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PROGRESS SOFTWARE CORP /MA

PRGS· Nasdaq· Services-Prepackaged Software

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
23.5%
ROIC, 5 yr avg
9.5%
Revenue, 5 yr CAGR
+17.2%
We record prices for the companies we cover; PRGS is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
44.0M
Revenue
$977.8M
Free cash flow
$229.5M
Owner earnings
$164.7M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
80.8%
Operating
15.7%
Net
7.5%
Free cash flow
23.5%
Owner earnings
16.8%
Stock pay
6.6%

Returns

ROIC, FY2025
7.7%
ROIC, 5 yr avg
9.5%
ROE, FY2025
15.3%
ROE, 5 yr avg
17.8%

Growth (CAGR)

Revenue, 3 yr
17.5%
Revenue, 5 yr
17.2%
Revenue, 9 yr
10.3%
Diluted EPS, 3 yr
-8.3%
Diluted EPS, 5 yr
-1.2%
Diluted EPS, 9 yr
–
Free cash flow, 3 yr
7.2%
Free cash flow, 5 yr
10.7%
Free cash flow, 9 yr
10.0%

Financial health · FY2025

Cash and investments
$94.8M
Total debt
$1.4B
Net debt
$1.3B
Debt/Equity
2.9x
Debt/FCF
6.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
1.1%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.6%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$977.8M

+10.3% a year over 9 years

FY2016: Revenue $405.3MFY2017: Revenue $389.2MFY2018: Revenue $379.0MFY2019: Revenue $413.3MFY2020: Revenue $442.1MFY2021: Revenue $531.3MFY2022: Revenue $602.0MFY2023: Revenue $694.4MFY2024: Revenue $753.4MFY2025: Revenue $977.8M
FY2016FY2025

Margins

Gross80.8%Operating15.7%Net7.5%

FY2025

FY2016: Gross 83.8%, Operating -7.3%, Net -13.7%FY2017: Gross 82.2%, Operating 14.8%, Net 7.5%FY2018: Gross 82.3%, Operating 17.9%, Net 13.1%FY2019: Gross 81.8%, Operating 9.7%, Net 6.4%FY2020: Gross 86.0%, Operating 24.4%, Net 18.0%FY2021: Gross 85.2%, Operating 21.9%, Net 14.8%FY2022: Gross 84.3%, Operating 21.9%, Net 15.8%FY2023: Gross 81.8%, Operating 15.9%, Net 10.1%FY2024: Gross 82.7%, Operating 16.5%, Net 9.1%FY2025: Gross 80.8%, Operating 15.7%, Net 7.5%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$229.5MOwner earnings$164.7M

Free cash flow +10.0% a year

FY2016: Free cash flow $97.1M, Owner earnings $74.5MFY2017: Free cash flow $102.3M, Owner earnings $88.2MFY2018: Free cash flow $114.1M, Owner earnings $93.5MFY2019: Free cash flow $124.5M, Owner earnings $101.2MFY2020: Free cash flow $138.3M, Owner earnings $114.8MFY2021: Free cash flow $173.9M, Owner earnings $144.2MFY2022: Free cash flow $186.1M, Owner earnings $149.0MFY2023: Free cash flow $168.3M, Owner earnings $127.8MFY2024: Free cash flow $206.3M, Owner earnings $159.5MFY2025: Free cash flow $229.5M, Owner earnings $164.7M
FY2016FY2025

Diluted shares

44.0M

-11.0% over 9 years, net buybacks

FY2016: Diluted shares 49.5MFY2017: Diluted shares 48.5MFY2018: Diluted shares 46.1MFY2019: Diluted shares 45.3MFY2020: Diluted shares 45.3MFY2021: Diluted shares 44.6MFY2022: Diluted shares 44.2MFY2023: Diluted shares 44.7MFY2024: Diluted shares 44.4MFY2025: Diluted shares 44.0M
FY2016FY2025

Return on invested capital

7.7%

FY2025

FY2016: ROIC –FY2017: ROIC 9.3%FY2018: ROIC 18.4%FY2019: ROIC 8.2%FY2020: ROIC 14.3%FY2021: ROIC 11.7%FY2022: ROIC 14.1%FY2023: ROIC 9.2%FY2024: ROIC 4.9%FY2025: ROIC 7.7%
FY2016FY2025

Net debt (below zero)

-$1.3B

$1.3B more debt than cash

FY2016: Net cash $114.8MFY2017: Net cash $61.7MFY2018: Net cash $23.4MFY2019: Net cash -$121.0MFY2020: Net cash -$276.5MFY2021: Net cash -$402.9MFY2022: Net cash -$361.8MFY2023: Net cash -$597.0MFY2024: Net cash -$1.4BFY2025: Net cash -$1.3B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$405.3M$389.2M$379.0M$413.3M$442.1M$531.3M$602.0M$694.4M$753.4M$977.8M
Revenue growth7.4%-4.0%-2.6%9.1%7.0%20.2%13.3%15.4%8.5%29.8%
Gross margin83.8%82.2%82.3%81.8%86.0%85.2%84.3%81.8%82.7%80.8%
Operating margin-7.3%14.8%17.9%9.7%24.4%21.9%21.9%15.9%16.5%15.7%
Net income-$55.7M$29.0M$49.7M$26.4M$79.7M$78.4M$95.1M$70.2M$68.4M$73.1M
Net margin-13.7%7.5%13.1%6.4%18.0%14.8%15.8%10.1%9.1%7.5%
Diluted EPS$-1.13$0.60$1.08$0.58$1.76$1.76$2.15$1.57$1.54$1.66
Return on invested capital?–9.3%18.4%8.2%14.3%11.7%14.1%9.2%4.9%7.7%
Cash
Operating cash flow$102.8M$105.7M$121.4M$128.5M$144.8M$178.5M$192.2M$173.9M$211.5M$235.2M
Capital expenditure$5.8M$3.4M$7.3M$4.0M$6.5M$4.7M$6.1M$5.6M$5.2M$5.7M
Free cash flow$97.1M$102.3M$114.1M$124.5M$138.3M$173.9M$186.1M$168.3M$206.3M$229.5M
Stock-based compensation$22.5M$14.2M$20.6M$23.3M$23.5M$29.7M$37.1M$40.5M$46.8M$64.8M
Owner earnings?$74.5M$88.2M$93.5M$101.2M$114.8M$144.2M$149.0M$127.8M$159.5M$164.7M
Free cash flow per share$1.96$2.11$2.47$2.75$3.05$3.90$4.21$3.77$4.64$5.21
Capital allocation
Dividends paid$0$24.1M$25.8M$27.8M$29.9M$31.6M$31.1M$31.6M$31.5M$786.0K
Share repurchases$79.2M$73.9M$120.0M$25.0M$60.0M$35.0M$77.0M$34.0M$86.8M$105.2M
Diluted shares49.5M48.5M46.1M45.3M45.3M44.6M44.2M44.7M44.4M44.0M
Share count change?-1.8%-2.0%-4.9%-1.7%0.0%-1.5%-0.8%0.9%-0.5%-0.9%
Balance sheet
Cash and equivalents$207.0M$133.5M$105.1M$154.3M$98.0M$155.4M$256.3M$127.0M$118.1M$94.8M
Short-term investments$42.7M$50.1M$34.4M$19.4M$8.0M$2.0M$0–––
Total debt$135.0M$121.9M$116.1M$294.7M$382.5M$560.3M$618.1M$724.0M$1.5B$1.4B
Net debt-$114.8M-$61.7M-$23.4M$121.0M$276.5M$402.9M$361.8M$597.0M$1.4B$1.3B
Shareholders' equity$442.7M$404.4M$324.0M$330.3M$346.0M$412.5M$398.5M$459.7M$438.8M$478.3M

Latest filings

All on EDGAR
2026-09-308-KEarnings release
2026-09-3010-QQuarterly report
2026-07-228-KEarnings release
2026-06-3010-QQuarterly report
2026-06-308-KEarnings release
2026-03-3110-QQuarterly report
2026-03-308-KEarnings release
2026-03-25DEF 14AProxy statement
2026-01-2010-KAnnual report
2026-01-208-KEarnings release

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