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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

Procore Technologies' recent performance was driven by its Q3 earnings beat, with quarterly earnings of $0.42 per share exceeding the Zacks Consensus Estimate of $0.31 per share. The company raised its FY25 sales guidance above estimates, citing strong momentum in bookings and cross-sell metrics. A "Moderate Buy" consensus rating from 22 analysts, with 15 assigning a buy rating, further supports the stock. Additionally, institutional investors, such as Bank of Montreal Can, increased their stakes, while Teacher Retirement System of Texas boosted its position by 13.3%.

1.c. Company Highlights

2. Procore Technologies' Q3 2025 Earnings: Strong Growth and Margin Expansion

Procore Technologies reported a robust Q3 2025, with revenue growth of 14.5% year-over-year, reaching $339 million. Non-GAAP operating margins expanded to 17%, driven by the company's focus on improving efficiency. The earnings per share (EPS) came in at $0.42, beating estimates of $0.31. The number of 6- and 7-figure deals accelerated to 31% year-over-year growth, with over 2,600 $100,000-plus ARR customers. Current RPO grew 23% year-over-year, and current deferred revenue grew 14% year-over-year.

Publication Date: Nov -10

📋 Highlights
  • Revenue Growth Consistency:: Q3 revenue grew 14.5% YoY to $339M, matching Q2's growth rate.
  • Non-GAAP Margin Expansion:: Operating margins rose to 17% ($59M income), up from prior periods.
  • Large Deal Acceleration:: 6-7 figure deals surged 31% YoY, with 2,600+ customers achieving $100k+ ARR.
  • Leadership Transition:: Ajei Gopal (35+ year tech executive) succeeds Tooey Courtemanche as CEO, signaling strategic continuity.
  • Platform Scale & Innovation:: Committed construction volume hit $1 trillion; Agentic roadmap and AI integration position platform for competitive edge.

Operational Highlights

The company's construction volume committed to its platform surpassed $1 trillion, demonstrating its ability to execute and take market share despite a challenging construction cycle. Procore announced exciting new innovations, including its Agentic road map, which extends the platform's advantage. The company reported strong expansion wins across stakeholders, including a leading Irish construction company, a top 5 ENR 600 specialty contractor, and a Fortune 200 natural gas company.

Leadership Transition and Future Outlook

Ajei Gopal will join as the new CEO, effective November 10, bringing over 35 years of experience, including leading a multibillion-dollar global technology company. Tooey Courtemanche expressed confidence in Ajei's ability to guide Procore through its next phase of growth. For Q4 2025, Procore expects revenue between $339 million and $341 million, representing 12% to 13% year-over-year growth. The company is raising its revenue guide to $1.312 billion to $1.314 billion, representing 14% year-over-year growth.

Valuation and Growth Prospects

Procore's current valuation metrics indicate a P/S Ratio of 9.37 and an EV/EBITDA of -1400.04. Analysts estimate next year's revenue growth at 12.1%. With a strong track record of growth and margin expansion, the company's prospects appear promising. However, the current valuation may already be pricing in a significant portion of its future growth.

3. NewsRoom

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Procore Technologies, Inc. $PCOR Stock Position Reduced by Alfreton Capital LLP

Nov -17

Source: defenseworld.net

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Bank of Montreal Can Buys 1,523 Shares of Procore Technologies, Inc. $PCOR

Nov -16

Source: defenseworld.net

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Acadian Asset Management LLC Has $3.11 Million Holdings in Procore Technologies, Inc. $PCOR

Nov -15

Source: defenseworld.net

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Procore Technologies Analysts Boost Their Forecasts After Better-Than-Expected Q3 Earnings

Nov -06

Source: benzinga.com

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Procore Technologies, Inc. (PCOR) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Procore Technologies (PCOR) Surpasses Q3 Earnings and Revenue Estimates

Nov -06

Source: zacks.com

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Procore Announces Third Quarter 2025 Financial Results

Nov -05

Source: businesswire.com

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Teacher Retirement System of Texas Boosts Position in Procore Technologies, Inc. $PCOR

Nov -05

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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Quality: 8.4

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Momentum: 8.0

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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

76.79$

Current Price

76.79$

Potential

-0.00%

Expected Cash-Flows