How profitable is Progress Software Corporation (PRGS)?

In FY 2025 (10-K), PRGS converted $977.8M of revenue into a 80.8% gross margin, 15.7% operating margin, and $229.5M in free cash flow (23.5% FCF margin).

Stock Ratings / Technology / PRGS / financials

CNXC (46) MQ (46) NYAX (47) AI (37) ⌘ Pro Terminal →

Progress Software Corporation (PRGS) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$44.88 -0.55% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $44.94

Progress Software Corporation (PRGS) earns a Roarable Rating of B (Buy) with 73/100 RQD Confidence. High-quality cash engine (80.8% gross margin, 9% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

ROARABLE B • BUY Cap $1.84B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on PRGS Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is PRGS stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, Progress Software Corporation (NASDAQ: PRGS) is rated B (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 73/100 at a spot price of $44.88 (-0.55% 1D, market cap $1.84B). Pillar breakdown: Fundamental Cash Engine 15/20, Institutional 13F & Options Flow 16/20, SEC Balance-Sheet Forensics 13/20, FRED Macro Regime Fit 13/20, and Executive Insider Alignment 16/20. Across 715 tracked Technology issuers, PRGS ranks #54 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does PRGS compare to CNXC and MQ in the Technology sector?

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Within the Technology sector (Computer Software: Prepackaged Software), PRGS carries a Roarable B (73/100 RQD), trailing P/E of 25.1x, gross margin of 80.8%, and ROIC of 8.5%. By comparison, CNXC (Concentrix Corporation) holds a D grade (46/100 RQD, P/E N/A, ROIC -10.4%, cap $1.84B) and MQ (Marqeta Inc. (Class A)) posts a D grade (46/100 RQD, P/E N/A, ROIC -35.0%, cap $1.88B). Among the 5-stock peer group, PRGS leads on earnings multiple (25.1x) while PRGS leads on capital efficiency (8.5% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for PRGS?

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Per PRGS's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-11-30, CIK 0000876167), Progress Software Corporation generated $977.8M in revenue (+29.8% YoY), $73.1M in net income, and $229.5M in free cash flow against $2.46B in total assets and $1.04B in total debt. Key quantitative strengths: Strong cash generator (80.8% gross margin)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $44.94 (+0.14%)🧬 Cannibal Buyback (-2.36% YoY Shares)⚙️ Cash Engine: 15/20 (B) • 23.5% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 73/100 (B) historically ranked in the Top 13% of excess returns over the next 90 days (+7.1% avg 90D alpha vs SPY • 69.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERBUY • B

2-of-3 JEV AI Jury Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw B+ · Rk C

Each axis scored 0–20

12M PRICE TARGET CONE+6.8% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for PRGS)Realized 20D OHLCV Swing Band: ±7.5%

Deterministic 5-Pillar Attribution (73/100 Composite)

🔍 WHY PRGS SCORES 73/100 (B) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Whale & Options Positioning+16/20 pts (22% of score)

20D Institutional Volume Accumulation (±7.5% realized swing band)

▲ #2 Bullish Driver: Insider Conviction & Share Dilution+16/20 pts (22% of score)

SEC Form 4 / 13F Thermometer: 80% Net Buy • Cannibal Buyback (-2.36% YoY Shares)

▼ #1 Drag / Risk Factor: Macro Regime Fit13/20 pts (-7 pt drag)

Macro rate sensitivity & RSI-14 (62.7) create a -7 pt regime headwind

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C+$39.41+10% Next Q

Q2 (-2Q)

Grade B-$43.35+4.4% Next Q

Q3 (-1Q)

Grade B$45.25-0.8% Next Q

Current

Grade B$44.88+7.1% Hist 90D α

Trajectory: C+ (65) → B (73)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the PRGS Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 73/100 (B) score, PRGS faces multiple-compression risk if 25.1x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Broader market pullbacks can still drag down strong stocks in the short run.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-2.36% YoY Shares) — any gross margin slip below 78.3% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($41.86) or 200D SMA ($36.75) invalidates the momentum regime and cuts Target Base ($47.91) toward Bear Floor ($36.80).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $PRGS• $4.8M Crowd Pool • Kalshi / Polymarket Composite

Contract: “PRGS Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”

YES 73%NO 27%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How PRGS Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$229.5M (23.5% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $694.4M

FY24

Rev $753.4M

FY25

Rev $977.8M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$977.8M	80.8%	15.7%	$73.1M	$229.5M	8.5%
FY 2024	$753.4M	82.7%	16.5%	$68.4M	$206.3M	5.3%
FY 2023	$694.4M	80.8%	15.9%	$70.2M	$173.9M	8.5%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring PRGS)

✓Walkthrough of PRGS's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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PRGS // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +53.02%▲ ASCENDING CHANNEL

2026-11-03O $44.93H $45.13L $44.88C $44.88VOL 302.0K

RES: $46.97SUP: $38.55SMA50: $41.86SMA200: $36.75

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

PRGS Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 PRGS Butterfly Map → + Track PRGS →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

18.8%/yr Implied 5Y Growth

vs. +29.8% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on PRGS today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for PRGS. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for PRGS today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (PRGS)

Technology Rank #54 of 715 ⚔️ CNXC vs PRGS Full Matrix →

1. Head-to-Head Technology Peer Comparison (PRGS vs. CNXC, MQ, NYAX, AI)

Industry: Computer Software: Prepackaged Software (222 Tracked Issuers)

Across 715 tracked Technology securities in the Roarable RQD universe, Progress Software Corporation (PRGS) ranks #54 by composite RQD confidence (73/100, grade B) and #302 by equity capitalization ($1.84B). Within this direct 5-issuer industry benchmark cohort, PRGS leads on earnings valuation at 25.1x trailing P/E, while PRGS leads on capital efficiency and profitability with 8.5% ROIC and 80.8% gross margin. PRGS currently leads its immediate peer cohort in composite quantitative strength at 73/100 (B).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
PRGS ACTIVE Progress Software Corporation	B	73/100	25.1x	80.8%	8.5%	-0.55%	$1.84B	Benchmark Subject
CNXC Concentrix Corporation	D	46/100	—	35.0%	-10.4%	+2.52%	$1.84B	/cnxc-vs-prgs →
MQ Marqeta Inc. (Class A)	D	46/100	—	70.0%	-35.0%	+2.87%	$1.88B	/mq-vs-prgs →
NYAX Nayax Ltd.	D	47/100	—	—	—	+1.15%	$1.79B	/nyax-vs-prgs →
AI C3.ai Inc.	D-	37/100	—	30.9%	-35.0%	-2.53%	$1.91B	/ai-vs-prgs →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-11-30 • CIK 0000876167 ↗

In its most recent audited fiscal period (FY2025, filed 2025-11-30), Progress Software Corporation (PRGS) reported GAAP revenue of $977.8M (+29.8% vs. FY2024 revenue of $753.4M , and +40.8% cumulative change since FY2023) , GAAP net income of $73.1M, operating cash flow of $235.2M, and free cash flow of $229.5M (+11.2% YoY). On the balance sheet, PRGS closed FY2025 with $2.46B in total assets against $1.04B in total debt (Altman Z-Score: N/A, Piotroski F-Score: 7/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-11-30	$977.8M	$73.1M	$235.2M	$229.5M	$2.46B	$1.04B
FY2024 (FY)	2024-11-30	$753.4M	$68.4M	$211.5M	$206.3M	$2.53B	$1.53B
FY2023 (FY)	2023-11-30	$694.4M	$70.2M	$173.9M	$173.9M	—	—

3. PRGS Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is PRGS stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does PRGS compare to CNXC and MQ in the Technology sector?

What are the biggest fundamental strengths and SEC risk factors for PRGS?

Where is PRGS trading relative to its 50-day, 200-day, and 52-week technical levels?

PRGS last traded at $44.88 (-0.55% on volume of 324,803 shares), positioning the stock +7.21% above its 50-day simple moving average ($41.86) and +22.12% above its 200-day simple moving average ($36.75). Across its 52-week range of $23.82 to $47.25, PRGS sits at the 89.9% percentile with a 14-day RSI of 62.7 (BULLISH MOMENTUM) and an implied next-earnings move of ±7.5% ($41.51 to $48.25).

Direct Sub-Reports: PRGS RQD Cockpit PRGS 12M Forecast PRGS Earnings & Move PRGS Dividends & DRIP PRGS Insiders & 13F PRGS Whale Options PRGS Profit Sankey PRGS News & Why

ROARABLE RATING BRIEF • RQD 73/100 (B) ✓ SEC XBRL & RQD VERIFIED

PRGS — Progress Software Corporation: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-11-30

1. Roarable Rating Brief: What This Means to a Prospective Investor

Progress Software Corporation (PRGS) earns a live Roarable RQD composite score of 73/100, corresponding to a B letter grade (Roarable Buy) at a spot price of $44.88 (-0.55% 1D, market capitalization $1.84B).

Fundamental Cash Engine (15/20): Anchored by return on invested capital (ROIC) of 8.5%, gross margin of 80.8%, operating margin of 15.7%, and free cash flow yield of 12.50%.
Whale 13F & Options Flow (16/20) + Insider Conviction (16/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (13/20) + Forensic Balance Sheet (13/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 7/9, and Debt/Equity of 2.18x.

2. Business Model, Unit Margins & SEC Financial Trajectory

Progress Software Corporation is a NASDAQ-listed issuer classified in the Technology sector and the Computer Software: Prepackaged Software industry.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-11-30), Progress Software Corporation (PRGS) reported $977.8M in annual revenue (up from $753.4M in FY2024, +29.8% YoY) and $73.1M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($694.4M revenue, $70.2M net income) through FY2025, PRGS scaled operating cash flow to $235.2M and free cash flow to $229.5M, backed by $2.46B in total assets against $1.04B in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (B • RQD 73/100): Strong cash generator (80.8% gross margin)—profits are backed by real money, not accounting tricks. Big institutional funds and options desks are actively positioning on the bullish side. With Fundamental Cash Engine at 15/20 and Institutional Whale Flow at 16/20, sustained execution supports upside toward the upper end of the $23.82 – $47.25 52-week range.
🐻 Primary Bear Case & Valuation Risk: Broader market pullbacks can still drag down strong stocks in the short run. Investors must weigh 25.1x trailing P/E and 17.6x EV/EBITDA against 15.7% operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Operating in Computer Software: Prepackaged Software (Technology), PRGS carries a macro regime beta of 1.00 and gross margin of 80.8%.

Key Question #1: Can PRGS sustain or expand its 15.7% operating margin and 8.5% ROIC against Computer Software: Prepackaged Software peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $977.8M and free cash flow of $229.5M, how will capital allocation balance growth reinvestment against $1.04B in total debt?
Key Question #3: How sensitive is PRGS's 21.1x forward P/E multiple to Technology capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

PRGS Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Progress Software Corporation (PRGS) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to PRGS Debate Forum (3) ↓

🟡 MARKET WIRE Yahoo Finance • 1d ago

Is Progress Software (PRGS) Stock Undervalued Right Now?

Yahoo Finance report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Yahoo Finance • 1d ago

What Is Wall Street Really Pricing Into Progress Software (PRGS)?

Yahoo Finance report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE TradingView • 1d ago

Progress Software Corporation Estimates – NASDAQ:PRGS

TradingView report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

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🔴 RISK WATCH Stock Titan • 1d ago

At $38.99 a share, Progress Software (PRGS) withholds executive shares for taxes after awards vest.

Stock Titan report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE MarketBeat • 1d ago

Progress Software Corporation (NASDAQ:PRGS) Stock Has Average Price Target of $51.57

MarketBeat report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Yahoo Finance • 1d ago

Implied Volatility Surging for Progress Software Stock Options

Yahoo Finance report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

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🟢 CATALYST MarketBeat • 1d ago

Progress Software (NASDAQ:PRGS) Stock Rating Raised to "Strong-Buy" at Zacks Research

MarketBeat report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Titan • 1d ago

Progress Software (PRGS) legal chief sold 1,245 shares at $37 each under a preexisting trading plan.

Stock Titan report covering Progress Software Corporation (PRGS) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

PRGS Bull vs. Bear Conversation Board — What's Your Call at $44.88?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON PRGS 🐻 33% BEARISH CONVICTION

MI MidwestValue RQD DEBATE OPENER • Fundamental Long-Only 🐂 BULLISH 🎯 Target: $51.90 (+15.0%)

📌 Pinned Debate

Free cash flow yield of 12.5% and FY 2025 free cash flow of $229.5M on $977.8M revenue indicate strong cash generation relative to the

Free cash flow yield of 12.5% and FY 2025 free cash flow of $229.5M on $977.8M revenue indicate strong cash generation relative to the $1.84B market cap.. When you look under the hood at PRGS, Fundamental Cash Engine is 15/20 with 80.8% gross margins and 8.5% ROIC. Bears are staring in the rearview mirror while institutional 13F flow (16/20) has been quietly accumulating below $47.25. My 12M target is $51.90.

VolSurface_Trader 🐂 BULL

@ForensicBear Shorting a 16/20 institutional whale-flow stock at $45.13 is dangerous when funds are rotating into Technology.

FO ForensicBear RQD DEBATE OPENER • 10-K Footnote Auditor 🐻 BEARISH 🎯 Target: $36.10 (-20.0%)

Spot @ $45.13

Debt/Equity of 2.18 and $1.04B in FY 2025 debt against $94.8M cash leave the balance sheet meaningfully leveraged, with ROIC of only

Careful chasing PRGS at $45.13. Debt/Equity of 2.18 and $1.04B in FY 2025 debt against $94.8M cash leave the balance sheet meaningfully leveraged, with ROIC of only 8.5%.. Gross margin is 80.8%, but operating margin is 15.7%, which shows SG&A and reinvestment are eating into bottom-line EPS. Target $36.10 on multiple compression.