PRGS Technology

Progress Software Corporation

$44.12-1.69%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 1.8B USD
Enterprise value: 2.8B USD
Full-time employees: 2,801

Overall health

Strength: more profitable than most peersmore profitable than peers
Strength: growing faster than most peersgrowing faster than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.80 vs a peer median of 1.83) and more debt relative to equity (2.33× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 0.80 vs peers 1.83) and more debt vs equity (2.33× vs peers 0.25×)

Ranks #553 of 1,612 technology companies (top 35%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.3× equity vs a peer median of 0.2×.Debt is 2.3× equity vs peers 0.2×.
Debt is 2.3× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.3× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Borrowing rising faster than profit. Since FY Nov 2022: debt +127%, operating profit +16%.
Progress Software's debt grew 127% since FY Nov 2022 while operating profit changed +16%.
Sales growing faster than profits. Since FY Nov 2022: revenue +62%, operating profit +16%.
Since FY Nov 2022, Progress Software's revenue changed +62% but operating profit only +16%: costs are rising faster than sales.
Share count shrinking. Shares outstanding down 5.5% from November 2022 to September 2026.
Progress Software had 5.5% fewer shares at September 2026 than at November 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

58/ 100

Oct 5 60 → Nov 4 58 (-2)

Valuation

Is the price right?

82/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ FCF yield
▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.1%

SEC filings · 12 months to Aug 2026Reported value30% base weight · Z-score 1.28Sector median: 0.0225 · MAD: 0.0225

EBITDA yield6.3%

SEC filings · 12 months to Aug 2026Reported value50% base weight · Z-score 0.56Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield17.7%

SEC filings · 12 months to Aug 2026 · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 4.45Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield29.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

79/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth99.9%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 2.91Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth14.0%

SEC filings · 3 years to Aug 2026Reported value33% base weight · Z-score 1.16Sector median: 0.0483 · MAD: 0.0793

Revenue growth6.4%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.21Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

65/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin17.7%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 1.60Sector median: 0.0631 · MAD: 0.0710

Return on assets4.0%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 0.30Sector median: 0.0293 · MAD: 0.0362

Return on invested capital8.5%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 0.20Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin82.2%

SEC filings · 12 months to Aug 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity17.4%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.82

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.14Sector median: 0.8710 · MAD: 0.3700

Current ratio0.80×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.51Sector median: 1.8295 · MAD: 0.6848

Debt / equity2.33×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Progress Software

Is Progress Software getting weaker?: Its latest SEC filing (Sep 30, 2026) showed no major changes. Its overall score is unchanged at 58/100 since Oct 28, 2026.
How is Progress Software valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 82/100 against 1,711 technology peers. Free cash flow yield 17.7% vs a peer median of 2.7% (stronger than 95% of peers).Free cash flow yield 17.7% vs peers 2.7% (stronger than 95% of peers).
Is Progress Software growing?: Yes, faster than most of its peers. Growth scores 79/100 against 1,711 technology peers. Earnings per share growth 99.9% vs a peer median of 11.1% (stronger than 84% of peers).Earnings per share growth 99.9% vs peers 11.1% (stronger than 84% of peers).
How profitable is Progress Software?: More profitable than most of its peers. Profitability scores 65/100 against 1,711 technology peers. Operating margin 17.7% vs a peer median of 6.3% (stronger than 82% of peers).Operating margin 17.7% vs peers 6.3% (stronger than 82% of peers).
How risky is Progress Software?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 2.33× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 2.33× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Aug 31, 2026 · filed Sep 30, 2026 · compared with the quarter ended May 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.0B USD	999.9M USD	−0.4%
Net income (12 months)	89.0M USD	92.4M USD	+3.8%
Operating margin	17.3%	17.7%	+0.3 pts
Free cash flow (12 months)	305.2M USD	319.1M USD	+4.6%
Debt	1.3B USD	1.2B USD	−4.6%
Cash	103.0M USD	113.7M USD	+10.4%
Shares outstanding	41.0M	40.9M	−0.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Nov 2021	FY Nov 2022	FY Nov 2023	FY Nov 2024	FY Nov 2025	Change
Gross margin	85.2%	84.3%	81.8%	82.7%	80.8%	▼ 1.9 pts
Operating margin	21.9%	21.9%	15.9%	16.5%	15.7%	▼ 0.8 pts
Net margin	14.8%	15.8%	10.1%	9.1%	7.5%	▼ 1.6 pts
Return on assets (ROA)	5.8%	6.7%	4.4%	2.7%	3.0%	▲ 0.3 pts
Return on equity (ROE)	19.0%	23.9%	15.3%	15.6%	15.3%	▼ 0.3 pts
Free cash flow margin	32.7%	30.9%	24.2%	27.4%	23.5%	▼ 3.9 pts
Current ratio	1.05×	1.34×	0.94×	0.81×	0.49×	▼ 39%
Quick ratio	1.04×	1.32×	—	—	—	—
Debt to equity	1.36×	1.55×	1.57×	3.48×	2.93×	▼ 16%
Interest coverage	5.79×	8.37×	3.59×	3.87×	2.16×	▼ 44%

PRGS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Strength: growing faster than most peersgrowing faster than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.80 vs a peer median of 1.83) and more debt relative to equity (2.33× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 0.80 vs peers 1.83) and more debt vs equity (2.33× vs peers 0.25×)

Ranks #553 of 1,612 technology companies (top 35%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.3× equity vs a peer median of 0.2×.Debt is 2.3× equity vs peers 0.2×.

Debt is 2.3× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.3× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Borrowing rising faster than profit. Since FY Nov 2022: debt +127%, operating profit +16%.

Progress Software's debt grew 127% since FY Nov 2022 while operating profit changed +16%.

Sales growing faster than profits. Since FY Nov 2022: revenue +62%, operating profit +16%.

Since FY Nov 2022, Progress Software's revenue changed +62% but operating profit only +16%: costs are rising faster than sales.

Share count shrinking. Shares outstanding down 5.5% from November 2022 to September 2026.

Progress Software had 5.5% fewer shares at September 2026 than at November 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about Progress Software

Is Progress Software getting weaker?

Its latest SEC filing (Sep 30, 2026) showed no major changes. Its overall score is unchanged at 58/100 since Oct 28, 2026.

How is Progress Software valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 82/100 against 1,711 technology peers. Free cash flow yield 17.7% vs a peer median of 2.7% (stronger than 95% of peers).Free cash flow yield 17.7% vs peers 2.7% (stronger than 95% of peers).

Is Progress Software growing?

Yes, faster than most of its peers. Growth scores 79/100 against 1,711 technology peers. Earnings per share growth 99.9% vs a peer median of 11.1% (stronger than 84% of peers).Earnings per share growth 99.9% vs peers 11.1% (stronger than 84% of peers).

How profitable is Progress Software?

More profitable than most of its peers. Profitability scores 65/100 against 1,711 technology peers. Operating margin 17.7% vs a peer median of 6.3% (stronger than 82% of peers).Operating margin 17.7% vs peers 6.3% (stronger than 82% of peers).

How risky is Progress Software?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 2.33× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 2.33× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.0B USD

999.9M USD

−0.4%

Net income (12 months)

89.0M USD

92.4M USD

+3.8%

Operating margin

17.3%

17.7%

+0.3 pts

Free cash flow (12 months)

305.2M USD

319.1M USD

+4.6%

Debt

1.3B USD

1.2B USD

−4.6%

Cash

103.0M USD

113.7M USD

+10.4%

Shares outstanding

41.0M

40.9M

−0.3%

Key ratios

FY Nov 2021

FY Nov 2022

FY Nov 2023

FY Nov 2024

FY Nov 2025

Change

Gross margin

85.2%

84.3%

81.8%

82.7%

80.8%

▼ 1.9 pts

Operating margin

21.9%

15.9%

16.5%

15.7%

▼ 0.8 pts

Net margin

14.8%

15.8%

10.1%

9.1%

7.5%

▼ 1.6 pts

Return on assets (ROA)

5.8%

6.7%

4.4%

2.7%

3.0%

▲ 0.3 pts

Return on equity (ROE)

19.0%

23.9%

15.3%

15.6%

15.3%

▼ 0.3 pts

Free cash flow margin

32.7%

30.9%

24.2%

27.4%

23.5%

▼ 3.9 pts

Current ratio

1.05×

1.34×

0.94×

0.81×

0.49×

▼ 39%

Quick ratio

1.04×

1.32×

—

Debt to equity

1.36×

1.55×

1.57×

3.48×

2.93×

▼ 16%

Interest coverage

5.79×

8.37×

3.59×

3.87×

2.16×

▼ 44%