# Procore Technologies (PCOR.US)

Canonical: https://gigainvestors.com/s/PCOR

Analysis as of: 2026-10-16T07:31:06.017Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $58.60 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 7

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.30×

- FY2019: -0.29×

- FY2020: -0.15×

- FY2021: -0.56×

- FY2022: -0.40×

- FY2023: -0.23×

- FY2024: -0.12×

- FY2025: -0.09×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -142.0%

- ROIC, second-lowest year: -255.6%

- Typical minus recent gross margin: 3.2 pp

- Typical gross margin (annual median): 81.6%

- Recent gross margin (lower of latest and 3-year median): 78.4%

- Years with nonpositive capital: 3

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: -27.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -120.1%

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -142.0%

- FY2022: -255.6%

- FY2023: -528.7%

- FY2024: -248.7%

- FY2025: -6.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$802M

- Net income, five-year total: -$949M

- Return on incremental invested capital: -26.7%

- Working capital / revenue, annual change: 0.3 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$256M

- FY2022: -$273M

- FY2023: -$163M

- FY2024: -$35M

- FY2025: -$74M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -248.7%

- Per-share earnings: -2.86 to -0.72 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 40.0%

- Diluted shares, 5-year annual growth: 40.0%

- Per-share value change: $2.14

- Per-share value, starting three-year median: -$2.86

- Per-share value, ending three-year median: -$0.72

- Average buyback yield: 1.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -248.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$2.83

- FY2019: -$0.71

- FY2020: -$3.45

- FY2021: -$2.86

- FY2022: -$2.10

- FY2023: -$1.34

- FY2024: -$0.72

- FY2025: -$0.67

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -17.8%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 79.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.54×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -12.9%

- FY2019: -15.1%

- FY2020: -14.4%

- FY2021: -17.9%

- FY2022: -17.2%

- FY2023: -14.9%

- FY2024: -14.4%

- FY2025: -17.8%

## Holders

## Price story

Down 36% since Oct 2021 · sales +14.8%

Story as of 2026-10-16T09:59:22.686Z; price observation 2026-10-15.

- 2025-05-01: Procore’s (NYSE:PCOR) Q1 Sales Beat Estimates But Quarterly Revenue Guidance Slightly Misses Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/procore-nyse-pcor-q1-sales-212740000.html))

### Sales · FY2024–2025

sales +14.8%; source https://www.sec.gov/Archives/edgar/data/1611052/000162828026011055/pcor-20251231.htm; observed 2026-02-24.

- FY2019: $289M 

- FY2020: $400M 

- FY2021: $515M 

- FY2022: $720M 

- FY2023: $950M 

- FY2024: $1.2B 

- FY2025: $1.3B 

### Gross margin · FY2025

gross margin 78.4%; source https://www.sec.gov/Archives/edgar/data/1611052/000162828026011055/pcor-20251231.htm; observed 2026-02-24.

- FY2019: 81.6% 

- FY2020: 82.1% 

- FY2021: 80.9% 

- FY2022: 79.4% 

- FY2023: 81.6% 

- FY2024: 82.1% 

- FY2025: 78.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1611052/000162828026011055/pcor-20251231.htm (filed 2026-02-24); FY2025: revenue 1322509000; grossProfit 1037347000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 78.4% to 82.1% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 81.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 82.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1611052/000162828026011055/pcor-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 78.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 7-year return on capital observations [[2019,0],[2020,0],[2021,-1.420482775534845],[2022,-2.5561582764267494],[2023,-5.28702113134949],[2024,-2.487287560581583],[2025,-0.06935343773668172]]; median -1.420482775534845. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years; bought back USD 128.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1611052/000162828026011055/pcor-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 128838000 USD.

### Are managers owners

Insiders own 9.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PCOR.US SharesStats.PercentInsiders = 9.26 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 58.6 USD; reporting-to-trading FX 1; FY2025 annual sales per share 8.802228398907781; price multiple 6.657405073387024. FY2025 cash earnings/share -0.4923224225069232. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-05: $86.42 per share

- 2021-06: $94.95 per share

- 2021-07: $103.28 per share

- 2021-08: $90.70 per share

- 2021-09: $89.34 per share

- 2021-10: $91.45 per share

- 2021-11: $84.76 per share

- 2021-12: $79.97 per share

- 2022-01: $62.56 per share

- 2022-02: $65.19 per share

- 2022-03: $57.96 per share

- 2022-04: $55.47 per share

- 2022-05: $45.50 per share

- 2022-06: $45.39 per share

- 2022-07: $51.70 per share

- 2022-08: $54.60 per share

- 2022-09: $49.48 per share

- 2022-10: $54.66 per share

- 2022-11: $48.97 per share

- 2022-12: $47.18 per share

- 2023-01: $55.95 per share

- 2023-02: $66.99 per share

- 2023-03: $62.63 per share

- 2023-04: $53.41 per share

- 2023-05: $60.47 per share

- 2023-06: $65.07 per share

- 2023-07: $75.85 per share

- 2023-08: $67.55 per share

- 2023-09: $65.32 per share

- 2023-10: $61.09 per share

- 2023-11: $59.09 per share

- 2023-12: $69.22 per share

- 2024-01: $71.39 per share

- 2024-02: $78.03 per share

- 2024-03: $82.17 per share

- 2024-04: $68.42 per share

- 2024-05: $67.13 per share

- 2024-06: $66.31 per share

- 2024-07: $71.03 per share

- 2024-08: $59.27 per share

- 2024-09: $61.72 per share

- 2024-10: $65.65 per share

- 2024-11: $81.20 per share

- 2024-12: $74.93 per share

- 2025-01: $79.56 per share

- 2025-02: $76.47 per share

- 2025-03: $66.02 per share

- 2025-04: $64.09 per share

- 2025-05: $67.17 per share

- 2025-06: $68.42 per share

- 2025-07: $71.63 per share

- 2025-08: $69.51 per share

- 2025-09: $72.92 per share

- 2025-10: $73.82 per share

- 2025-11: $74.06 per share

- 2025-12: $72.74 per share

- 2026-01: $56.49 per share

- 2026-02: $55.04 per share

- 2026-03: $57.00 per share

- 2026-04: $56.58 per share

- 2026-05: $49.49 per share

- 2026-06: $40.62 per share

- 2026-07: $54.77 per share

- 2026-08: $62.72 per share

- 2026-09: $51.72 per share

- 2026-10: $58.60 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:50.544Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1611052/000162828026011055/pcor-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# PCOR — Procore Technologies Inc.

Held by 2 investors · USD 145,706,592 total · 2026 Q1 · reported price USD 57.00 (split-adjusted).
Page: https://gigainvestors.com/s/PCOR

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Chase Coleman (https://gigainvestors.com/TGM) | USD 133,351,500 | 0.6% | hold |
| Dennis Hong (https://gigainvestors.com/SP) | USD 12,355,092 | 4.6% | reduce -68.2% |

## Total held by quarter

- 2021 Q2: USD 904,440,433 · 1 holder · USD 94.95
- 2021 Q3: USD 851,002,720 · 1 holder · USD 89.34
- 2021 Q4: USD 630,893,726 · 1 holder · USD 79.97
- 2022 Q1: USD 267,438,163 · 1 holder · USD 57.96
- 2022 Q2: USD 141,435,376 · 1 holder · USD 45.39
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 76,901,236 · 1 holder · USD 65.32
- 2023 Q4: USD 153,248,719 · 2 holders · USD 69.22
- 2024 Q1: USD 273,686,002 · 2 holders · USD 82.17
- 2024 Q2: USD 262,354,653 · 3 holders · USD 66.31
- 2024 Q3: USD 233,152,361 · 2 holders · USD 61.72
- 2024 Q4: USD 298,730,849 · 3 holders · USD 74.93
- 2025 Q1: USD 303,820,805 · 3 holders · USD 66.02
- 2025 Q2: USD 266,914,151 · 2 holders · USD 68.42
- 2025 Q3: USD 249,197,756 · 2 holders · USD 72.92
- 2025 Q4: USD 219,750,159 · 2 holders · USD 72.74
- 2026 Q1: USD 145,706,592 · 2 holders · USD 57.00
- 2026 Q2: USD 0 · 0 holders