TakeoverPE & activists

PRGSPROGRESS SOFTWARE CORP /MA

Services-Prepackaged Software · $1.8B market cap · 2,801 employees

7.1×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    322% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    7% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    45% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    89% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $349K · 32nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    10.1 per 10K words · 93rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    7.0× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$3M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$978MFY2021: $531MFY2022: $602MFY2023: $694MFY2024: $753MFY2025: $978M
30% YoY
Operating margin
15.7%FY2021: 21.9%FY2022: 21.9%FY2023: 15.9%FY2024: 16.5%FY2025: 15.7%
4.8% YoY
EBITDA
$159MFY2021: $122MFY2022: $137MFY2023: $117MFY2024: $130MFY2025: $159M
22% YoY
Net debt / EBITDA
7.0×
$1.1B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$531M$602M$694M$753M$978M 30% FY2021: $531MFY2022: $602MFY2023: $694MFY2024: $753MFY2025: $978M
Operating income$116M$132M$111M$124M$153M 24% FY2021: $116MFY2022: $132MFY2023: $111MFY2024: $124MFY2025: $153M
Net income$78M$95M$70M$68M$73M 6.9% FY2021: $78MFY2022: $95MFY2023: $70MFY2024: $68MFY2025: $73M
Operating cash flow$179M$192M$174M$211M$235M 11% FY2021: $179MFY2022: $192MFY2023: $174MFY2024: $211MFY2025: $235M
Capex$5M$6M$6M$5M$6M 9.5% FY2021: $5MFY2022: $6MFY2023: $6MFY2024: $5MFY2025: $6M
Stock-based comp$30M$37M$41M$47M$65M 39% FY2021: $30MFY2022: $37MFY2023: $41MFY2024: $47MFY2025: $65M
Buybacks$35M$77M$34M$87M$105M 21% FY2021: $35MFY2022: $77MFY2023: $34MFY2024: $87MFY2025: $105M
Dividends$32M$31M$32M$31M$786K 98% FY2021: $32MFY2022: $31MFY2023: $32MFY2024: $31MFY2025: $786K

13D filers

None on file.

Insider trading

−$3Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $3M · 18 trades

Pay vs performance

No pay-versus-performance disclosure yet.