Progress Software Corporation provides software products that develops, deploys, and manages artificial intelligence (AI) powered applications and digital experiences in the United States and internationally. The company offers Agentic RAG, a next-generation Agentic Rag-as-a-Service platform; Automate MFT, a cloud-native Software-as-a-Service (SaaS) platform for automated and secure file transfers; Chef, a DevOps/DevSecOps automation software; Corticon, a decision automation platform; DataDirect, a secure data connectivity tools for Relational, NoSQL, Big Data, and SaaS data sources; Developer Tools, such as software development tooling collection, including NET and JavaScript UI components for web, desktop and mobile applications, AI-prompt components, reporting and report management tools, and automated testing and mocking tools; Flowmon, a AI-powered network security and visibility product with automated response across hybrid cloud ecosystems; and Kemp LoadMaster, an application delivery and security product for cloud-native, and virtual and hardware load balancers. It also provides MarkLogic, a data agility platform to connect data and metadata; MOVEit, a managed file transfer software; OpenEdge, an application development platform; Semaphore, a Semantic AI platform; ShareFile, an SaaS-native AI-powered document centric collaboration platform; Sitefinity, a digital experience platform foundation; and WhatsUp Gold, a network infrastructure monitoring software to find and fix network problems. The company offers project management, implementation, custom software development, programming, and other services, as well as web-enable applications, and training services. It sells its products to end users, independent software vendors, original equipment manufacturers, system integrators, value added resellers, and distributors. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $978M | $304M | $73M | $229M | 15.3% | 29.8% | 6.9% |
| 2024 | $753M | $229M | $68M | $206M | 15.6% | 8.5% | -2.5% |
| 2023 | $694M | $214M | $70M | $168M | 15.3% | 15.4% | -26.2% |
| 2022 | $602M | $208M | $95M | $186M | 23.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 602.01 | 694.44 | 753.41 | 977.83 |
| Cost Of Revenue | - | 94.50 | 126.58 | 130.48 | 187.58 |
| Gross Profit | - | 507.52 | 567.86 | 622.93 | 790.25 |
| Operating Expense | - | 380.07 | 438.06 | 465.72 | 615.76 |
| Operating Income | - | 127.44 | 129.80 | 157.21 | 174.49 |
| EBITDA | - | 207.78 | 213.58 | 229.32 | 304.20 |
| EBIT | - | 133.04 | 110.44 | 126.28 | 152.48 |
| Pretax Income | - | 117.26 | 79.66 | 94.26 | 81.63 |
| Tax Provision | - | 22.19 | 9.46 | 25.83 | 8.49 |
| Net Income | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Net Income Common Stockholders | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Total Expenses | - | 474.57 | 564.64 | 596.20 | 803.34 |
| Interest Expense | - | 15.79 | 30.78 | 32.01 | 70.85 |
| Interest Income | - | 1.41 | 2.54 | 4.73 | 1.76 |
| Research And Development | - | 114.57 | 132.40 | 146.34 | 192.26 |
| Selling General And Administration | - | 218.64 | 239.23 | 254.09 | 319.23 |
| Normalized EBITDA | - | 203.59 | 235.48 | 264.98 | 327.97 |
| Normalized Income | - | 91.68 | 89.47 | 94.33 | 94.43 |
| Market Cap | 1,145.80 | 1,145.80 | 1,145.80 | 1,145.80 | 1,145.80 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Progress Software Corporationthis co. | PRGS | $1.2B | 15.67β discount | 2.40 | 15.3% | 8.16 |
| Innodata Inc. | INOD | $1.3B | 43.42 | 12.06 | 30.1% | 28.64 |
| C3.ai, Inc. | AI | $1.3B | - | 1.78 | -34.4% | -1.60 |
| Sprinklr, Inc. | CXM | $1.3B | 54.54 | 2.11 | 3.9% | 14.89 |
| Allient Inc. | ALNT | $1.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| 56.00 |
| 4.15 |
| - |
| 19.25 |
| Arteris, Inc. | AIP | $1.2B | - | -81.66 | 237.5% | -39.66 |
| Shoals Technologies Group, Inc. | SHLS | $1.2B | 36.70 | 2.05 | 5.6% | 15.82 |
| Array Technologies, Inc. | ARRY | $1.1B | - | -5.54 | -20.1% | 14.84 |
| Upbound Group, Inc. | UPBD | $1.1B | 15.75 | 1.66 | 10.5% | 1.66 |
| Peer Median | - | 43.42 | 1.91 | 5.6% | 14.87 | |