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PROGRESS SOFTWARE CORP（PRGS）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是PROGRESS SOFTWARE CORP的1.5倍（$382.7M vs $252.7M），PROGRESS SOFTWARE CORP净利率更高（10.2% vs -1.9%，领先12.1%），INNOVATE Corp.同比增速更快（61.7% vs 17.5%），过去两年PROGRESS SOFTWARE CORP的营收复合增速更高（17.0% vs 10.2%）
Progress Software是全球领先的企业级软件服务商，主营应用开发平台、数据连接工具、数字体验解决方案等产品，服务覆盖金融、医疗、制造、零售等多行业的全球企业客户，助力客户搭建高性能可扩展的业务应用，提升运营效率。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
PRGS vs VATE — 直观对比
营收规模更大
VATE
是对方的1.5倍
$252.7M
营收增速更快
VATE
高出44.2%
17.5%
净利率更高
PRGS
高出12.1%
-1.9%
两年增速更快
PRGS
近两年复合增速
10.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $252.7M | $382.7M |
| 净利润 | $25.7M | $-7.4M |
| 毛利率 | 81.6% | 15.4% |
| 营业利润率 | 15.2% | 3.7% |
| 净利率 | 10.2% | -1.9% |
| 营收同比 | 17.5% | 61.7% |
| 净利润同比 | 2144.6% | 55.4% |
| 每股收益（稀释后） | $0.59 | $-0.57 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PRGSVATE
| Q4 25 | $252.7M | $382.7M | ||
| Q3 25 | $249.8M | $347.1M | ||
| Q2 25 | $237.4M | $242.0M | ||
| Q1 25 | $238.0M | $274.2M | ||
| Q4 24 | $215.0M | $236.6M | ||
| Q3 24 | $178.7M | $242.2M | ||
| Q2 24 | $175.1M | $313.1M | ||
| Q1 24 | $184.7M | $315.2M |
净利润PRGSVATE
| Q4 25 | $25.7M | $-7.4M | ||
| Q3 25 | $19.4M | $-8.9M | ||
| Q2 25 | $17.0M | $-19.8M | ||
| Q1 25 | $10.9M | $-24.5M | ||
| Q4 24 | $1.1M | $-16.6M | ||
| Q3 24 | $28.5M | $-15.0M | ||
| Q2 24 | $16.2M | $14.4M | ||
| Q1 24 | $22.6M | $-17.4M |
毛利率PRGSVATE
| Q4 25 | 81.6% | 15.4% | ||
| Q3 25 | 81.0% | 14.3% | ||
| Q2 25 | 80.1% | 18.8% | ||
| Q1 25 | 80.6% | 16.6% | ||
| Q4 24 | 83.0% | 19.6% | ||
| Q3 24 | 83.7% | 19.9% | ||
| Q2 24 | 81.7% | 21.0% | ||
| Q1 24 | 82.2% | 15.4% |
营业利润率PRGSVATE
| Q4 25 | 15.2% | 3.7% | ||
| Q3 25 | 17.6% | 1.8% | ||
| Q2 25 | 16.3% | 2.0% | ||
| Q1 25 | 13.6% | 1.2% | ||
| Q4 24 | 10.0% | 1.1% | ||
| Q3 24 | 22.6% | 2.4% | ||
| Q2 24 | 15.5% | 9.2% | ||
| Q1 24 | 19.0% | 0.9% |
净利率PRGSVATE
| Q4 25 | 10.2% | -1.9% | ||
| Q3 25 | 7.8% | -2.6% | ||
| Q2 25 | 7.2% | -8.2% | ||
| Q1 25 | 4.6% | -8.9% | ||
| Q4 24 | 0.5% | -7.0% | ||
| Q3 24 | 15.9% | -6.2% | ||
| Q2 24 | 9.2% | 4.6% | ||
| Q1 24 | 12.3% | -5.5% |
每股收益（稀释后）PRGSVATE
| Q4 25 | $0.59 | $-0.57 | ||
| Q3 25 | $0.44 | $-0.71 | ||
| Q2 25 | $0.39 | $-1.67 | ||
| Q1 25 | $0.24 | $-1.89 | ||
| Q4 24 | $0.01 | $-0.72 | ||
| Q3 24 | $0.65 | $-1.18 | ||
| Q2 24 | $0.37 | $1.03 | ||
| Q1 24 | $0.51 | $-2.21 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $94.8M | $112.1M |
| 总债务越低越好 | $1.4B | $80.3M |
| 股东权益账面价值 | $478.3M | $-240.1M |
| 总资产 | $2.5B | $950.1M |
| 负债/权益比越低杠杆越低 | 2.93× | — |
8季度趋势，按日历期对齐
现金及短期投资PRGSVATE
| Q4 25 | $94.8M | $112.1M | ||
| Q3 25 | $99.0M | $35.5M | ||
| Q2 25 | $102.0M | $33.4M | ||
| Q1 25 | $124.2M | $33.3M | ||
| Q4 24 | $118.1M | $48.8M | ||
| Q3 24 | $232.7M | $51.0M | ||
| Q2 24 | $190.4M | $80.2M | ||
| Q1 24 | $133.2M | $38.4M |
总债务PRGSVATE
| Q4 25 | $1.4B | $80.3M | ||
| Q3 25 | $1.4B | $97.3M | ||
| Q2 25 | $1.5B | $160.1M | ||
| Q1 25 | $1.5B | $139.9M | ||
| Q4 24 | $1.5B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
股东权益PRGSVATE
| Q4 25 | $478.3M | $-240.1M | ||
| Q3 25 | $477.7M | $-233.3M | ||
| Q2 25 | $452.7M | $-224.8M | ||
| Q1 25 | $431.8M | $-204.2M | ||
| Q4 24 | $438.8M | $-180.4M | ||
| Q3 24 | $425.6M | $-163.1M | ||
| Q2 24 | $401.7M | $-149.0M | ||
| Q1 24 | $461.7M | $-184.4M |
总资产PRGSVATE
| Q4 25 | $2.5B | $950.1M | ||
| Q3 25 | $2.4B | $913.2M | ||
| Q2 25 | $2.4B | $890.9M | ||
| Q1 25 | $2.5B | $868.0M | ||
| Q4 24 | $2.5B | $891.1M | ||
| Q3 24 | $1.6B | $897.2M | ||
| Q2 24 | $1.6B | $898.9M | ||
| Q1 24 | $1.5B | $943.5M |
负债/权益比PRGSVATE
| Q4 25 | 2.93× | — | ||
| Q3 25 | 2.97× | — | ||
| Q2 25 | 3.22× | — | ||
| Q1 25 | 3.50× | — | ||
| Q4 24 | 3.48× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $62.8M | $101.1M |
| 自由现金流经营现金流 - 资本支出 | $59.9M | — |
| 自由现金流率自由现金流/营收 | 23.7% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 2.44× | — |
| 过去12个月自由现金流最近4个季度 | $229.5M | — |
8季度趋势，按日历期对齐
经营现金流PRGSVATE
| Q4 25 | $62.8M | $101.1M | ||
| Q3 25 | $73.4M | $19.2M | ||
| Q2 25 | $30.0M | $40.4M | ||
| Q1 25 | $68.9M | $-14.1M | ||
| Q4 24 | $19.7M | $41.4M | ||
| Q3 24 | $57.7M | $-28.4M | ||
| Q2 24 | $63.7M | $21.5M | ||
| Q1 24 | $70.5M | $-25.4M |
自由现金流PRGSVATE
| Q4 25 | $59.9M | — | ||
| Q3 25 | $72.4M | $19.0M | ||
| Q2 25 | $29.5M | — | ||
| Q1 25 | $67.7M | $-18.8M | ||
| Q4 24 | $16.8M | $34.2M | ||
| Q3 24 | $56.6M | $-31.5M | ||
| Q2 24 | $62.7M | $18.4M | ||
| Q1 24 | $70.2M | $-31.0M |
自由现金流率PRGSVATE
| Q4 25 | 23.7% | — | ||
| Q3 25 | 29.0% | 5.5% | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | 28.4% | -6.9% | ||
| Q4 24 | 7.8% | 14.5% | ||
| Q3 24 | 31.7% | -13.0% | ||
| Q2 24 | 35.8% | 5.9% | ||
| Q1 24 | 38.0% | -9.8% |
资本支出强度PRGSVATE
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.4% | 0.1% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | 1.3% | 3.0% | ||
| Q3 24 | 0.6% | 1.3% | ||
| Q2 24 | 0.5% | 1.0% | ||
| Q1 24 | 0.2% | 1.8% |
现金转化率PRGSVATE
| Q4 25 | 2.44× | — | ||
| Q3 25 | 3.78× | — | ||
| Q2 25 | 1.76× | — | ||
| Q1 25 | 6.30× | — | ||
| Q4 24 | 17.13× | — | ||
| Q3 24 | 2.03× | — | ||
| Q2 24 | 3.93× | 1.49× | ||
| Q1 24 | 3.11× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PRGS
| Maintenanceand Services | $187.5M | 74% |
| Share File Acquisition | $67.5M | 27% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
