ForgeRock, Inc. (FORG) vs Progress Software Corporation (PRGS)

ForgeRock, Inc. and Progress Software Corporation are both Software Infrastructure companies. ForgeRock, Inc. is the larger, with a market value of $2.0B against $1.7B — 1.2× the size. ForgeRock, Inc. has negative trailing earnings, so its P/E is not meaningful; Progress Software Corporation trades at 18.6×. ForgeRock, Inc. grew revenue faster over the last twelve months: 29.4% against 6.36%. Progress Software Corporation has the higher net margin (9.24% vs −33.6%) and the higher return on invested capital (6.69% vs −761.8%). Across the 17 metrics below, Progress Software Corporation leads on 13 and ForgeRock, Inc. on 4.

Valuation

Metric FORG PRGS Software Infrastructure median
P/E n/m 18.61 28.38
P/S 8.47 1.68 2.98
P/B 7.13 3.16 2.93
Price to free cash flow n/m 5.25 16.28
EV/EBITDA n/m 8.56 13.92
EV/Sales 7.31 2.81 2.90
Earnings yield (4.01%) 5.37% 0.14%
Free cash flow yield (1.96%) 19.03% 1.24%

Profitability

Metric FORG PRGS Software Infrastructure median
Gross margin 80.91% 82.23% 61.00%
Operating margin (34.48%) 17.66% 0.00%
Net margin (33.58%) 9.24% 0.00%
Free cash flow margin (16.63%) 31.92% 1.67%
Return on equity (27.00%) 18.34% 0.60%
Return on assets (17.76%) 3.91% 0.00%
Return on invested capital (761.80%) 6.69% 0.00%

Growth

Metric FORG PRGS Software Infrastructure median
Revenue growth (TTM) 29.41% 6.36% 13.41%
EPS growth (last fiscal year) 31.58% 7.79% 27.10%
Revenue growth, 5-year CAGR — 17.20% 15.57%
Net income growth, 5-year CAGR — (1.71%) 0.00%

Health

Metric FORG PRGS Software Infrastructure median
Debt to equity 0.14 2.33 0.05
Current ratio 3.61 0.80 1.55
Net debt to EBITDA 6.04 3.04 0.08

Dividend

Metric FORG PRGS Software Infrastructure median
Dividend yield — 0.00% 1.20%
Payout ratio — 0.00 0.29

Size

Metric FORG PRGS Software Infrastructure median
Market cap 1.95b 1.67b 752.37m

Compare with another peer

Any metric, up to five companies and an Excel export Powerpack