PROGRESS SOFTWARE CORP /MA
PRGS · Services-Prepackaged Software · 42.1M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$7M (gross $34M, SBC $41M)
Reference price $29.05 · est. market cap ~$1.2B — last insider sale, 2026-05-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C66Acquisitive infrastructure-software vendor with high margins and strong FCF, but very high leverage and weak liquidity.
Strengths
- High gross margin and FCF — gross margin 80.8% (78th), FCF $229.5M (54th), FCF margin 23.5%
- Strong growth (acquisition-driven) — revenue +29.8% (83rd)
- Profitable — operating margin 15.7% (77th)
Risks
- Very high leverage and weak liquidity — D/E 2.18 (88th), current ratio 0.49 (3rd)
- Acquisition-integration and amortization drag (net margin 7.5%) — qualitative (per 10-K)
- Mature, competitive infrastructure-software markets — qualitative (per 10-K)
Notable findings
- High leverageHigh leverage (debt/equity 2.18)
- Weak liquidityCurrent ratio 0.49 (<1)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 10 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
80.8%
Operating margin
15.7%
Net margin
7.5%
Return on equity
15.3%
Return on assets
3.0%
ROIC
8.0%
Revenue growth (QoQ)
-1.9%
Net-income growth
6.9%
Debt / equity
2.2×
Net debt / EBITDA
5.9×
Current ratio
0.5×
Free cash flow
$229M
EBITDA
$159M
Tangible book value
-$1.4B
Cash & investments
$95M
Stock comp / revenue
6.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | FOLGER ANTHONY | Sell | 4.1K | $29.05 |
| 2026-05-19 | FOLGER ANTHONY | Sell | 400 | $29.96 |
| 2026-05-18 | WANG YUFAN STEPHANIE | Sell | 1.5K | $28.44 |
| 2026-05-18 | WANG YUFAN STEPHANIE | Sell | 3.5K | $29.04 |
| 2026-04-01 | Ainsworth John | Tax withheld | 518 | $24.96 |
| 2026-04-01 | Ainsworth John | Option exercise | 1.7K | — |
| 2026-04-01 | Ainsworth John | Tax withheld | 758 | $24.96 |
| 2026-04-01 | FOLGER ANTHONY | Option exercise | 2.5K | — |
| 2026-04-01 | FOLGER ANTHONY | Tax withheld | 1.1K | $24.96 |
| 2026-04-01 | FOLGER ANTHONY | Option exercise | 2.5K | — |
| 2026-04-01 | FOLGER ANTHONY | Tax withheld | 1.1K | $24.96 |
| 2026-04-01 | FOLGER ANTHONY | Option exercise | 3.0K | — |
| 2026-04-01 | FOLGER ANTHONY | Tax withheld | 1.4K | $24.96 |
| 2026-04-01 | Ainsworth John | Option exercise | 1.2K | — |
| 2026-04-01 | Ainsworth John | Tax withheld | 519 | $24.96 |
| 2026-04-01 | Ainsworth John | Option exercise | 1.2K | — |
| 2026-04-01 | Jarrett Loren | Option exercise | 1.2K | — |
| 2026-04-01 | Jarrett Loren | Tax withheld | 495 | $24.96 |
| 2026-04-01 | Jarrett Loren | Option exercise | 1.2K | — |
| 2026-04-01 | Jarrett Loren | Tax withheld | 495 | $24.96 |
| 2026-04-01 | Jarrett Loren | Option exercise | 1.7K | — |
| 2026-04-01 | Jarrett Loren | Tax withheld | 724 | $24.96 |
| 2026-04-01 | Subramanian Sundar | Option exercise | 1.2K | — |
| 2026-04-01 | Subramanian Sundar | Tax withheld | 519 | $24.96 |
| 2026-04-01 | Subramanian Sundar | Option exercise | 1.2K | — |
| 2026-04-01 | Subramanian Sundar | Tax withheld | 518 | $24.96 |
| 2026-04-01 | Subramanian Sundar | Option exercise | 1.7K | — |
| 2026-04-01 | Subramanian Sundar | Tax withheld | 758 | $24.96 |
| 2026-04-01 | LoCoco Domenic | Option exercise | 886 | — |
| 2026-04-01 | LoCoco Domenic | Tax withheld | 261 | $24.96 |
| 2026-04-01 | LoCoco Domenic | Option exercise | 807 | — |
| 2026-04-01 | LoCoco Domenic | Tax withheld | 237 | $24.96 |
| 2026-04-01 | LoCoco Domenic | Option exercise | 924 | — |
| 2026-04-01 | LoCoco Domenic | Tax withheld | 272 | $24.96 |
| 2026-04-01 | WANG YUFAN STEPHANIE | Option exercise | 1.1K | — |
| 2026-04-01 | WANG YUFAN STEPHANIE | Tax withheld | 486 | $24.96 |
| 2026-04-01 | WANG YUFAN STEPHANIE | Option exercise | 1.0K | — |
| 2026-04-01 | WANG YUFAN STEPHANIE | Tax withheld | 471 | $24.96 |
| 2026-04-01 | WANG YUFAN STEPHANIE | Option exercise | 1.2K | — |
| 2026-04-01 | WANG YUFAN STEPHANIE | Tax withheld | 545 | $24.96 |
| 2026-04-01 | Gupta Yogesh K | Option exercise | 6.8K | — |
| 2026-04-01 | Gupta Yogesh K | Tax withheld | 3.3K | $24.96 |
| 2026-04-01 | Gupta Yogesh K | Option exercise | 7.3K | — |
| 2026-04-01 | Gupta Yogesh K | Tax withheld | 3.6K | $24.96 |
| 2026-04-01 | Gupta Yogesh K | Option exercise | 8.3K | — |
| 2026-04-01 | Gupta Yogesh K | Tax withheld | 4.0K | $24.96 |
| 2026-03-11 | Subramanian Sundar | Option exercise | 1.6K | $38.06 |
| 2026-03-11 | Subramanian Sundar | Sell | 1.6K | $38.28 |
| 2026-03-10 | Subramanian Sundar | Sell | 5.2K | $38.19 |
| 2026-03-10 | Subramanian Sundar | Option exercise | 2.4K | $38.06 |
| 2026-03-10 | Subramanian Sundar | Sell | 16K | $37.48 |
| 2026-02-03 | FOLGER ANTHONY | Sell | 816 | $40.78 |
| 2026-02-03 | FOLGER ANTHONY | Sell | 5.2K | $39.88 |
| 2026-02-01 | FOLGER ANTHONY | Option exercise | 22K | — |
| 2026-02-01 | FOLGER ANTHONY | Tax withheld | 9.8K | $40.57 |
| 2026-02-01 | Gupta Yogesh K | Tax withheld | 29K | $40.57 |
| 2026-02-01 | Jarrett Loren | Option exercise | 10K | — |
| 2026-02-01 | Jarrett Loren | Tax withheld | 4.3K | $40.57 |
| 2026-02-01 | WANG YUFAN STEPHANIE | Option exercise | 9.3K | — |
| 2026-02-01 | WANG YUFAN STEPHANIE | Tax withheld | 4.2K | $40.57 |
| 2026-02-01 | Ainsworth John | Option exercise | 10K | — |
| 2026-02-01 | Ainsworth John | Tax withheld | 4.5K | $40.57 |
| 2026-02-01 | Subramanian Sundar | Option exercise | 10K | — |
| 2026-02-01 | Subramanian Sundar | Tax withheld | 4.5K | $40.57 |
| 2026-02-01 | Gupta Yogesh K | Option exercise | 59K | — |
| 2026-01-26 | Subramanian Sundar | Sell | 1.4K | $42.37 |
| 2025-10-06 | Pitt Ian | Sell | 409 | $46.20 |
| 2025-10-03 | WANG YUFAN STEPHANIE | Sell | 1.4K | $46.26 |
| 2025-10-03 | FOLGER ANTHONY | Sell | 100 | $47.32 |
| 2025-10-03 | FOLGER ANTHONY | Sell | 5.4K | $46.45 |
| 2025-10-01 | FOLGER ANTHONY | Tax withheld | 1.4K | $44.21 |
| 2025-10-01 | WANG YUFAN STEPHANIE | Option exercise | 460 | — |
| 2025-10-01 | WANG YUFAN STEPHANIE | Tax withheld | 204 | $44.21 |
| 2025-10-01 | WANG YUFAN STEPHANIE | Option exercise | 1.1K | — |
| 2025-10-01 | WANG YUFAN STEPHANIE | Tax withheld | 475 | $44.21 |
| 2025-10-01 | WANG YUFAN STEPHANIE | Option exercise | 1.0K | — |
| 2025-10-01 | WANG YUFAN STEPHANIE | Tax withheld | 461 | $44.21 |
| 2025-10-01 | WANG YUFAN STEPHANIE | Option exercise | 1.2K | — |
| 2025-10-01 | WANG YUFAN STEPHANIE | Tax withheld | 533 | $44.21 |
| 2025-10-01 | FOLGER ANTHONY | Option exercise | 2.5K | — |
| 2025-10-01 | FOLGER ANTHONY | Tax withheld | 1.1K | $44.21 |
| 2025-10-01 | FOLGER ANTHONY | Option exercise | 2.5K | — |
| 2025-10-01 | FOLGER ANTHONY | Tax withheld | 1.1K | $44.21 |
| 2025-10-01 | FOLGER ANTHONY | Option exercise | 3.0K | — |
| 2025-10-01 | Pitt Ian | Option exercise | 681 | — |
| 2025-10-01 | Pitt Ian | Tax withheld | 268 | $44.21 |
| 2025-10-01 | Pitt Ian | Option exercise | 666 | — |
| 2025-10-01 | Pitt Ian | Tax withheld | 263 | $44.21 |
| 2025-10-01 | Pitt Ian | Option exercise | 739 | — |
| 2025-10-01 | Pitt Ian | Tax withheld | 291 | $44.21 |
| 2025-10-01 | Ainsworth John | Option exercise | 1.2K | — |
| 2025-10-01 | Ainsworth John | Tax withheld | 518 | $44.21 |
| 2025-10-01 | Ainsworth John | Option exercise | 1.2K | — |
| 2025-10-01 | Ainsworth John | Tax withheld | 518 | $44.21 |
| 2025-10-01 | Ainsworth John | Option exercise | 1.7K | — |
| 2025-10-01 | Ainsworth John | Tax withheld | 758 | $44.21 |
| 2025-10-01 | LoCoco Domenic | Option exercise | 885 | — |
| 2025-10-01 | LoCoco Domenic | Tax withheld | 260 | $44.21 |
| 2025-10-01 | LoCoco Domenic | Option exercise | 807 | — |
| 2025-10-01 | LoCoco Domenic | Tax withheld | 237 | $44.21 |
| 2025-10-01 | LoCoco Domenic | Option exercise | 924 | — |
| 2025-10-01 | LoCoco Domenic | Tax withheld | 272 | $44.21 |
| 2025-10-01 | Subramanian Sundar | Option exercise | 1.2K | — |
| 2025-10-01 | Subramanian Sundar | Tax withheld | 518 | $44.21 |
| 2025-10-01 | Subramanian Sundar | Option exercise | 1.2K | — |
| 2025-10-01 | Subramanian Sundar | Tax withheld | 518 | $44.21 |
| 2025-10-01 | Subramanian Sundar | Option exercise | 1.7K | — |
| 2025-10-01 | Subramanian Sundar | Tax withheld | 758 | $44.21 |
| 2025-10-01 | Gupta Yogesh K | Option exercise | 6.8K | — |
| 2025-10-01 | Gupta Yogesh K | Tax withheld | 3.3K | $44.21 |
| 2025-10-01 | Gupta Yogesh K | Option exercise | 7.3K | — |
| 2025-10-01 | Gupta Yogesh K | Tax withheld | 3.6K | $44.21 |
| 2025-10-01 | Gupta Yogesh K | Option exercise | 8.3K | — |
| 2025-10-01 | Gupta Yogesh K | Tax withheld | 4.0K | $44.21 |
| 2025-10-01 | Jarrett Loren | Option exercise | 1.2K | — |
| 2025-10-01 | Jarrett Loren | Tax withheld | 565 | $44.21 |
| 2025-10-01 | Jarrett Loren | Option exercise | 1.2K | — |
| 2025-10-01 | Jarrett Loren | Tax withheld | 565 | $44.21 |
| 2025-10-01 | Jarrett Loren | Option exercise | 1.7K | — |
| 2025-10-01 | Jarrett Loren | Tax withheld | 827 | $44.21 |
| 2025-08-12 | Gawlick Rainer | Buy | 1.7K | $43.48 |
| 2025-07-28 | Ainsworth John | Tax withheld | 16K | $50.16 |
| 2025-07-28 | Ainsworth John | Option exercise | 19K | $34.73 |
| 2025-07-23 | KRALL DAVID | Buy | 5.1K | $48.90 |
| 2025-07-23 | Gupta Yogesh K | Buy | 2.1K | $49.14 |
| 2025-07-08 | FOLGER ANTHONY | Sell | 1.8K | $53.36 |
| 2025-07-08 | FOLGER ANTHONY | Sell | 3.7K | $52.78 |
| 2025-07-02 | VITALE VIVIAN M | Grant | 4.2K | $53.90 |
| 2025-07-02 | Gawlick Rainer | Grant | 4.2K | $53.90 |
| 2025-07-02 | Kane Charles Francis | Grant | 4.2K | $53.90 |
| 2025-07-02 | Tucci Angela | Grant | 4.2K | $53.90 |
| 2025-07-02 | DACIER PAUL T | Grant | 4.2K | $53.90 |
| 2025-07-02 | KRALL DAVID | Grant | 4.2K | $53.90 |
| 2025-07-02 | King Samskriti | Grant | 4.2K | $53.90 |
| 2025-07-02 | EGAN JOHN R | Grant | 4.2K | $53.90 |
| 2025-07-01 | Subramanian Sundar | Sell | 501 | $60.30 |
| 2025-06-30 | Pitt Ian | Sell | 2.2K | $65.21 |
| 2025-05-09 | Jarrett Loren | Option exercise | 13K | $47.16 |
| 2025-05-09 | Jarrett Loren | Sell | 19K | $61.10 |
| 2025-05-09 | Jarrett Loren | Option exercise | 19K | $34.73 |
| 2025-05-09 | Jarrett Loren | Sell | 1.7K | $61.10 |
| 2025-05-09 | Jarrett Loren | Sell | 13K | $61.10 |
| 2025-05-07 | Gupta Yogesh K | Option exercise | 100K | $34.73 |
| 2025-05-07 | Gupta Yogesh K | Tax withheld | 78K | $60.94 |
| 2025-04-24 | WANG YUFAN STEPHANIE | Sell | 1.4K | $58.27 |
| 2025-04-04 | Pitt Ian | Sell | 703 | $56.29 |
| 2025-04-01 | LoCoco Domenic | Tax withheld | 111 | $56.16 |
| 2025-04-01 | LoCoco Domenic | Option exercise | 885 | — |
| 2025-04-01 | LoCoco Domenic | Tax withheld | 260 | $56.16 |
| 2025-04-01 | LoCoco Domenic | Option exercise | 807 | — |
| 2025-04-01 | LoCoco Domenic | Tax withheld | 237 | $56.16 |
| 2025-04-01 | LoCoco Domenic | Option exercise | 2.8K | $47.16 |
| 2025-04-01 | LoCoco Domenic | Option exercise | 2.0K | $42.61 |
| 2025-04-01 | LoCoco Domenic | Option exercise | 2.3K | $44.49 |
| 2025-04-01 | LoCoco Domenic | Sell | 7.2K | $57.12 |
| 2025-04-01 | Jarrett Loren | Option exercise | 1.1K | — |
| 2025-04-01 | Jarrett Loren | Tax withheld | 544 | $56.16 |
| 2025-04-01 | WANG YUFAN STEPHANIE | Option exercise | 460 | — |
| 2025-04-01 | WANG YUFAN STEPHANIE | Tax withheld | 204 | $56.16 |
| 2025-04-01 | WANG YUFAN STEPHANIE | Option exercise | 1.1K | — |
| 2025-04-01 | WANG YUFAN STEPHANIE | Tax withheld | 475 | $56.16 |
| 2025-04-01 | WANG YUFAN STEPHANIE | Option exercise | 1.0K | — |
| 2025-04-01 | WANG YUFAN STEPHANIE | Tax withheld | 460 | $56.16 |
| 2025-04-01 | Ainsworth John | Option exercise | 1.1K | — |
| 2025-04-01 | Ainsworth John | Tax withheld | 499 | $56.16 |
| 2025-04-01 | Ainsworth John | Option exercise | 1.2K | — |
| 2025-04-01 | Ainsworth John | Tax withheld | 518 | $56.16 |
| 2025-04-01 | Ainsworth John | Option exercise | 1.2K | — |
| 2025-04-01 | Ainsworth John | Tax withheld | 518 | $56.16 |
| 2025-04-01 | Subramanian Sundar | Option exercise | 1.1K | — |
| 2025-04-01 | Subramanian Sundar | Tax withheld | 499 | $56.16 |
| 2025-04-01 | Subramanian Sundar | Option exercise | 1.2K | — |
| 2025-04-01 | Subramanian Sundar | Tax withheld | 518 | $56.16 |
| 2025-04-01 | Subramanian Sundar | Option exercise | 1.2K | — |
| 2025-04-01 | Subramanian Sundar | Tax withheld | 518 | $56.16 |
| 2025-04-01 | Pitt Ian | Option exercise | 675 | — |
| 2025-04-01 | Pitt Ian | Tax withheld | 205 | $56.16 |
| 2025-04-01 | Pitt Ian | Option exercise | 681 | — |
| 2025-04-01 | Pitt Ian | Tax withheld | 207 | $56.16 |
| 2025-04-01 | Pitt Ian | Option exercise | 666 | — |
| 2025-04-01 | Pitt Ian | Tax withheld | 203 | $56.16 |
| 2025-04-01 | LoCoco Domenic | Option exercise | 375 | — |
| 2025-04-01 | Jarrett Loren | Option exercise | 1.2K | — |
| 2025-04-01 | Jarrett Loren | Tax withheld | 565 | $56.16 |
| 2025-04-01 | Jarrett Loren | Option exercise | 1.2K | — |
| 2025-04-01 | Jarrett Loren | Tax withheld | 565 | $56.16 |
| 2025-04-01 | FOLGER ANTHONY | Option exercise | 2.2K | — |
| 2025-04-01 | FOLGER ANTHONY | Tax withheld | 997 | $56.16 |
| 2025-04-01 | FOLGER ANTHONY | Option exercise | 2.5K | — |
| 2025-04-01 | FOLGER ANTHONY | Tax withheld | 1.1K | $56.16 |
| 2025-04-01 | FOLGER ANTHONY | Option exercise | 2.5K | — |
| 2025-04-01 | FOLGER ANTHONY | Tax withheld | 1.1K | $56.16 |
| 2025-04-01 | Gupta Yogesh K | Option exercise | 6.2K | — |
| 2025-04-01 | Gupta Yogesh K | Tax withheld | 3.0K | $56.16 |
| 2025-04-01 | Gupta Yogesh K | Option exercise | 6.8K | — |
| 2025-04-01 | Gupta Yogesh K | Tax withheld | 3.3K | $56.16 |
| 2025-04-01 | Gupta Yogesh K | Option exercise | 7.3K | — |
| 2025-04-01 | Gupta Yogesh K | Tax withheld | 3.6K | $56.16 |
| 2025-02-03 | Jarrett Loren | Sell | 9.5K | $55.57 |
| 2025-02-03 | Jarrett Loren | Sell | 611 | $56.23 |
| 2025-02-03 | FOLGER ANTHONY | Option exercise | 10K | $31.49 |
| 2025-02-03 | FOLGER ANTHONY | Sell | 5.2K | $55.80 |
| 2025-02-03 | FOLGER ANTHONY | Sell | 4.8K | $56.54 |
| 2025-02-03 | FOLGER ANTHONY | Sell | 5.0K | $56.60 |
| 2025-02-03 | LoCoco Domenic | Sell | 1.0K | $56.24 |
| 2025-02-03 | Pitt Ian | Sell | 1.5K | $56.60 |
| 2025-02-01 | FOLGER ANTHONY | Option exercise | 28K | — |
| 2025-02-01 | FOLGER ANTHONY | Tax withheld | 13K | $57.23 |
| 2025-02-01 | Subramanian Sundar | Option exercise | 14K | — |
| 2025-02-01 | Gupta Yogesh K | Option exercise | 78K | — |
| 2025-02-01 | Subramanian Sundar | Tax withheld | 6.3K | $57.23 |
| 2025-02-01 | Pitt Ian | Option exercise | 8.5K | — |
| 2025-02-01 | Pitt Ian | Tax withheld | 2.6K | $57.23 |
| 2025-02-01 | Gupta Yogesh K | Tax withheld | 38K | $57.23 |
| 2025-02-01 | Jarrett Loren | Option exercise | 14K | — |
| 2025-02-01 | Jarrett Loren | Tax withheld | 6.0K | $57.23 |
| 2025-02-01 | Ainsworth John | Option exercise | 14K | — |
| 2025-02-01 | Ainsworth John | Tax withheld | 6.3K | $57.23 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-11 | Shareholder vote | filing ↗ |
| 2026-03-30 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-20 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-30 | Reg FDExhibits | filing ↗ |
| 2025-09-29 | ResultsReg FDExhibits | filing ↗ |
| 2025-07-22 | Material agreement1.02Debt obligationReg FDExhibits | filing ↗ |
| 2025-06-30 | ResultsReg FDExhibits | filing ↗ |
| 2025-05-09 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-11 | 2026-05-07 | 0001552781-26-000319 ↗ |
| 10-Q | 2026-03-31 | 2026-02-28 | 0000876167-26-000051 ↗ |
| 8-K | 2026-03-30 | 2026-03-30 | 0000876167-26-000050 ↗ |
| 10-K | 2026-01-20 | 2025-11-30 | 0000876167-26-000008 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0000876167-26-000007 ↗ |
| 8-K/A | 2025-09-30 | 2025-09-29 | 0000876167-25-000147 ↗ |
| 8-K | 2025-09-29 | 2025-09-29 | 0000876167-25-000142 ↗ |
| 10-Q | 2025-09-29 | 2025-08-31 | 0000876167-25-000143 ↗ |
| 8-K | 2025-07-22 | 2025-07-21 | 0001552781-25-000224 ↗ |
| 10-Q | 2025-06-30 | 2025-05-31 | 0000876167-25-000085 ↗ |
| 8-K | 2025-06-30 | 2025-06-30 | 0000876167-25-000084 ↗ |
| 8-K | 2025-05-09 | 2025-05-08 | 0001552781-25-000169 ↗ |