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Sells enterprise software infrastructure tools for application development, data connectivity, DevOps and secure file transfer.
Sells enterprise software infrastructure tools for application development, data connectivity, DevOps and secure file transfer.
Sells software through licences and subscriptions, with a large base of customers renewing support contracts providing steady income. Growth has come mainly from buying other software companies and folding them into one portfolio rather than building new products. The 2023 MOVEit data breach brought customer lawsuits.
Moat: narrow (switching costs, installed base). Long-embedded infrastructure software in enterprise IT stacks, though grown mainly via acquisitions.
Headquarters: Burlington, Massachusetts, United States · Founded: 1981 · Employees: 2,801
Size Progress Software (PRGS) is a United States Information Technology company (Packaged Software) with a market value of $1.78B, the 1874th largest of 3,117 United States companies the cockpit tracks. Shares closed at $43.50 on 6 Nov 2026.
Performance Over six months the shares gained 45.6%, against -27.0% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +17.8%); the operating margin is 19.4% (peer median 4.6%).
Valuation It trades at 6.7× forward earnings against a peer median of 44.3× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (7.6% WACC).
Backlog Backlog (remaining performance obligations) was $498M at 31 Aug 2026, down 16% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Credit Progress Software has 1 bond outstanding ($450M).
Short interest Short interest is 11.5% of the free float (15 Oct 2026).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1,000M | $978M | $753M | $694M | $602M |
| Revenue growth | — | +30% | +8% | +15% | — |
| Gross profit | $718M | $686M | $558M | $501M | $461M |
| EBITDA | $340M | $326M | $258M | $233M | $209M |
| Net income | $92.4M | $73.1M | $68.4M | $70.2M | $95.1M |
| Free cash flow | $319M | $223M | $206M | $168M | $186M |
| Capital expenditure | $9.13M | $5.70M | $5.21M | $5.57M | $6.09M |
| Total debt | $1.27B | $1.43B | $1.56B | $747M | $641M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Progress Software PRGS | $1.78B | +46% | +6% | 19% | 6.7× | 1.8% |
| Open Text OTEX.TO | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% |
| Broadcom AVGO | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PRGS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.6% | +4.0% | 5th highest of 21 |
| 6-month return | +45.6% | -27.0% | 4th highest of 20 |
| Distance from 52-week high | -7.9% | -45.0% | 4th highest of 21 |
| Revenue growth (TTM) | +6.4% | +17.8% | 7th lowest of 21 |
| Operating margin | 19.4% | 4.6% | 7th highest of 21 |
| Forward P/E | 6.7× | 44.3× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 1.8% | 26.2% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +17.2% | +15.4% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -15.4 pp | +15.1 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +1.5 pp | +1.3 pp | 8th highest of 16 |
| EV / EBITDA | 8.6× | 21.2× | 4th cheapest of 8 |
| Net debt / EBITDA | 3.4× | -1.1× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Progress Software PRGS | United States | $1.78B | +46% | +6% | 19% | 6.7× | 1.8% | +17.2% |
| Nayax NYAX | United States | $1.78B | -34% | +28% | 5% | 59.1× | 26.9% | +38.7% |
| Sinosoft 603927.SS | China | $1.77B | -14% | -24% | 2% | 44.3× | 23.0% | +0.9% |
| Shadowfax Technologies SHADOWFAX.NS | India | $1.79B | +70% | +69% | 10% | 60.0× | 47.0% | +43.7% |
| Beijing Haizhi Technology 2706.HK | Hong Kong | $1.75B | -31% | +23% | -9% | 208.5× | n/a | n/a |
| Wuhan Dameng Database 688692.SS | China | $1.75B | -28% | +28% | 28% | 33.4× | 12.7% | +23.2% |
| freee K.K 4478.T | Japan | $1.72B | +100% | +28% | 3% | 79.1× | n/a | n/a |
| Certara CERT | United States | $1.84B | +91% | +1% | 5% | 31.4× | 40.7% | +11.5% |
| C3.ai AI | United States | $1.84B | +18% | -38% | -198% | n/a | n/a | n/a |
| SoundHound AI SOUN | United States | $1.85B | -54% | +55% | -96% | n/a | n/a | n/a |
| TRS Information Technology 300229.SZ | China | $1.71B | -27% | -23% | -76% | n/a | n/a | n/a |
| Adeia ADEA | United States | $1.71B | -47% | +22% | 44% | 11.8× | 2.7% | -13.0% |
| Hacksaw HACK.ST | Sweden | $1.71B | -22% | +21% | 82% | 8.1× | -10.2% | +85.9% |
| Hangzhou Shunwang Technology 300113.SZ | China | $1.70B | -32% | -36% | 26% | 27.1× | 26.2% | +11.0% |
| Hydsoft Technology 301316.SZ | China | $1.86B | -41% | +19% | 3% | 158.4× | 46.1% | +26.7% |
| eToro ETOR | United States | $1.86B | -40% | +10% | 32% | 11.0× | -18.5% | +15.4% |
| ArcSoft 688088.SS | China | $1.87B | -26% | +10% | 12% | 49.1× | 41.3% | +6.2% |
| Lyntris LYNX | United States | $1.69B | n/a | +16% | 9% | n/a | n/a | n/a |
| Shenzhen Intellifusion Technologies 688343.SS | China | $1.87B | -46% | -4% | -52% | n/a | n/a | n/a |
| Business-Intelligence of Oriental Nations 300166.SZ | China | $1.88B | -27% | +7% | -5% | 94.1× | n/a | n/a |
| Kfin Technologies KFINTECH.NS | India | $1.67B | -1% | +27% | 32% | 40.6× | n/a | n/a |
Progress Software has 1 bond outstanding with $450M face value.
Progress Software reported $498M of remaining performance obligations at 31 Aug 2026, down 16% from a year earlier and down 4% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.91.