PRGSNasdaqServices-Prepackaged SoftwareFiscal year ends November 30
PROGRESS SOFTWARE CORP /MA
Financials through Q3 FY2026, quarter ended Aug 31, 2026Last filing: 10-Q on Sep 30, 2026
$42.25+1.41 (+3.45%)
Close on Oct 19, 2026
- Market cap
- $1.75B
- P/E (TTM)
- 19.5
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
80.8%−5.1 pts over 5 years
Operating margin
15.7%−8.7 pts over 5 years
Net margin
7.5%−10.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +29.8% | +17.5% | +17.2% | +10.0% | |
| Gross profit | +26.9% | +15.9% | +15.8% | +9.7% | |
| Operating income | +23.6% | +5.1% | +7.3% | +26.4% | |
| Net income | +6.9% | -8.4% | -1.7% | – | |
| EPS, diluted | +7.8% | -8.3% | -1.2% | – | |
| Free cash flow | +11.2% | +7.2% | +10.7% | +9.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -11.5% | 23.6% | 15.9% | |
| Return on assets | -6.8% | 8.3% | 2.9% | |
| Current ratio | 1.65 | 0.91 | 0.49 | |
| Debt to equity | 0.30 | 1.11 | 2.93 | |
| Net debt to EBITDA | 3.40× | 2.50× | 8.19× | |
| Interest coverage | -7.1× | 10.6× | 2.2× | |
| Inventory turnover | – | – | – | |
| Capex to revenue | 1.4% | 1.5% | 0.6% | |
| Diluted shares | 49M | 45M | 44M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Progress Software generated $991.29M from operations and spent $491.58M on capital expenditure, dividends and share buybacks. 6% of that went back into the business.
Generated
$991.29M
Used
$491.58M
Capital expenditure$27.22M6%Dividends$126.42M26%Share buybacks$337.94M69%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.5%
×Asset turnover0.39×
×Equity multiplier5.43×
=Return on equity, FY202515.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.5% | 0.39× | 5.43× | 15.9% |
| FY2024 | 9.1% | 0.36× | 4.60× | 15.2% |
| FY2023 | 10.1% | 0.46× | 3.51× | 16.4% |
| FY2022 | 15.8% | 0.43× | 3.42× | 23.4% |
| FY2021 | 14.8% | 0.44× | 3.17× | 20.7% |
| FY2020 | 18.0% | 0.46× | 2.84× | 23.6% |
| FY2019 | 6.4% | 0.54× | 2.33× | 8.1% |
| FY2018 | 13.1% | 0.56× | 1.87× | 13.6% |
| FY2017 | 7.5% | 0.53× | 1.74× | 6.9% |
| FY2016 | -13.7% | 0.50× | 1.69× | -11.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$73.13M
- Cash generatingOperating cash flow above zero$235.19M
- Return on assets improvedROA up on the prior year4.3% → 2.9%
- Earnings backed by cashOperating cash flow above net income$235.19M vs $73.13M
- Less leverageLong-term debt to assets fell60.4% → 42.4%
- Better liquidityCurrent ratio rose0.81 → 0.49
- No dilutionShare count did not rise44M → 44M
- Gross margin improvedGross margin up on the prior year82.68% → 80.82%
- More efficientAsset turnover rose0.47 → 0.39