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Progress Software Corp (PRGS) stock

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NASDAQ: PRGS Nasdaq Application Software Next results ~December 21, 2026

C+ Fundamentals grade

Progress Software Corp is a US-listed company in the application software industry. Its financial year ends in November.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($158.29) is 3.60x the share price ($43.95) and 4.44x the median of our other models ($35.62); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($158.29) is 3.60x the share price ($43.95) and 4.44x the median of our other models ($35.62); the other models don't support a gap this wide. We'll show the comparison once resolved.

Progress Software Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Progress Software files

Where Progress Software stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $1000m, up 6.4% on a year earlier, slower than the 15.5% growth a quarter earlier. Free-cash-flow margin rose to 31.9% from 19.8% a year earlier. Operating margin widened to 17.7% from 14.5%. The diluted share count is down 4.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 6 financial-health checks.

Our model value for Progress Software is under review, so past values are not shown until it is resolved.

Source: 10-Q filed September 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 21, 2026 (estimated)

Progress Software Corp's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of 31.9%. Where it stands out: change in share count of -4.6% ranks 15 of 163 application software companies we cover. Where it lags: long-term debt as % of assets of 53.5% ranks 93 of 98 application software companies we cover.

Our discounted-cash-flow model values the business at ~$160 per share in the base case (~$110–$220 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 71.3% while net income grew 90.4%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.1 points on a year ago.
  • Strong cash generation. 31.9% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 15.0% over 90 days.

Things to watch

  • Growth slowing. The growth rate is 9.1 points lower than a quarter earlier.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 0.3 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 53.5% ranks 93 of 98 application software companies we cover (median 16.9%).
  • Heavily shorted. 16.8% of the shares available to trade are sold short (7.0 days of average volume to cover).

Latest results: FY2026 Q3

Filed September 30, 2026
Earnings per share
$1.69 against an average estimate of $1.54: beat by 9.7%
Revenue
$246m, down 1.5% on a year earlier
Share reaction
-7.3% in the first session after the results on September 30, 2026, against 0.0% for the S&P 500
Next report
September 30, 2026; average EPS estimate $1.28

Progress Software's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.6%
  • 1 week-3.1%
  • 1 month+21.6%
  • This year+4.5%
  • 1 year+5.3%
  • 5 years-10.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1000M
Operating margin
17.7%
Net margin
9.2%
EPS (TTM, diluted)
$2.18

Growth

Revenue growth
+6.4%
Change in growth rate
−9.1 pts
Share count change
−4.6%

Cash

Free cash flow (TTM)
$319M
FCF margin
31.9%
Stock pay % of revenue
7.2%

Earnings

Last results
September 30, 2026
Next results (est.)
December 21, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Deal
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Progress Software Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($158.29) is 3.60x the share price ($43.95) and 4.44x the median of our other models ($35.62); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Progress Software Corp's free cash flow after stock-based pay ( $254M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Progress Software Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$160 ~$110–$220 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$83–$170 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$36 ~$25–$51 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$35 ~$30–$43 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Progress Software Corp with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.30$26.36$37.44$32.31$39.22$38.08$46.72$52.17$53.33$68.41$41.41$44.88
Market value$1.1bn$1.3bn$1.8bn$1.5bn$1.8bn$1.7bn$2.1bn$2.3bn$2.4bn$3.0bn$1.8bn$1.9bn
+ Net debt (− = net cash)−$68m$2m−$10m$12m$143m$286m$472m$372m$604m$1.4bn$1.3bn$1.1bn
Enterprise value$1.0bn$1.3bn$1.8bn$1.5bn$1.9bn$2.0bn$2.6bn$2.7bn$3.0bn$4.5bn$3.1bn$3.0bn
Multiples
Price / sales 2.8x3.2x4.6x3.9x4.3x3.9x3.9x3.8x3.4x4.0x1.9x1.9x
Price / earnings ——62.6x30.0x67.4x21.7x26.6x24.3x33.9x44.4x24.9x20.6x
Price / free cash flow 11.0x13.4x17.8x13.1x14.3x12.5x12.0x12.4x14.1x14.7x7.9x6.0x
EV / EBITDA 41.6x—27.8x20.1x40.3x17.7x21.0x19.5x25.6x34.2x19.6x16.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Progress Software's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.1% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 82.5%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.6%; its worst year was -5.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 30.3% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 5.0% over five years; stock-based pay has been a median 5.8% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (78 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.20 +8% $1.0bn +7%
Next $7.18 +16% $1.3bn +22%

Next year's EPS estimate has moved +15.0% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 3 analysts raised Progress Software Corp's forecast and 0 cut it.

Consensus EPS forecast Progress Software Corp, last 90 days
$6.00 $6.50 $7.00 $7.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.13 Current fiscal year, 60 days ago: $6.12 Current fiscal year, 30 days ago: $6.12 Current fiscal year, 7 days ago: $6.24 Current fiscal year, Now: $6.20 $6.20 Next fiscal year, 90 days ago: $6.24 Next fiscal year, 60 days ago: $6.23 Next fiscal year, 30 days ago: $6.23 Next fiscal year, 7 days ago: $7.28 Next fiscal year, Now: $7.18 $7.18

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.13$6.24
60 days ago $6.12$6.23
30 days ago $6.12$6.23
7 days ago $6.24$7.28
Now $6.20$7.18

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $1.54 $1.69 +9.7%
May 2026 $1.49 $1.62 +8.9%
Feb 2026 $1.57 $1.60 +1.9%
Nov 2025 $1.31 $1.51 +15.0%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Progress Software Corp's revenue by +17.8% next year and +13.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+22.3%, weight 62%) and the company's own record (+10.2%, weight 38%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 2026415
  2. Sep 2026415
  3. Aug 202655
  4. Jul 202655

Counts of recommendations published by analysts covering Progress Software Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.8%
of tradable shares
Days to cover
7
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.3%
of shares
Employees
2,801
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +5.3%

$42.64 on October 31, 2025 to $44.88

ThenNowEffect
Revenue (last 12 months) $940m $1000m +6.4%
Net margin 5.2% 9.2% +79.0%
P/E multiple 39.1x 20.6x −47.2%
Share count 44m 42m +4.8%

Biggest factor: p/e multiple.

Last 3 years −11.0%

$50.41 on November 3, 2023 to $44.88

ThenNowEffect
Revenue (last 12 months) $675m $1000m +48.2%
Net margin 11.6% 9.2% −20.7%
P/E multiple 28.5x 20.6x −27.7%
Share count 44m 42m +4.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PRGS+8%+6%+9%+21%−34%+5%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PRGS58%58%67%50%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PRGS−18%−20%−19%−19%−40%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 64% from November 25, 2024 to April 1, 2026. Getting back needed a 179% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$25.09 – $46.45
From 52-week high
−3.4%
vs 50-day average
+7.3%
vs 200-day average
+22.2%
Volatility (1 year)
54%
Beta vs S&P 500
0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.9%
After a week
9 up, 3 down
typical move ±9.3%
After a month
8 up, 4 down
typical move ±13.2%
Results releasedNext dayS&P 500 next day5 days21 days
September 30, 2026 −7.3% 0.0% −5.7% +13.9%
July 22, 2026 −6.4% −1.3% +8.2% +9.5%
June 30, 2026 +15.7% +0.6% +11.6% +19.2%
March 30, 2026 −7.3% +2.6% +4.9% −1.5%
January 20, 2026 +6.5% −0.9% +3.9% −9.2%
September 29, 2025 +4.5% +0.7% +11.0% +9.0%
June 30, 2025 −12.9% +0.4% −17.3% −23.0%
March 31, 2025 +12.4% +1.0% +9.8% +16.7%
January 21, 2025 −9.0% +1.5% −11.1% −10.1%
September 24, 2024 +12.4% +0.1% +15.7% +14.0%
September 9, 2024 −0.1% +1.6% +0.9% +14.5%
June 25, 2024 +12.2% +0.5% +12.0% +17.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Progress Software Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Progress Software Corp
$600M $700M $800M $900M $1B $1.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $694.4M Revenue (TTM), FY24 Q1: $714.9M Revenue (TTM), FY24 Q2: $711.7M Revenue (TTM), FY24 Q3: $715.4M Revenue (TTM), FY24 Q4: $753.4M Revenue (TTM), FY25 Q1: $806.7M Revenue (TTM), FY25 Q2: $869M Revenue (TTM), FY25 Q3: $940.1M Revenue (TTM), FY25 Q4: $977.8M Revenue (TTM), FY26 Q1: $987.6M Revenue (TTM), FY26 Q2: $1B Revenue (TTM), FY26 Q3: $999.9M $999.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $694.4M
FY24 Q1 $714.9M
FY24 Q2 $711.7M
FY24 Q3 $715.4M
FY24 Q4 $753.4M
FY25 Q1 $806.7M
FY25 Q2 $869M
FY25 Q3 $940.1M
FY25 Q4 $977.8M
FY26 Q1 $987.6M
FY26 Q2 $1B
FY26 Q3 $999.9M
Revenue growth, TTM YoY Progress Software Corp
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 15.4% Revenue growth, TTM YoY, FY24 Q1: 15.1% Revenue growth, TTM YoY, FY24 Q2: 9.4% Revenue growth, TTM YoY, FY24 Q3: 6.1% Revenue growth, TTM YoY, FY24 Q4: 8.5% Revenue growth, TTM YoY, FY25 Q1: 12.8% Revenue growth, TTM YoY, FY25 Q2: 22.1% Revenue growth, TTM YoY, FY25 Q3: 31.4% Revenue growth, TTM YoY, FY25 Q4: 29.8% Revenue growth, TTM YoY, FY26 Q1: 22.4% Revenue growth, TTM YoY, FY26 Q2: 15.5% Revenue growth, TTM YoY, FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 15.4%
FY24 Q1 15.1%
FY24 Q2 9.4%
FY24 Q3 6.1%
FY24 Q4 8.5%
FY25 Q1 12.8%
FY25 Q2 22.1%
FY25 Q3 31.4%
FY25 Q4 29.8%
FY26 Q1 22.4%
FY26 Q2 15.5%
FY26 Q3 6.4%
Operating margin (TTM) Progress Software Corp
14% 15% 16% 17% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.9% Operating margin (TTM), FY24 Q1: 15.4% Operating margin (TTM), FY24 Q2: 16.0% Operating margin (TTM), FY24 Q3: 17.5% Operating margin (TTM), FY24 Q4: 16.5% Operating margin (TTM), FY25 Q1: 15.1% Operating margin (TTM), FY25 Q2: 15.3% Operating margin (TTM), FY25 Q3: 14.5% Operating margin (TTM), FY25 Q4: 15.7% Operating margin (TTM), FY26 Q1: 16.9% Operating margin (TTM), FY26 Q2: 17.3% Operating margin (TTM), FY26 Q3: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.9%
FY24 Q1 15.4%
FY24 Q2 16.0%
FY24 Q3 17.5%
FY24 Q4 16.5%
FY25 Q1 15.1%
FY25 Q2 15.3%
FY25 Q3 14.5%
FY25 Q4 15.7%
FY26 Q1 16.9%
FY26 Q2 17.3%
FY26 Q3 17.7%
FCF margin (TTM) Progress Software Corp
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 24.2% FCF margin (TTM), FY24 Q1: 26.9% FCF margin (TTM), FY24 Q2: 29.3% FCF margin (TTM), FY24 Q3: 30.8% FCF margin (TTM), FY24 Q4: 27.4% FCF margin (TTM), FY25 Q1: 25.3% FCF margin (TTM), FY25 Q2: 19.6% FCF margin (TTM), FY25 Q3: 19.8% FCF margin (TTM), FY25 Q4: 23.5% FCF margin (TTM), FY26 Q1: 26.1% FCF margin (TTM), FY26 Q2: 30.4% FCF margin (TTM), FY26 Q3: 31.9% 31.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 24.2%
FY24 Q1 26.9%
FY24 Q2 29.3%
FY24 Q3 30.8%
FY24 Q4 27.4%
FY25 Q1 25.3%
FY25 Q2 19.6%
FY25 Q3 19.8%
FY25 Q4 23.5%
FY26 Q1 26.1%
FY26 Q2 30.4%
FY26 Q3 31.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Progress Software took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $978M
  2. Cost of revenue $188M · 19.2%
  3. Gross profit $790M · 80.8%
  4. Research and development $192M · 19.7%
  5. Selling, general and admin $319M · 32.6%
  6. Other operating costs $125M · 12.8%
  7. Operating income $153M · 15.7%
  8. Income tax $8.5M · 0.9%
  9. Interest and other $71.7M · 7.3%
  10. Net income $73.1M · 7.5%

Shares of revenue. Source: Progress Software's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Nov 2010 2011 Nov 2011 2012 Nov 2012 2013 Nov 2013 2014 Nov 2014 2015 Nov 2015 2016 Nov 2016 2017 Nov 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Nov 2021 2022 Nov 2022 2023 Nov 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 494 352 334 318 334 333 378 405 398 379 413 442 531 602 694 753 978 1,000
Gross profit 401 310 297 281 299 298 314 340 320 312 338 380 453 508 568 623 790 822
EBITDA 63 102 118 77 74 91 24 −21 65 75 48 114 122 137 117 130 159 183
Operating income 51 91 109 68 64 81 15 −30 57 68 40 108 116 132 111 124 153 177
Net income 33 48 60 47 75 49 −9 −56 29 50 26 80 78 95 70 68 73 92
Diluted EPS $0.53 $0.73 $0.88 $0.74 $1.35 $0.96 −$0.17 −$1.13 $0.60 $1.08 $0.58 $1.76 $1.76 $2.15 $1.57 $1.54 $1.66 $2.18
Growth (year on year)
Revenue −4.2% −28.8% −5.1% −4.8% +5.2% −0.4% +13.5% +7.4% −1.9% −4.7% +9.1% +7.0% +20.2% +13.3% +15.4% +8.5% +29.8% +6.4%
EBITDA −16.0% +62.4% +14.8% −34.4% −4.0% +22.3% −73.3% −187.8% — +15.0% −36.2% +138.7% +6.8% +12.8% −14.8% +11.6% +22.3% +27.9%
Operating income −20.6% +78.9% +18.8% −37.6% −6.0% +26.7% −81.7% −301.4% — +18.0% −40.9% +168.8% +7.8% +13.8% −16.4% +12.2% +23.6% +29.5%
Net income −29.2% +46.8% +24.0% −20.4% +57.9% −34.0% −117.8% — — +71.2% −46.8% +202.0% −1.6% +21.2% −26.2% −2.5% +6.9% +90.4%
Diluted EPS −26.4% +37.7% +20.5% −15.9% +82.4% −28.9% −117.7% — — +80.0% −46.3% +203.4% 0.0% +22.2% −27.0% −1.9% +7.8% +99.5%
Margins
Gross margin 81.1% 88.3% 89.0% 88.6% 89.5% 89.7% 83.1% 83.8% 80.5% 82.3% 81.8% 86.0% 85.2% 84.3% 81.8% 82.7% 80.8% 82.2%
EBITDA margin 12.8% 29.1% 35.2% 24.3% 22.2% 27.2% 6.4% −5.2% 16.3% 19.7% 11.5% 25.7% 22.9% 22.8% 16.8% 17.3% 16.3% 18.3%
Operating margin 10.3% 26.0% 32.6% 21.3% 19.1% 24.3% 3.9% −7.3% 14.5% 17.9% 9.7% 24.4% 21.9% 21.9% 15.9% 16.5% 15.7% 17.7%
Net margin 6.6% 13.7% 17.9% 14.9% 22.4% 14.9% −2.3% −13.7% 7.3% 13.1% 6.4% 18.0% 14.8% 15.8% 10.1% 9.1% 7.5% 9.2%
Free-cash-flow margin 11.2% 24.6% 32.7% 30.3% 0.1% 30.0% 25.8% 23.9% 25.7% 30.1% 30.1% 31.3% 32.7% 30.9% 24.2% 27.4% 23.5% 31.9%
Cash flow
Cash from operations 63 96 126 104 5 108 105 103 106 121 128 145 179 192 174 211 235 328
Capital spending 7 10 17 8 4 8 7 6 3 7 4 7 5 6 6 5 6 9
Free cash flow 55 87 109 96 0 100 97 97 102 114 124 138 174 186 168 206 229 319
Stock-based pay 22 18 26 28 21 25 24 23 14 21 23 23 30 37 41 47 65 72
Free cash flow after stock pay 34 68 83 68 −21 75 73 75 88 94 101 115 144 149 128 160 165 247
Balance sheet
Cash 176 287 161 302 199 263 212 133 133 105 154 98 155 256 127 118 95 114
Total debt 1 1 0 — 0 0 144 135 124 118 297 384 627 628 731 1,540 1,400 1,233
Net debt (negative = net cash) −175 −286 −161 −302 −199 −263 −68 2 −10 12 143 286 472 372 604 1,422 1,306 1,119
Diluted shares 62m 66m 68m 64m 55m 51m 50m 49m 49m 46m 45m 45m 45m 44m 45m 44m 44m 42m
Returned to shareholders
Dividends — — — — — — 0 0 24 26 28 30 32 31 32 31 1 1
Buybacks 5 29 200 81 277 53 33 79 74 120 25 60 35 77 34 87 105 112
Total returned 5 29 200 81 277 53 33 79 98 146 53 90 67 108 66 118 106 113

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · August 31, 2026
What it owns · $2.3bn
Short-term assets $330mLonger-term assets $2.0bn
What it owes, and who funded it · $945m
Short-term liabilities $415mShareholders' equity $530m
  • Short-term assets cover short-term liabilities $330m of assets due within a year against $415m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $114m of cash against $1.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 233% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 167% to 233% over five years.
  • A year's operating cash flow covers at least 20% of debt $328m of operating cash flow against $1.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $177m against $65m of interest.

From Progress Software Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$112M
Dividends (TTM)
$500,000
Returned to shareholders
35%
of free cash flow
Buybacks, last 3 fiscal years
$226M
Diluted share count
−4.6%
year over year
Total shareholder yield
6.1%
dividends 0.0% + buybacks 6.1% of market value
Dividend payout ratio
1%
of net income paid out
R&D spending
19.5%
of revenue
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated PRGS YOU WK ALRM TTAN APPF Median
Revenue, last 12 months $1000m $1.0bn $966m $1.1bn $1.1bn $1.1bn $482m
Revenue growth, last 12 months 6.4% 19.8% 19.7% 8.7% 22.9% 20.0% 12.0%
Revenue growth, 3-year average 14.0% 23.9% 18.4% 7.3% — 23.8% 11.1%
Revenue growth, latest quarter −1.5% 26.6% 18.6% 9.2% 20.9% 18.6% 11.9%
Gross margin 82.2% — 80.2% 65.8% 71.1% 59.9% 69.2%
Operating margin 17.7% 25.1% 3.3% 12.8% −13.0% 18.8% 1.1%
Operating margin, 3-year average 16.5% 18.6% −5.6% 11.7% −21.4% 17.3% −0.8%
Net margin 9.2% 14.8% 4.9% 11.1% −12.1% 15.6% 2.1%
Cash from operations / revenue 32.8% 54.2% 20.9% 18.8% 13.2% 26.1% 18.2%
Free-cash-flow margin 31.9% 50.8% 20.7% 17.6% 12.8% 25.9% 15.0%
Free-cash-flow margin, 3-year average 27.5% 42.0% 14.2% 17.5% — 24.2% 16.2%
Stock pay / revenue 7.2% 4.3% 12.9% 2.9% 20.6% 6.8% 9.3%
Change in share count −4.6% — 1.7% −5.3% — −2.1% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 6.4% 12.0% 123 of 184
Change in growth rate Growth -9.1pp +0.2pp 165 of 184
Gross margin Profitability 82.2% 69.8% 26 of 160
Operating margin Profitability 17.7% 1.1% 37 of 181
Net margin Profitability 9.2% 2.1% 67 of 185
Free-cash-flow margin Cash generation 31.9% 15.2% 23 of 180
Stock pay as % of revenue Cash generation 7.2% 9.3% 66 of 177
Long-term debt as % of assets Balance sheet 53.5% 16.9% 93 of 98
Change in share count Balance sheet -4.6% 1.7% 15 of 163
Days sales outstanding Balance sheet 43 days 57 days 56 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 30, 2025
Products and services
Line of business Revenue Share YoY
Maintenance and Services $740M 75.7% ▲ 46.8%
Software Licenses $238M 24.3% ▼ 4.6%
Geography
Region Revenue Share YoY
United States $595M 60.9% ▲ 41.1%
EMEA $281M 28.7% ▲ 14.5%
Asia Pacific $51.5M 5.3% ▲ 26.1%
Canada $28.4M 2.9% ▲ 13.2%
Latin America $21.7M 2.2% ▲ 6.7%

From Progress Software Corp's 10-K filed January 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.6B
Institutions reporting
292
Shares held vs prior quarter
▲ 4.7%
Positions opened / closed
61 / 59

Top buyers and sellers, Q2 2026: 173 institutions bought and 141 sold ; the biggest buyer was Victory Capital Management Inc (+742K shares) and the biggest seller Boston Trust Walden Corp (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $254M 7.6M 16.3% ▲ 8.6%
Vanguard Portfolio Management LLC $129M 3.8M 8.3% ▲ 12.1%
State Street Corp $65.9M 2.0M 4.2% ▲ 11.4%
Vanguard Capital Management LLC $63.8M 1.9M 4.1% ▼ 1.5%
Victory Capital Management Inc $56.7M 1.7M 3.6% ▲ 78.3%
Arrowstreet Capital, Limited Partnership $42.8M 1.3M 2.8% ▲ 4.4%
LSV Asset Management $42.4M 1.3M 2.7% ▲ 27.7%
Goldman Sachs Group Inc $42.3M 1.3M 2.7% ▲ 93.3%
Manufacturers Life Insurance Company, The $40.8M 1.2M 2.6% ▲ 13.5%
Geode Capital Management, LLC $39.3M 1.2M 2.5% ▲ 7.8%
Dimensional Fund Advisors LP $36.1M 1.1M 2.3% ▼ 12.8%
AQR Capital Management LLC $35M 1.0M 2.3% ▲ 167.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Progress Software Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.7M 18 trades by 4 insiders · 100% under pre-set plans
Net ▼ $2.7M net selling
Insider Date Trade Shares Price Value
Jarrett Loren EVP/GM Digital Experience October 21, 2026 Sell pre-set plan 2,086 $43.47 $90,678
Folger Anthony Chief Financial Officer October 16, 2026 Sell pre-set plan 1,367 $40.69 $55,623
Folger Anthony Chief Financial Officer October 16, 2026 Sell pre-set plan 1,700 $40.09 $68,153
Wang Yufan Stephanie Chief Legal Officer October 5, 2026 Sell pre-set plan 1,245 $37.00 $46,065
Folger Anthony Chief Financial Officer August 14, 2026 Sell pre-set plan 2,000 $44.80 $89,600
Jarrett Loren EVP/GM Digital Experience July 29, 2026 Sell pre-set plan 1,784 $41.49 $74,018
Jarrett Loren EVP/GM Digital Experience July 29, 2026 Sell pre-set plan 9,963 $41.63 $414,760
Subramanian Sundar EVP/GM Infrastructure Mgmt July 1, 2026 Sell pre-set plan 10,597 $38.27 $405,547
Folger Anthony Chief Financial Officer May 19, 2026 Sell pre-set plan 400 $29.96 $11,984
Folger Anthony Chief Financial Officer May 19, 2026 Sell pre-set plan 4,074 $29.05 $118,350
Wang Yufan Stephanie Chief Legal Officer May 18, 2026 Sell pre-set plan 3,519 $29.04 $102,192
Wang Yufan Stephanie Chief Legal Officer May 18, 2026 Sell pre-set plan 1,500 $28.44 $42,660

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 9 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Progress Software Corp shares.

  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded August 31, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded March 16, 2026, filed April 3, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 21, 2026 estimated from the company's past filing pattern, not announced

  • September 30, 2026
  • July 22, 2026
  • June 30, 2026
  • March 30, 2026
  • January 20, 2026
  • September 29, 2025

Recent SEC filings

Data status

When each part of this page on Progress Software Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Progress Software Corp in brief

What does Progress Software Corp do?
Progress Software Corp is a US-listed company in the application software industry. Its financial year ends in November.
What is Progress Software Corp's stock ticker?
Progress Software Corp trades under the ticker PRGS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Progress Software Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Progress Software Corp reported revenue of $1000M, 6.4% higher than a year earlier, according to its SEC filings.
What is Progress Software Corp's free cash flow?
Progress Software Corp's free-cash-flow margin is 31.9% of revenue over the trailing twelve months, ranking 23 of the 180 application software companies we cover.
Who are Progress Software Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Progress Software Corp buying back stock, and does it pay a dividend?
Progress Software Corp spent $112M on share repurchases over the trailing twelve months, and its diluted share count fell 4.6% over the year.
What is Progress Software Corp's market cap?
On November 2, 2026, Progress Software Corp's market capitalisation was about $1.9B, with a price-to-earnings ratio of 20.6 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Progress Software Corp pay a dividend?
Yes: Progress Software Corp paid $500,000 in dividends over the trailing twelve months, a dividend yield of 0.03% and a payout ratio of 0.5%.
How much debt does Progress Software Corp have?
Progress Software Corp's debt-to-equity ratio is 232.6%, from its latest balance sheet (167.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Progress Software Corp's competitors?
In our Application Software peer group, the companies closest to Progress Software Corp are Clear Secure, Inc., Workiva Inc, Alarm.com Holdings, Inc., Servicetitan, Inc. and Appfolio Inc. The side-by-side comparison below sets their revenue, margins and growth against Progress Software Corp's.
Are insiders buying or selling Progress Software Corp stock?
Over the last 12 months, Progress Software Corp's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Progress Software Corp's next earnings date?
Around December 21, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Progress Software Corp announces its own schedule.