46 8.29 6.52 6.85 4.66 3.31 2.93
ROIC (6.36) 11.43 14.10 5.55 10.82 8.90 10.86 6.54 4.20 6.72
ROE (12.00) 7.42 14.19 8.07 23.58 20.68 23.45 16.36 15.23 15.95
Negative figures in brackets.

All 10 years →

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

Charts ten years each

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
AI C3.ai, Inc. $2.0B — (loss-making) — (loss-making) −25.46% (below 0%: shrinking) n/m +106.02% (above 0%: growing) 31.83% (187.62%) Compare
FORG ForgeRock, Inc. $2.0B — (loss-making) — (loss-making) +22.25% (above 0%: growing) n/m +28.02% (above 0%: growing) 77.49% (51.61%) Compare
EVTC Evertec, Inc. $1.9B 20.3× 10.0× +19.69% (above 0%: growing) −85.71% (below 0%: shrinking) +20.64% (above 0%: growing) 54.79% 19.39% Compare
ATEN A10 Networks, Inc. $1.8B 40.8× 41.0× +15.50% (above 0%: growing) −20.00% (below 0%: shrinking) +53.34% (above 0%: growing) 79.09% 11.26% Compare
NN NextNav Inc. $1.8B — (loss-making) — (loss-making) −4.33% (below 0%: shrinking) n/m −33.14% (below 0%: shrinking) (78.70%) (1,760.78%) Compare
PRGS Progress Software Corporation $1.7B 18.6× 18.0× −1.52% (below 0%: shrinking) +23.27% (above 0%: growing) +19.24% (above 0%: growing) 82.74% 18.92%
NYAX Nayax Ltd. $1.7B 209× 85.0× +28.25% (above 0%: growing) n/m −335.31% (below 0%: shrinking) 46.86% (5.42%) Compare
BAND Bandwidth Inc. $1.6B 722× 157× +22.16% (above 0%: growing) n/m −7.38% (below 0%: shrinking) 35.72% (2.07%) Compare
PGY Pagaya Technologies Ltd. $1.5B 11.5× 10.5× +18.58% (above 0%: growing) +165.00% (above 0%: growing) +33.06% (above 0%: growing) 43.49% 27.34% Compare
Median of peers $1.8B 40.8× 41.0× +19.14% −20.00% +24.33% 45.18% (3.74%)

All 173 Software Infrastructure stocks →

Progress Software Corporation (PRGS) key facts

  • Strength: Progress Software Corporation’s revenue for fiscal 2025 (year ended November 2025) was $977.8 million, up 29.8% from fiscal 2024.
  • Progress Software Corporation (PRGS) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, PRGS traded at $40.84, a market capitalization of $1.7 billion.
  • Progress Software Corporation does not currently pay a dividend.
  • Return on equity was 16.0% and debt-to-equity 2.33.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.02 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 2, 2026.

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