Tearsheet

Progress Software (PRGS)

Market Price (12/4/2025): $43.11 | Market Cap: $1.9 Bil
Sector: Information Technology | Industry: Systems Software

Progress Software (PRGS)

Market Price (12/4/2025): $43.11
Market Cap: $1.9 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%	Weak multi-year price returns 2Y Excs Rtn is -69%, 3Y Excs Rtn is -88%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 72%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.08, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
3	Attractive yield FCF Yield is 9.9%
4	Low stock price volatility Vol 12M is 35%
5	Megatrend and thematic drivers Megatrends include Cybersecurity, Cloud Computing, and Automation & Robotics. Themes include Software Security, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
3	Attractive yield FCF Yield is 9.9%
4	Low stock price volatility Vol 12M is 35%
5	Megatrend and thematic drivers Megatrends include Cybersecurity, Cloud Computing, and Automation & Robotics. Themes include Software Security, Show more.
6	Weak multi-year price returns 2Y Excs Rtn is -69%, 3Y Excs Rtn is -88%
7	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.08, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
8	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 72%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$43.11	$65.15	$53.77	$49.36	$46.54
Market Cap CYE ($ Bil)	1.9	2.8	2.4	2.1	2.0
Total Debt ($ Bil)	1.5	1.6	0.7	0.6	0.6
Total Cash ($ Bil)	0.1	0.1	0.1	0.3	0.2
Enterprise Value ($ Bil)	3.2	4.4	3.1	2.7	2.6
Valuation Ratios
P/S TTM	2.0	3.7	3.4	3.6	4.0
P/EBIT TTM	13.7	22.3	21.4	16.5	18.3
P/E TTM	38.7	41.2	33.6	23.1	27.0
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$43.11	$65.15	$53.77
Market Cap CYE ($ Bil)	1.9	2.8	2.4
Total Debt ($ Bil)	1.5	1.6	0.7
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	3.2	4.4	3.1
Valuation Ratios
P/S TTM	2.0	3.7	3.4
P/EBIT TTM	13.7	22.3	21.4
P/E TTM	38.7	41.2	33.6
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	PRGS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.9
Rev Chg Q	39.8%	7.1%
Rev Chg LTM	31.4%	6.1%
Rev Chg 3Y Avg	17.6%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	18.5%	18.8%
CFO/Rev LTM	20.4%	20.5%
Net Inc Mgn	5.2%	13.1%
VALUATION	MODERATE
P/S	2.0	3.2
P/CFO	9.8	15.8
P/FCF	10.1	20.5
P/E	38.7	23.5
STABILITY	POOR
Debt/Equity	0.77	0.20
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
Annualized Recurring Revenue (ARR)	849,000,000	9292025	Link
Net Retention Rate (NRR)	100%	6302025	Link
Number of Customers	43155	1182025	Link
Number of OpenEdge Partners	2000+	1182025	Link
Number of OpenEdge Business Applications	5000+	1182025	Link
Number of OpenEdge Application Users	6,000,000+	1182025	Link

Upcoming
1/20/2026	Earnings Release	Rev: $252 Mil (E) EPS: $1.31 (E)
3/30/2026	Earnings Release	Rev: - EPS: -

PRGS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the approximate -6.3% movement in Progress Software (PRGS) stock from August 31, 2025, to December 4, 2025:

1. Decline in GAAP Operating Margin: Despite reporting better-than-expected revenue and earnings per share for its third quarter of 2025, which ended on August 31, 2025, Progress Software saw its GAAP operating margin decrease from 23% in Q3 2024 to 18% in Q3 2025. This indicated a tightening of profitability.

2. Significant Decrease in Cash and Equivalents: Progress Software experienced a notable drop in its cash and cash equivalents, which fell by 57.5% year-over-year from $233 million to $99 million in the third quarter of 2025. This reduction in liquidity can raise concerns among investors.

Stock Movement Drivers

Fundamental Drivers

The -3.2% change in PRGS stock from 9/3/2025 to 12/3/2025 was primarily driven by a -22.1% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	44.80	43.38	-3.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	869.02	940.13	8.18%
Net Income Margin (%)	6.63%	5.16%	-22.09%
P/E Multiple	33.49	38.42	14.71%
Shares Outstanding (Mil)	43.05	42.99	0.15%
Cumulative Contribution			-3.17%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
PRGS	-3.2%
Market (SPY)	6.2%	40.6%
Sector (XLK)	11.0%	28.7%

Fundamental Drivers

The -31.2% change in PRGS stock from 6/4/2025 to 12/3/2025 was primarily driven by a -26.6% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	63.06	43.38	-31.21%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	806.74	940.13	16.53%
Net Income Margin (%)	7.03%	5.16%	-26.60%
P/E Multiple	48.07	38.42	-20.07%
Shares Outstanding (Mil)	43.26	42.99	0.62%
Cumulative Contribution			-31.21%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
PRGS	-31.2%
Market (SPY)	15.1%	39.6%
Sector (XLK)	22.7%	31.3%

Fundamental Drivers

The -36.8% change in PRGS stock from 12/3/2024 to 12/3/2025 was primarily driven by a -55.3% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	68.67	43.38	-36.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	715.42	940.13	31.41%
Net Income Margin (%)	11.55%	5.16%	-55.30%
P/E Multiple	35.63	38.42	7.83%
Shares Outstanding (Mil)	42.87	42.99	-0.27%
Cumulative Contribution			-36.83%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
PRGS	-36.8%
Market (SPY)	14.3%	40.0%
Sector (XLK)	23.1%	36.0%

Fundamental Drivers

The -17.8% change in PRGS stock from 12/4/2022 to 12/3/2025 was primarily driven by a -65.0% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	52.75	43.38	-17.77%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	585.01	940.13	60.70%
Net Income Margin (%)	14.75%	5.16%	-65.00%
P/E Multiple	26.42	38.42	45.44%
Shares Outstanding (Mil)	43.21	42.99	0.52%
Cumulative Contribution			-17.77%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
PRGS	-20.0%
Market (SPY)	53.2%	36.0%
Sector (XLK)	60.2%	30.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PRGS Return	11%	8%	6%	9%	21%	-34%	10%
Peers Return	90%	26%	-38%	57%	1%	-9%	114%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
PRGS Win Rate	42%	58%	58%	67%	50%	30%
Peers Win Rate	52%	46%	25%	44%	42%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
PRGS Max Drawdown	-28%	-11%	-13%	-1%	-11%	-39%
Peers Max Drawdown	-20%	-16%	-43%	-7%	-19%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DDOG, DT, ESTC, CHOW, ECST. See PRGS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	PRGS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	28.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	65 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	64.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	555 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-41.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	69.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1061 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-56.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	130.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	430 days	1480 days

Compare to DDOG, DT, ESTC, CHOW, ECST

In The Past

Progress Software's stock fell -22.3% during the 2022 Inflation Shock from a high on 11/16/2021. A -22.3% loss requires a 28.7% gain to breakeven.

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About Progress Software (PRGS)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities. It also offers DataDirect Connect, which provides data connectivity using industry-standard interfaces to connect applications running on various platforms; MOVEit that offers secure collaboration and automated file transfers of critical business information; Chef, an infrastructure automation platform to build, deploy, manage, and secure applications in multi-cloud and hybrid environments, and on-premises; and WhatsUp Gold, a network monitoring solution. In addition, the company provides Kemp LoadMaster, a load balancing solutions; and Kemp Flowmon network performance monitoring and diagnostic solutions that collect and analyze network telemetry from various sources. Further, it provides project management, implementation, custom development, programming, and other services, as well as web-enable applications; and training services. The company sells its products to end users, independent software vendors, original equipment manufacturers, and system integrators. It has operations in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.

AI Generated Analysis | Feedback

Like Microsoft's enterprise software tools for developing and managing business applications.
Like IBM's middleware and data software divisions for building and integrating enterprise applications.

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Progress OpenEdge: An application development platform used to build, deploy, and manage mission-critical business applications.
Progress Telerik & Kendo UI: Comprehensive suites of UI components and development tools that empower developers to build rich user interfaces across various platforms.
Progress Sitefinity: A robust content management system (CMS) and digital experience platform (DXP) that helps organizations create, manage, and optimize engaging digital experiences.
Kemp LoadMaster & Flowmon: Application delivery controllers (ADCs) and network visibility solutions that ensure application performance, high availability, and security.
Progress DataDirect Connectors: Leading data connectivity solutions that provide universal access to a wide range of databases and data sources for applications and analytics.
Progress WhatsUp Gold: An IT infrastructure monitoring software that provides visibility into network devices, servers, and applications to identify and resolve performance issues.
Progress Chef: A suite of DevOps automation tools that enable companies to automate infrastructure, application, and compliance at scale.

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Progress Software (symbol: PRGS) primarily sells its software products and services to other businesses (B2B), rather than directly to individuals. Their offerings include application development platforms, UI components, data connectivity solutions, and content management tools, which are utilized by companies to build, deploy, and manage their own applications and services.

Due to the nature of its business – providing underlying technology and components – Progress Software serves a very broad and diverse customer base consisting of thousands of organizations globally. These customers are typically Independent Software Vendors (ISVs) who embed Progress technology into their own products, or enterprises that use Progress solutions for their internal application development and data infrastructure needs. Progress's financial filings indicate that no single customer accounts for 10% or more of its revenue, highlighting the dispersed nature of its customer base.

While Progress does not have a concentrated list of "major customers" in terms of revenue contribution, several publicly traded companies have been identified as users of Progress Software products. These serve as examples of the types of organizations that leverage Progress technology:

Tyler Technologies (symbol: TYL) - A leading provider of integrated software and technology services to the public sector. They are a long-standing user of Progress OpenEdge technology for some of their core applications.
The Sage Group plc (symbol: SGE.L) - A British multinational enterprise software company. Sage utilizes Progress OpenEdge and DataDirect solutions within some of its product offerings.
Siemens AG (symbol: SIE.DE or SMSN.US as ADR) - A German multinational conglomerate and Europe's largest industrial manufacturing company. Siemens has utilized Progress Telerik UI components for various application development needs.
Honeywell International Inc. (symbol: HON) - An American multinational conglomerate primarily operating in the aerospace, building technologies, performance materials and technologies, and safety and productivity solutions sectors. Honeywell has also been noted as a user of Progress developer tools.

It is important to reiterate that these are examples of companies utilizing Progress products, and they represent a fraction of Progress Software's extensive and diversified customer base, which includes numerous private companies and ISVs across various industries worldwide.

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Amazon.com, Inc. (AMZN)
Microsoft Corporation (MSFT)

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Yogesh Gupta, Chief Executive Officer

Yogesh Gupta became President and Chief Executive Officer of Progress Software in October 2016. He has a strong background in leading private equity-backed software companies, having previously served as President and CEO of Kaseya, Inc., an IT management software company backed by private equity. Before Kaseya, he was President and CEO of FatWire Software, a VC-backed marketing automation software company, which he led through significant revenue growth and a successful acquisition by Oracle. Gupta also held several corporate officer roles at CA Inc., including Chief Technology Officer and Chief Strategy Officer, and head of M&A.

Anthony Folger, Chief Financial Officer

Anthony Folger joined Progress as Chief Financial Officer in January 2020. Prior to his role at Progress, he served as the CFO of Carbonite, Inc., which was acquired by OpenText Corporation. He also held CFO and other senior finance positions at Acronis, Starent Networks, and PricewaterhouseCoopers, bringing extensive operational and corporate development experience in high-growth global technology companies.

John Ainsworth, Executive Vice President, General Manager, Application and Data Platform

As Executive Vice President, General Manager for the Progress Application and Data Platform business, John Ainsworth leads teams in engineering, support, product management, and sales. With over 30 years in the software industry, he previously held positions of increasing seniority at CA Technologies, where he was responsible for delivering horizontal engineering services and driving various R&D initiatives.

Loren Jarrett, Executive Vice President, General Manager, Digital Experience

Loren Jarrett serves as the Executive Vice President and General Manager for Digital Experience at Progress. She has been with Progress since January 2017.

YuFan Stephanie Wang, Chief Legal Officer and Secretary

YuFan Stephanie Wang serves as the Chief Legal Officer and Secretary for Progress Software. She manages the company's legal affairs, compliance, risk management, and corporate governance.

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The accelerating shift towards cloud-native application development, microservices architectures, containerization (e.g., Kubernetes), and serverless computing. This trend offers companies alternative pathways to build and modernize business applications that often bypass proprietary development platforms like Progress OpenEdge, potentially diminishing its long-term market growth and relevance for new development initiatives.
The continuous proliferation and increasing maturity of free and open-source UI component libraries and frameworks (e.g., React, Angular, Vue along with Material-UI, Ant Design, Vuetify). These robust and community-backed alternatives directly compete with Progress's commercial UI/UX tools like Telerik and Kendo UI, potentially leading to price pressure and market share erosion as developers increasingly opt for cost-effective, flexible, and widely supported open-source options.

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Progress Software (NASDAQ: PRGS) offers a diverse portfolio of products and services for developing, deploying, and managing business applications. While specific total addressable market (TAM) sizes for each individual product are not consistently available in the search results, here's an overview of the market information found for their main offerings:

Progress OpenEdge: This is a business application development platform. Progress has been identified as a leader in the Software Construction Components (SCC) market, holding a 9.6% market share in a 2017-2021 forecast. Companies using Progress OpenEdge are primarily located in the United States.
Progress Sitefinity: A web content management (WCM) and digital experience platform. Progress Sitefinity has an estimated market share of 0.71% in the web content management market. Over 4,053 companies worldwide use Sitefinity, with the majority (67.09%) being in the United States. Progress Sitefinity generates an estimated $16.2 million in revenue.
Progress Chef: This offering provides infrastructure automation for DevOps and DevSecOps. At the time of its acquisition by Progress in 2020, Chef had over $70 million in annual recurring revenue. Post-acquisition, Chef expanded its market visibility and sales to regions including Germany, France, Australia, and Central America/Latin America.
Progress Telerik (including Kendo UI and Fiddler): Telerik encompasses UI tools for .NET development, while Kendo UI is a UI toolkit for web development, and Fiddler is a web debugging proxy. At the time of its acquisition by Progress in 2014, Telerik had over $60 million in revenue. Fiddler holds a significant market share of 44.82% in the debugging tools market globally, with 68.09% of its more than 1,206 customers located in the United States.
Progress MOVEit: This is secure file transfer software. In 2023, a security vulnerability in MOVEit impacted over 2,500 organizations, with more than 80% of those organizations being US-based.

For other main products or services offered by Progress Software, such as Corticon (business rules engine), DataDirect (data connectivity), Kemp LoadMaster (load balancing), and MarkLogic (database), specific addressable market sizes in monetary terms were not found in the provided information.

Overall, Progress Software's total revenue (TTM) was $0.94 billion USD in 2025.

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Expected Drivers of Future Revenue Growth for Progress Software (PRGS)

Strategic Acquisitions and Integration: A primary driver of future revenue growth for Progress Software is its strategy of acquiring and integrating complementary businesses. The acquisition of ShareFile, finalized in October 2024, is consistently highlighted as a significant contributor to both recent and projected Annualized Recurring Revenue (ARR) and overall revenue growth, with strong demand and successful integration already noted. The company also explicitly states its ongoing corporate development efforts to seek additional strategic acquisitions that will add value to its portfolio, indicating continued inorganic growth as a key component of its strategy.
AI-Powered Product Innovation and Demand: Progress Software is actively investing in and leveraging artificial intelligence across its product portfolio. The company has highlighted "AI-fueled demand" and has launched new AI webpages and products, such as "Agentic RAG for OpenEdge" and an AI platform for chatbots (NativeChat). This focus on developing responsible AI-powered applications and experiences, and integrating AI into its data platform and digital experience offerings, is expected to drive customer adoption and revenue expansion.
Growth of Core and Recently Launched Products: Beyond major acquisitions, ongoing product innovation fueled by significant research and development investments is a consistent driver. Specific products like OpenEdge, DevTools products, Sitefinity, LoadMaster, and WhatsUp Gold have been noted for contributing to ARR growth. The continuous evolution of products to meet customer needs for application performance, availability, security, and environment management, along with the introduction of new features and capabilities, is crucial for retaining existing customers and attracting new ones.
Strong Customer Retention and Expansion: Progress Software consistently reports a net retention rate at or above 100%. This indicates that existing customers are not only renewing their subscriptions but are also expanding their usage of Progress Software's products and services. Strong customer relationship management and smart investments in its product portfolio are cited as foundations for these robust retention rates, contributing steadily to recurring revenue.

For the public company Progress Software (symbol: PRGS) identify 3-5 expected drivers of future revenue growth over the next 2-3 years. For example, drivers of revenue growth could be price increases, growth in customers, expansion to new markets, launch of new products or services, growth of recently launched products or services. To identify the drivers, consider forward guidance provided in earnings releases, commentary from earnings transcripts, statements from analysts or research published about the company. Do not include any disclaimers or caveats in your output. Produce the output text with HTML tags included. Double-check the final output text for any mistaken or superfluous text introduced by the addition of HTML tags.

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Share Repurchases

Progress Software repurchased approximately $19.97 million in shares in 2021, $60.88 million in 2022, $8.01 million in 2023, and $59.02 million in 2024.
In the third quarter of fiscal year 2025, the company repurchased an additional $15 million in shares.
As of the third quarter of fiscal year 2025, Progress Software's Board of Directors increased the share repurchase authorization by $200 million, bringing the total authorized amount to $242.2 million.

Outbound Investments

Progress Software acquired Kemp Technologies in November 2021.
In February 2023, the company acquired MarkLogic for $355 million.
Progress Software completed the acquisition of ShareFile in October 2024 for $875 million.

Capital Expenditures

Progress Software's capital expenditures were approximately $5.63 million in 2021, $4.65 million in 2022, $5.57 million in 2023, and $5.21 million in 2024.
For the fiscal year 2025, capital expenditures were approximately $2.84 million year-to-date as of the third quarter.

Better Bets than Progress Software (PRGS)

	PRGS	Better Performance than PRGS
Metric	Value	INDUSTRY: Systems Software
Rev Chg LTM	31.4%	AEVA (89.9%), RBRK (47.7%), PAY (44.3%), AFRM (37.0%), ZETA (35.9%)
Rev Chg 3Y Avg	17.6%	ZS (35.2%), CRWD (33.5%), NET (31.1%), NOW (22.3%), PANW (18.9%)
Op Mgn LTM	18.5%	STNE (48.0%), MSFT (46.3%), GEN (37.9%), QLYS (32.5%), FTNT (31.0%)
CFO/Rev LTM	20.4%	MSFT (50.0%), PANW (40.3%), NOW (38.2%), CRWD (32.0%), NET (26.8%)
FCF/Rev LTM	19.8%	PANW (37.6%), FTNT (30.9%), NOW (30.8%), MSFT (26.6%), CRWD (23.9%)
Total Yield	2.6%	DOX (7.7%), GEN (5.0%), QLYS (4.0%), MSFT (3.4%), FTNT (2.9%)
P/S	2.0	PAGS (0.1), STNE (0.3), GCT (0.9), PGY (1.5), FIVN (1.7)
P/Op Inc	10.8	PAGS (0.4), STNE (0.7), PSFE (6.6), GCT (8.0), GEN (10.3)

	PRGS	Better Performance than PRGS
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	31.4%	APP (86.4%), NVDA (71.6%), MU (48.9%), PLTR (47.2%), AMD (31.8%)
Rev Chg 3Y Avg	17.6%	NVDA (92.0%), APP (36.0%), PLTR (29.3%), AVGO (24.0%), MU (20.3%)
Op Mgn LTM	18.5%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	20.4%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	19.8%	PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%)
Total Yield	2.6%	CSCO (6.0%), IBM (5.4%), MSFT (3.4%), AAPL (3.0%), ORCL (2.8%)
P/S	2.0	HPQ (0.4), JBL (0.8), HPE (0.8), DELL (0.8), CTSH (1.6)
P/Op Inc	10.8	HPQ (6.3), GIB (7.5), SNX (9.9), CTSH (10.0), GEN (10.3)

	PRGS	Better Performance than PRGS
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	31.4%	HOOD (74.6%), MELI (36.9%), LLY (36.8%), WELL (32.6%), ENB (32.3%)
Rev Chg 3Y Avg	17.6%	LLY (23.4%), WELL (20.9%), BRK-B (19.8%), UBER (19.6%), BKNG (17.8%)
Op Mgn LTM	18.5%	MA (58.3%), META (43.2%), LLY (43.0%), GOOGL (32.2%), JNJ (26.2%)
CFO/Rev LTM	20.4%	META (56.8%), MA (56.1%), GOOGL (39.3%), JNJ (26.3%), LLY (20.5%)
FCF/Rev LTM	19.8%	V (53.9%), MA (52.5%), META (23.7%), NFLX (20.7%), JNJ (20.3%)
Total Yield	2.6%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), LLY (2.7%)
P/S	2.0	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6)
P/Op Inc	10.8	VZ (5.9), BUD (7.7), T (8.3), MRK (9.4), PFE (9.4)

		Best Bets In Information Technology Sector
	PRGS
What You Pay
P/E	38.9
P/EBIT	13.8
What You Get
Rev Chg Q	39.8%
Rev Chg LTM	31.4%
Rev Chg 3Y Avg	17.6%
FCF/Rev 3Y Avg	25.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can Progress Software Stock Really Go?	Return
2	Progress Software Earnings Notes
3	How Does Progress Software Stock Stack Up Against Its Peers?
4	Better Bet Than PRGS Stock: Pay Less Than Progress Software To Get More From CALM, HHH
5	Is The 22.5% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?	Actionable
6	Is The 26.0% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?	Actionable
7	Is The 26.2% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?	Actionable
8	Is The 26.2% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
9	Is The 20.3% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
10	Is The 20.3% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
11	ARTICLES
12	PRGS Stock Sinks 22%, Is A Rebound Coming?		July 30th, 2025
13	Is The 26% Drop In PRGS Stock, A Buying Opportunity?		July 22nd, 2025
14	PRGS Dropped 25% In A Month. Bigger Declines Have Followed Similar Moves.		July 19th, 2025
15	PRGS Stock Sinks -26%, Is A Rebound Coming?		July 16th, 2025
16	Time To Buy The Dip In Progress Software Stock?		July 10th, 2025

	Title
0	DASHBOARDS
1	How Low Can Progress Software Stock Really Go?
2	Progress Software Earnings Notes
3	How Does Progress Software Stock Stack Up Against Its Peers?
4	Better Bet Than PRGS Stock: Pay Less Than Progress Software To Get More From CALM, HHH
5	Is The 22.5% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
6	Is The 26.0% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
7	Is The 26.2% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
8	Is The 26.2% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
9	Is The 20.3% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
10	Is The 20.3% Decline In Progress Software (PRGS) Stock A Dip Buying Opportunity?
11	ARTICLES
12	PRGS Stock Sinks 22%, Is A Rebound Coming?
13	Is The 26% Drop In PRGS Stock, A Buying Opportunity?
14	PRGS Dropped 25% In A Month. Bigger Declines Have Followed Similar Moves.
15	PRGS Stock Sinks -26%, Is A Rebound Coming?
16	Time To Buy The Dip In Progress Software Stock?

Trade Ideas

Select past ideas related to PRGS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
PRGS_2282018_Quality_Momentum_RoomToRun_10%	02282018	PRGS	Progress Software	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-12.7%	-20.3%	-33.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
PRGS_2282018_Quality_Momentum_RoomToRun_10%	02282018	PRGS	Progress Software	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-12.7%	-20.3%	-33.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Progress Software

Peers to compare with:

Financials

	PRGS	DDOG	DT	ESTC	CHOW	ECST	Median
Name	Progress.	Datadog	Dynatrace	Elastic	ChowChow.	ECST
Mkt Price	43.38	155.83	44.45	75.02	9.80	-	44.45
Mkt Cap	1.9	54.3	13.4	7.9	-	-	10.7
Rev LTM	940	3,212	1,853	1,551	-	-	1,702
Op Inc LTM	174	-43	226	-30	-	-	72
FCF LTM	186	865	473	314	-	-	393
FCF 3Y Avg	194	698	413	185	-	-	303
CFO LTM	192	988	507	318	-	-	412
CFO 3Y Avg	199	789	441	188	-	-	320

Growth & Margins

	PRGS	DDOG	DT	ESTC	CHOW	ECST	Median
Name	Progress.	Datadog	Dynatrace	Elastic	ChowChow.	ECST
Rev Chg LTM	31.4%	26.6%	18.5%	17.4%	-	-	22.6%
Rev Chg 3Y Avg	17.6%	28.0%	21.2%	19.1%	-	-	20.2%
Rev Chg Q	39.8%	28.4%	18.1%	19.5%	-	-	23.9%
QoQ Delta Rev Chg LTM	8.2%	6.5%	4.3%	4.6%	-	-	5.5%
Op Mgn LTM	18.5%	-1.3%	12.2%	-2.0%	-	-	5.4%
Op Mgn 3Y Avg	19.4%	-1.1%	10.4%	-8.6%	-	-	4.6%
QoQ Delta Op Mgn LTM	-1.2%	-0.8%	0.9%	1.7%	-	-	0.1%
CFO/Rev LTM	20.4%	30.8%	27.4%	20.5%	-	-	23.9%
CFO/Rev 3Y Avg	26.2%	30.3%	28.0%	13.5%	-	-	27.1%
FCF/Rev LTM	19.8%	26.9%	25.5%	20.2%	-	-	22.9%
FCF/Rev 3Y Avg	25.5%	26.8%	26.3%	13.2%	-	-	25.9%

Valuation

	PRGS	DDOG	DT	ESTC	CHOW	ECST	Median
Name	Progress.	Datadog	Dynatrace	Elastic	ChowChow.	ECST
Mkt Cap	1.9	54.3	13.4	7.9	-	-	10.7
P/S	2.0	15.5	7.9	5.8	-	-	6.8
P/EBIT	13.8	363.5	64.7	393.5	-	-	214.1
P/E	38.9	465.0	28.9	-107.0	-	-	33.9
P/CFO	9.8	50.2	28.8	28.1	-	-	28.5
Total Yield	2.6%	0.2%	3.5%	-0.9%	-	-	1.4%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	-	-	0.0%
FCF Yield 3Y Avg	8.4%	1.8%	2.8%	2.1%	-	-	2.4%
D/E	0.8	0.0	0.0	0.1	-	-	0.0
Net D/E	0.7	-0.1	-0.1	-0.1	-	-	-0.1

Returns

	PRGS	DDOG	DT	ESTC	CHOW	ECST	Median
Name	Progress.	Datadog	Dynatrace	Elastic	ChowChow.	ECST
1M Rtn	1.6%	-3.9%	-11.9%	-17.3%	11.4%	-	-3.9%
3M Rtn	-3.2%	17.5%	-11.5%	-13.1%	-	-	-7.3%
6M Rtn	-31.2%	30.2%	-17.8%	-10.5%	-	-	-14.2%
12M Rtn	-36.8%	0.5%	-22.4%	-33.6%	-	-	-28.0%
3Y Rtn	-17.8%	108.6%	13.8%	33.9%	-	-	23.8%
1M Excs Rtn	1.7%	-3.8%	-11.9%	-17.3%	11.4%	-	-3.8%
3M Excs Rtn	-7.2%	12.9%	-16.0%	-16.8%	-	-	-11.6%
6M Excs Rtn	-45.9%	15.5%	-32.6%	-25.2%	-	-	-28.9%
12M Excs Rtn	-50.1%	-11.5%	-34.4%	-45.0%	-	-	-39.7%
3Y Excs Rtn	-88.0%	39.3%	-51.9%	-42.9%	-	-	-47.4%

Financials

Annual
Quarterly

$ Mil \| FY: 11/30	LTM	2024	2023	2022	2021	2020	2019
Period End	8/31/2025	11/30/2024	11/30/2023	11/30/2022	11/30/2021	11/30/2020	11/30/2019
Filing Date	9/29/2025	1/21/2025	1/26/2024	1/27/2023	1/27/2022	1/27/2021	1/27/2020
Key Financials
Total Revenue	940	753	694	602	531	442	413
EBITDA	280	229	214	208	169	142	95
Operating Income	174	157	130	127	127	117	72
Net Income	49	68	70	95	78	80	26
EPS	1.13	1.58	1.62	2.19	1.79	1.78	0.59
Growth Rates
Total Revenue Growth	31.4%	8.5%	15.4%	13.3%	20.2%	7.0%	9.1%
EBITDA Growth	22.7%	7.4%	2.8%	23.3%	19.1%	48.9%	-13.9%
Operating Income Growth	24.7%	21.1%	1.8%	0.7%	7.9%	62.5%	-4.4%
Net Income Growth	-41.3%	-2.5%	-26.2%	21.2%	-1.6%	202.0%	-46.8%
Margins
EBITDA Margin	29.8%	30.4%	30.8%	34.5%	31.7%	32.0%	23.0%
Operating Income Margin	18.5%	20.9%	18.7%	21.2%	23.8%	26.5%	17.5%
Net Income Margin	5.2%	9.1%	10.1%	15.8%	14.8%	18.0%	6.4%
Cash & Debt
Total Cash	99	118	127	256	157	106	174
Total Debt	1,451	1,562	747	641	591	416	295
Net Debt / (Cash)	1,352	1,444	620	384	434	310	121
Cash Flows
Net Cash from Operations	192	211	174	192	179	145	128
Free Cash from Operations	186	206	168	186	174	138	124
Returns to Shareholders
Dividends	8	31	32	31	32	30	28
Share Repurchases	65	87	34	77	35	60	25

$ Mil \| FY: 11/30	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	8/31/2025	5/31/2025	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022
Filing Date	9/29/2025	6/30/2025	3/31/2025	1/21/2025	10/8/2024	7/8/2024	4/8/2024	1/26/2024	10/10/2023	7/7/2023	4/7/2023	1/27/2023
Key Financials Quarterly
Total Revenue	250	237	238	215	179	175	185	177	175	178	164	157
Ebitda	83	77	70	51	63	54	62	49	57	50	57	50
Operating Income	46	42	43	43	43	31	39	26	32	30	41	32
Net Income	19	17	11	1	28	16	23	15	19	12	24	24
EPS	0.45	0.40	0.25	0.03	0.66	0.37	0.52	0.35	0.44	0.28	0.55	0.55
Key Financials TTM
Total Revenue TTM	940	869	807	753	715	712	715	694	675	651	621	602
Ebitda TTM	280	260	237	229	228	222	218	214	214	207	217	208
Operating Income TTM	174	172	161	157	140	128	127	130	136	136	138	127
Net Income TTM	49	58	57	68	83	73	69	70	79	81	98	95
Growth Rates Quarterly
Total Revenue Growth	39.8%	35.6%	28.9%	21.5%	2.1%	-1.8%	12.5%	12.6%	15.7%	19.8%	13.3%	12.1%
EBITDA Growth	31.5%	42.6%	12.9%	2.3%	11.1%	7.4%	8.0%	-0.6%	12.8%	-15.8%	18.7%	40.1%
Operating Income Growth	6.5%	34.2%	9.3%	66.5%	36.4%	2.9%	-5.7%	-18.5%	-1.4%	-5.7%	34.2%	18.6%
Net Income Growth	-31.8%	5.2%	-51.6%	-92.5%	49.0%	33.9%	-4.4%	-35.3%	-12.4%	-58.5%	15.7%	58.8%
Margins Quarterly
EBITDA Margin	33.2%	32.3%	29.4%	23.5%	35.3%	30.7%	33.5%	27.9%	32.5%	28.0%	34.9%	31.6%
Operating Income Margin	18.5%	17.7%	17.9%	20.2%	24.3%	17.9%	21.1%	14.7%	18.2%	17.1%	25.2%	20.3%
Net Income Margin	7.8%	7.2%	4.6%	0.5%	15.9%	9.2%	12.3%	8.7%	10.9%	6.8%	14.4%	15.1%
Cash & Debt
Total Cash	99	102	124	118	233	190	133	127	138	126	123	256
Total Debt	1,451	1,489	1,531	1,562	813	814	712	747	780	814	839	641
Net Debt / (Cash)	1,352	1,387	1,406	1,444	580	623	579	620	642	688	716	384
Cash Flows Quarterly
FCF from Operations	73	30	69	20	58	64	71	33	46	48	47	40
Cash Flows TTM
FCF from Operations TTM	192	176	210	211	225	213	198	174	181	175	195	192
Returns to Shareholders Quarterly
Dividends	0	0	0	8	8	8	8	8	8	8	8	8
Share Repurchases	15	20	30	-0	14	50	22	4	-0	15	15	2
Return on Invested Capital (ROIC) Quarterly
ROIC	8.1%	8.4%	8.2%	0.9%	16.3%	11.0%	14.0%	10.9%	12.0%	10.1%	12.8%	16.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.0%	7.2%	6.6%	6.5%	13.6%	12.3%	12.4%	11.9%	11.9%	11.1%	11.0%	15.2%

Price Behavior

Price Behavior

Market Price	$43.38
Market Cap ($ Bil)	1.9
First Trading Date	08/05/1991
Distance from 52W High	-37.8%
	50 Days	200 Days
DMA Price	$43.43	$51.39
DMA Trend	down	down
Distance from DMA	-0.1%	-15.6%
	3M	1YR
Volatility	34.0%	35.2%
Downside Capture	132.15	125.66
Upside Capture	80.12	63.61
Correlation (SPY)	40.3%	39.8%

PRGS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.91	1.12	1.21	1.34	0.71	0.70
Up Beta	-0.04	1.19	1.26	1.20	0.61	0.61
Down Beta	-0.17	1.34	1.24	0.80	0.43	0.55
Up Capture	117%	66%	64%	68%	53%	38%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	21	31	63	125	367
Down Capture	137%	124%	154%	217%	117%	99%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	21	32	62	123	380

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of PRGS With Other Asset Classes (Last 1Y)
	PRGS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-35.8%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	35.0%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-1.21	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		36.1%	40.0%	-6.6%	6.8%	38.2%	27.7%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of PRGS With Other Asset Classes (Last 5Y)
	PRGS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.8%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	29.4%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.13	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		44.5%	49.2%	1.5%	11.4%	38.0%	21.1%

Based On 10-Year Data

		Comparison of PRGS With Other Asset Classes (Last 10Y)
	PRGS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.5%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	31.2%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.30	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		47.8%	51.0%	-2.2%	17.1%	37.3%	10.7%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	5,025,814
Short Interest: % Change Since 10312025	-0.8%
Average Daily Volume	498,439
Days-to-Cover Short Interest	10.08
Basic Shares Quantity	42,988,000
Short % of Basic Shares	11.7%

Returns Analyses

	Title
0	How Low Can Progress Software Stock Really Go?
1	Progress Software Stock Return Comparison
2	Progress Software (PRGS) Stock Return: AI Predicts PRGS Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
8312025	9292025	10-Q 8/31/2025
5312025	6302025	10-Q 5/31/2025
2282025	3312025	10-Q 2/28/2025
11302024	1212025	10-K 11/30/2024
8312024	10082024	10-Q 8/31/2024
5312024	7082024	10-Q 5/31/2024
2292024	4082024	10-Q 2/29/2024
11302023	1262024	10-K 11/30/2023
8312023	10102023	10-Q 8/31/2023
5312023	7072023	10-Q 5/31/2023
2282023	4072023	10-Q 2/28/2023
11302022	1272023	10-K 11/30/2022
8312022	10062022	10-Q 8/31/2022
5312022	7072022	10-Q 5/31/2022
2282022	4072022	10-Q 2/28/2022
11302021	1272022	10-K 11/30/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Gawlick Rainer		8132025	Buy	43.48	1,710	74,351	2,415,053	Form
1	Gupta Yogesh K	Chief Executive Officer	7242025	Buy	49.14	2,100	103,194	11,419,939	Form
2	KRALL DAVID		7242025	Buy	48.90	5,125	250,612	4,894,401	Form
3	Pitt Ian	Chief Information Officer	7022025	Sell	65.21	2,186	142,549	424,713	Form
4	Subramanian Sundar	EVP/GM Infrastructure Mgmt	7022025	Sell	60.30	501	30,210	1,698,591	Form

Industry Resources

Systems Software Resources

Software Development Times

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Progress Software (PRGS)

Market Price (12/4/2025): $43.11 | Market Cap: $1.9 BilSector: Information Technology | Industry: Systems Software

Progress Software (PRGS)

Market Price (12/4/2025): $43.11Market Cap: $1.9 BilSector: Information TechnologyIndustry: Systems Software

Valuation, Metrics & Events

PRGS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

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Market Drivers

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Market Drivers

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Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

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About Progress Software (PRGS)

Expected Drivers of Future Revenue Growth for Progress Software (PRGS)

Interactive Breakdown

Better Bets than Progress Software (PRGS)

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

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External Quote Links

Market Price (12/4/2025): $43.11 | Market Cap: $1.9 Bil
Sector: Information Technology | Industry: Systems Software

Market Price (12/4/2025): $43.11
Market Cap: $1.9 Bil
Sector: Information Technology
Industry: Systems Software