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Side-by-side financial comparison of Applied Digital Corp. (APLD) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $126.6M, roughly 3.4× Applied Digital Corp.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -11.4%, a 19.0% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 10.7%).
BAE Systems Digital Intelligence is an international defence and security technology firm owned by BAE Systems. They specialize in delivering digital solutions that enable rapid, data-driven decision-making. Their services, solutions and products span customers in Law Enforcement, National Security, Government Departments and Government Enterprises, Critical National Infrastructure, Telecommunications, the Military, and Space.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
APLD vs PEGA — Head-to-Head
Income Statement — Q2 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $430.0M |
| Net Profit | $-14.4M | $32.8M |
| Gross Margin | 20.6% | 75.2% |
| Operating Margin | -24.5% | 8.6% |
| Net Margin | -11.4% | 7.6% |
| Revenue YoY | 98.2% | -9.6% |
| Net Profit YoY | 89.6% | -61.6% |
| EPS (diluted) | $-0.07 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $430.0M | ||
| Q4 25 | $126.6M | $504.3M | ||
| Q3 25 | $64.2M | $381.4M | ||
| Q2 25 | $-33.3M | $384.5M | ||
| Q1 25 | $52.9M | $475.6M | ||
| Q4 24 | $63.9M | $490.8M | ||
| Q3 24 | $60.7M | $325.1M | ||
| Q2 24 | $43.7M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-14.4M | $234.6M | ||
| Q3 25 | $-16.9M | $43.4M | ||
| Q2 25 | $-52.5M | $30.1M | ||
| Q1 25 | $-35.6M | $85.4M | ||
| Q4 24 | $-138.7M | $119.1M | ||
| Q3 24 | $-4.2M | $-14.4M | ||
| Q2 24 | $-64.5M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 20.6% | 79.5% | ||
| Q3 25 | 13.4% | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | 7.1% | 78.5% | ||
| Q4 24 | 18.0% | 79.1% | ||
| Q3 24 | -0.6% | 70.2% | ||
| Q2 24 | -9.1% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -24.5% | 20.7% | ||
| Q3 25 | -34.7% | 3.8% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | -35.8% | 26.7% | ||
| Q4 24 | -29.1% | 29.1% | ||
| Q3 24 | 15.6% | -3.6% | ||
| Q2 24 | -68.4% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -11.4% | 46.5% | ||
| Q3 25 | -26.4% | 11.4% | ||
| Q2 25 | 157.8% | 7.8% | ||
| Q1 25 | -67.2% | 18.0% | ||
| Q4 24 | -217.2% | 24.3% | ||
| Q3 24 | -7.0% | -4.4% | ||
| Q2 24 | -147.5% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.07 | $0.81 | ||
| Q3 25 | $-0.07 | $0.24 | ||
| Q2 25 | $-0.31 | $0.17 | ||
| Q1 25 | $-0.16 | $0.91 | ||
| Q4 24 | $-0.66 | $1.35 | ||
| Q3 24 | $-0.03 | $-0.17 | ||
| Q2 24 | $-0.57 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $270.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $705.9M |
| Total Assets | $5.2B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $1.9B | $425.8M | ||
| Q3 25 | $73.9M | $351.4M | ||
| Q2 25 | $41.6M | $411.6M | ||
| Q1 25 | $68.7M | $371.7M | ||
| Q4 24 | $286.2M | $740.0M | ||
| Q3 24 | $58.2M | $703.0M | ||
| Q2 24 | $3.3M | $665.1M |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.4B | $787.4M | ||
| Q3 25 | $1.0B | $596.8M | ||
| Q2 25 | $497.7M | $624.5M | ||
| Q1 25 | $454.6M | $611.3M | ||
| Q4 24 | $434.6M | $585.5M | ||
| Q3 24 | $241.8M | $473.0M | ||
| Q2 24 | $124.8M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.2B | $1.6B | ||
| Q3 25 | $2.4B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $937.7M | $1.6B | ||
| Q2 24 | $762.9M | $1.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.8M | — |
| Free Cash FlowOCF − Capex | $-567.9M | $206.5M |
| FCF MarginFCF / Revenue | -448.6% | 48.0% |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $158.4M | ||
| Q3 25 | $-82.0M | $56.3M | ||
| Q2 25 | $6.9M | $86.3M | ||
| Q1 25 | $5.9M | $204.2M | ||
| Q4 24 | $-52.3M | $95.2M | ||
| Q3 24 | $-75.9M | $30.5M | ||
| Q2 24 | $-34.1M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $-567.9M | $152.4M | ||
| Q3 25 | $-331.4M | $51.8M | ||
| Q2 25 | $-191.4M | $84.1M | ||
| Q1 25 | $-251.6M | $202.3M | ||
| Q4 24 | $-223.3M | $92.4M | ||
| Q3 24 | $-130.7M | $27.4M | ||
| Q2 24 | $-88.9M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | -448.6% | 30.2% | ||
| Q3 25 | -516.1% | 13.6% | ||
| Q2 25 | 574.8% | 21.9% | ||
| Q1 25 | -475.4% | 42.5% | ||
| Q4 24 | -349.6% | 18.8% | ||
| Q3 24 | -215.3% | 8.4% | ||
| Q2 24 | -203.5% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 1.2% | ||
| Q3 25 | 388.4% | 1.2% | ||
| Q2 25 | -595.4% | 0.6% | ||
| Q1 25 | 486.6% | 0.4% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 0.9% | ||
| Q2 24 | 125.4% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
