At a glance
Progress Software Corporation is worth $1.82B, about 27 times its fiscal 2025 earnings. Revenue grew 29.8% to $977.8M in fiscal 2025, with 7.5% kept as profit; over 5 years it has grown 17.2% a year. It pays no dividend; it spent $337.9M buying back its shares over FY2021–FY2025. The stock returned −3.0% over the past year with dividends reinvested and −1.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.5% in the 2020 crash (S&P 500: 33.7%) and 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 2 months after the lows.
The business in plain English
Progress Software sells software that companies use to build and manage business applications, including AI-powered ones. Its tools also move sensitive files securely and monitor networks. The lineup includes OpenEdge, a platform for building and running business-critical applications; ShareFile, a cloud service for document sharing, client portals and e-signatures; MOVEit for managed file transfer; Chef for automating software delivery; plus Kemp LoadMaster, Sitefinity, WhatsUp Gold and developer tools. Much of this came through acquisitions, including Chef in 2020, MarkLogic in 2023, ShareFile in 2024 and Nuclia in 2025.
In fiscal 2025, which ended November 30, 2025, revenue was $977.8 million. About 76% came from maintenance, SaaS (software-as-a-service, rented online by subscription) and professional services, and 24% from software licenses. OpenEdge and ShareFile together brought in slightly more than half. Buyers are mainly business and IT managers at corporations and government agencies, plus software developers. Nearly half of revenue comes through partners, such as software vendors that build products on Progress technology and manufacturers that embed it in their software or devices. No single customer or partner provided more than 10% of revenue in fiscal 2023, 2024 or 2025.
By region, the United States supplied 60.9% of fiscal 2025 revenue; Europe, the Middle East and Africa, 28.7%; Asia Pacific, 5.3%; Canada, 2.9%; and Latin America, 2.2%.
Price history
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PRGS -3.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Maintenance, SaaS, and professional services | $739.9M | 75.7% |
| Software licenses | $237.9M | 24.3% |
By geography
| United States | $595.3M | 60.9% |
| EMEA | $280.9M | 28.7% |
| Asia Pacific | $51.5M | 5.3% |
| Canada | $28.4M | 2.9% |
| Latin America | $21.7M | 2.2% |
Latest results
- In Q3 FY2026 (ended Aug 31, 2026), revenue was $246.0M, down 1.5% from a year earlier, and net income was $22.8M (+17.3%).
- For fiscal 2025, revenue was $977.8M (+29.8% year over year; +17.2% a year from FY2020 to FY2025) with a 7.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.2% good |
|---|---|
| Operating margin | 15.7% good |
| Free cash flow margin | 23.5% good |
| Return on equity (FY2025) | 15.3% good |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-1.12B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $442.1M | $79.7M | $138.3M |
| FY2021 | $531.3M | $78.4M | $173.9M |
| FY2022 | $602.0M | $95.1M | $186.1M |
| FY2023 | $694.4M | $70.2M | $168.3M |
| FY2024 | $753.4M | $68.4M | $206.3M |
| FY2025 | $977.8M | $73.1M | $229.5M |
Valuation snapshot
| Market value | $1.82B |
|---|---|
| P/E ratio | 26.8 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Progress Software’s market value went from $1.55B at the end of 2016 to $1.82B on Oct 28, 2026, up 17%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.82B | -1.4% |
| 2025 | $1.84B | -34.1% |
| 2024 | $2.80B | +18.2% |
| 2023 | $2.37B | +9.1% |
| 2022 | $2.17B | +2.5% |
| 2021 | $2.12B | +3.8% |
| 2020 | $2.04B | +9.5% |
| 2019 | $1.86B | +16.8% |
| 2018 | $1.59B | -21.7% |
| 2017 | $2.04B | +31.2% |
| 2016 | $1.55B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PRGS price data to Oct 28, 2026 | +3.5% | -3.0% | -3.6% | -1.4% | +6.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.5% |
| 2025 | -34.1% |
| 2024 | +21.6% |
| 2023 | +9.0% |
| 2022 | +6.1% |
| 2021 | +8.5% |
| 2020 | +10.7% |
| 2019 | +19.0% |
| 2018 | -15.4% |
| 2017 | +35.5% |
| 2016 | +33.6% |
| 2015 | -11.2% |
| 2014 | +4.6% |
| 2013 | +23.1% |
| 2012 | +8.5% |
| 2011 | -31.5% |
| 2010 | +45.1% |
| 2009 | +51.7% |
| 2008 | -42.8% |
| 2007 | +20.6% |
| 2006 | -1.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.8% over that stretch · deepest drop along the way 56.5%, back to its old high 14.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32% over that stretch · deepest drop along the way 33.5%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5.7% over that stretch · deepest drop along the way 19.6%, back to its old high 1.5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 12 sales ($1.5M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Loren Jarrett EVP/GM Digital Experience | sell (plan) | $415K |
| Jul 1, 2026 | Sundar Subramanian EVP/GM Infrastructure Mgmt | sell (plan) | $406K |
| May 19, 2026 | Anthony Folger Chief Financial Officer | sell (plan) | $118K |
| May 18, 2026 | Yufan Stephanie Wang Chief Legal Officer | sell (plan) | $102K |
| Oct 21, 2026 | Loren Jarrett EVP/GM Digital Experience | sell (plan) | $91K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 16.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 9.57% | Jun 30, 2026 |
| Vanguard Capital Management | 5.35% | Mar 31, 2026 |
ETFs with the most weight in PRGS
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.14% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 1.76% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.21% |
| FSCS First Trust SMID Capital Strength ETF | 1% |
| XSW SPDR S&P Software & Services ETF | 0.83% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.8% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.79% |
| OASC OneAscent Small Cap Core ETF | 0.77% |
What could go wrong
- Two products bring in over half of sales. OpenEdge and ShareFile together made up slightly more than half of fiscal 2025 revenue. If demand for either fades, or a better rival product appears, results could suffer significantly.
- A heavy debt load. Total debt was $1.23 billion against $113.7 million of cash as of August 31, 2026. Breaking loan covenants (conditions lenders set) could make borrowings due early, and converting its convertible notes could dilute shareholders.
- Growth leans on buying other companies. Progress's strategy relies on buying businesses, such as Chef, ShareFile and Nuclia. Deals can disrupt operations and strain finances, and a disappointing one could force a large write-down of goodwill (the premium paid in acquisitions).
- Security breaches in file-handling products. Products like MOVEit and ShareFile move and store sensitive customer files. A breach could make the products look unsafe, drive customers away and bring significant legal and financial costs.
- Nearly half of sales flow through partners. Software vendors, equipment makers, distributors and resellers generate nearly half of revenue. If these relationships weaken or partners favor rival products, sales could fall.
- Rivals may move faster on AI. Progress is investing in AI across its products and operations. Competitors, many with greater resources, could build AI into their offerings faster and more successfully, winning customers away from Progress.
Recent events
- Quarterly results released; Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Major agreement signed; Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Progress no longer pays a dividend. It paid $0.70 a share in each of fiscal 2021 through 2023, $0.53 in fiscal 2024 and nothing in fiscal 2025; the yield was 0% as of October 28, 2026. An income investor would get no cash from the shares and would depend entirely on price gains. Instead, the company buys back its shares, spending $337.9 million from fiscal 2021 through 2025, versus $126.4 million on dividends. Its share count fell 7.5% between January 20, 2022 and September 28, 2026.
The shares fell 56.5% in the 2008 financial crisis, regaining their peak about 14 months after the low, and 33.5% in the 2020 COVID crash, recovering within 9 months. Their deepest 2022 drop was 19.6%, and they lost 34% in calendar 2025. Over the three years to October 28, 2026, the worst peak-to-trough fall was 64.1%. Single stocks carry more risk than diversified funds because one company's setbacks hit the whole investment.
Questions investors ask
Does Progress Software pay a dividend?
No. Progress paid $0.70 a share in each of fiscal 2021 through 2023, then $0.53 in fiscal 2024 and nothing in fiscal 2025. Its dividend yield was 0% as of October 28, 2026. The company's annual report describes a capital policy focused on acquisitions, with share buybacks used to return cash and offset dilution from its equity compensation plans. From fiscal 2021 through 2025, it spent $337.9 million on buybacks.
How does Progress Software make money?
Mostly from maintenance, cloud subscriptions (SaaS) and services. In fiscal 2025, those made up 75.7% of its $977.8 million revenue, and software licenses supplied the other 24.3%. OpenEdge, its application development platform, and ShareFile, its cloud document-sharing service, together brought in slightly more than half of revenue. Nearly half of sales flow through partners such as software vendors, equipment makers, distributors and resellers. Gross margin, the share of revenue left after direct costs, was 80.8%, and net profit was 7.5% of revenue.
Is Progress Software growing?
Revenue has grown quickly over five years, but it slipped in the latest reported quarter. Sales rose from $442.2 million in fiscal 2020 to $977.8 million in fiscal 2025, about 17.2% a year, including a 29.8% jump in fiscal 2025. Progress's strategy centers on acquisitions, including Kemp in 2021, MarkLogic in 2023, ShareFile in October 2024 and Nuclia in June 2025. In the quarter ended August 31, 2026, revenue was $246.0 million, down 1.5% from a year earlier, while net income rose 17.3%.
How much debt does Progress Software have?
About $1.23 billion as of August 31, 2026, against $113.7 million in cash and investments, leaving net debt (debt minus cash) of about $1.12 billion. Shareholders' equity was $530.0 million, and fiscal 2025 free cash flow (cash left after running and investing in the business) was $229.5 million. Its borrowings include convertible notes, which can turn into shares and dilute existing holders, and a credit facility with covenants (lender conditions) the company must meet.
How has Progress Software stock performed?
Weakly over five years, better over ten. As of October 28, 2026, the share price was down 3% over one year and had fallen 1.4% a year over five years, but had risen 6.6% a year over ten years, or 89% in total. These are price changes that exclude dividends. The stock lost 34% in calendar 2025. On October 28, 2026, it traded at 26.8 times fiscal 2025 earnings per share, its price-to-earnings (P/E) ratio, with a market value of about $1.82 billion.