Progress Software Corporation (PRGS) Stock

Progress Software Corporation (PRGS) is a Technology stock trading at $44.39 (as of 2026-08-21), with a market capitalization of $1.82B and a trailing P/E of 20.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Progress Software develops and operates business application software, including tools for application development and deployment (OpenEdge), web content management and customer analytics (Sitefinity), business rules automation (Corticon), and data connectivity (DataDirect). It also provides secure file transfer and collaboration (MOVEit), infrastructure automation (Chef), network monitoring (WhatsUp Gold), and load balancing (Kemp LoadMaster) for organizations running enterprise systems.

Understand Progress Software Corporation: how it makes money

Progress Software develops, deploys, and manages business applications, and it makes money by selling development software and platforms plus cloud offerings, along with recurring services such as SaaS, maintenance, and professional services.

Progress is an enterprise software company whose revenue quality is anchored by recurring ARR and very high Net Revenue Retention Rate (99.0%), meaning renewals and expansion are core to how the business sustains growth and margins.

Revenue by segment (latest quarter)
Total	$0.2B

Business quality (Solid): The business shows recurring-customer dynamics (ARR and Net Revenue Retention Rate), but investors should watch whether retention and recurring revenue momentum hold up, since a meaningful part of results also comes from service and license-like streams.

Valuation: Trades at 17× trailing earnings · $1B market cap.

Bull case

Annual Recurring Revenue is a large operating base (Annual Recurring Revenue = 0.86 USD_B): This suggests a recurring component to customer spending, which can help smooth results versus one-time projects.
Net Revenue Retention Rate is very high (Net Revenue Retention Rate = 99.0 percent): High retention supports the idea that existing customers keep renewing and are not reducing spend overall.

Bear case

Retention is the key swing factor (Net Revenue Retention Rate = 99.0 percent): If Net Revenue Retention Rate declines from current levels, it could pressure ARR and reduce the durability of revenue growth.
Revenue mix includes multiple streams beyond pure recurring subscription (Software as a Service and Professional Services Revenue = 0.18 USD_B, Maintenance and Services Revenue = 0.12 USD_B, Software License Revenue = 0.07 USD_B, plus other items): If customers slow spending on services or licenses, revenue growth could be more volatile than ARR alone would imply.

Valuation — source: SEC EDGAR (first-party)
Price	$44.39
Market Cap	$1.82B
P/E Ratio	20.4
EV / EBITDA	16.7
Price / Book	3.60
Price / Sales	1.81
FCF Yield	16.8%
DCF Value (model)	$11.70
DCF Upside vs Price	-73.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$977.83M
Net Margin	7.5%
Revenue Growth (YoY)	6.8%
EPS Growth (YoY)	25.0%
FCF Growth (YoY)	160.9%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.04 (distress)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	20.4
Sector P/E (Technology)	34.0
Industry P/E (Business Services)	30.2
vs Sector	-39.8%
vs Industry	-32.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($244.32M)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Technology
Industry	Business Services
CEO	Yogesh K. Gupta
Employees	2,815
Country	US
IPO Date	1991-07-30

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.