Procore Technologies Inc (PCOR)
NYSEInformation TechnologySoftware - ApplicationSnapshot 2026-09-09
$54.13-3.65%
Close 2026-09-09 · 1-day change
NYSEInformation TechnologySoftware - ApplicationSnapshot 2026-09-09
Warn: Management is running behind on a stated commitment.
Procore aims for 13.6% revenue growth in 2026. Profit margin target is 18.5%. Free cash flow margin goal is 19%. New product launches support growth.
Procore is still loss-making and faces high risk. Operating losses remain large. Recent earnings missed expectations.
Price is about 23% above our fair value near $36. Analysts expect 15.5% revenue growth. Our model sees growth as justified but risks remain.
Breaks if: Free cash flow margin falls below 15% in FY26
Breaks if: Failure to launch key products or leadership disruptions
Operating margin falls below 14% in FY26
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a speculative growth opportunity. The company is currently loss-making and has volatile management, which adds uncertainty to its long-term prospects.
The market appears to be pricing in a level of fragility due to an expensive valuation that does not fully account for the company's current weaknesses. There is an expectations gap, suggesting that the market anticipates better performance than what has been delivered recently.
Management is focused on achieving revenue growth and improving margins, with some positive momentum in free cash flow. However, the company has a history of earnings misses, and its recent financial performance has been below that of its peers.
Key factors that could influence the future include management's ability to meet guidance, the potential for rate cuts by the Fed, and the performance of major tech sector players. Any cuts to guidance would likely have a negative impact.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The latest earnings beat supports the outlook for PCOR. However, concerns about achieving 13.6% revenue growth in 2026 pose a challenge. Additionally, maintaining a free cash flow margin at approximately 19% is uncertain.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Focus on improving profitability with a target non-GAAP operating margin range of 18.5% to 19% for full year 2026.
Stated as a priority in 3 of last 3 quarters. Non-GAAP operating margin improved from 17% in 2026-Q1 to 21% in 2026-Q2. Full year 2026 guidance targets 18.5% to 19.0%. The trajectory shows improvement and delivery above prior guidance ranges.
“Non-GAAP operating margin was 21% in Q2 2026.”
“Non-GAAP operating margin was 17% in Q1 2026.”
“Non-GAAP operating margin guidance for full year 2026 is 18.5% to 19.0%.”
Breaks if: YoY revenue growth falls below ~13.6% in FY26
Continue driving double-digit year-over-year revenue growth, targeting approximately 13.6% growth for full year 2026.
Stated as a priority in 3 of last 3 quarters. Revenue grew from $310.6 million in 2025-Q1 to $375.2 million in 2026-Q2, a 16% increase year-over-year. Full year 2026 revenue guidance expects 14.5% growth at the high end. The trajectory is delivering consistent double-digit revenue growth.
“Revenue was $375 million, an increase of 16% year-over-year.”
“Revenue was $359 million, an increase of 16% year-over-year.”
“Revenue is expected to be in the range of $1,489 million to $1,494 million, representing year-over-year growth of 13%.”
Over the next 1 to 3 years, PCOR's performance will depend on its execution against growth targets and external market conditions. Not investment advice.