Procore Technologies (PCOR) AI Stock Analysis

• Market Cap: $8.25B
• Dividend Yield: N/A
• Average Volume (3M): 2.83M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.70
• Revenue Growth: 14.94%
• EPS Growth: -67.31%
• Country: US
• Employees: 4,203
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.37
• Shares Outstanding: 155,469,860
• 10 Day Avg. Volume: 3,033,464
• 30 Day Avg. Volume: 2,830,905
• PEG Ratio: 15.62
• Price to Book (P/B): 8.66
• Price to Sales (P/S): 8.26
• P/FCF Ratio: 50.81
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 5.88
• Enterprise Value/Gross Profit: 7.41
• Enterprise Value/Ebitda: 539.58
• 1Y Price Target: $72.50
• Price Target Upside: 38.52% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 16
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: $52.00 ▼(-0.65% Downside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

PCOR scores solidly on improving fundamentals and cash generation, reinforced by bullish FY2026 guidance for margin and free-cash-flow expansion. The overall score is held back by weak technicals (downtrend and bearish momentum) and limited valuation support due to ongoing GAAP losses.

Positive Factors

Free cash flow strength

Material, sustained free cash flow generation in 2025 (~$215M) signals the business can self-fund growth, invest in product and AI, and de-risk financing needs. Durable FCF supports margin expansion targets and gives management flexibility to prioritize compounding FCF per share over time.

Conservative balance sheet

A low debt-to-equity ratio (~0.09) and substantial equity cushion reduce solvency risk across cycles, enabling Procore to invest in product, make targeted acquisitions (e.g., Data Grid) and pursue FedRAMP opportunities without forcing dilutive financing or aggressive cost cuts during downturns.

Upmarket traction & product expansion

Clear upmarket adoption and larger deal growth (more $100k+ and $1M+ ARR customers, record bookings) indicate stronger revenue visibility, higher per-customer retention economics, and greater cross‑sell potential for newer modules and AI features—structural drivers for sustainable margin and revenue mix improvement.

Negative Factors

Revenue growth deceleration

A slowdown from mid‑teens growth to ~13% reflects revenue growth moderation as Procore scales and the construction market softens. Slower top-line expansion can constrain operating leverage realization and lengthen timelines for returning to sustained GAAP profitability if not offset by faster seat or module monetization.

Continued GAAP unprofitability

Despite strong cash flow and margin improvement on a non‑GAAP basis, persistent GAAP net losses and negative ROE signal the P&L hasn't fully converted structural operating gains into GAAP earnings. This limits certain investor pools and means long‑term capital allocation must balance reinvestment with a path to GAAP profitability.

Cyclicality and international headwinds

Heavy revenue exposure to the construction sector makes growth sensitive to multi‑year capex cycles; international and currency headwinds further slow expansion. These structural demand risks can prolong revenue volatility and challenge the company’s ability to sustain high single‑digit to mid‑teens growth across markets.

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 engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Management, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office. The company also provides Resource Management that helps contractors to schedule, track, and forecast labor productivity, enhance time management, communication with workforces, and manage profitability on construction projects; and Financial Management, which provides customers with visibility into the financial health of their individual construction projects and portfolios, as well as facilitates untethered access to financial data, linking the field, and the office in real-time. It serves owners, general contractors, and specialty contractors operating in the commercial, residential, industrial, and infrastructure segments of the construction industry. The company primarily sells subscriptions to access its products on computers, smartphones, and tablets through any web browser or from its mobile application available for iOS and Android platforms through its direct sales team. Procore Technologies, Inc. was incorporated in 2002 and is headquartered in Carpinteria, California.

How the Company Makes Money

Procore generates revenue primarily through subscription fees for its software-as-a-service (SaaS) platform. Customers typically pay annual or monthly subscription fees based on the number of users or projects they manage within Procore's system. The company offers various pricing tiers to accommodate different sizes of construction firms and their specific needs. Additionally, Procore may earn revenue from professional services such as training, implementation, and consulting. Key partnerships with other technology providers and integrations with third-party applications further enhance its value proposition, driving customer retention and attracting new clients. Procore's emphasis on continuous product development and innovation also helps maintain its competitive edge in a rapidly evolving market.

Procore Technologies Financial Statement Overview

Summary

Strong cash flow profile (2025 operating cash flow ~$299M; free cash flow ~$215M) and a conservative balance sheet with low leverage support financial strength. This is tempered by continued GAAP unprofitability and a notable deceleration in 2025 revenue growth.

Income Statement

Revenue has scaled meaningfully over the last several years (from ~$400M in 2020 to ~$1.32B in 2025), but the growth rate has slowed sharply most recently (2025: ~3.7% vs. much higher earlier years). Profitability is improving: losses have narrowed substantially versus 2021–2022, with 2025 showing near break-even on an EBITDA basis and less negative operating and net margins than prior periods. Offsetting this, the company remains unprofitable in 2025 (net margin ~-7.6%), indicating the model is not yet consistently producing bottom-line earnings.

Balance Sheet

The balance sheet is relatively conservative, with low leverage (2025 debt-to-equity ~0.09) and a sizable equity base (~$1.26B) supporting total assets (~$2.24B). This provides flexibility and reduces solvency risk compared with more highly levered software peers. The key weakness is that returns on equity are still negative in recent years (2025 ROE ~-8%), reflecting ongoing net losses despite the strong capital position.

Cash Flow

Cash generation has strengthened materially: operating cash flow rose to ~$299M in 2025 (from ~$12.6M in 2022), and free cash flow reached ~$215M in 2025 with strong year-over-year growth. Free cash flow is positive and scaling even while net income remains negative, suggesting improving efficiency and favorable working-capital dynamics. A watch item is that cash flow performance has been volatile historically (notably weak in 2022), so durability through different demand environments remains important.

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	-7.19M	-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

• Technical Analysis Sentiment: Negative
• Last Price: 52.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCOR, the sentiment is Negative. The current price of 52.34 is below the 20-day moving average (MA) of 54.76, below the 50-day MA of 65.49, and below the 200-day MA of 69.28, indicating a bearish trend. The MACD of -4.20 indicates Negative momentum. The RSI at 37.40 is Neutral, neither overbought nor oversold. The STOCH value of 65.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PCOR.

Procore Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APPF	73 Outperform	$6.36B	45.45	26.54%	―	18.88%	54.44%
PCOR	69 Neutral	$8.25B	-77.60	-7.90%	―	14.94%	-67.31%
BILL	68 Neutral	$4.44B	-197.00	-0.64%	―	11.63%	50.72%
MNDY	67 Neutral	$3.91B	33.92	10.43%	―	28.62%	186.67%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TTAN	52 Neutral	$6.00B	-20.38	-36.41%	―	26.49%	-44.77%

Procore Technologies Corporate Events

Procore Technologies Appoints Ronald Hovsepian to Board

On December 8, 2025, Brian Feinstein resigned from the Board of Directors of Procore Technologies, effective December 9, 2025. His resignation was not due to any disagreements with the company. Ronald Hovsepian was appointed to fill the vacancy, serving as a Class I director until the 2028 annual meeting. Hovsepian was also appointed to the Compensation and Nominating Committees and qualifies as an independent director. He will receive annual cash retainers and restricted stock units as part of his compensation.

The most recent analyst rating on (PCOR) stock is a Hold with a $82.00 price target. To see the full list of analyst forecasts on Procore Technologies stock, see the PCOR Stock Forecast page.