Forensic Analysis · Software & SaaS · as of Nov 8, 2026

Progress Software Corp /Ma (PRGS)

A forensic read on Progress Software Corp /Ma built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-0.3

Distress distance

Clean

Earnings quality

Forensic signals

15.9%

ROE

29.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Progress Software Corp /Ma earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.1%

FY2025

Return on invested capital. Return on invested capital is 7.1% in the latest fiscal year, against 8.6% in FY2023, having run between 5.8% and 8.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $97M in FY2023 and $137M in FY2025, with operating income at 15.9% of revenue in FY2023, 16.5% in FY2024 and 15.7% in FY2025. The capital base behind it grew +70% across FY2023–FY2025, from $1.1B to $1.9B, while the return fell 1.5 points, so the dollars added over that window earned less than the 8.6% the older base was already earning.

-97%

FY2024→FY2025

Dividend — cut. The payout was CUT ~97% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$977.8M

Revenue Growth YoY+29.8%

Revenue CAGR (2yr)+18.7%

Net Margin7.5%

Free Cash Flow$229.5M

Return on Equity15.9%

Debt / Equity2.93x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.