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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on PCOR

Breaking News: Procore Technologies closed fiscal 2025 with strong fourth quarter results exceeding guidance, driven by broad-based execution, improving renewals, and momentum with larger customers. The company reported Q4 earnings on February 14, 2026. For fiscal 2026, Procore expects continued revenue growth and non-GAAP operating margin expansion. Analysts are reviewing the company's performance, comparing it to peers like MIND C.T.I. Some analysts recommend a buy, while others suggest a hold. Procore's institutional ownership and profitability are being evaluated. A detailed analysis of earnings and risk is underway.

1.c. Company Highlights

2. Procore's Q4 Earnings: A Strong Finish to a Robust Fiscal Year 2025

Procore reported a robust Q4 with total revenue reaching $349 million, up 15.6% year-over-year, surpassing the high end of their guidance. Non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15%. Earnings per share (EPS) came in at $0.37, beating estimates of $0.35. The company's strong financial performance was driven by broad-based growth across its customer segments, with particular strength in its US general contractors segment, where it added 3 new ENR 400 logos in Q4.

Publication Date: Feb -14

📋 Highlights
  • Outperforming Guidance: Q4 revenue of $349M exceeded high end of guidance, with 15.6% YoY growth and 15% non-GAAP operating margin.
  • Strong Customer Growth: 20% YoY increase in customers with $100k+ ARR, including 115 customers over $1M ARR (34% YoY growth).
  • Record Free Cash Flow: Q4 generated $90M free cash flow, totaling $215M for 2025 (69% YoY growth) at a 16% margin.
  • 2026 Guidance: Projects 13% revenue growth to $1.489–$1.494B and 17.5–18% non-GAAP operating margin (340–390 bps expansion).
  • AI and Data Integration: Accelerating AI monetization via bundles and Data Grid acquisition, with FedRAMP certification expanding federal opportunities.

Segment Performance and Growth Drivers

The US general contractors segment remains a cornerstone of Procore's growth, with the company expanding its run rate with more than 70 ENR 400 customers. Procore is also seeing substantial opportunity with owners and subcontractors, particularly in the data center market, driven by AI infrastructure investments. The company's leadership position in this space, combined with its proprietary dynamic data set and agentic AI capabilities, positions it well to capture these tailwinds.

Key Metrics and Future Guidance

Procore's current RPO grew 22% year-over-year, and current deferred revenue grew 18% year-over-year. The number of customers with ARR over $100,000 has grown 20% year-over-year, with 115 customers now spending over $1 million with Procore. For fiscal 2026, Procore expects revenue between $1.489 billion and $1.494 billion, representing total year-over-year growth of 13%, and non-GAAP operating margin guidance between 17.5% and 18%.

Valuation and Growth Expectations

With a P/S Ratio of 6.15 and an expected revenue growth rate of 13.2% for the next year, Procore's valuation appears reasonable, considering its strong growth prospects. Additionally, the company's Free Cash Flow Yield of 3.23% indicates a decent return for investors. As Procore continues to execute on its growth strategy, particularly in the data center market, and as it leverages its AI capabilities, investors will be watching closely to see if the company can meet its guidance and continue to expand its margins.

3. NewsRoom

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Procore Technologies, Inc. (PCOR) Q4 2025 Earnings Call Transcript

Feb -14

Source: seekingalpha.com

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Procore Technologies Q4 Earnings Call Highlights

Feb -13

Source: defenseworld.net

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Reviewing Procore Technologies (NYSE:PCOR) and MIND C.T.I. (NASDAQ:MNDO)

Feb -13

Source: defenseworld.net

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Procore Technologies (PCOR) Beats Q4 Earnings and Revenue Estimates

Feb -12

Source: zacks.com

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Procore for Government Achieves FedRAMP® Moderate Authorization, Enhancing Data Security Compliance for Federal Customers

Jan -29

Source: businesswire.com

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Procore Announces Timing of Fourth Quarter and Full Fiscal Year 2025 Earnings Call

Jan -22

Source: businesswire.com

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Procore Acquires Datagrid to Accelerate AI Strategy and Deliver Enhanced Data Integration for Customers

Jan -20

Source: businesswire.com

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Head-To-Head Comparison: Flywire (NASDAQ:FLYW) and Procore Technologies (NYSE:PCOR)

Jan -18

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.20%)

6. Segments

Cloud-based Construction Management Platform and Related Products and Services

Expected Growth: 11.2%

Procore's cloud-based construction management platform growth is driven by increasing adoption of digital technologies in the construction industry, rising demand for collaborative project management tools, and growing need for cost control and risk management. Additionally, the company's expanding product offerings, strategic partnerships, and strong sales and marketing efforts contribute to its 11.2% growth.

7. Detailed Products

Project Management

A comprehensive platform to manage construction projects from start to finish, including project planning, quality and safety management, and project financials.

Quality and Safety

A module that enables users to identify and mitigate risks, track and manage incidents, and ensure compliance with safety regulations.

Construction Financials

A module that provides real-time visibility into project financials, including budgeting, forecasting, and cost management.

Field Productivity

A mobile application that enables field teams to access project information, track progress, and collaborate in real-time.

Design Coordination

A module that enables users to manage and coordinate design changes, RFIs, and submittals in a single platform.

BIM Integration

A module that enables users to integrate 3D models with project data, improving collaboration and reducing errors.

Owner Portal

A platform that enables owners to access project information, track progress, and collaborate with project teams.

8. Procore Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Procore Technologies, Inc. operates in a niche market, providing a specialized software solution for the construction industry. While there are some substitutes available, they are not as comprehensive or user-friendly as Procore's offerings. Therefore, the threat of substitutes is moderate.

Bargaining Power Of Customers

Procore's customers are primarily construction companies and contractors, who have limited bargaining power due to the specialized nature of Procore's software. Additionally, Procore's software is often deeply integrated into customers' workflows, making it difficult for them to switch to alternative solutions.

Bargaining Power Of Suppliers

Procore Technologies, Inc. has a diverse supplier base, and the company is not heavily dependent on any single supplier. Additionally, the company's software development process is largely in-house, reducing its reliance on external suppliers.

Threat Of New Entrants

The construction software market is attractive, and new entrants may be drawn to the market due to its growth potential. However, Procore's established brand, extensive customer base, and high switching costs create barriers to entry for new competitors.

Intensity Of Rivalry

The construction software market is moderately competitive, with several established players vying for market share. However, Procore's strong brand recognition, customer loyalty, and continuous innovation efforts help the company maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.52%
Debt Cost 3.95%
Equity Weight 92.48%
Equity Cost 7.86%
WACC 7.57%
Leverage 8.13%

11. Quality Control: Procore Technologies, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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JFrog

A-Score: 5.0/10

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Growth: 7.0

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

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Paycom Software

A-Score: 4.7/10

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Growth: 8.9

Quality: 8.4

Yield: 1.0

Momentum: 1.5

Volatility: 5.7

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Bentley Systems

A-Score: 4.6/10

Value: 1.1

Growth: 6.4

Quality: 7.5

Yield: 1.0

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Volatility: 8.0

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Riot Blockchain

A-Score: 4.4/10

Value: 5.6

Growth: 6.1

Quality: 6.5

Yield: 0.0

Momentum: 7.0

Volatility: 1.0

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Procore

A-Score: 4.3/10

Value: 4.4

Growth: 7.9

Quality: 3.9

Yield: 0.0

Momentum: 4.5

Volatility: 5.0

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GitLab

A-Score: 3.3/10

Value: 5.0

Growth: 6.7

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

53.06$

Current Price

53.06$

Potential

-0.00%

Expected Cash-Flows