Progress Software Corporation

PRGS

Software - Application · Technology

Price

$40.55

+0.20 (+0.50%)

Market Cap

$1.66B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−1.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 44.6M (2021) → 44.0M (2025)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on PRGS in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+116.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$192M/ year

↑ Rising (+31% vs prior year)

19.7% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

1.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$113M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Progress Software Corporation is putting 20% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

72.0%

Premium pricing power — 72.0% gross margin

Operating Margin

19.9%

Healthy — 19.9% operating margin

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+22.4%

Fast-growing sales (22.4% YoY)

EPS YoY

+52.3%

Earnings growing fast (52.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

312%

Turns 312% of profit into real cash

FCF Margin

26.1%

Converts sales into free cash efficiently (26.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.68

Elevated debt (1.68)

Interest Cover

2.52x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

20.4x

Growth-priced — P/E 20.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+14.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.4 → 6.3)

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Dividends

Not applicable for this business.

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