Progress Software Corporation (PRGS) Key Metrics
PRGS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.67B
- Enterprise value
- $2.89B
- P/E (TTM)
- 18.8 10-yr median 27.6
- Forward P/E
- 6.5
- PEG ratio
- 1.29
- Price / sales
- 1.7 10-yr median 4.1
- Price / book
- 3.3 10-yr median 5.2
- EV / EBITDA
- 9.0 10-yr median 17.2
- Dividend yield
- —
- Beta
- 0.89
PRGS key metrics, FY2016–FY2025
Fiscal year ended November 30, 2025 · U.S. dollarsPRGS valuation Price multiples at each fiscal year-end price.
PRGS returns How much profit the business earns on the capital it uses.
PRGS per-share figures Results divided by the shares outstanding at year-end.
PRGS financial health Debt, liquidity and how easily interest is covered.
PRGS efficiency & capital use Working capital cycle and where the cash goes.
PRGS valuation history
PRGS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PRGS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PRGS cash returned to shareholders
PRGS price vs earnings per share
PRGS key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.82B | $3.04B | $2.41B | $2.36B | $2.16B | $1.82B | $1.90B | $1.62B | $2.01B | $1.46B |
| Enterprise value | $2.58B | $4.48B | $3.03B | $2.74B | $2.60B | $2.13B | $2.03B | $1.60B | $1.94B | $1.35B |
| P/E ratio | 24.9 | 44.4 | 34.3 | 24.8 | 27.6 | 22.8 | 72.1 | 25.5 | 53.6 | — |
| Price / sales | 1.9 | 4.0 | 3.5 | 3.9 | 4.1 | 4.1 | 4.6 | 4.1 | 5.0 | 3.6 |
| Price / book | 3.8 | 6.9 | 5.2 | 5.9 | 5.2 | 5.3 | 5.8 | 5.2 | 5.3 | 3.6 |
| Price / free cash flow | 7.9 | 14.7 | 14.3 | 12.7 | 12.4 | 13.1 | 15.3 | 14.2 | 19.6 | 15.1 |
| Price / operating cash flow | 7.8 | 14.4 | 13.8 | 12.3 | 12.1 | 12.5 | 14.8 | 13.4 | 19.0 | 14.2 |
| EV / sales | 2.6 | 6.0 | 4.4 | 4.6 | 4.9 | 4.8 | 4.9 | 4.0 | 4.9 | 3.3 |
| EV / EBITDA | 8.5 | 19.5 | 27.4 | 13.2 | 14.5 | 15.0 | 21.3 | 14.5 | 19.4 | 164.1 |
| EV / free cash flow | 11.2 | 21.7 | 18.0 | 14.7 | 14.9 | 15.4 | 16.3 | 14.0 | 19.0 | 13.9 |
| Earnings yield | 4.0% | 2.3% | 2.9% | 4.0% | 3.6% | 4.4% | 1.4% | 3.9% | 1.9% | −3.8% |
| Free cash flow yield | 12.6% | 6.8% | 7.0% | 7.9% | 8.0% | 7.6% | 6.5% | 7.0% | 5.1% | 6.6% |
| Dividend yield | 0.0% | 1.0% | 1.3% | 1.3% | 1.5% | 1.6% | 1.5% | 1.6% | 1.2% | 1.6% |
| Shareholder yield (dividends + buybacks) | 5.8% | 3.9% | 1.6% | 3.9% | 2.4% | 4.3% | 2.8% | 9.0% | 4.9% | 7.3% |
| Share price at fiscal year-end | $41.41 | $68.41 | $53.86 | $53.32 | $48.45 | $40.10 | $42.01 | $35.16 | $41.34 | $29.57 |
| Per share | ||||||||||
| Revenue per share | $22.21 | $16.96 | $15.55 | $13.61 | $11.91 | $9.76 | $9.12 | $8.61 | $8.19 | $8.19 |
| Earnings per share | $1.66 | $1.54 | $1.57 | $2.15 | $1.76 | $1.76 | $0.58 | $1.38 | $0.77 | −$1.13 |
| Operating cash flow per share | $5.34 | $4.76 | $3.89 | $4.34 | $4.00 | $3.20 | $2.83 | $2.63 | $2.18 | $2.08 |
| Free cash flow per share | $5.21 | $4.64 | $3.77 | $4.21 | $3.90 | $3.05 | $2.75 | $2.47 | $2.11 | $1.96 |
| Cash per share | $2.15 | $2.66 | $2.84 | $5.79 | $3.53 | $2.34 | $3.83 | $3.02 | $3.78 | $5.05 |
| Book value per share | $10.87 | $9.88 | $10.29 | $9.01 | $9.24 | $7.63 | $7.28 | $6.72 | $7.75 | $8.22 |
| Tangible book value per share | −$32.14 | −$35.50 | −$16.27 | −$11.07 | −$12.23 | −$7.91 | −$4.45 | −$1.38 | −$0.70 | $0.96 |
| Dividends per share | $0.02 | $0.71 | $0.71 | $0.70 | $0.71 | $0.66 | $0.61 | $0.56 | $0.50 | $0.49 |
| Capex per share | $0.13 | $0.12 | $0.12 | $0.14 | $0.10 | $0.14 | $0.09 | $0.16 | $0.07 | $0.12 |
| Debt per share | $19.33 | $35.15 | $16.73 | $14.48 | $13.25 | $9.19 | $6.50 | $2.52 | $2.51 | $2.73 |
| Shares outstanding | 44.0M | 44.4M | 44.7M | 44.2M | 44.6M | 45.3M | 45.3M | 46.1M | 48.5M | 49.5M |
| Change in shares outstanding | −0.9% | −0.5% | +0.9% | −0.8% | −1.5% | −0.0% | −1.7% | −4.9% | −2.0% | −1.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.9% | 15.2% | 16.4% | 23.4% | 20.7% | 23.6% | 8.2% | 18.5% | 9.6% | −12.0% |
| Return on invested capital (ROIC) | 8.8% | 6.1% | 10.5% | 13.2% | 12.7% | 16.0% | 10.1% | 16.8% | 9.5% | −6.5% |
| Return on assets (ROA) | 2.9% | 3.3% | 4.7% | 6.9% | 6.5% | 8.3% | 3.5% | 9.3% | 5.1% | −6.8% |
| Return on tangible assets | 13.0% | 13.4% | 16.9% | 18.2% | 19.4% | 23.6% | 7.6% | 23.8% | 12.1% | −14.1% |
| Free cash flow margin | 23.5% | 27.4% | 24.2% | 30.9% | 32.7% | 31.3% | 30.1% | 28.7% | 25.7% | 23.9% |
| Income quality (OCF / net income) | 3.22 | 3.09 | 2.48 | 2.02 | 2.28 | 1.82 | 4.87 | 1.91 | 2.82 | — |
| Financial health | ||||||||||
| Total debt | $851.0M | $1.56B | $747.1M | $640.6M | $591.4M | $416.5M | $294.7M | $116.1M | $121.9M | $135.0M |
| Cash & short-term investments | $94.8M | $118.1M | $127.0M | $256.3M | $157.4M | $106.0M | $173.7M | $139.5M | $183.6M | $249.8M |
| Net debt | $756.2M | $1.44B | $620.1M | $384.3M | $434.0M | $310.5M | $121.0M | −$23.4M | −$61.7M | −$114.8M |
| Debt / equity | 1.78 | 3.56 | 1.63 | 1.61 | 1.43 | 1.20 | 0.89 | 0.37 | 0.32 | 0.33 |
| Debt / assets | 0.35 | 0.62 | 0.47 | 0.45 | 0.43 | 0.40 | 0.33 | 0.18 | 0.17 | 0.18 |
| Net debt / EBITDA | 2.49 | 6.30 | 5.61 | 1.85 | 2.43 | 2.19 | 1.27 | −0.21 | −0.62 | −13.96 |
| Current ratio | 0.49 | 0.81 | 0.94 | 1.34 | 1.05 | 0.91 | 1.18 | 1.17 | 1.27 | 1.65 |
| Quick ratio | 0.49 | 0.81 | 0.94 | 1.32 | 1.00 | 0.91 | 1.18 | 1.14 | 1.27 | 1.65 |
| Interest coverage | 2.2 | 3.9 | 3.6 | 8.4 | 5.8 | 10.6 | 4.0 | 13.2 | 12.4 | -7.1 |
| Working capital | −$409.8M | −$86.3M | −$21.3M | $108.0M | $14.9M | −$23.6M | $43.8M | $32.8M | $55.4M | $132.3M |
| Invested capital | $1.23B | $1.88B | $1.08B | $782.8M | $846.5M | $656.5M | $451.3M | $286.7M | $314.4M | $291.9M |
| Tangible asset value | −$1.41B | −$1.58B | −$726.7M | −$489.9M | −$545.8M | −$358.5M | −$201.9M | −$63.8M | −$33.9M | $47.7M |
| Net current asset value | −$1.58B | −$1.72B | −$812.3M | −$586.9M | −$613.2M | −$456.8M | −$266.3M | −$101.7M | −$79.2M | −$12.1M |
| Graham number | $20.15 | $18.50 | $19.08 | $20.87 | $19.12 | $17.38 | $9.77 | $14.43 | $11.60 | — |
| Graham net-net per share | −$38.68 | −$41.00 | −$20.14 | −$14.89 | −$15.50 | −$11.21 | −$6.94 | −$3.08 | −$2.33 | −$0.99 |
| Capital allocation | ||||||||||
| Dividends paid | $786,000 | $31.5M | $31.6M | $31.1M | $31.6M | $29.9M | $27.8M | $25.8M | $24.1M | $24.1M |
| Share buybacks (net) | $105.2M | $86.8M | $8.0M | $60.9M | $20.0M | $48.9M | $25.0M | $120.0M | $73.9M | $83.2M |
| Dividend payout ratio | 1.1% | 46.0% | 45.0% | 32.7% | 40.2% | 37.5% | 105.2% | 40.6% | 64.5% | — |
| Dividends + buybacks / free cash flow | 46.2% | 57.3% | 23.5% | 49.4% | 29.6% | 57.0% | 42.4% | 127.8% | 95.8% | 110.6% |
| Capex / revenue | 0.6% | 0.7% | 0.8% | 1.0% | 0.9% | 1.5% | 1.0% | 1.8% | 0.8% | 1.4% |
| Capex / operating cash flow | 2.4% | 2.5% | 3.2% | 3.2% | 2.6% | 4.5% | 3.1% | 6.0% | 3.2% | 5.6% |
| Capex / depreciation | 0.04 | 0.05 | 0.05 | 0.08 | 0.08 | 0.19 | 0.07 | 0.16 | 0.08 | 0.15 |
| Stock-based compensation / revenue | 6.6% | 6.2% | 5.8% | 6.2% | 5.6% | 5.3% | 5.6% | 5.2% | 3.6% | 5.6% |
| R&D / revenue | 19.7% | 19.4% | 19.1% | 19.0% | 19.4% | 20.0% | 21.4% | 20.1% | 19.4% | 21.9% |
| SG&A / revenue | 32.6% | 33.7% | 34.4% | 36.3% | 36.0% | 34.9% | 37.5% | 36.1% | 36.2% | 41.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 82.2 | 85.8 | 74.3 | 76.6 | 80.6 | 79.5 | 64.0 | 56.2 | 58.2 | 59.5 |
| Days of inventory on hand | — | — | — | 39.2 | 71.0 | — | — | 15.7 | — | 0.0 |
| Days payables outstanding | 29.0 | 36.8 | 31.2 | 36.6 | 45.7 | 60.5 | 51.4 | 53.4 | 58.0 | 67.2 |
| Cash conversion cycle (days) | 53.2 | 49.0 | 43.1 | 79.2 | 105.8 | 19.1 | 12.5 | 18.6 | 0.2 | -7.7 |
| Receivables turnover | 4.44 | 4.26 | 4.91 | 4.77 | 4.53 | 4.59 | 5.71 | 6.49 | 6.27 | 6.14 |
| Payables turnover | 12.57 | 9.93 | 11.69 | 9.97 | 7.98 | 6.04 | 7.10 | 6.84 | 6.29 | 5.44 |
| Inventory turnover | — | — | — | 9.31 | 5.14 | — | — | 23.19 | — | 65,712,000.00 |
| Asset turnover | 0.39 | 0.36 | 0.46 | 0.43 | 0.44 | 0.46 | 0.54 | 0.58 | 0.54 | 0.50 |
| Average receivables | $220.3M | $177.0M | $141.4M | $126.3M | $117.3M | $96.3M | $72.4M | $61.2M | $63.4M | $66.1M |
| Average payables | $14.9M | $13.1M | $10.8M | $9.5M | $9.8M | $10.3M | $10.6M | $9.8M | $11.0M | $12.1M |
| Average inventory | — | — | — | $10.1M | $15.3M | — | — | $2.9M | $0 | $1 |
| Intangibles / total assets | 77.0% | 79.8% | 74.0% | 62.9% | 70.3% | 67.6% | 60.4% | 58.4% | 57.0% | 47.5% |
Computed from PRGS's annual financial statements (latest annual report filed January 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PRGS valuation and financial ratios
At the end of fiscal 2025 (November 30, 2025), Progress Software traded at 24.9 times earnings, against a 10-year median of 27.6. Based on the latest twelve months, the trailing P/E is 18.8 and the forward P/E is 6.5. Progress Software earned a return on equity of 15.9% and a return on invested capital of 8.8% in fiscal 2025. It ended the year with $851.0 million of debt and $94.8 million in cash and short-term investments, net debt of $756.2 million. It returned $105.9 million to shareholders: $0.8 million in dividends and $105.2 million in share buybacks, 46% of free cash flow. The share count fell 11.0% from 49.5M to 44.0M over 9 years.
See the PRGS income statement, the PRGS chart for price history, or the PRGS stock overview for the latest quote and news.
PRGS key metrics FAQ
What is Progress Software's P/E ratio?
Progress Software's trailing P/E ratio is 18.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.5. At the end of fiscal 2025 it was 24.9, compared with a 10-year median of 27.6.
What is Progress Software's EV/EBITDA?
Progress Software's enterprise value was 8.5 times EBITDA at the end of fiscal 2025 (enterprise value $2.6 billion, EBITDA $304.2 million); the current EV/EBITDA is 9.0.
What is Progress Software's return on equity?
Progress Software's return on equity (ROE) was 15.9% in fiscal 2025: net income of $73.1 million on average shareholders' equity of $458.6 million.
What is Progress Software's ROIC?
Progress Software's return on invested capital was 8.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Progress Software have?
Progress Software had total debt of $851.0 million at the end of fiscal 2025, a debt-to-equity ratio of 1.78 and $756.2 million of net debt (2.49 times EBITDA).
What is Progress Software's dividend yield?
Progress Software paid $0.8 million in dividends in fiscal 2025 ($0.02 per share), a payout ratio of 1.1%.
Does Progress Software buy back its shares?
Yes. Progress Software spent $105.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.9% over the year, to 44.0M..
What is Progress Software's free cash flow yield?
Progress Software generated $229.5 million of free cash flow in fiscal 2025, a free cash flow yield of 12.6% on its market value at year-end ($1.8 billion).
What is Progress Software's current ratio?
Progress Software's current ratio was 0.49 at the end of fiscal 2025: current assets were 0.49 times current liabilities.