PRGS // Progress Software Corporation

Technology • Computer Software: Prepackaged Software

$44.88 ▼ -0.25 (-0.55%)

MKT CAP: $1.84B • VOL: 324.8K

52W L $24 52W H $47

PIOTROSKI

7 / 9

PRGS // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

PRGS // Progress Software Corporation

GROSS MARGIN

80.8%

OP MARGIN

15.7%

ROIC %

8.5%

MKT CAP

$1.84B

UPSTREAM INPUTS ──► PRGS OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
PRGS ★	Progress Software Corporation	$44.88	$1.84B	80.8%	15.7%	8.5%	17.6x	+29.8%	SUBJECT ISSUER
AAPL	Apple Inc.	$344.63	$5.03T	48.6%	33.2%	81.4%	29.5x	+14.2%	PRGS VS AAPL <GO>
NVDA	NVIDIA Corporation	$202.06	$4.93T	71.1%	65.2%	65.1%	23.2x	+83.4%	PRGS VS NVDA <GO>
MSFT	Microsoft Corporation	$521.91	$3.88T	67.7%	47.1%	26.5%	19.9x	+17.9%	PRGS VS MSFT <GO>
TSM	Taiwan Semiconductor Manufacturing Company Ltd.	$406.13	$2.11T	—	21.1%	14.9%	14.9x	-3.3%	PRGS VS TSM <GO>
SPCX	Space Exploration Technologies Corp.	$134.72	$1.83T	—	21.1%	58.3%	14.3x	+20.9%	PRGS VS SPCX <GO>