$PRGS

PRGS — Ruthless Review: The Cash Flow Is Attractive. The Debt Is the Risk.

Progress Software generates substantial cash flow from established enterprise businesses (43% non-GAAP operating margin, $873M ARR) and the Domo acquisition adds data/AI capabilities. Valuation of ~$104/share implies 21% annualized returns if revenue stabilizes at $280-290M, margins improve through integration, and cash flow reduces elevated debt.