Progress Software Corp PRGS

Information TechnologySoftware & IT ServicesUnited States of America

Last close 44.88 USD on Nov 2, 2026, +4.5% year to date

Quant rating

Quant rating B Rank 92 of 389 in Information Technology

Growth C 157 of 389
Valuation A 12 of 389
Quality C 164 of 389
Revisions C 214 of 389
Momentum B 121 of 389

Wall Street consensus Strong Buy (1.43)Average target 54.41 USD +21.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 3.0B
52-week range: 23.84 – 47.21
3-year range: 23.84 – 69.89
Dividend yield: –
Beta (5 years): 0.86
Shares outstanding: 40.9M
Next earnings: Jan 18, 2027

About the company

Progress Software Corporation provides the context and control organizations need to extract value from artificial intelligence (AI) - context drawn from an organization's data, content and workflows, and control over the security, governance and cost of their AI initiatives. The Company provides software products that enable its customers to develop, deploy and manage responsible AI-powered applications and digital experiences. The Company's product categories include Trusted AI & Data, Application Platform, Digital Experience, DevOps, Infrastructure Management & Operations, AI-Enhanced UI Tools, and Document Collaboration and File Transfer. Its Trusted AI & Data products include Data Platform, Agentic RAG, MarkLogic, Semaphore, DataDirect and Corticon. Its Digital Experience products include Sitefinity, Telerik, Kendo UI, ShareFile, Podio and MOVEit. Its Infrastructure Management & Operations products include Flowmon, Kemp LoadMaster, WhatsUp Gold and Opsmith.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	978	753	694	602	531	–
Revenue growth	29.8%	8.5%	15.4%	13.3%	20.2%	17.2%
EPS (basic, normalized)	5.72	4.93	4.35	4.13	3.87	–
EPS growth	16.0%	13.3%	5.3%	6.7%	–	–
Gross margin	80.8%	82.7%	81.8%	84.3%	85.2%	83.0%
Net margin	7.5%	9.1%	10.1%	15.8%	14.8%	11.4%
ROE	15.9%	15.2%	16.4%	23.4%	20.7%	18.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	114
Current ratio	0.80x
Long-term debt (mil)	1,233
Net debt (mil)	1,119
Total equity (mil)	530
Net debt / equity	2.11x
Net debt / EBITDA	2.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	978	+29.8%	3.0x	397	+0.2%	7.4x	5.72	+16.0%	7.8x
2026	1,041	+6.5%	2.8x	474	+19.5%	6.2x	6.19	+8.2%	7.3x
2027	1,244	+19.5%	2.4x	520	+9.6%	5.7x	7.18	+16.0%	6.3x
2028	1,243	−0.1%	2.4x	598	+15.1%	4.9x	7.98	+11.2%	5.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,041	+0.3%	+4.4%	+4.7%	6.19	+0.1%	+0.5%	+3.5%
2027	1,244	+1.6%	+23.7%	+23.8%	7.18	0.0%	+14.0%	+18.4%
2028	1,243	−5.9%	+21.0%	+21.0%	7.98	0.0%	+26.5%	+29.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	175	179	215	238	237	250	253	248	253	246
Sales mean (mil)	168	176	211	236	238	240	253	246	243	247
Surprise	+4.0%	+1.6%	+1.8%	+1.0%	−0.1%	+4.0%	−0.1%	+0.6%	+4.4%	−0.5%
EPS reported	1.09	1.26	1.33	1.31	1.40	1.50	1.51	1.60	1.62	1.69
EPS mean	0.95	1.14	1.22	1.06	1.30	1.30	1.31	1.57	1.49	1.51
Surprise	+14.3%	+10.7%	+9.4%	+24.0%	+7.5%	+15.7%	+15.1%	+2.0%	+8.8%	+11.6%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PRGS Progress Software Corp	1.8B	2.82x	7.5%	3.47x	7.3x	6.3x	6.2x	5.7x
MSFT Microsoft Corporation	3.77T	0.22x	40.3%	8.00x	25.4x	21.2x	15.6x	12.5x
PLTR Palantir Technologies Inc.	428.6B	−4.08x	36.3%	43.84x	111.1x	76.4x	84.3x	54.9x
ORCL Oracle Corporation	361.4B	2.81x	26.6%	5.40x	14.6x	10.8x	8.8x	6.1x
PANW Palo Alto Networks, Inc.	287.9B	−0.31x	2.7%	10.43x	84.1x	72.1x	57.7x	49.7x
CRWD CrowdStrike Holdings, Inc.	247.6B	−3.19x	−3.4%	48.53x	192.6x	150.6x	134.1x	102.7x
Mean		−0.29x	18.3%	19.95x	72.5x	56.2x	51.1x	38.6x
Median		−0.05x	17.0%	9.22x	54.7x	46.6x	36.6x	31.1x

Technical analysis

1M+21.6%
3M+10.6%
1Y+5.3%
3Y−8.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Progress Software Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	978	753	694	602	531	442
Cost of revenue	188	130	127	94.5	78.4	62.1
Gross profit	790	623	568	508	453	380
Selling, general & administrative expenses	319	254	239	219	191	154
Research & development	192	146	132	115	103	88.6
Depreciation/amortization	104	65.3	66.4	46.9	32.0	20.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	21.2	33.2	19.3	−4.7	10.4	9.5
Other operating expenses	0	0	0	0	0	0
Operating income	153	124	111	132	116	108
Net interest income (expense)	−71.7	−29.7	−30.9	−14.9	−20.6	−11.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	81.6	94.3	79.7	117	95.5	96.6
Provision for taxes	8.5	25.8	9.5	22.2	17.1	16.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	73.1	68.4	70.2	95.1	78.4	79.7
Extraordinary items	–	–	–	–	–	–
Net income	73.1	68.4	70.2	95.1	78.4	79.7
EBIT, normalized	174	160	130	127	130	118
EBITDA, normalized	326	263	233	202	183	153
Basic EPS, normalized	5.72	4.93	4.35	4.13	3.87	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Progress Software Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	94.8	118	127	256	157	106
Receivables	242	198	156	127	126	109
Total inventory	–	–	–	5.0	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	62.8	52.5	48.0	37.7	54.8	24.0
Total current assets	400	369	331	426	338	239
Property, plant & equipment	39.5	44.6	33.9	32.5	39.6	60.5
Goodwill	1,309	1,292	832	671	671	492
Intangibles	584	724	354	217	287	213
Long-term investments	–	–	–	–	–	–
Note receivable	29.9	28.9	28.4	39.9	17.5	17.1
Other long-term assets	95.1	68.9	23.3	24.6	10.3	20.8
Total assets	2,458	2,527	1,603	1,411	1,364	1,042
Liabilities
Accounts payable	15.9	13.9	12.4	9.3	9.7	10.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	110	109	82.2	66.7	74.5	58.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	359	0	13.1	6.2	25.8	18.2
Other current liabilities	325	332	244	236	213	176
Total current liabilities	810	455	352	318	323	263
Long-term debt	1,041	1,526	711	612	535	364
Minority interest	–	–	–	–	–	–
Other liabilities	128	107	80.1	83.1	93.6	69.0
Total liabilities	1,979	2,088	1,143	1,013	951	696
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.4	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	384	354	371	332	354	306
Retained earnings (accumulated deficit)	127	120	121	102	90.3	72.5
Treasury stock	–	–	–	–	–	–
Other equity	−33.1	−36.2	−32.2	−35.2	−32.4	−32.8
Total equity	478	439	460	399	412	346
Total liabilities & shareholders' equity	2,458	2,527	1,603	1,411	1,364	1,042

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Progress Software Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	73.1	68.4	70.2	95.1	78.4	79.7
Depreciation, depletion & amortization	152	103	103	74.7	53.0	34.8
Deferred taxes	−23.4	−7.8	−28.6	−7.6	−0.9	−2.6
Non-cash items	86.3	62.5	52.6	37.0	48.6	32.4
Changes in working capital	−52.5	−14.8	−23.3	−7.0	−0.6	0.6
Cash from operations	235	211	174	192	179	145
Investing activities
Capital expenditures	−5.7	−5.2	−5.6	−6.1	−4.7	−6.5
Other investing cash flows	−21.2	−853	−355	28.1	−246	−201
Cash from investing	−26.9	−858	−360	22.0	−250	−207
Financing activities
Financing cash flow items	−21.4	−66.2	−12.4	−10.1	−49.1	−5.3
Cash dividends paid	−0.8	−31.5	−31.6	−31.1	−31.6	−29.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−216	738	95.1	−60.3	213	38.3
Cash from financing	−238	641	51.2	−101	132	3.1
Foreign exchange effects	6.8	−3.3	6.0	−11.9	−2.9	3.1
Net change in cash	−23.3	−8.9	−129	101	57.4	−56.3
Free cash flow	229	206	168	186	174	138

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.