NASDAQ : PRGS
Progress Software Corporation — Financial statements
Technology · Software - Infrastructure · United States
Last price 45.13 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.84B
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Financial statements
Progress Software Corporation (PRGS) reported revenue of 999.93M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 999.93M | 977.83M | 753.41M | 694.44M | 602.01M | 531.31M |
| Cost of Revenue | 141.62M | 146.35M | 101.26M | 96.41M | 72.42M | 63.51M |
| Gross Profit | 858.32M | 831.48M | 652.15M | 598.03M | 529.59M | 467.80M |
| Selling, General & Admin | 329.16M | 319.23M | 254.09M | 239.23M | 218.64M | 191.02M |
| Research & Development | 195.26M | 192.26M | 146.34M | 132.40M | 114.57M | 103.34M |
| Amortization of Goodwill & Intangibles | 140.03M | 145.49M | 94.51M | 96.60M | 68.94M | 46.93M |
| Operating Expenses | 664.45M | 656.99M | 494.94M | 468.23M | 402.15M | 341.29M |
| Operating Income | 193.87M | 174.49M | 157.21M | 129.80M | 127.44M | 126.51M |
| Interest Expense | -64.61M | -70.85M | -32.01M | -30.78M | -15.79M | -20.05M |
| Interest & Investment Income | 2.02M | 1.76M | 4.73M | 2.54M | 1.41M | 777.00K |
| Currency Exchange Gain (Loss) | -3.08M | -2.57M | -2.46M | -2.62M | -500.00K | -1.30M |
| EBT Excluding Unusual Items | 128.20M | 102.83M | 127.47M | 98.93M | 112.57M | 105.94M |
| Merger & Restructuring Charges | -10.55M | -18.43M | -27.56M | -13.11M | -5.48M | -10.41M |
| Gain (Loss) on Sale of Assets | 10.77M | |||||
| Other Unusual Items | -11.73M | -4.97M | -7.74M | -9.86M | -602.00K | |
| Pretax Income | 110.92M | 81.63M | 94.26M | 79.66M | 117.25M | 95.53M |
| Income Tax Expense | 18.51M | 8.49M | 25.83M | 9.46M | 22.19M | 17.11M |
| Net Income | 92.41M | 73.13M | 68.44M | 70.20M | 95.07M | 78.42M |
| Net Income to Common | 92.41M | 73.13M | 68.44M | 70.20M | 95.07M | 78.42M |
| Shares Outstanding (Basic) | 41.95M | 43.00M | 43.27M | 43.46M | 43.48M | 43.92M |
| Shares Outstanding (Diluted) | 42.46M | 44.02M | 44.43M | 44.66M | 44.25M | 44.62M |
| EPS (Basic) | 2.20 | 1.70 | 1.58 | 1.62 | 2.19 | 1.79 |
| EPS (Diluted) | 2.18 | 1.66 | 1.54 | 1.57 | 2.15 | 1.76 |
| Free Cash Flow | 319.15M | 229.49M | 206.29M | 168.35M | 186.07M | 173.88M |
| Free Cash Flow Per Share | 7.52 | 5.21 | 4.64 | 3.77 | 4.21 | 3.90 |
| Dividend Per Share | 0.53 | 0.70 | 0.70 | 0.70 | ||
| Gross Margin | 85.84% | 85.03% | 86.56% | 86.12% | 87.97% | 88.05% |
| Operating Margin | 19.39% | 17.84% | 20.87% | 18.69% | 21.17% | 23.81% |
| Profit Margin | 9.24% | 7.48% | 9.08% | 10.11% | 15.79% | 14.76% |
| Free Cash Flow Margin | 31.92% | 23.47% | 27.38% | 24.24% | 30.91% | 32.73% |
| EBITDA | 338.89M | 326.21M | 260.25M | 232.94M | 202.18M | 179.50M |
| EBITDA Margin | 33.89% | 33.36% | 34.54% | 33.54% | 33.58% | 33.78% |
| D&A For EBITDA | 145.03M | 151.72M | 103.04M | 103.15M | 74.73M | 52.98M |
| EBIT | 193.87M | 174.49M | 157.21M | 129.80M | 127.44M | 126.51M |
| EBIT Margin | 19.39% | 17.84% | 20.87% | 18.69% | 21.17% | 23.81% |
| Effective Tax Rate | 16.69% | 10.41% | 27.40% | 11.88% | 18.92% | 17.91% |
| Revenue as Reported | 999.93M | 977.83M | 753.41M | 694.44M | 602.01M | 531.31M |
| Advertising Expenses | 1.10M | 900.00K |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 113.65M | 94.81M | 118.08M | 126.96M | 256.28M | 155.41M |
| Short-Term Investments | 1.97M | |||||
| Cash & Short-Term Investments | 113.65M | 94.81M | 118.08M | 126.96M | 256.28M | 157.37M |
| Receivables | 168.97M | 242.38M | 198.25M | 155.79M | 126.99M | 125.63M |
| Inventory | 3.55M | |||||
| Other Current Assets | 47.38M | 62.78M | 52.49M | 48.04M | 42.78M | 51.25M |
| Total Current Assets | 330.00M | 399.96M | 368.81M | 330.79M | 426.05M | 337.81M |
| Property, Plant & Equipment | 45.01M | 39.54M | 44.64M | 33.94M | 32.50M | 39.60M |
| Long-Term Investments | 1.50M | 4.41M | ||||
| Goodwill | 1.31B | 1.31B | 1.29B | 832.10M | 671.04M | 671.15M |
| Other Intangible Assets | 479.47M | 584.03M | 723.57M | 354.28M | 217.35M | 287.19M |
| Long-Term Accounts Receivable | 39.41M | 29.95M | 28.89M | 28.37M | 39.94M | 17.46M |
| Long-Term Deferred Tax Assets | 83.83M | 77.44M | 56.18M | 15.05M | 11.77M | 1.42M |
| Long-Term Deferred Charges | 8.70M | 10.40M | 6.00M | |||
| Other Long-Term Assets | 6.43M | 7.28M | 6.69M | 6.76M | 8.43M | 8.91M |
| Total Assets | 2.30B | 2.46B | 2.53B | 1.60B | 1.41B | 1.36B |
| Accounts Payable | 10.15M | 15.93M | 13.91M | 12.37M | 9.28M | 9.68M |
| Accrued Expenses | 83.07M | 101.40M | 99.89M | 70.36M | 59.23M | 64.62M |
| Current Portion of Long-Term Debt | 359.16M | 13.11M | 6.23M | 25.77M | ||
| Current Portion of Leases | 7.75M | 8.49M | 9.20M | 10.11M | 7.47M | 7.93M |
| Current Unearned Revenue | 311.94M | 324.75M | 332.14M | 236.09M | 227.67M | 205.02M |
| Other Current Liabilities | 1.71M | 10.08M | 8.12M | 9.91M | ||
| Total Current Liabilities | 414.63M | 809.73M | 455.14M | 352.12M | 318.00M | 322.93M |
| Long-Term Debt | 1.23B | 1.04B | 1.53B | 710.88M | 611.85M | 537.61M |
| Long-Term Leases | 24.65M | 21.08M | 26.26M | 13.00M | 15.04M | 23.13M |
| Long-Term Unearned Revenue | 94.53M | 100.33M | 72.27M | 58.95M | 54.77M | 47.36M |
| Long-Term Deferred Tax Liabilities | 1.16M | 1.16M | 2.28M | 3.57M | 4.63M | 14.16M |
| Other Long-Term Liabilities | 5.02M | 5.83M | 5.96M | 4.55M | 8.69M | 5.86M |
| Total Liabilities | 1.77B | 1.98B | 2.09B | 1.14B | 1.01B | 951.05M |
| Common Stock | 410.00K | 423.00K | 434.00K | 438.00K | 433.00K | 441.00K |
| Additional Paid-In Capital | 431.71M | 383.70M | 354.16M | 370.58M | 331.65M | 354.24M |
| Retained Earnings | 133.37M | 127.37M | 120.41M | 120.86M | 101.66M | 90.26M |
| Comprehensive Income & Other | -35.51M | -33.14M | -36.21M | -32.16M | -35.23M | -32.44M |
| Shareholders' Equity | 529.98M | 478.35M | 438.79M | 459.71M | 398.50M | 412.49M |
| Total Liabilities & Equity | 2.30B | 2.46B | 2.53B | 1.60B | 1.41B | 1.36B |
| Total Debt | 1.27B | 1.43B | 1.56B | 747.11M | 640.59M | 594.43M |
| Net Cash (Debt) | -1.15B | -1.34B | -1.44B | -620.15M | -384.31M | -437.06M |
| Net Cash Per Share | -27.12 | -30.33 | -32.49 | -13.89 | -8.69 | -9.80 |
| Filing Date Shares Outstanding | 40.87M | 42.11M | 43.37M | 43.88M | 43.35M | 44.18M |
| Total Common Shares Outstanding | 40.95M | 42.34M | 43.36M | 43.80M | 43.26M | 44.15M |
| Working Capital | -84.63M | -409.77M | -86.33M | -21.33M | 108.05M | 14.88M |
| Book Value Per Share | 12.94 | 11.30 | 10.12 | 10.50 | 9.21 | 9.34 |
| Tangible Book Value | -1.26B | -1.41B | -1.58B | -726.66M | -489.89M | -545.85M |
| Tangible Book Value Per Share | -30.75 | -33.42 | -36.37 | -16.59 | -11.33 | -12.36 |
| Land | 9.41M | 9.20M | 9.87M | 8.77M | 8.02M | |
| Machinery | 51.23M | 48.90M | 50.23M | 46.25M | 49.31M |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 92.41M | 73.13M | 68.44M | 70.20M | 95.07M | 78.42M |
| Depreciation & Amortization | 145.03M | 151.72M | 103.04M | 103.15M | 74.73M | 52.98M |
| Other Amortization | 6.73M | 5.83M | 3.52M | 2.15M | 2.11M | 8.20M |
| Loss (Gain) From Sale of Assets | -10.77M | 7.00K | ||||
| Stock-Based Compensation | 72.44M | 64.77M | 46.76M | 40.53M | 37.09M | 29.72M |
| Provision & Write-off of Bad Debts | 11.00M | 4.52M | 544.00K | 488.00K | 774.00K | -282.00K |
| Other Operating Activities | -7.49M | -12.25M | 3.97M | -19.25M | 179.00K | 10.04M |
| Change in Accounts Receivable | -625.00K | -46.57M | -45.88M | 12.12M | -27.25M | -11.00M |
| Change in Inventory | 2.49M | -1.56M | 245.00K | |||
| Change in Accounts Payable | -5.47M | -798.00K | 28.92M | -1.24M | -3.58M | 5.49M |
| Change in Unearned Revenue | 25.19M | 13.54M | 16.18M | -24.10M | 36.27M | 30.47M |
| Change in Income Taxes | -2.12M | 3.17M | 442.00K | -553.00K | -120.00K | -2.25M |
| Change in Other Net Operating Assets | -8.82M | -21.88M | -14.45M | -12.05M | -10.79M | -23.51M |
| Operating Cash Flow | 328.27M | 235.19M | 211.49M | 173.92M | 192.16M | 178.53M |
| Capital Expenditures | -9.13M | -5.70M | -5.21M | -5.57M | -6.09M | -4.65M |
| Sale of Property, Plant & Equipment | 26.00M | |||||
| Cash Acquisitions | -564.00K | -21.22M | -852.70M | -355.25M | -253.96M | |
| Investment in Securities | 438.00K | 1.95M | 5.95M | |||
| Other Investing Activities | 134.00K | 2.33M | ||||
| Investing Cash Flow | -9.69M | -26.92M | -857.91M | -360.38M | 21.99M | -250.34M |
| Long-Term Debt Issued | 1.18B | 195.00M | 7.47M | 360.00M | ||
| Long-Term Debt Repaid | -130.00M | -371.25M | -91.88M | -6.87M | -117.31M | |
| Net Debt Issued (Repaid) | -190.00M | -130.00M | 808.70M | 103.12M | 602.00K | 242.69M |
| Issuance of Common Stock | 13.60M | 18.97M | 27.76M | 25.96M | 16.16M | 15.03M |
| Repurchase of Common Stock | -123.72M | -120.34M | -103.95M | -46.34M | -84.86M | -40.19M |
| Common Dividends Paid | -786.00K | -786.00K | -31.46M | -31.55M | -31.06M | -31.56M |
| Other Financing Activities | 36.00K | -6.21M | -60.23M | -2.26M | -53.86M | |
| Financing Cash Flow | -300.87M | -238.37M | 640.82M | 51.19M | -101.42M | 132.11M |
| Foreign Exchange Rate Adjustments | -3.07M | 6.83M | -3.29M | 5.96M | -11.86M | -2.89M |
| Net Cash Flow | 14.64M | -23.27M | -8.88M | -129.32M | 100.87M | 57.42M |
| Free Cash Flow | 319.15M | 229.49M | 206.29M | 168.35M | 186.07M | 173.88M |
| Free Cash Flow Margin | 31.92% | 23.47% | 27.38% | 24.24% | 30.91% | 32.73% |
| Free Cash Flow Per Share | 7.52 | 5.21 | 4.64 | 3.77 | 4.21 | 3.90 |
| Levered Free Cash Flow | 320.52M | 223.11M | 296.51M | 192.68M | 203.35M | 157.25M |
| Unlevered Free Cash Flow | 354.17M | 261.56M | 312.99M | 209.77M | 211.11M | 161.58M |
| Cash Interest Paid | 58.74M | 63.52M | 21.77M | 23.87M | 8.57M | 8.54M |
| Cash Income Tax Paid | 38.35M | 34.35M | 32.39M | 39.77M | 28.68M | 25.91M |
| Change in Working Capital | 8.16M | -52.54M | -14.79M | -23.34M | -7.03M | -556.00K |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.84B | 1.78B | 2.94B | 2.35B | 2.29B | 2.12B |
| Enterprise Value | 3.00B | 3.13B | 3.52B | 2.99B | 2.71B | 2.34B |
| Last Close Price | 45.13 | 41.41 | 68.41 | 53.33 | 52.17 | 46.72 |
| PE Ratio | 20.75 | 24.30 | 42.89 | 33.43 | 24.12 | 27.09 |
| Forward PE | 6.99 | 7.48 | 12.91 | 12.16 | 12.63 | 12.94 |
| PS Ratio | 1.84 | 1.82 | 3.90 | 3.38 | 3.81 | 4.00 |
| PB Ratio | 3.49 | 3.71 | 6.69 | 5.10 | 5.75 | 5.15 |
| P/FCF Ratio | 5.78 | 7.74 | 14.23 | 13.94 | 12.32 | 12.22 |
| P/OCF Ratio | 5.62 | 7.55 | 13.88 | 13.49 | 11.93 | 11.90 |
| PEG Ratio | 1.40 | 1.50 | 6.45 | 6.08 | 1.10 | 1.12 |
| EV/Sales Ratio | 3.00 | 3.20 | 4.67 | 4.30 | 4.50 | 4.40 |
| EV/EBITDA Ratio | 8.84 | 9.59 | 13.51 | 12.83 | 13.41 | 13.03 |
| EV/EBIT Ratio | 15.45 | 17.93 | 22.36 | 23.02 | 21.27 | 18.49 |
| EV/FCF Ratio | 9.39 | 13.63 | 17.04 | 17.75 | 14.57 | 13.45 |
| Debt / Equity Ratio | 2.39 | 2.99 | 3.56 | 1.62 | 1.61 | 1.44 |
| Debt / EBITDA Ratio | 3.62 | 4.25 | 5.81 | 3.09 | 3.06 | 3.16 |
| Debt / FCF Ratio | 3.96 | 6.23 | 7.57 | 4.44 | 3.44 | 3.42 |
| Net Debt / Equity Ratio | 2.17 | 2.79 | 3.29 | 1.35 | 0.96 | 1.06 |
| Net Debt / EBITDA Ratio | 3.40 | 4.09 | 5.55 | 2.66 | 1.90 | 2.44 |
| Net Debt / FCF Ratio | 3.61 | 5.82 | 7.00 | 3.68 | 2.06 | 2.51 |
| Asset Turnover | 0.42 | 0.39 | 0.36 | 0.46 | 0.43 | 0.44 |
| Quick Ratio | 0.68 | 0.42 | 0.69 | 0.80 | 1.21 | 0.88 |
| Current Ratio | 0.80 | 0.49 | 0.81 | 0.94 | 1.34 | 1.05 |
| Return on Equity (ROE) | 18.34% | 15.95% | 15.23% | 16.36% | 23.45% | 20.68% |
| Return on Assets (ROA) | 5.13% | 4.38% | 4.76% | 5.38% | 5.74% | 6.58% |
| Return on Invested Capital (ROIC) | 9.47% | 8.46% | 7.71% | 12.28% | 12.66% | 13.73% |
| Return on Capital Employed (ROCE) | 10.30% | 10.60% | 7.60% | 10.40% | 11.70% | 12.20% |
| Earnings Yield | 4.82% | 4.12% | 2.33% | 2.99% | 4.15% | 3.69% |
| FCF Yield | 17.30% | 12.92% | 7.03% | 7.17% | 8.12% | 8.19% |
| Dividend Yield | 0.78% | 1.31% | 1.32% | 1.46% | ||
| Payout Ratio | 1.07% | 45.97% | 44.95% | 32.67% | 40.25% | |
| Buyback Yield / Dilution | 4.57% | 0.92% | 0.52% | -0.93% | 0.84% | 1.55% |
| Total Shareholder Return | 4.57% | 0.92% | 1.30% | 0.38% | 2.16% | 3.00% |