A Business at a Glance
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PROGRESS SOFTWARE CORP /MA
PRGS
$1.7B
Mkt Cap
$37.85
+2.52%
PROGRESS SOFTWARE CORP /MA (PRGS) has a current P/E ratio of 22.8, compared to its historical median P/E of 29.2. The stock is currently considered Fair based on its historical valuation range.
PROGRESS SOFTWARE CORP /MA (PRGS) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
PROGRESS SOFTWARE CORP /MA (PRGS) has a market capitalization of $1.6B. It is classified as a small-cap stock.
Yes, PROGRESS SOFTWARE CORP /MA (PRGS) pays a dividend with a trailing twelve-month yield of 0.04%. The company also returns capital through share buybacks, with a buyback yield of 5.99%.
Based on historical P/E analysis, PROGRESS SOFTWARE CORP /MA (PRGS) appears fair. The current P/E of 22.8 is 22% below its historical median of 29.2. The estimated fair value CAGR (P/E method) is 7.2%.
PROGRESS SOFTWARE CORP /MA (PRGS) operates in the Services-Prepackaged Software industry, within the Technology sector.
PROGRESS SOFTWARE CORP /MA (PRGS) reported annual revenue of $978 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides software products that enable our customers to develop, deploy, and manage responsible AI-powered applications and digital experiences with agility and ease. We operate in North America, Latin America, Europe, the Middle East and Africa ("EMEA"), and Asia and Australia ("Asia Pacific"), through local subsidiaries as well as independent distributors. A key element of our strategy is centered on the goal of building and maintaining leading products and tools organizations need to build, deploy, and manage modern, strategic business applications. We offer our products and tools to both new customers and partners, as well as our existing partner and customer ecosystems.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 988M | 978M | 753M | 694M | 602M | 531M |
| Net Income | 85M | 73M | 68M | 70M | 95M | 78M |
| EPS | $2.00 | $1.66 | $1.54 | $1.57 | $2.15 | $1.76 |
| Free Cash Flow | 258M | 229M | 206M | 168M | 186M | 174M |
| ROIC | 8.4% | 7.5% | 6.1% | 10.6% | 13.4% | 13.0% |
| Gross Margin | 81.2% | 47.0% | 48.9% | 47.9% | 54.9% | 54.5% |
| Debt/Equity | 2.69 | 2.99 | 3.56 | 1.63 | 1.61 | 1.43 |
| Dividends/Share | $0.01 | $0.02 | $0.53 | $0.70 | $0.70 | $0.70 |
| Operating Income | 167M | 153M | 124M | 111M | 132M | 116M |
| Operating Margin | 16.9% | 15.7% | 16.5% | 15.9% | 21.9% | 21.9% |
| ROE | 17.0% | 15.9% | 15.2% | 16.4% | 23.4% | 20.7% |
| Shares Outstanding | 42M | 44M | 44M | 45M | 44M | 45M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 333M | 378M | 405M | 398M | 379M | 413M | 442M | 531M | 602M | 694M | 753M | 978M | 988M |
| Gross Margin | 58.8% | 45.0% | 27.8% | 47.1% | 53.2% | 45.5% | 57.8% | 54.5% | 54.9% | 47.9% | 48.9% | 47.0% | 81.2% |
| R&D | 59M | 87M | 89M | 77M | 80M | 89M | 89M | 103M | 115M | 132M | 146M | 192M | 196M |
| SG&A | 48M | 57M | 47M | 46M | 49M | 53M | 54M | 65M | 78M | 83M | 90M | 108M | 109M |
| EBIT | 81M | 15M | -30M | 57M | 68M | 40M | 108M | 116M | 132M | 111M | 124M | 153M | 167M |
| Op. Margin | 24.3% | 3.9% | -7.3% | 14.5% | 17.9% | 9.7% | 24.4% | 21.9% | 21.9% | 15.9% | 16.5% | 15.7% | 16.9% |
| Net Income | 49M | -8.8M | -56M | 29M | 50M | 26M | 80M | 78M | 95M | 70M | 68M | 73M | 85M |
| Net Margin | 14.9% | -2.3% | -13.7% | 7.3% | 13.1% | 6.4% | 18.0% | 14.8% | 15.8% | 10.1% | 9.1% | 7.5% | 8.6% |
| Non-Recurring | 2.2M | 13M | 93M | 22M | 1.9M | 6.0M | 5.9M | 6.3M | 12M | 8.4M | 10M | 13M | 6.8M |
| Returns on Capital | |||||||||||||
| ROIC | 18.9% | 2.6% | -9.1% | 10.3% | 16.1% | 9.5% | 16.6% | 13.0% | 13.4% | 10.6% | 6.1% | 7.5% | 8.4% |
| ROE | 9.4% | -1.7% | -11.5% | 6.9% | 13.6% | 8.1% | 23.6% | 20.7% | 23.4% | 16.4% | 15.2% | 15.9% | 17.0% |
| ROA | 7.1% | -1.1% | -6.8% | 3.9% | 7.3% | 3.5% | 8.3% | 6.5% | 6.9% | 4.7% | 3.3% | 2.9% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 108M | 105M | 103M | 106M | 121M | 128M | 145M | 179M | 192M | 174M | 211M | 235M | 265M |
| Free Cash Flow | 100M | 97M | 97M | 102M | 114M | 124M | 138M | 174M | 186M | 168M | 206M | 229M | 258M |
| Owner Earnings | 73M | 71M | 72M | 84M | 94M | 98M | 115M | 143M | 150M | 127M | 158M | 164M | 190M |
| CapEx | 8.0M | 7.2M | 5.8M | 3.4M | 7.3M | 4.0M | 6.5M | 4.7M | 6.1M | 5.6M | 5.2M | 5.7M | 7.1M |
| Maint. CapEx | 9.8M | 9.4M | 8.5M | 7.5M | 6.9M | 7.6M | 6.1M | 5.5M | 5.0M | 6.3M | 6.4M | 6.2M | 6.1M |
| Growth CapEx | 0 | 0 | 0 | 0 | 350K | 0 | 417K | 0 | 1.1M | 0 | 0 | 0 | 1.0M |
| D&A | 9.8M | 9.4M | 8.5M | 7.5M | 6.9M | 7.6M | 6.1M | 5.5M | 5.0M | 6.3M | 6.4M | 6.2M | 6.1M |
| CapEx/OCF | 7.4% | 6.9% | 5.6% | 3.2% | 6.0% | 3.1% | 4.5% | 2.6% | 3.2% | 3.2% | 2.5% | 2.4% | 2.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 24M | 26M | 28M | 30M | 32M | 31M | 32M | 31M | 786K | 631K |
| Dividend Yield | N/A | N/A | N/A | 1.7% | 1.5% | 1.7% | 1.8% | 1.6% | 1.5% | 1.3% | 1.3% | 0.0% | 0.0% |
| Share Buybacks | 53M | 33M | 79M | 74M | 120M | 25M | 60M | 35M | 77M | 34M | 87M | 105M | 95M |
| Buyback Yield | 4.5% | 2.9% | 6.1% | 4.0% | 8.3% | 1.4% | 3.4% | 1.7% | 3.4% | 1.4% | 2.9% | 5.8% | 6.0% |
| Stock-Based Comp | 25M | 24M | 23M | 14M | 21M | 23M | 23M | 30M | 37M | 41M | 47M | 65M | 69M |
| Debt Repayment | 0 | 5.6M | 9.4M | 11M | 6.2M | 5.3M | 11M | 117M | 6.9M | 6.9M | 261M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -283M | -97M | -115M | -62M | -23M | 121M | 277M | 434M | 384M | 620M | 1.4B | 1.3B | 1.2B |
| Cash & Equiv. | 263M | 212M | 207M | 133M | 105M | 154M | 98M | 155M | 256M | 127M | 118M | 95M | 113M |
| Long-Term Debt | 0 | 135M | 120M | 116M | 110M | 284M | 364M | 535M | 612M | 711M | 1.5B | 1.0B | 982M |
| Debt/Equity | 0.00 | 0.28 | 0.30 | 0.30 | 0.36 | 0.89 | 1.11 | 1.43 | 1.61 | 1.63 | 3.56 | 2.99 | 2.69 |
| Interest Coverage | 141.2 | 3.9 | -7.1 | 12.4 | 13.2 | 4.0 | 10.6 | 5.8 | 8.4 | 3.6 | 3.9 | 2.2 | 2.5 |
| Equity | 543M | 522M | 443M | 404M | 324M | 330M | 346M | 412M | 399M | 460M | 439M | 478M | 499M |
| Total Assets | 703M | 877M | 755M | 719M | 644M | 881M | 1.0B | 1.4B | 1.4B | 1.6B | 2.5B | 2.5B | 2.4B |
| Total Liabilities | 160M | 355M | 312M | 314M | 320M | 551M | 696M | 951M | 1.0B | 1.1B | 2.1B | 2.0B | -31M |
| Intangibles | 21M | 114M | 81M | 95M | 59M | 99M | 213M | 287M | 217M | 354M | 724M | 584M | 550M |
| Retained Earnings | 347M | 319M | 196M | 145M | 85M | 64M | 73M | 90M | 102M | 121M | 120M | 127M | 133M |
| Working Capital | 222M | 123M | 132M | 55M | 45M | 44M | -24M | 15M | 108M | -21M | -86M | -410M | -418M |
| Current Assets | 376M | 323M | 336M | 263M | 232M | 285M | 239M | 338M | 426M | 331M | 369M | 400M | 370M |
| Current Liabilities | 153M | 200M | 204M | 208M | 186M | 241M | 263M | 323M | 318M | 352M | 455M | 810M | 788M |
| Per Share Data | |||||||||||||
| EPS | 0.96 | -0.17 | -1.13 | 0.60 | 1.08 | 0.58 | 1.76 | 1.76 | 2.15 | 1.57 | 1.54 | 1.66 | 2.00 |
| Owner EPS | 1.42 | 1.37 | 1.46 | 1.74 | 2.04 | 2.14 | 2.54 | 3.22 | 3.39 | 2.84 | 3.56 | 3.73 | 4.52 |
| Book Value | 10.54 | 10.09 | 8.98 | 8.36 | 7.04 | 7.26 | 7.64 | 9.26 | 9.01 | 10.28 | 9.87 | 10.86 | 11.86 |
| Cash Flow/Share | 2.09 | 2.02 | 2.09 | 2.19 | 2.64 | 2.82 | 3.20 | 4.01 | 4.35 | 3.89 | 4.76 | 5.34 | 2.16 |
| Dividends/Share | 0.00 | 0.00 | 0.13 | 0.52 | 0.58 | 0.63 | 0.67 | 0.70 | 0.70 | 0.70 | 0.53 | 0.02 | 0.01 |
| Shares Out. | 51.5M | 51.8M | 49.3M | 48.4M | 46.0M | 45.5M | 45.3M | 44.6M | 44.2M | 44.7M | 44.4M | 44.1M | 42.1M |
| Valuation | |||||||||||||
| P/E Ratio | 23.8 | N/A | N/A | 63.7 | 29.2 | 67.4 | 22.1 | 26.6 | 23.8 | 33.6 | 43.9 | 24.9 | 18.9 |
| P/FCF | 11.8 | 11.5 | 13.4 | 18.1 | 12.7 | 14.3 | 12.7 | 12.0 | 12.2 | 14.0 | 14.6 | 7.9 | 6.2 |
| EV/EBIT | 11.1 | 69.0 | N/A | 31.1 | 21.1 | 47.4 | 18.9 | 19.1 | 15.3 | 22.5 | 28.2 | 19.3 | 16.9 |
| Price/Book | 2.2 | 2.1 | 2.9 | N/A | N/A | 5.4 | 5.1 | 5.1 | 5.7 | 5.1 | 6.8 | 3.8 | 3.2 |
| Price/Sales | 3.3 | 3.2 | 2.8 | 3.5 | 4.4 | 4.0 | 3.7 | 3.7 | 3.3 | 3.5 | 3.3 | 2.4 | 1.6 |
| FCF Yield | 8.5% | 8.7% | 7.5% | 5.5% | 7.9% | 7.0% | 7.9% | 8.3% | 8.2% | 7.1% | 6.9% | 12.6% | 16.2% |
| Market Cap | 1.2B | 1.1B | 1.3B | 1.8B | 1.5B | 1.8B | 1.8B | 2.1B | 2.3B | 2.4B | 3.0B | 1.8B | 1.6B |
| Avg. Price | 21.03 | 23.65 | 23.33 | 29.16 | 36.21 | 36.60 | 36.33 | 43.72 | 45.46 | 54.78 | 56.07 | 53.90 | 37.85 |
| Year-End Price | 22.89 | 21.54 | 26.41 | 38.22 | 31.58 | 39.10 | 38.83 | 46.88 | 51.14 | 52.82 | 67.56 | 41.41 | 37.85 |
PROGRESS SOFTWARE CORP /MA passes 5 of 9 quality checks, suggesting mixed fundamentals.
PROGRESS SOFTWARE CORP /MA trades at 22.8x trailing earnings, compared to its 15-year median P/E of 29.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.9x vs a median of 13.1x. The company's 5-year average ROIC is 10.1% with a gross margin of 50.6%. Total shareholder yield (buybacks) is 6.0%. At current prices, the estimated annualized return to fair value is +9.9%.
PROGRESS SOFTWARE CORP /MA (PRGS) has a net profit margin of 7.5%. This is a modest margin.
PROGRESS SOFTWARE CORP /MA (PRGS) generated $229 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PROGRESS SOFTWARE CORP /MA (PRGS) has a debt-to-equity ratio of 2.99. This indicates higher leverage, which may increase financial risk.
PROGRESS SOFTWARE CORP /MA (PRGS) reported earnings per share (EPS) of $1.66 in its most recent fiscal year.
PROGRESS SOFTWARE CORP /MA (PRGS) has a return on equity (ROE) of 15.9%. This indicates the company generates strong returns for shareholders.
PROGRESS SOFTWARE CORP /MA (PRGS) has a 5-year average gross margin of 50.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for PROGRESS SOFTWARE CORP /MA (PRGS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PROGRESS SOFTWARE CORP /MA (PRGS) has a book value per share of $10.86, based on its most recent annual SEC filing.
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