TacticScaleWhat Progress Software Does & How It Makes Money (PRGS)
Updated October 2026 · reflects Progress Software's latest reported financials
Software maker of tools to build, run, and secure business applications. It earns money by selling software licenses and SaaS subscriptions to end users, software vendors, OEMs, integrators, resellers, and distributors.
How Progress Software makes money
It earns money by selling software licenses and SaaS subscriptions to end users, software vendors, OEMs, integrators, resellers, and distributors. It also charges for services such as implementation, custom development, and training.
What Progress Software does
Progress Software Corporation, founded in 1981 and headquartered in Burlington, Massachusetts, sells a broad portfolio of infrastructure software used to develop, deploy, and manage AI-powered applications and digital experiences in the United States and internationally. Its lineup includes the OpenEdge application development platform, Developer Tools (.NET and JavaScript UI components, reporting and testing tools), the Sitefinity digital experience platform, and data products such as DataDirect, MarkLogic, and the Semaphore semantic AI platform. The company also covers IT operations and security. Examples are MOVEit and Automate MFT for managed file transfer, ShareFile for document collaboration, Chef for DevOps automation, Kemp LoadMaster for application delivery, and Flowmon and WhatsUp Gold for network visibility and monitoring. Newer products include Agentic RAG and Corticon decision automation. Progress sells through end users, ISVs, OEMs, system integrators, resellers, and distributors, and adds services such as implementation, custom development, and training.
Products & services
- MOVEit
- ShareFile
- Chef
- OpenEdge
- Sitefinity
- Kemp LoadMaster
What is Progress Software worth?
On an owner-earnings DCF, Progress Software's most-likely value is about $160 versus a recent price near $39 (307% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$92) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $39 is below even the no-growth floor ($92); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -12.0%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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