Progress Software Corporation

NasdaqGS:PRGS Stock Report

Market Cap: US$1.7b

Progress Software Future Growth

Future criteria checks 0/6

Progress Software's earnings are forecast to decline at 1.1% per annum while its annual revenue is expected to grow at 0.6% per year. EPS is expected to decline by 6% per annum. Return on equity is forecast to be 14.5% in 3 years.

Key information

-1.1%

Earnings growth rate

-6.03%

EPS growth rate

Software earnings growth20.5%
Revenue growth rate0.6%
Future return on equity14.47%
Analyst coverage

Low

Last updated23 Jul 2026

Recent future growth updates

Recent updates

Narrative Update • Aug 12

PRGS: AI And Domo Acquisition Will Support Future Multiple Repricing

Analysts have lifted their fair value estimate for Progress Software to $55.80 from $50.83, citing updated price targets tied to the planned Domo asset purchase and recent research that reflects both optimism about integration and more measured growth expectations. Analyst Commentary Recent research around Progress Software reflects a mix of optimism about the Domo acquisition and caution about execution risk and future growth.
Narrative Update • Jul 23

PRGS: AI Demand And Domo Acquisition Will Support Future Returns

Analysts lifted their price target on Progress Software to $45 from $40, citing updated models that factor in the planned Domo asset acquisition, modestly higher projected revenue growth, and a higher assumed future P/E multiple. Analyst Commentary Recent research on Progress Software gives you a mixed picture, with some analysts pointing to constructive factors around the Domo asset purchase and others flagging valuation and execution risks.
Seeking Alpha • Jul 13

Progress Software: AI Ambitions Need To Translate Into Growth

Summary Progress Software is rated neutral, with a 6% projected upside to a $40 FY 2026 price target. PRGS's M&A-driven strategy and pivot toward AI-enabled solutions have improved fundamentals, but organic ARR growth remains sluggish at 2% YoY. Q2 revenue rose 7% YoY to $253 million, with strong non-GAAP margins and a net leverage ratio improvement to 2.9x. Key catalyst for further upside is successful integration of acquisitions like ShareFile to accelerate ARR growth toward 4–5%. Read the full article on Seeking Alpha
Narrative Update • Jul 04

PRGS: AI Demand And Capital Discipline Will Support Measured Future Returns

Analysts have adjusted their fair value estimate for Progress Software from $34 to $40, citing updated assumptions around discount rates, revenue growth, margins, and a lower Street price target of $50. This followed what was characterized as a solid Q2, with revenue and earnings ahead of expectations and benefits from large deal timing and expense discipline.
Narrative Update • Jun 16

PRGS: AI Expansion And Buybacks Will Counter Recent P/E Multiple Compression

Analysts have trimmed their price targets on Progress Software, and the updated fair value estimate has moved from $45.00 to $34.00 as they factor in more moderate revenue growth, slightly lower profit margins, a marginally adjusted discount rate, and a revised future P/E assumption. Analyst Commentary Several bearish analysts have recently cut their price targets on Progress Software, pointing to a more cautious stance on the stock.
Narrative Update • Jun 01

PRGS: AI And M&A Activity Will Support Future Multiple Repricing

Analysts have trimmed their average price targets on Progress Software by roughly $14 to $20 to reflect updated expectations on growth, profitability and future P/E multiples, while fair value estimates in the model remain essentially unchanged. Analyst Commentary Recent Street research has focused on aligning price targets for Progress Software with updated expectations on growth, profitability and P/E multiples, rather than signaling a major shift in underlying fair value estimates.
Narrative Update • Apr 20

PRGS: AI And M&A Rumors Will Support Future Multiple Repricing

Analysts have reduced their average price targets on Progress Software by double digit dollar amounts, bringing them closer to a $50.83 fair value estimate as they adjust assumptions around discount rates and future P/E expectations. Analyst Commentary Recent research updates cluster around lower price targets that move closer to the cited fair value estimate, but the tone is not uniformly negative.
Narrative Update • Apr 05

PRGS: AI And M&A Optionality Will Support Future Multiple Rebound

Analysts have reduced their average price targets on Progress Software, with the modeled fair value moving from about $65.50 to roughly $50.83. This change reflects updated views on revenue growth, profit margins and risk after a series of target cuts across major firms.
Narrative Update • Mar 22

PRGS: AI And Buybacks Will Support A Repricing Of Bearish Concerns

Analysts have lifted the average price target on Progress Software by $6, reflecting updated views on its growth, profitability, and P/E assumptions after recent research revisions from multiple firms. Analyst Commentary Street research on Progress Software has not been uniformly positive.
Narrative Update • Mar 08

PRGS: AI Product Momentum Will Support Rebound In Market Multiple

The updated analyst price target for Progress Software changes from $70.00 to $65.50 as analysts factor in revised assumptions for revenue growth, profit margins, and discount rates. The update also reflects a higher future P/E multiple in response to recent Street research.
Narrative Update • Feb 22

PRGS: AI And Buybacks Will Support A More Constructive Forward Outlook

Analysts have adjusted their view on Progress Software, with the latest research indicating a modest change in the price target in dollar terms as they refine assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. Analyst Commentary Recent research on Progress Software has included both upward and downward price target revisions, which signals that opinion is mixed and that the risk and reward trade off is being reassessed.
Narrative Update • Feb 08

PRGS: AI Tools And Buybacks Will Support Cautious But Balanced Outlook

Analysts have nudged their price target on Progress Software modestly higher by $6 overall, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E after a mix of recent target increases and reductions in Street research. Analyst Commentary Recent research around Progress Software reflects a mixed but generally cautious tone, even with the modest net increase in the overall price target figure.
Narrative Update • Jan 24

PRGS: AI Offerings And Buybacks Will Support Balanced Future Margin Profile

Analysts have recently adjusted their price targets on Progress Software in a mixed fashion, with one firm lifting its target by US$6 and others trimming theirs by US$3 and US$5. These moves reflect updated views on growth, margins and appropriate forward P/E multiples.
Narrative Update • Jan 10

PRGS: AI Platform Expansion And M&A Execution Will Support Future Margin Strength

Analysts have reduced their fair value estimate for Progress Software from US$50 to US$45, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E levels. What's in the News Progress was included as one of nine vendors in The Forrester Wave: Digital Experience Platforms, Fourth Quarter 2025, with its Agentic RAG earning the highest score of 5.0 in the Search criterion (Key Developments).
Narrative Update • Dec 15

PRGS: AI Demand And M&A Execution Will Drive Margin Expansion Ahead

Analysts have trimmed their blended price target on Progress Software to $50 from $57, reflecting expectations for slower top-line growth, despite strong execution, improving margins, and continued benefits from acquisitions and AI-driven demand. Analyst Commentary Analyst commentary on Progress Software reflects a mixed backdrop, with strong recent execution and margin performance counterbalanced by concerns around the sustainability of growth and the stock's risk reward profile.
Analysis Article • Jul 21

Why We're Not Concerned About Progress Software Corporation's (NASDAQ:PRGS) Share Price

With a price-to-earnings (or "P/E") ratio of 35.5x Progress Software Corporation ( NASDAQ:PRGS ) may be sending very...
Analysis Article • Apr 24

Is Progress Software Corporation (NASDAQ:PRGS) Trading At A 50% Discount?

Key Insights Progress Software's estimated fair value is US$116 based on 2 Stage Free Cash Flow to Equity Current share...
Analysis Article • Mar 27

Is Progress Software (NASDAQ:PRGS) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Mar 03

Progress Software Corporation's (NASDAQ:PRGS) Share Price Not Quite Adding Up

Progress Software Corporation's ( NASDAQ:PRGS ) price-to-earnings (or "P/E") ratio of 34.6x might make it look like a...
Seeking Alpha • Jan 19

Progress Software Q4 Earnings Preview: Underappreciated For Its Earnings Power

Summary Progress Software is a buy ahead of its Q4 earnings release, as the company is positioned to grow fiercely in 2025 on the back of a new acquisition. The company recently acquired ShareFile, a document collaboration and workflow automation platform, for only 3.6x revenue. ShareFile's 100%+ net revenue retention rates and its fully-recurring revenue profile should help Progress Software balance churn elsewhere in its software portfolio. PRGS stock trades cheaply at just ~11x forward revenue, a standout in today's expensive stock market. Read the full article on Seeking Alpha
Analysis Article • Nov 22

At US$68.73, Is It Time To Put Progress Software Corporation (NASDAQ:PRGS) On Your Watch List?

While Progress Software Corporation ( NASDAQ:PRGS ) might not have the largest market cap around , it led the NASDAQGS...
Analysis Article • Nov 07

Progress Software Corporation (NASDAQ:PRGS) Not Flying Under The Radar

Progress Software Corporation's ( NASDAQ:PRGS ) price-to-earnings (or "P/E") ratio of 35.2x might make it look like a...
Analysis Article • Oct 15

Progress Software's (NASDAQ:PRGS) Earnings Seem To Be Promising

Investors signalled that they were pleased with Progress Software Corporation's ( NASDAQ:PRGS ) most recent earnings...

Earnings and Revenue Growth Forecasts

NasdaqGS:PRGS - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
11/30/20281,019N/AN/AN/A2
11/30/20271,005842822915
11/30/2026996682702755
5/31/20261,00489305314N/A
2/28/202698885258265N/A
11/30/202597873229235N/A
8/31/202594049186192N/A
5/31/202586958171176N/A
2/28/202580757204210N/A
11/30/202475368206211N/A
8/31/202471583220225N/A
5/31/202471273209213N/A
2/29/202471569192198N/A
11/30/202369470168174N/A
8/31/202367579175181N/A
5/31/202365181168175N/A
2/28/202362198189195N/A
11/30/202260295186192N/A
8/31/202258586191196N/A
5/31/202258195187192N/A
2/28/202255580174178N/A
11/30/202153178174179N/A
8/31/202151481172177N/A
5/31/202147674166173N/A
2/28/202145478150157N/A
11/30/202044280138145N/A
8/31/202043757133139N/A
5/31/202043447130134N/A
2/29/202043338N/A137N/A
11/30/201941326N/A128N/A
8/31/201939440N/A116N/A
5/31/201938041N/A113N/A
2/28/201937345N/A114N/A
11/30/201837950N/A121N/A
8/31/201839757N/A130N/A
5/31/201840254N/A120N/A
2/28/201840252N/A100N/A
11/30/201738929N/A106N/A
8/31/2017399-53N/A107N/A
5/31/2017404-56N/A113N/A
2/28/2017407-59N/A118N/A
11/30/2016405-56N/A103N/A
8/31/20164009N/A96N/A
5/31/2016393-3N/A96N/A
2/29/2016386-5N/A90N/A
11/30/2015378-9N/A105N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PRGS's earnings are forecast to decline over the next 3 years (-1.1% per year).

Earnings vs Market: PRGS's earnings are forecast to decline over the next 3 years (-1.1% per year).

High Growth Earnings: PRGS's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PRGS's revenue (0.6% per year) is forecast to grow slower than the US market (13.5% per year).

High Growth Revenue: PRGS's revenue (0.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PRGS's Return on Equity is forecast to be low in 3 years time (14.5%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/10 00:01
End of Day Share Price 2026/09/10 00:00
Earnings2026/05/31
Annual Earnings2025/11/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Progress Software Corporation is covered by 16 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tony FigueiredoCFRA Research
Fatima BoolaniCitigroup Inc
Gregory McDowellCitizens JMP Securities, LLC