Progress Soft Financials
This page shows Progress Soft (PRGS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High-margin software economics convert modest accounting profit into cash, while a debt- and goodwill-heavy balance sheet sets the constraints.
By FY2025, free cash flow of$229M was more than 3x net income of$73M , so cash earnings were materially stronger than GAAP profit. That gap fits an asset-light operating model: capex was only$5.7M against nearly$978M of revenue, while higher interest expense weighed on reported margins.
The company’s growth looks balance-sheet-heavy rather than infrastructure-heavy. Goodwill reached
Liquidity cushion has thinned even though cash generation remains healthy: the current ratio fell to 0.5x in FY2025 from 1.3x in FY2022. Because cash was only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Progress Soft's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Progress Soft has an operating margin of 15.7%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 82/100, reflecting efficient cost management and pricing power. This is down from 16.5% the prior year.
Progress Soft's revenue surged 29.8% year-over-year to $977.8M, reflecting rapid business expansion. This strong growth earns a score of 80/100.
Progress Soft has elevated debt relative to equity (D/E of 2.18), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.
Progress Soft's current ratio of 0.49 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Progress Soft converts 23.5% of revenue into free cash flow ($229.5M). This strong cash generation earns a score of 91/100.
Progress Soft earns a strong 15.3% return on equity (ROE), meaning it generates $15 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 67/100. This is down from 15.6% the prior year.
Progress Soft scores 0.95, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.6B) relative to total liabilities ($2.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Progress Soft passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Progress Soft generates $3.22 in operating cash flow ($235.2M OCF vs $73.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Progress Soft earns $2.2 in operating income for every $1 of interest expense ($153.3M vs $70.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Progress Soft generated $977.8M in revenue in fiscal year 2025. This represents an increase of 29.8% from the prior year.
Progress Soft's EBITDA was $159.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.3% from the prior year.
Progress Soft reported $73.1M in net income in fiscal year 2025. This represents an increase of 6.9% from the prior year.
Progress Soft earned $1.66 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.8% from the prior year.
Cash & Balance Sheet
Progress Soft generated $229.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 11.2% from the prior year.
Progress Soft held $94.8M in cash against $1.0B in long-term debt as of fiscal year 2025.
Progress Soft paid $0.00 per share in dividends in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Progress Soft had 42M shares outstanding in fiscal year 2025. This represents a decrease of 2.9% from the prior year.
Margins & Returns
Progress Soft's gross margin was 80.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.
Progress Soft's operating margin was 15.7% in fiscal year 2025, reflecting core business profitability. This is down 0.8 percentage points from the prior year.
Progress Soft's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.6 percentage points from the prior year.
Progress Soft's ROE was 15.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.
Capital Allocation
Progress Soft spent $105.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 21.2% from the prior year.
Progress Soft invested $5.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 9.5% from the prior year.
PRGS Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $253.5M+2.3% | $247.8M-1.9% | $252.7M+1.1% | $249.8M+5.2% | $237.4M-0.3% | $238.0M+10.7% | $215.0M+20.3% | $178.7M |
| Cost of Revenue | $44.9M+2.3% | $43.9M-5.7% | $46.5M-2.1% | $47.5M+0.5% | $47.3M+2.3% | $46.2M+26.5% | $36.5M+25.7% | $29.1M |
| Gross Profit | $208.6M+2.3% | $203.9M-1.1% | $206.1M+1.9% | $202.3M+6.4% | $190.1M-0.9% | $191.8M+7.5% | $178.4M+19.2% | $149.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $32.2M+21.6% | $26.5M-7.5% | $28.6M+1.2% | $28.3M+10.4% | $25.6M+0.1% | $25.6M-0.3% | $25.7M+25.3% | $20.5M |
| Operating Income | $45.2M-2.7% | $46.5M+21.1% | $38.4M-12.5% | $43.9M+13.6% | $38.6M+19.1% | $32.4M+50.8% | $21.5M-46.7% | $40.3M |
| Interest Expense | $15.9M+4.4% | $15.2M-7.9% | $16.5M-6.7% | $17.7M-2.2% | $18.1M-1.6% | $18.4M+38.8% | $13.3M+202.5% | $4.4M |
| Income Tax | $7.8M+3.9% | $7.5M+314.4% | -$3.5M-151.4% | $6.8M+139.6% | $2.8M+20.3% | $2.4M-78.8% | $11.1M+90.9% | $5.8M |
| Net Income | $21.1M-7.6% | $22.8M-11.4% | $25.7M+32.6% | $19.4M+14.0% | $17.0M+55.6% | $10.9M+854.3% | $1.1M-96.0% | $28.5M |
| EPS (Diluted) | $0.50-5.7% | $0.53 | N/A | $0.44+12.8% | $0.39+62.5% | $0.24 | N/A | $0.65 |
PRGS Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B-2.1% | $2.4B-2.6% | $2.5B+1.5% | $2.4B+0.3% | $2.4B-2.0% | $2.5B-2.6% | $2.5B+56.0% | $1.6B |
| Current Assets | $336.5M-9.1% | $370.1M-7.5% | $400.0M+19.2% | $335.5M+3.0% | $325.7M-4.4% | $340.7M-7.6% | $368.8M-5.1% | $388.6M |
| Cash & Equivalents | $103.0M-9.0% | $113.2M+19.4% | $94.8M-4.2% | $99.0M-2.9% | $102.0M-17.8% | $124.2M+5.2% | $118.1M-49.3% | $232.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $125.2M-15.2% | $147.6M-24.6% | $195.8M+29.3% | $151.4M+8.1% | $140.1M+10.9% | $126.4M-22.7% | $163.6M+86.6% | $87.7M |
| Goodwill | $1.3B+0.1% | $1.3B0.0% | $1.3B0.0% | $1.3B+1.2% | $1.3B0.0% | $1.3B+0.1% | $1.3B+55.2% | $832.7M |
| Total Liabilities | $1.8B-3.0% | $1.9B-4.2% | $2.0B+1.8% | $1.9B-0.9% | $2.0B-3.4% | $2.0B-2.8% | $2.1B+74.8% | $1.2B |
| Current Liabilities | $416.0M-47.2% | $788.1M-2.7% | $809.7M+5.2% | $769.8M+2.6% | $750.3M+75.1% | $428.5M-5.8% | $455.1M+44.5% | $314.9M |
| Long-Term Debt | $1.3B+31.6% | $981.7M-5.7% | $1.0B-1.8% | $1.1B-3.6% | $1.1B-27.1% | $1.5B-1.1% | $1.5B | N/A |
| Total Equity | $506.1M+1.5% | $498.8M+4.3% | $478.3M+0.1% | $477.7M+5.5% | $452.7M+4.8% | $431.8M-1.6% | $438.8M+3.1% | $425.6M |
| Retained Earnings | $124.4M-6.5% | $133.0M+4.4% | $127.4M-7.7% | $138.1M+12.0% | $123.3M+6.3% | $116.0M-3.7% | $120.4M+1.0% | $119.2M |
PRGS Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $78.8M-20.1% | $98.6M+57.1% | $62.8M-14.5% | $73.4M+144.9% | $30.0M-56.5% | $68.9M+250.9% | $19.7M-65.9% | $57.7M |
| Capital Expenditures | $1.9M-31.1% | $2.7M-5.5% | $2.9M+171.3% | $1.1M+113.1% | $495K-61.6% | $1.3M-55.2% | $2.9M+170.5% | $1.1M |
| Free Cash Flow | $77.0M-19.8% | $95.9M+60.0% | $59.9M-17.2% | $72.4M+145.4% | $29.5M-56.4% | $67.7M+303.4% | $16.8M-70.4% | $56.6M |
| Investing Cash Flow | -$1.9M+31.1% | -$2.7M+21.0% | -$3.4M+83.3% | -$20.5M-4044.0% | -$495K+80.1% | -$2.5M+99.7% | -$855.6M-80311.7% | -$1.1M |
| Financing Cash Flow | -$85.1M-7.9% | -$78.9M-26.0% | -$62.6M-8.5% | -$57.7M+2.6% | -$59.2M-0.6% | -$58.9M-108.1% | $726.1M+4254.6% | -$17.5M |
| Dividends Paid | $159K-22.1% | $204K+54.5% | $132K | $0-100.0% | $295K-17.8% | $359K-95.3% | $7.6M-0.6% | $7.7M |
| Share Buybacks | $34.7M+70.0% | $20.4M-49.1% | $40.0M+167.0% | $15.0M-25.0% | $20.0M-33.6% | $30.1M | $0-100.0% | $14.3M |
PRGS Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.3%0.0pp | 82.3%+0.7pp | 81.6%+0.6pp | 81.0%+0.9pp | 80.1%-0.5pp | 80.6%-2.4pp | 83.0%-0.7pp | 83.7% |
| Operating Margin | 17.8%-0.9pp | 18.8%+3.6pp | 15.2%-2.4pp | 17.6%+1.3pp | 16.3%+2.7pp | 13.6%+3.6pp | 10.0%-12.6pp | 22.6% |
| Net Margin | 8.3%-0.9pp | 9.2%-1.0pp | 10.2%+2.4pp | 7.8%+0.6pp | 7.2%+2.6pp | 4.6%+4.1pp | 0.5%-15.4pp | 15.9% |
| Return on Equity | 4.2%-0.4pp | 4.6%-0.8pp | 5.4%+1.3pp | 4.1%+0.3pp | 3.8%+1.2pp | 2.5%+2.3pp | 0.3%-6.4pp | 6.7% |
| Return on Assets | 0.9%-0.1pp | 0.9%-0.1pp | 1.1%+0.3pp | 0.8%+0.1pp | 0.7%+0.3pp | 0.4%+0.4pp | 0.1%-1.7pp | 1.8% |
| Current Ratio | 0.81+0.3 | 0.47-0.0 | 0.49+0.1 | 0.440.0 | 0.43-0.4 | 0.80-0.0 | 0.81-0.4 | 1.23 |
| Debt-to-Equity | 2.55+0.6 | 1.97-0.2 | 2.18-0.0 | 2.22-0.2 | 2.43-1.1 | 3.50+0.0 | 3.48+0.7 | 2.81 |
| FCF Margin | 30.4%-8.3pp | 38.7%+15.0pp | 23.7%-5.3pp | 29.0%+16.6pp | 12.4%-16.0pp | 28.4%+20.6pp | 7.8%-23.9pp | 31.7% |
Note: The current ratio is below 1.0 (0.49), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Progress Soft's annual revenue?
Progress Soft (PRGS) reported $977.8M in total revenue for fiscal year 2025. This represents a 29.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Progress Soft's revenue growing?
Progress Soft (PRGS) revenue grew by 29.8% year-over-year, from $753.4M to $977.8M in fiscal year 2025.
Is Progress Soft profitable?
Yes, Progress Soft (PRGS) reported a net income of $73.1M in fiscal year 2025, with a net profit margin of 7.5%.
What is Progress Soft's EBITDA?
Progress Soft (PRGS) had EBITDA of $159.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Progress Soft have?
As of fiscal year 2025, Progress Soft (PRGS) had $94.8M in cash and equivalents against $1.0B in long-term debt.
What is Progress Soft's gross margin?
Progress Soft (PRGS) had a gross margin of 80.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Progress Soft's operating margin?
Progress Soft (PRGS) had an operating margin of 15.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Progress Soft's net profit margin?
Progress Soft (PRGS) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Progress Soft's return on equity (ROE)?
Progress Soft (PRGS) has a return on equity of 15.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Progress Soft's free cash flow?
Progress Soft (PRGS) generated $229.5M in free cash flow during fiscal year 2025. This represents a 11.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Progress Soft's operating cash flow?
Progress Soft (PRGS) generated $235.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Progress Soft's total assets?
Progress Soft (PRGS) had $2.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Progress Soft's capital expenditures?
Progress Soft (PRGS) invested $5.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Progress Soft's current ratio?
Progress Soft (PRGS) had a current ratio of 0.49 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Progress Soft's debt-to-equity ratio?
Progress Soft (PRGS) had a debt-to-equity ratio of 2.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Progress Soft's return on assets (ROA)?
Progress Soft (PRGS) had a return on assets of 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Progress Soft's Altman Z-Score?
Progress Soft (PRGS) has an Altman Z-Score of 0.95, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Progress Soft's Piotroski F-Score?
Progress Soft (PRGS) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Progress Soft's earnings high quality?
Progress Soft (PRGS) has an earnings quality ratio of 3.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Progress Soft cover its interest payments?
Progress Soft (PRGS) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Progress Soft?
Progress Soft (PRGS) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.