PRGS
Progress Software Corporation
PRGS's fundamentals are strong and it looks cheap: trading at 20x earnings, below its usual 31x. Analysts expect earnings growth.
PRGS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Under pressure |
PRGS's profitability and cash flow are currently strong, and its revenue is stable, but its balance sheet is under pressure.
PRGS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.7x | $43.44 | — |
| Current | 20x | $43.44 | — |
| Cheap | 25x | $53.38 | +23% |
| Fair | 31x | $66.66 | +53% |
| Expensive | 38x | $81.69 | +88% |
Historical ranges are pointers, not guarantees.
PRGS's PE is in its cheap range at 20x. If earnings grow as analysts expect, today's price would be 6.7x next year's earnings.
PRGS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for PRGS, but weaker profitability.
PRGS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.46 | +198% |
| Q3 2026 | $2.17 | +101% |
| Q2 2026 | $2.06 | +60% |
| Q1 2026 | $1.95 | +54% |
| Q4 2025 | $1.66 | +7.8% |
| Q3 2025 | $1.08 | -43% |
| Q2 2025 | $1.29 | -22% |
| Q1 2025 | $1.27 | -18% |
| Q4 2024 | $1.54 | -1.9% |
PRGS earned $2.17 per share over the past year, up 101% from the year before.
PRGS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $246M | -1.5% |
| Q2 2026 | $253.5M | +6.8% |
| Q1 2026 | $247.8M | +4.1% |
| Q4 2025 | $252.7M | +18% |
| Q3 2025 | $249.8M | +40% |
| Q2 2025 | $237.4M | +36% |
| Q1 2025 | $238M | +29% |
| Q4 2024 | $215M | +21% |
PRGS's revenue is growing: $246M last quarter, down 1.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +1.4 points |
| Q2 2026 | 18% | +1.6 points |
| Q1 2026 | 19% | +5.1 points |
| Q4 2025 | 15% | +5.2 points |
| Q3 2025 | 18% | -5 points |
| Q2 2025 | 16% | +0.8 points |
| Q1 2025 | 14% | -5.3 points |
| Q4 2024 | 10% | -2.7 points |
PRGS's operating margin was 19% last quarter, up 1.4 points from the same quarter a year ago.
PRGS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $86.3M | +19% |
| Q2 2026 | $77M | +161% |
| Q1 2026 | $95.9M | +42% |
| Q4 2025 | $59.9M | +257% |
| Q3 2025 | $72.4M | +28% |
| Q2 2025 | $29.5M | -53% |
| Q1 2025 | $67.7M | -3.6% |
| Q4 2024 | $16.8M | -45% |
PRGS's free cash flow has been positive every quarter for seven years: $319M over the past year, up 71% from the year before.
PRGS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2% | -832K shares |
| 1 year | -5.1% | -2.2M shares |
| 3 years | -7.8% | -3.5M shares |
| 5 years | -6.8% | -3M shares |
| Available history | -8.5% | -3.9M shares |
PRGS has 41M diluted shares, down 5.1% from a year ago, with $112M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $16.9M |
| Q2 2026 | $34.7M |
| Q1 2026 | $20.4M |
| Q4 2025 | $40M |
| Q3 2025 | $15M |
| Q2 2025 | $20M |
| Q1 2025 | $30.1M |
| Q4 2024 | — |
PRGS spent $112M buying back its own shares over the past year, up 72% from the year before.
PRGS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.5x | Elevated |
| Q2 2026 | 3.7x | Elevated |
| Q1 2026 | 3.9x | Elevated |
| Q4 2025 | 4.3x | High |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.9x | Elevated |
| Q1 2025 | 5.9x | High |
| Q4 2024 | -0.5x | Net Cash |
PRGS's net debt is about 3.5 years of its operating earnings (EBITDA), about the same as a year ago.
PRGS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 73.9 | Neutral |
PRGS's weekly RSI is 56 (neutral) and its Stochastic is 74 (neutral).
PRGS PE vs Technology Sector
| Metric | PRGS | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 28x | 28% below |
| PE % | 8 | 35 | 27 pts below |
PRGS is trading at 20x earnings, a 28% discount to the Technology sector's median of 28x.
PRGS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $41.9 | 3.7% above |
| 20 week MA | $41.5 | 4.7% above |
| 50 week MA | $37.8 | 15% above |
| 100 week MA | $45.5 | 4.5% below |
| 200 week MA | $51.1 | 15% below |
PRGS has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 15% below its 200-week average.
PRGS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.7 | $44.2 | +6% |
| 2021 | $44.2 | $48.3 | +9.3% |
| 2022 | $48.3 | $50.5 | +4.4% |
| 2023 | $50.5 | $54.3 | +7.6% |
| 2024 | $54.3 | $65.5 | +21% |
| 2025 | $65.5 | $43.5 | -34% |
| 2026 YTD | $43.5 | $43.4 | -0.2% |
PRGS has finished higher in five of the last six years. It's roughly flat so far in 2026.