Procore Technologies (PCOR)
NYSE:PCOR
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Procore Technologies
(NYSE:PCOR)
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Rating:70Outperform
Price Target:
$65.00
▲(17.24% Upside)
Action:ReiteratedDate:04/23/26
The score is driven primarily by improving fundamentals—especially strong and scaling free cash flow and a low-leverage balance sheet—supported by constructive FY2026 margin and cash flow guidance. Offsetting factors are weaker valuation signals due to ongoing losses and a mixed technical picture with longer-term trend pressure, plus a modest near-term revenue growth deceleration.
Positive Factors
Strong free cash flow generation
Procore has moved to positive and scaling free cash flow, generating ~$215M in 2025. Durable FCF enables reinvestment, funds product development and AI experiments, reduces reliance on external financing, and provides a multi-quarter buffer versus cyclical construction demand.
Negative Factors
Top-line growth deceleration
A step-down in guided growth moderates the revenue compounding engine that underpins SaaS unit economics. Slower topline expansion can compress potential long-term operating leverage, increase payback periods on sales investment, and pressure expectations for sustained margin gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Procore has moved to positive and scaling free cash flow, generating ~$215M in 2025. Durable FCF enables reinvestment, funds product development and AI experiments, reduces reliance on external financing, and provides a multi-quarter buffer versus cyclical construction demand.
Read all positive factors
Procore Technologies (PCOR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.37B
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue Growth14.83%
EPS Growth6.11%
CountryUS
Employees4,203
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.67
Shares Outstanding150,807,450
10 Day Avg. Volume2,503,123
30 Day Avg. Volume2,189,911
Financial Highlights & Ratios
PEG Ratio15.62
Price to Book (P/B)8.66
Price to Sales (P/S)8.26
P/FCF Ratio50.81
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue6.81
Enterprise Value/Gross Profit8.58
Enterprise Value/Ebitda475.98
Forecast
1Y Price Target
$72.38Price Target Upside30.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)1.81
Revenue Forecast (FY)$1.50B
Procore Technologies Business Overview & Revenue Model
Company Description
Procore Technologies, Inc. provides a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and en...
How the Company Makes Money
Procore primarily makes money by selling access to its cloud software platform on a subscription (SaaS) basis. Customers pay recurring fees to use Procore’s modules and features, typically under term-based contracts, creating recurring subscriptio...
Procore Technologies Key Performance Indicators (KPIs)
Any
Organic Customer Count
Shows the number of customers acquired without paid marketing, indicating the strength of the product's appeal and word-of-mouth growth potential.
Shows the number of customers acquired without paid marketing, indicating the strength of the product's appeal and word-of-mouth growth potential.
Data provided by:
The Fly
The FlyProcore Technologies Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution across core metrics (15% revenue growth, 400 bps margin expansion, record free cash flow growth of 69%, largest bookings quarter) and clear strategic initiatives (Procore AI, Data Grid acquisition, FedRAMP authorization, upmarket traction). Management acknowledged near-term headwinds from a weak construction backdrop, international/currency headwinds, a one-time SBC charge, and that meaningful AI monetization remains nascent. Guidance for fiscal 2026 projects continued margin expansion alongside slightly lower top-line growth (~13%). Overall, the positive operational and financial momentum, sizable free cash flow improvement, upmarket gains, and early AI adoption materially outweigh the noted challenges.Positive Updates
Q4 Revenue Growth
Total revenue in Q4 was $349 million, up 15.6% year-over-year, and contributed to full-year revenue growth of 15% for fiscal 2025.
Negative Updates
Macroeconomic Headwinds in Construction
Management noted a challenging construction environment, with the U.S. Census reporting negative growth for combined nonresidential and multifamily sectors, which remains a headwind to demand.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue Growth
Total revenue in Q4 was $349 million, up 15.6% year-over-year, and contributed to full-year revenue growth of 15% for fiscal 2025.
Read all positive updates
Company Guidance
Procore guided Q1 FY2026 revenue of $351–353 million (up ~13–14% year‑over‑year) with Q1 non‑GAAP operating margin of 14–15%; for full‑year FY2026 they expect revenue of $1.489–1.494 billion (≈+13% YoY), non‑GAAP operating margin of 17.5–18% (implying ~340–390 bps of year‑over‑year margin expansion) and a free cash flow margin of 19% (implying ~270 bps of year‑over‑year expansion). For context, FY2025 results included 15% revenue growth, a 14% non‑GAAP operating margin (400 bps improvement YoY), and $215 million of free cash flow (69% YoY growth; 16% free cash flow margin), and management said they will continue to prioritize compounding free cash flow per share while experimenting with AI monetization and some consumption‑based packaging.Procore Technologies Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.32B | 1.15B | 950.01M | 720.20M | 514.82M |
| Gross Profit | 1.04B | 946.10M | 775.55M | 571.79M | 416.51M |
| EBITDA | 17.75M | -12.53M | -114.83M | -221.29M | -250.22M |
| Net Income | -100.78M | -105.96M | -189.69M | -286.93M | -265.17M |
Balance Sheet | |||||
| Total Assets | 2.24B | 2.10B | 1.89B | 1.74B | 1.69B |
| Cash, Cash Equivalents and Short-Term Investments | 768.49M | 775.39M | 677.95M | 582.21M | 586.11M |
| Total Debt | 118.27M | 80.02M | 93.92M | 94.32M | 96.76M |
| Total Liabilities | 976.80M | 813.02M | 737.96M | 623.63M | 501.37M |
| Stockholders Equity | 1.26B | 1.29B | 1.16B | 1.12B | 1.19B |
Cash Flow | |||||
| Free Cash Flow | 215.11M | 177.03M | 47.01M | -36.82M | 9.10M |
| Operating Cash Flow | 298.87M | 196.17M | 92.02M | 12.61M | 36.73M |
| Investing Cash Flow | -70.50M | -150.11M | -76.06M | -340.48M | -541.77M |
| Financing Cash Flow | -177.50M | 36.24M | 41.16M | 38.65M | 711.83M |
Procore Technologies Technical Analysis
Positive
55.44
Price Trends
54.64
Positive
62.65
Negative
66.92
Negative
Market Momentum
-1.20
Positive
51.74
Neutral
60.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCOR, the sentiment is Positive. The current price of 55.44 is above the 20-day moving average (MA) of 54.80, above the 50-day MA of 54.64, and below the 200-day MA of 66.92, indicating a neutral trend. The MACD of -1.20 indicates Positive momentum. The RSI at 51.74 is Neutral, neither overbought nor oversold. The STOCH value of 60.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PCOR.
Procore Technologies Risk Analysis
Procore Technologies disclosed 42 risk factors in its most recent earnings report. Procore Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Procore Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.14B | 33.20 | 30.90% | ― | 20.72% | -21.76% | |
70 Outperform | $9.37B | -73.04 | -8.25% | ― | 14.83% | 6.11% | |
67 Neutral | $3.96B | 24.86 | 9.88% | ― | 26.75% | 256.36% | |
63 Neutral | $3.93B | -533.32 | -0.63% | ― | 11.84% | -130.23% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $6.08B | -44.16 | -10.70% | ― | 24.50% | 53.16% |
* Technology Sector Average
PCOR
Procore Technologies
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-3.94%
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Procore Technologies Corporate Events
Business Operations and StrategyExecutive/Board Changes
Procore Adds AI Leader to Board for Growth
Positive
Apr 22, 2026
On April 20, 2026, Procore Technologies’ board expanded from 10 to 11 members and appointed Columbia University computer science professor and AI leader Vishal Misra as an independent Class III director, with a concurrent appointment to the ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Procore Appoints New CFO and CRO Amid Growth Plans
Positive
Mar 11, 2026
On March 10, 2026, Procore’s board appointed Rachel Pyles as Chief Financial Officer Designate and Robert “Walt” Hearn as Chief Revenue Officer Designate, effective immediately, with both to assume full CFO and CRO roles on April...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.