Forensic Analysis · Technology / Software · as of Aug 11, 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

0.4

Distress distance

Clean

Earnings quality

Forensic signals

19.6

P / E (ttm)

15.3%

ROE

$1.8B

Market cap

1.31%

Dividend yield

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 (red flags, auditor quality, say on pay, board independence). 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 0.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.2%

FY2025

Return on invested capital. Return on invested capital is 7.2% in the latest fiscal year and slipping from 13% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

-0.2%/yr

FY2022–FY2025

Share count. Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks ($105M) are about offsetting stock comp ($65M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

-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 (3yr)+17.5%

Net Margin7.5%

Free Cash Flow$229.5M

Return on Equity15.3%

Debt / Equity2.93x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.