Progress Software Corp. (PRGS) intrinsic value & 10-year financials
Progress Software Corp. (PRGS) has a Graham intrinsic value of $35.09 per share. At $40.84 on Oct 17, 2026, the stock trades 16% above that value. Over the last 10 fiscal years revenue grew 10.3% a year to $977.8M, with an average return on invested capital of 9.8%.
- Graham intrinsic value
- $35.09
- Share price (Oct 17, 2026)
- $40.84
- Price vs Graham value
- 16% above
- Market cap
- $1.8B
- Revenue (FY2025)
- $977.8M
- Revenue growth (10-yr CAGR)
- 10.3%
- ROIC (10-yr avg)
- 9.8%
- Free cash flow (FY2025)
- $229.5M
PRGS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $977.8M | $73.1M | $1.66 | $229.5M | 15.7% | 7.5% |
| FY2024 | $753.4M | $68.4M | $1.54 | $206.3M | 16.5% | 6.1% |
| FY2023 | $694.4M | $70.2M | $1.57 | $168.3M | 15.9% | 10.6% |
| FY2022 | $602.0M | $95.1M | $2.15 | $186.1M | 21.9% | 13.3% |
| FY2021 | $531.3M | $78.4M | $1.76 | $173.9M | 21.9% | 12.7% |
| FY2020 | $442.1M | $79.7M | $1.76 | $138.3M | 24.4% | 15.8% |
| FY2019 | $413.3M | $26.4M | $0.58 | $124.5M | 9.7% | 9.4% |
| FY2018 | $397.2M | $63.5M | $1.38 | $114.1M | 21.7% | 20.2% |
| FY2017 | $397.6M | $37.4M | $0.77 | $102.3M | 17.8% | 11.5% |
| FY2016 | $405.3M | -$55.7M | -$1.13 | $97.1M | -7.3% | -8.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PROGRESS SOFTWARE CORP /MA is a consistent compounder, expanding top-line revenue at 10.3% annually over the past decade.
PROGRESS SOFTWARE CORP /MA returns on capital have been average, hovering around 9.8% ROIC over the decade.
Over the decade, PROGRESS SOFTWARE CORP /MA shows that management has aggressively returned capital to shareholders by retiring 11.0% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PROGRESS SOFTWARE CORP /MA is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $35.09 per share.