Does PROGRESS SOFTWARE CORP /MA have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores PROGRESS SOFTWARE CORP /MA (PRGS) 53.2 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 72, pricing power 100, returns on capital 29, balance-sheet safety 0, capital allocation 64.

Is PRGS trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $19.32 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $38.61, that is 100% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has PRGS's Moat Score changed over time?

The record logs 28 readings since Jul 17, 2026; the latest reads 53.2 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

PROGRESS SOFTWARE CORP /MA

PRGS · Technology · $1.6B mkt cap · FY2025 filings · as of Oct 15, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $531M to $978M, increasing; diluted EPS 1.76 to 1.66, decreasing.

100

Median gross margin 82.5% over 10y, very stable.

Median ROIC 9.4%, above the 12% hurdle in 30% of years.

Net debt/EBITDA 8.2x, interest coverage 2x.

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

100% above value if growth stopped today

: $73.6M
: $19.32
: $19.32
: $38.61
: 100% above value if growth stopped today

What today’s price assumes: owner earnings growing ~15%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 240% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 15, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

PROGRESS SOFTWARE CORP /MA booked $978M of revenue in FY2025 in the Technology sector and kept 80.8% of it as gross profit — a high-margin business by that measure. After every other cost, 7.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $516M (FY2008) to $978M (FY2025) — about 3.8% a year compounded over 17 years.

It earned 7.7% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 11.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 9.4%. The Returns on Capital filter above scores it 29/100.

The balance sheet carried $1.4B of total debt in FY2025 against $73.6M of owner earnings — roughly 19.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Balance-Sheet Safety the weakest (0/100), which is how PRGS lands at 53/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$978M FY2025

Revenue kept after cost of goods80.8% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC 7.6% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$73.6M FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How PROGRESS SOFTWARE CORP /MA makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$978M	100%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Cost of revenue	$188M	19%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$790M	81%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$153M	16%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Income before tax	$81.6M	8%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Income tax	$8.5M	1%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$73.1M	7%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

· event Nov 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Embed this chart

Flagship explainer

What PROGRESS SOFTWARE CORP /MA owns — and owes

PROGRESS SOFTWARE CORP /MA's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$2.5B	100%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Cash and equivalents	$94.8M	4%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$1.4B	57%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Stockholders’ equity	$478M	19%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

· event Nov 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What drives PROGRESS SOFTWARE CORP /MA’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$73.1M	FY2025	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Income before tax	$81.6M	FY2025	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Operating income	$153M	FY2025	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$978M	FY2025	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Ending assets	$2.5B	FY2025	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Beginning assets	$2.5B	FY2024	10-K · FY 2024Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$478M	FY2025	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
	$439M	FY2024	10-K · FY 2024Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

Source:

10-K · filed Jan 20, 2026Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

· event Nov 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where PROGRESS SOFTWARE CORP /MA's cash went

PROGRESS SOFTWARE CORP /MA’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$235M	100%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026
Depreciation and amortization	$6.2M	3%	10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000876167-26-000008 · filed Jan 20, 2026

· event Nov 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding PROGRESS SOFTWARE CORP /MA

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 15, 2026

Flagship explainer

What PROGRESS SOFTWARE CORP /MA insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale53.2 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (63 versus 2). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
WANG YUFAN STEPHANIEChief Legal Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	1,245	$37.00	$46,065	3,487	Oct 5, 2026	1 filed lot Table I · Common Stock: 1,245 shares at $37.00 · code S · owned after 3,487 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0000876167-26-000127 · filed Oct 7, 2026
WANG YUFAN STEPHANIEChief Legal Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	3,935	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 1,038 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,582 · Paired event: 1,038 Restricted Stock Units → 1,038 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026 Table I · Common Stock: 1,201 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,322 · Paired event: 1,201 Restricted Stock Units → 1,201 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026 Table I · Common Stock: 1,696 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,485 · Paired event: 1,696 Restricted Stock Units → 1,696 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026
WANG YUFAN STEPHANIEChief Legal Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,747	$38.99	$68,116	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 461 shares at $38.99 · code F · owned after 3,121 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026 Table I · Common Stock: 533 shares at $38.99 · code F · owned after 3,789 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026 Table I · Common Stock: 753 shares at $38.99 · code F · owned after 4,732 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026
WANG YUFAN STEPHANIEChief Legal Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	3,935	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 1,038 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,038 · Paired event: 1,038 Restricted Stock Units → 1,038 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026 Table II · Restricted Stock Units: 1,201 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,604 · Paired event: 1,201 Restricted Stock Units → 1,201 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026 Table II · Restricted Stock Units: 1,696 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,480 · Paired event: 1,696 Restricted Stock Units → 1,696 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000125 · filed Oct 5, 2026
Subramanian SundarEVP/GM Infrastructure Mgmt	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	5,099	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 1,168 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 19,538 · Paired event: 1,168 Restricted Stock Units → 1,168 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026 Table I · Common Stock: 1,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 20,728 · Paired event: 1,709 Restricted Stock Units → 1,709 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026 Table I · Common Stock: 2,222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 22,192 · Paired event: 2,222 Restricted Stock Units → 2,222 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026
Subramanian SundarEVP/GM Infrastructure Mgmt	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	2,263	$38.99	$88,234	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 519 shares at $38.99 · code F · owned after 19,019 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026 Table I · Common Stock: 758 shares at $38.99 · code F · owned after 19,970 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026 Table I · Common Stock: 986 shares at $38.99 · code F · owned after 21,206 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026
Subramanian SundarEVP/GM Infrastructure Mgmt	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	5,099	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 1,168 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,168 · Paired event: 1,168 Restricted Stock Units → 1,168 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026 Table II · Restricted Stock Units: 1,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,128 · Paired event: 1,709 Restricted Stock Units → 1,709 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026 Table II · Restricted Stock Units: 2,222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,112 · Paired event: 2,222 Restricted Stock Units → 2,222 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000124 · filed Oct 5, 2026
LoCoco DomenicChief Accounting Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	2,900	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 807 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,256 · Paired event: 807 Restricted Stock Units → 807 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026 Table I · Common Stock: 924 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,943 · Paired event: 924 Restricted Stock Units → 924 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026 Table I · Common Stock: 1,169 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,840 · Paired event: 1,169 Restricted Stock Units → 1,169 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026
LoCoco DomenicChief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	853	$38.99	$33,258	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 237 shares at $38.99 · code F · owned after 11,019 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026 Table I · Common Stock: 272 shares at $38.99 · code F · owned after 11,671 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026 Table I · Common Stock: 344 shares at $38.99 · code F · owned after 12,496 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026
LoCoco DomenicChief Accounting Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	2,900	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 807 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 807 · Paired event: 807 Restricted Stock Units → 807 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026 Table II · Restricted Stock Units: 924 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,772 · Paired event: 924 Restricted Stock Units → 924 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026 Table II · Restricted Stock Units: 1,169 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,849 · Paired event: 1,169 Restricted Stock Units → 1,169 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000123 · filed Oct 5, 2026
Jarrett LorenEVP/GM Digital Experience	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	5,099	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 1,168 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,437 · Paired event: 1,168 Restricted Stock Units → 1,168 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026 Table I · Common Stock: 1,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,581 · Paired event: 1,709 Restricted Stock Units → 1,709 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026 Table I · Common Stock: 2,222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,976 · Paired event: 2,222 Restricted Stock Units → 2,222 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026
Jarrett LorenEVP/GM Digital Experience	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	2,467	$38.99	$96,188	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 565 shares at $38.99 · code F · owned after 10,872 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026 Table I · Common Stock: 827 shares at $38.99 · code F · owned after 11,754 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026 Table I · Common Stock: 1,075 shares at $38.99 · code F · owned after 12,901 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026
Jarrett LorenEVP/GM Digital Experience	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	5,099	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 1,168 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,168 · Paired event: 1,168 Restricted Stock Units → 1,168 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026 Table II · Restricted Stock Units: 1,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,128 · Paired event: 1,709 Restricted Stock Units → 1,709 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026 Table II · Restricted Stock Units: 2,222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,112 · Paired event: 2,222 Restricted Stock Units → 2,222 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000122 · filed Oct 5, 2026
Gupta Yogesh KDirector, Chief Executive Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	27,243	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 7,349 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 294,126 · Paired event: 7,349 Restricted Stock Units → 7,349 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026 Table I · Common Stock: 8,315 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 298,887 · Paired event: 8,315 Restricted Stock Units → 8,315 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026 Table I · Common Stock: 11,579 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 306,445 · Paired event: 11,579 Restricted Stock Units → 11,579 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026
Gupta Yogesh KDirector, Chief Executive Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	13,174	$38.99	$513,654	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 3,554 shares at $38.99 · code F · owned after 290,572 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026 Table I · Common Stock: 4,021 shares at $38.99 · code F · owned after 294,866 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026 Table I · Common Stock: 5,599 shares at $38.99 · code F · owned after 300,846 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026
Gupta Yogesh KDirector, Chief Executive Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	27,243	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 7,349 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,350 · Paired event: 7,349 Restricted Stock Units → 7,349 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026 Table II · Restricted Stock Units: 8,315 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 24,945 · Paired event: 8,315 Restricted Stock Units → 8,315 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026 Table II · Restricted Stock Units: 11,579 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 57,895 · Paired event: 11,579 Restricted Stock Units → 11,579 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000121 · filed Oct 5, 2026
FOLGER ANTHONYChief Financial Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	10,191	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 2,464 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 49,845 · Paired event: 2,464 Restricted Stock Units → 2,464 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026 Table I · Common Stock: 3,049 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 51,801 · Paired event: 3,049 Restricted Stock Units → 3,049 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026 Table I · Common Stock: 4,678 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 55,126 · Paired event: 4,678 Restricted Stock Units → 4,678 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026
FOLGER ANTHONYChief Financial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	4,521	$38.99	$176,274	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 1,093 shares at $38.99 · code F · owned after 48,752 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026 Table I · Common Stock: 1,353 shares at $38.99 · code F · owned after 50,448 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026 Table I · Common Stock: 2,075 shares at $38.99 · code F · owned after 53,051 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026
FOLGER ANTHONYChief Financial Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	10,191	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 2,464 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,465 · Paired event: 2,464 Restricted Stock Units → 2,464 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026 Table II · Restricted Stock Units: 3,049 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,147 · Paired event: 3,049 Restricted Stock Units → 3,049 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026 Table II · Restricted Stock Units: 4,678 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 23,393 · Paired event: 4,678 Restricted Stock Units → 4,678 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000120 · filed Oct 5, 2026
Ainsworth JohnEVP/GM App & Data Platform	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	5,099	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 1,168 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 59,292 · Paired event: 1,168 Restricted Stock Units → 1,168 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026 Table I · Common Stock: 1,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 60,482 · Paired event: 1,709 Restricted Stock Units → 1,709 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026 Table I · Common Stock: 2,222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 61,946 · Paired event: 2,222 Restricted Stock Units → 2,222 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026
Ainsworth JohnEVP/GM App & Data Platform	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	2,263	$38.99	$88,234	See lot detail	Oct 1, 2026	3 filed lots Table I · Common Stock: 519 shares at $38.99 · code F · owned after 58,773 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026 Table I · Common Stock: 758 shares at $38.99 · code F · owned after 59,724 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026 Table I · Common Stock: 986 shares at $38.99 · code F · owned after 60,960 · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026
Ainsworth JohnEVP/GM App & Data Platform	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	5,099	—Exercise or conversion of derivative security (M)	—	See lot detail	Oct 1, 2026	3 filed lots Table II · Restricted Stock Units: 1,168 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,168 · Paired event: 1,168 Restricted Stock Units → 1,168 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026 Table II · Restricted Stock Units: 1,709 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,128 · Paired event: 1,709 Restricted Stock Units → 1,709 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026 Table II · Restricted Stock Units: 2,222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,112 · Paired event: 2,222 Restricted Stock Units → 2,222 Common Stock · FORM 4 · filed Oct 5, 2026Filing detailsAccession 0000876167-26-000119 · filed Oct 5, 2026
FOLGER ANTHONYChief Financial Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	2,000	$44.80	$89,600	47,381	Aug 14, 2026	1 filed lot Table I · Common Stock: 2,000 shares at $44.80 · code S · owned after 47,381 · FORM 4 · filed Aug 18, 2026Filing detailsAccession 0000876167-26-000102 · filed Aug 18, 2026

Source-event as of Oct 5, 2026. Retrieved Oct 16, 2026.

Track record

How PROGRESS SOFTWARE CORP /MA’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored PRGS on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, PRGS did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#250 of 751 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#248STGW Stagwell Inc53.4 out of 100, Shallow moatShallow moat
#249YEXT YEXT, INC.53.4 out of 100, Shallow moatShallow moat
#251LSCC LATTICE SEMICONDUCTOR CORP52.9 out of 100, Shallow moatShallow moat
#252SLP Simulations Plus, Inc.52.8 out of 100, Shallow moatShallow moat

Compare PRGS with its nearest peers →All Technology companies on the Index →

Common questions about PRGS

Does PROGRESS SOFTWARE CORP /MA have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores PROGRESS SOFTWARE CORP /MA (PRGS) 53.2 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 72, pricing power 100, returns on capital 29, balance-sheet safety 0, capital allocation 64.
Is PRGS trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $19.32 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $38.61, that is 100% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has PRGS's Moat Score changed over time?: The record logs 28 readings since Jul 17, 2026; the latest reads 53.2 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PRGS. See the disclaimer.