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PRGS (Progress Software) Piotroski F-Score : 4 (As of Mar. 16, 2025)


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What is Progress Software Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Progress Software has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Progress Software's Piotroski F-Score or its related term are showing as below:

PRGS' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of Progress Software was 7. The lowest was 4. And the median was 6.


Progress Software Piotroski F-Score Historical Data

The historical data trend for Progress Software's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Progress Software Piotroski F-Score Chart

Progress Software Annual Data
Trend Nov15 Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 6.00 4.00 4.00

Progress Software Quarterly Data
Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 6.00 5.00 4.00

Competitive Comparison of Progress Software's Piotroski F-Score

For the Software - Infrastructure subindustry, Progress Software's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Progress Software's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, Progress Software's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Progress Software's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Nov24) TTM:Last Year (Nov23) TTM:
Net Income was 22.639 + 16.188 + 28.464 + 1.147 = $68.4 Mil.
Cash Flow from Operations was 70.504 + 63.681 + 57.658 + 19.651 = $211.5 Mil.
Revenue was 184.685 + 175.077 + 178.686 + 214.961 = $753.4 Mil.
Gross Profit was 151.876 + 143.006 + 149.622 + 178.423 = $622.9 Mil.
Average Total Assets from the begining of this year (Nov23)
to the end of this year (Nov24) was
(1602.783 + 1547.769 + 1586.375 + 1619.884 + 2526.966) / 5 = $1776.7554 Mil.
Total Assets at the begining of this year (Nov23) was $1,602.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,552.5 Mil.
Total Current Assets was $368.8 Mil.
Total Current Liabilities was $455.1 Mil.
Net Income was 23.674 + 12.09 + 19.098 + 15.335 = $70.2 Mil.

Revenue was 164.226 + 178.251 + 174.992 + 176.97 = $694.4 Mil.
Gross Profit was 138.009 + 144.473 + 142.073 + 143.307 = $567.9 Mil.
Average Total Assets from the begining of last year (Nov22)
to the end of last year (Nov23) was
(1411.479 + 1643.607 + 1601.885 + 1597.468 + 1602.783) / 5 = $1571.4444 Mil.
Total Assets at the begining of last year (Nov22) was $1,411.5 Mil.
Long-Term Debt & Capital Lease Obligation was $723.9 Mil.
Total Current Assets was $330.8 Mil.
Total Current Liabilities was $352.1 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Progress Software's current Net Income (TTM) was 68.4. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Progress Software's current Cash Flow from Operations (TTM) was 211.5. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Nov23)
=68.438/1602.783
=0.04269948

ROA (Last Year)=Net Income/Total Assets (Nov22)
=70.197/1411.479
=0.04973294

Progress Software's return on assets of this year was 0.04269948. Progress Software's return on assets of last year was 0.04973294. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Progress Software's current Net Income (TTM) was 68.4. Progress Software's current Cash Flow from Operations (TTM) was 211.5. ==> 211.5 > 68.4 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Nov24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Nov23 to Nov24
=1552.526/1776.7554
=0.87379839

Gearing (Last Year: Nov23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Nov22 to Nov23
=723.883/1571.4444
=0.46064818

Progress Software's gearing of this year was 0.87379839. Progress Software's gearing of last year was 0.46064818. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Nov24)=Total Current Assets/Total Current Liabilities
=368.813/455.145
=0.81031979

Current Ratio (Last Year: Nov23)=Total Current Assets/Total Current Liabilities
=330.788/352.118
=0.93942372

Progress Software's current ratio of this year was 0.81031979. Progress Software's current ratio of last year was 0.93942372. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Progress Software's number of shares in issue this year was 45.207. Progress Software's number of shares in issue last year was 45.003. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=622.927/753.409
=0.8268112

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=567.862/694.439
=0.81772769

Progress Software's gross margin of this year was 0.8268112. Progress Software's gross margin of last year was 0.81772769. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Nov23)
=753.409/1602.783
=0.47006301

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Nov22)
=694.439/1411.479
=0.49199386

Progress Software's asset turnover of this year was 0.47006301. Progress Software's asset turnover of last year was 0.49199386. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+1+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Progress Software has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Progress Software  (NAS:PRGS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Progress Software Piotroski F-Score Related Terms

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Progress Software Business Description

Traded in Other Exchanges
Address
15 Wayside Road, Suite 400, Burlington, MA, USA, 01803
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.
Executives
Domenic Lococo officer: Chief Accounting Officer C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DRIVE, BEDFORD MA 01730
Ian Pitt officer: Chief Information Officer C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DRIVE, BEDFORD MA 01730
Loren Jarrett officer: Chief Marketing Officer C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DR., BEDFORD MA 01730
Anthony Folger officer: Chief Financial Officer C/O CARBONITE, INC., 177 HUNTINGTON AVENUE, BOSTON MA 02115
Sundar Subramanian officer: EVP/GM DevSecOps C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DRIVE, BEDFORD MA 01730
Yufan Stephanie Wang officer: Chief Legal Officer C/O PROGRESS SOFTWARE CORPORATION, 15 WAYSIDE ROAD, SUITE 400, BURLINGTON MA 01803
Yogesh K Gupta director, officer: Chief Executive Officer C/O PROGRESS SOFTWARE CORPORATION, 15 WAYSIDE ROAD, SUITE 400, BURLINGTON MA 01803
Kathryn Kulikoski officer: CHIEF PEOPLE OFFICER C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DRIVE, BEDFORD MA 01730
John Ainsworth officer: Senior Vice President C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DR., BEDFORD MA 01730
David Krall director C/O AVID TECHNOLOGY INC, ONE PARK WEST, TEWKSBURY MA 01876
Charles Francis Kane director 14 OAK PARK DRIVE, BEDFORD MA 01730
Jeremy Segal officer: Senior Vice President C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DRIVE, BEDFORD MA 01730
Jennifer Ortiz officer: EVP, Corporate Marketing C/O PROGRESS SOFTWARE CORPORATION, 14 OAK PARK DRIVE, BEDFORD MA 01730
John R Egan director 176 SOUTH ST., HOPKINTON MA 01748
Gary Quinn officer: Senior Vice President C/O COMPUTER ASSOCIATES INTER INC, ONE COMPUTER ASSOC PLAZA, ISLANDIA NY 11749