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PRGS (Progress Software) Beneish M-Score : -2.46 (As of Mar. 19, 2025)


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What is Progress Software Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PRGS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.76   Max: -2.35
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Progress Software was -2.35. The lowest was -3.08. And the median was -2.76.


Progress Software Beneish M-Score Historical Data

The historical data trend for Progress Software's Beneish M-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 Beneish M-Score Chart

Progress Software Annual Data
Trend Nov15 Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.35 -2.69 -2.85 -2.45 -2.46

Progress Software Quarterly Data
Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24
Beneish M-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 -2.45 -2.82 -2.89 -2.92 -2.46

Competitive Comparison of Progress Software's Beneish M-Score

For the Software - Infrastructure subindustry, Progress Software's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score Distribution in the Software Industry

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

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



Progress Software Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Progress Software for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1729+0.528 * 0.989+0.404 * 1.0828+0.892 * 1.0849+0.115 * 1.0784
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.979+4.679 * -0.042498-0.327 * 1.1835
=-2.46

* 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:
Total Receivables was $198.2 Mil.
Revenue was 214.961 + 178.686 + 175.077 + 184.685 = $753.4 Mil.
Gross Profit was 178.423 + 149.622 + 143.006 + 151.876 = $622.9 Mil.
Total Current Assets was $368.8 Mil.
Total Assets was $2,527.0 Mil.
Property, Plant and Equipment(Net PPE) was $44.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $103.0 Mil.
Selling, General, & Admin. Expense(SGA) was $254.1 Mil.
Total Current Liabilities was $455.1 Mil.
Long-Term Debt & Capital Lease Obligation was $1,552.5 Mil.
Net Income was 1.147 + 28.464 + 16.188 + 22.639 = $68.4 Mil.
Non Operating Income was -21.472 + -4.3 + -5.176 + -4.717 = $-35.7 Mil.
Cash Flow from Operations was 19.651 + 57.658 + 63.681 + 70.504 = $211.5 Mil.
Total Receivables was $155.8 Mil.
Revenue was 176.97 + 174.992 + 178.251 + 164.226 = $694.4 Mil.
Gross Profit was 143.307 + 142.073 + 144.473 + 138.009 = $567.9 Mil.
Total Current Assets was $330.8 Mil.
Total Assets was $1,602.8 Mil.
Property, Plant and Equipment(Net PPE) was $33.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $103.1 Mil.
Selling, General, & Admin. Expense(SGA) was $239.2 Mil.
Total Current Liabilities was $352.1 Mil.
Long-Term Debt & Capital Lease Obligation was $723.9 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(198.247 / 753.409) / (155.79 / 694.439)
=0.263133 / 0.224339
=1.1729

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(567.862 / 694.439) / (622.927 / 753.409)
=0.817728 / 0.826811
=0.989

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (368.813 + 44.64) / 2526.966) / (1 - (330.788 + 33.936) / 1602.783)
=0.836384 / 0.772443
=1.0828

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=753.409 / 694.439
=1.0849

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(103.147 / (103.147 + 33.936)) / (103.044 / (103.044 + 44.64))
=0.752442 / 0.697733
=1.0784

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(254.088 / 753.409) / (239.233 / 694.439)
=0.337251 / 0.344498
=0.979

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1552.526 + 455.145) / 2526.966) / ((723.883 + 352.118) / 1602.783)
=0.794499 / 0.671333
=1.1835

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(68.438 - -35.665 - 211.494) / 2526.966
=-0.042498

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Progress Software has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.


Progress Software Beneish M-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