N-able vs Progress Software
Progress Software reported revenue of $978 million in fiscal 2025, 1.9 times N-able's $509 million in fiscal 2025. N-able's revenue grew 9.3% in its latest year, and Progress Software's grew 29.8%. N-able had an operating margin of 6.7%, against 15.7% at Progress Software. Free cash flow was $75 million at N-able and $229 million at Progress Software. Their fiscal years end in different months (December 31 and November 30), so the periods don't line up exactly.
Side by side
| N-able | Progress Software | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Nov 30, 2025 |
| Revenue | $509M | $978M |
| Revenue growth | 9.3% | 29.8% |
| Revenue growth a year, last 5 years | 10.9% | 17.2% |
| Gross margin | 76.9% | 80.8% |
| Operating margin | 6.7% | 15.7% |
| Net margin | −3.7% | 7.5% |
| Free cash flow | $75M | $229M |
| Free cash flow margin | 14.8% | 23.5% |
| Return on capital | 2.6% | 7.6% |
| Net debt to EBITDA | 3.6x | 8.2x |
| Dividends and buybacks | $30M | $106M |
| Change in diluted share count | −0.3% | −0.9% |
| Last close | $4.84 | $43.50 |
| P/E at the last close | — | 20.0× |
| Insider trades, last 12 months | — | sold $2.4 million |
| Piotroski F-score | 3 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
N-ableProgress Software
Operating margin
Percent of revenue
N-ableProgress Software
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
N-ableProgress Software
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the N-able and Progress Software pages.