What is the 13F Pro Quality Score for PRGS?

13F Pro ranks PROGRESS SOFTWARE CORP /MA (PRGS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View PRGS's current score at https://13fpro.ai/company/PRGS (free sign-up required for the full ranking).

Which hedge funds own the most PRGS stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of PRGS include BlackRock,, LINDEN ADVISORS, VANGUARD PORTFOLIO MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/PRGS as soon as new 13F filings post.

Where does 13F Pro source PRGS data?

All PROGRESS SOFTWARE CORP /MA fundamentals and ownership data come directly from SEC EDGAR. PROGRESS SOFTWARE CORP /MA files with the SEC under CIK 876167. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is PRGS in?

PROGRESS SOFTWARE CORP /MA (PRGS) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives PRGS's revenue?

Per PROGRESS SOFTWARE CORP /MA's latest 10-Q filed with the SEC on 2026-06-30, the biggest revenue drivers are: Maintenance, SaaS, and professional services ($184.5M, -1% YoY); Software licenses ($69.0M, +36% YoY); Maintenance ($101.2M, -2% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/PRGS.

What are PRGS's largest expenses?

PROGRESS SOFTWARE CORP /MA's latest 10-Q reports these as the largest expense items: Sales and marketing ($54.3M, +9% YoY); Product development ($48.8M, +5% YoY); General and administrative ($32.2M, +26% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended May 31, 2026).

How often is PRGS research updated on 13F Pro?

PRGS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

PROGRESS SOFTWARE CORP /MA(PRGS)Stock Analysis

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13F Pro Quality Score

66.2/100

Rank #440 of 2,961 stocksTOP 25%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

78.1/100

Profitability

66.0/100

Balance Sheet

63.7/100

Earnings Quality

84.1/100

Free Cash Flow

84.4/100

Institutional Flow

28.3/100

Revenue Scale

50.1/100

Dilution Risk

21.2/100

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Why PRGS Scores 66/100

exact factor attribution · 2026-09-11

PRGS's composite is driven by revenue growth and free cash flow, held back by shareholder dilution and institutional flow. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+5.6 pts

78th pct

Free cash flow

+5.2 pts

84th pct

Earnings quality

+3.4 pts

84th pct

Profitability

+2.4 pts

66th pct

Capital efficiency

+1.4 pts

64th pct

Earnings growth

+0.7 pts

64th pct

Scale

+0.0 pts

50th pct

Institutional flow

-1.1 pts

28th pct

Shareholder dilution

-1.4 pts

21th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

PRGS Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for PROGRESS SOFTWARE CORP /MA (PRGS), a Technology sector company. 13F Pro's AI-powered ranking engine scores PRGS at 66.2/100 on a 32-signal composite quality model, placing it at rank #440 of 2,961 stocks — the top 25% of the AI-ranked universe. PRGS scores in the top quartile across free cash flow (84.4), earnings quality (84.1), revenue growth (78.1). Areas of concern include institutional flow (28.3), which score below median versus the broader universe. Shareholder dilution risk is elevated at 21.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), PROGRESS SOFTWARE CORP /MA reports quarterly revenue of $253.5M, net income of $21.1M, an operating margin of 17.8%. Top institutional holders of PRGS by reported 13-F value include BlackRock, LINDEN ADVISORS, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. PRGS trades on the Nasdaq exchange and files with the SEC under CIK 876167. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PRGS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for PROGRESS SOFTWARE CORP /MA directly from SEC EDGAR. PROGRESS SOFTWARE CORP /MA's 13F Pro composite quality score has ranged between 60 and 70 since 2021, currently 66.2 — a stable long-term trajectory across 67 quarterly and live scoring snapshots.

What's Driving PRGS's Business? Latest 10-Q Breakdown

✓ 30/30 datapoints verified

AI-extracted from PROGRESS SOFTWARE CORP /MA's 10-Q filed 2026-06-30 — Q2 FY2026 (quarter ended May 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Software licenses revenue jumped 36% YoY to $69.0M, lifting total revenue to $253.5M (+7% YoY) even as maintenance/SaaS/services stayed roughly flat and operating income rose to $45.2M.

Biggest Revenue Drivers

Maintenance, SaaS, and professional services$184.5M-1% YoY

Maintenance and SaaS were essentially unchanged; professional services declined across multiple product offerings

Software licenses$69.0M+36% YoY

Increases in DataDirect, Chef, and MarkLogic product offerings

Biggest Revenue Drivers

Total revenue: $253.5M+7% YoY

Maintenance, SaaS, and professional services$184.5M-1% YoY

Maintenance and SaaS were essentially unchanged; professional services declined across multiple product offerings

Within Maintenance, SaaS, and professional services

Maintenance$101.2M-2% YoY

SaaS$73.0M+1% YoY

Professional services$10.3M-6% YoY

Software licenses$69.0M+36% YoY

Increases in DataDirect, Chef, and MarkLogic product offerings

Largest Expense Items

Sales and marketing$54.3M+9% YoY

Increased personnel-related costs, partially offset by lower marketing and sales events costs

Product development$48.8M+5% YoY

Increased personnel-related costs

General and administrative$32.2M+26% YoY

Higher stock-based compensation expense and additional receivables reserves, partially offset by lower contractors and outside services costs

Margins: Gross profit rose to $208.6M as license cost growth (+23%, higher royalties) was offset by lower maintenance/SaaS/services costs; operating income grew to $45.2M from $38.6M, though G&A and effective tax rate (27% vs 14%) rose sharply YoY.

Watch Items from the Filing

MOVEit Vulnerability MDL litigation remains unresolved; 23 of 33 bellwether claims dismissed but no loss contingency recorded and damages unspecified, with fact discovery closing September 29, 2026.
Effective tax rate rose to 27% from 14% YoY due to jurisdictional earnings mix and a $0.8M discrete tax expense versus a $1.1M discrete benefit last year.
ARR grew only 2% YoY to $868M, decelerating well below the 7% total revenue growth rate, even as net retention held in the 99-100% range.
Company redeemed $360M of 2026 convertible notes by drawing on its revolving credit facility (now $850M outstanding) at a higher interest rate than the retired notes.
No single customer, partner, or country outside the U.S. accounted for more than 10% of total revenue in the quarter.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$253.5M

Net Income

Q2 2026

$21.1M

Free Cash Flow

Q2 2026

$77.0M

Operating Margin

Q2 2026

17.8%

ROIC

Q2 2026

10.1%

D/E Ratio

Q2 2026

2.55

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+29.8% YoY

$977.8MFY 2025

FY22 $602.0MFY23 $694.4MFY24 $753.4MFY25 $977.8M

Net Income

+6.9% YoY

$73.1MFY 2025

FY22 $95.1MFY23 $70.2MFY24 $68.4MFY25 $73.1M

Operating Income

+23.6% YoY

$153.3MFY 2025

FY22 $132.1MFY23 $110.5MFY24 $124.0MFY25 $153.3M

EPS (Diluted)

+7.8% YoY

$1.66FY 2025

FY22 $2.15FY23 $1.57FY24 $1.54FY25 $1.66

Total Assets

-2.7% YoY

$2.46BFY 2025

FY22 $1.41BFY23 $1.60BFY24 $2.53BFY25 $2.46B

Total Debt

+15.3% YoY

$1.76BFY 2025

FY22 $618.1MFY23 $724.0MFY24 $1.53BFY25 $1.76B

Op. Cash Flow

+11.2% YoY

$235.2MFY 2025

FY22 $192.2MFY23 $173.9MFY24 $211.5MFY25 $235.2M

Free Cash Flow

+11.2% YoY

$229.5MFY 2025

FY22 $186.1MFY23 $168.3MFY24 $206.3MFY25 $229.5M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$977.8M +29.8%	$753.4M +8.5%	$694.4M +15.4%	$602.0M +13.3%	$531.3M +20.2%	$442.1M
Net Income	$73.1M +6.9%	$68.4M -2.5%	$70.2M -26.2%	$95.1M +21.2%	$78.4M -1.6%	$79.7M
Operating Income	$153.3M +23.6%	$124.0M +12.2%	$110.5M -16.4%	$132.1M +13.8%	$116.1M +7.8%	$107.7M
EPS (Diluted)	$1.66 +7.8%	$1.54 -1.9%	$1.57 -27.0%	$2.15 +22.2%	$1.76 +0.0%	$1.76
Total Assets	$2.46B -2.7%	$2.53B +57.7%	$1.60B +13.6%	$1.41B +3.5%	$1.36B +30.9%	$1.04B
Total Debt	$1.76B +15.3%	$1.53B +110.8%	$724.0M +17.1%	$618.1M +10.3%	$560.3M +39.1%	$402.7M
Operating Cash Flow	$235.2M +11.2%	$211.5M +21.6%	$173.9M -9.5%	$192.2M +7.6%	$178.5M +23.3%	$144.8M
Free Cash Flow	$229.5M +11.2%	$206.3M +22.5%	$168.3M -9.5%	$186.1M +7.0%	$173.9M +25.7%	$138.3M

AI Insight: PRGS Ratio Trends

Operational recovery underway post-Q4 2024 collapse, but ROIC volatility and elevated leverage signal incomplete stabilization.

• Operating margin recovered from 10.0% in Q4 2024 to 17.8% in Q2 2026, approaching pre-collapse levels.

• Net profit margin rebounded from 0.5% in Q4 2024 to 8.3% in Q2 2026, indicating improved bottom-line execution.

• ROIC remains elevated at 10.1% in Q2 2026 versus 6.7% in Q1 2025, though below Q3 2024's 37.9% peak.

⚠ Debt-to-equity spiked to 3.68x in Q4 2025, up from 0.00x in Q3 2024, indicating aggressive leverage increase.

⚠ ROIC volatility persists: swung from 6.9% in Q4 2025 to 8.5% in Q1 2026 to 10.1% in Q2 2026.

⚠ ROE and ROA compressed meaningfully; TTM ROE of 17.6% and ROA of 3.8% well below Q3 2024 peaks.

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Available Research

13F Pro tracks comprehensive data for PROGRESS SOFTWARE CORP /MA including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of PRGS

BlackRock, Inc.
$254.2M7,570,529 sh
LINDEN ADVISORS LP
$132.5M137,866,000 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$129.2M3,846,694 sh
STATE STREET CORP
$65.9M1,961,723 sh
VANGUARD CAPITAL MANAGEMENT LLC
$63.8M1,899,835 sh
VICTORY CAPITAL MANAGEMENT INC
$56.7M1,689,867 sh
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$42.8M1,274,910 sh
LSV ASSET MANAGEMENT
$42.4M1,262,144 sh
GOLDMAN SACHS GROUP INC
$42.3M1,258,502 sh
MANUFACTURERS LIFE INSURANCE COMPANY, THE
$40.8M1,214,414 sh

Fund	Value	Shares
BlackRock, Inc.	$254.2M	7,570,529
LINDEN ADVISORS LP	$132.5M	137,866,000
VANGUARD PORTFOLIO MANAGEMENT LLC	$129.2M	3,846,694
STATE STREET CORP	$65.9M	1,961,723
VANGUARD CAPITAL MANAGEMENT LLC	$63.8M	1,899,835
VICTORY CAPITAL MANAGEMENT INC	$56.7M	1,689,867
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$42.8M	1,274,910
LSV ASSET MANAGEMENT	$42.4M	1,262,144
GOLDMAN SACHS GROUP INC	$42.3M	1,258,502
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$40.8M	1,214,414

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Is PRGS a good stock to buy?

13F Pro's AI-powered analysis of PROGRESS SOFTWARE CORP /MA (PRGS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for PRGS are available on the PRGS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. PRGS is classified as a small company.

Which hedge funds own PRGS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling PRGS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of PROGRESS SOFTWARE CORP /MA's investment landscape.