Progress Software - Public Comps and Valuation Multiples

Progress Software Overview

About Progress Software

Progress Software Corporation provides software operate in one operating segment: software products for the development, deployment, and management of responsible, AI-powered applications and digital experiences. Following are products: Chef, Corticon, Data Direct, Developer Tools, Flowmon, Kemp LoadMaster, MarkLogic, MOVEit, OpenEdge, Semaphore, ShareFile, Sitefinity, WhatsUp Gold. Geographical regions include United States, Canada, EMEA, Latin America, and Asia Pacific.

Founded

2015

HQ

Employees

2.8K+

Website

progress.com

Sectors

Cybersecurity
Developer Tools
Network Management
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $922M

LTM EBITDA $363M

EV

$3.2B

Valuation Multiples

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Progress Software Financials

As of August 2025, Progress Software reported last 12-month revenue of $922M and EBITDA of $363M.

In the same period, Progress Software generated $777M in LTM gross profit and $234M in net income.

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Progress Software P&L

In the most recent fiscal year, Progress Software reported revenue of $753M and EBITDA of $229M.

Progress Software expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$922M	XXX	$753M	XXX	XXX	XXX
Gross Profit	$777M	XXX	$623M	XXX	XXX	XXX
Gross Margin	84%	XXX	83%	XXX	XXX	XXX
EBITDA	$363M	XXX	$229M	XXX	XXX	XXX
EBITDA Margin	39%	XXX	30%	XXX	XXX	XXX
EBIT	$356M	XXX	$157M	XXX	XXX	XXX
EBIT Margin	39%	XXX	21%	XXX	XXX	XXX
Net Profit	$234M	XXX	$68.4M	XXX	XXX	XXX
Net Margin	25%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Progress Software including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $922M. EBITDA for the last twelve months was $363M. In the most recent fiscal year, Progress Software achieved $753M in revenue and $229M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$922M	Analyst estimates available to subscribers	$753M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$777M	Analyst estimates available to subscribers	$623M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	84.3% gross margin	Analyst estimates available to subscribers	82.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$363M	Analyst estimates available to subscribers	$229M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	39.4% EBITDA margin	Analyst estimates available to subscribers	30.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$356M	Analyst estimates available to subscribers	$157M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	38.6% EBIT margin	Analyst estimates available to subscribers	20.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$234M	Analyst estimates available to subscribers	$68.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	25.4% net profit margin	Analyst estimates available to subscribers	9.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Progress Software

This financial data table provides comprehensive performance metrics for Progress Software, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Progress Software generated $922M in revenue over the last twelve months.
The company achieved $363M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $777M.
Net income over the last twelve months reached $234M.

Fiscal Year Performance

In the most recent fiscal year, Progress Software reported $753M in total revenue.
Fiscal year EBITDA was $229M.
The company maintained a gross profit margin of 82.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 30.4%.
Net profit margin reached 9.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Progress Software. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Progress Software Stock Performance

Progress Software has current market cap of $1.8B, and EV of $3.2B.

Market Cap Evolution

Progress Software Stock Data

As of September 12, 2025, Progress Software's stock price is $42.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.2B	$1.8B	XXX	XXX	XXX	XXX	$5.25

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Progress Software Valuation Multiples

Progress Software's trades at 4.1x EV/Revenue multiple, and 13.2x EV/EBITDA.

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Progress Software Financial Valuation Multiples

As of September 12, 2025, Progress Software has market cap of $1.8B and EV of $3.2B.

Equity research analysts estimate Progress Software's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Progress Software has a P/E ratio of 7.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.8B	XXX	$1.8B	XXX	XXX	XXX
EV (current)	$3.2B	XXX	$3.2B	XXX	XXX	XXX
EV/Revenue	3.5x	XXX	4.1x	XXX	XXX	XXX
EV/EBITDA	8.8x	XXX	13.2x	XXX	XXX	XXX
EV/EBIT	9.0x	XXX	18.3x	XXX	XXX	XXX
EV/Gross Profit	4.1x	XXX	n/a	XXX	XXX	XXX
P/E	7.7x	XXX	21.9x	XXX	XXX	XXX
EV/FCF	15.5x	XXX	18.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Progress Software Margins & Growth Rates

Progress Software's last 12 month revenue growth is 6%

Progress Software's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Progress Software's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Progress Software's rule of X is 55% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Progress Software Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	13%	XXX	XXX	XXX
EBITDA Margin	39%	XXX	31%	XXX	XXX	XXX
EBITDA Growth	6%	XXX	32%	XXX	XXX	XXX
Rule of 40	37%	XXX	38%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	55%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	19%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	62%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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