vs
Side-by-side financial comparison of AeroVironment Inc (AVAV) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $430.0M, roughly 1.1× PEGASYSTEMS INC). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -3.6%, a 11.2% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 10.7%).
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
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.
AVAV vs PEGA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $430.0M |
| Net Profit | $-17.1M | $32.8M |
| Gross Margin | 22.0% | 75.2% |
| Operating Margin | -6.4% | 8.6% |
| Net Margin | -3.6% | 7.6% |
| Revenue YoY | 181.9% | -9.6% |
| Net Profit YoY | -875.1% | — |
| EPS (diluted) | $-0.34 | $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 | $472.5M | $504.3M | ||
| Q3 25 | $454.7M | $381.4M | ||
| Q2 25 | $275.1M | $384.5M | ||
| Q1 25 | $167.6M | $475.6M | ||
| Q4 24 | $188.5M | $490.8M | ||
| Q3 24 | $189.5M | $325.1M | ||
| Q2 24 | $197.0M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-17.1M | $234.6M | ||
| Q3 25 | $-67.4M | $43.4M | ||
| Q2 25 | $16.7M | $30.1M | ||
| Q1 25 | $-1.8M | $85.4M | ||
| Q4 24 | $7.5M | $119.1M | ||
| Q3 24 | $21.2M | $-14.4M | ||
| Q2 24 | $6.0M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 22.0% | 79.5% | ||
| Q3 25 | 20.9% | 72.2% | ||
| Q2 25 | 36.5% | 71.5% | ||
| Q1 25 | 37.7% | 78.5% | ||
| Q4 24 | 39.1% | 79.1% | ||
| Q3 24 | 43.0% | 70.2% | ||
| Q2 24 | 38.4% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -6.4% | 20.7% | ||
| Q3 25 | -15.2% | 3.8% | ||
| Q2 25 | 5.0% | 4.5% | ||
| Q1 25 | -1.8% | 26.7% | ||
| Q4 24 | 3.7% | 29.1% | ||
| Q3 24 | 12.2% | -3.6% | ||
| Q2 24 | 3.0% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -3.6% | 46.5% | ||
| Q3 25 | -14.8% | 11.4% | ||
| Q2 25 | 6.1% | 7.8% | ||
| Q1 25 | -1.0% | 18.0% | ||
| Q4 24 | 4.0% | 24.3% | ||
| Q3 24 | 11.2% | -4.4% | ||
| Q2 24 | 3.1% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.34 | $0.81 | ||
| Q3 25 | $-1.44 | $0.24 | ||
| Q2 25 | $0.59 | $0.17 | ||
| Q1 25 | $-0.06 | $0.91 | ||
| Q4 24 | $0.27 | $1.35 | ||
| Q3 24 | $0.75 | $-0.17 | ||
| Q2 24 | $0.18 | $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 | $588.5M | $270.0M |
| Total DebtLower is stronger | $747.5M | — |
| Stockholders' EquityBook value | $4.4B | $705.9M |
| Total Assets | $5.6B | $1.6B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $588.5M | $425.8M | ||
| Q3 25 | $685.8M | $351.4M | ||
| Q2 25 | $40.9M | $411.6M | ||
| Q1 25 | $47.0M | $371.7M | ||
| Q4 24 | $69.0M | $740.0M | ||
| Q3 24 | $81.2M | $703.0M | ||
| Q2 24 | $73.3M | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $747.5M | — | ||
| Q3 25 | $747.5M | — | ||
| Q2 25 | $30.0M | — | ||
| Q1 25 | $25.0M | — | ||
| Q4 24 | $15.0M | — | ||
| Q3 24 | $17.5M | — | ||
| Q2 24 | $28.0M | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $4.4B | $787.4M | ||
| Q3 25 | $4.4B | $596.8M | ||
| Q2 25 | $886.5M | $624.5M | ||
| Q1 25 | $861.1M | $611.3M | ||
| Q4 24 | $858.4M | $585.5M | ||
| Q3 24 | $845.5M | $473.0M | ||
| Q2 24 | $822.7M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.6B | $1.6B | ||
| Q3 25 | $5.6B | $1.3B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $999.2M | $1.6B | ||
| Q2 24 | $1.0B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.02× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.03× | — |
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 | $-45.1M | — |
| Free Cash FlowOCF − Capex | $-55.9M | $206.5M |
| FCF MarginFCF / Revenue | -11.8% | 48.0% |
| Capex IntensityCapex / Revenue | 2.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-45.1M | $158.4M | ||
| Q3 25 | $-123.7M | $56.3M | ||
| Q2 25 | $-264.0K | $86.3M | ||
| Q1 25 | $-25.8M | $204.2M | ||
| Q4 24 | $-3.6M | $95.2M | ||
| Q3 24 | $28.4M | $30.5M | ||
| Q2 24 | $-11.7M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $-55.9M | $152.4M | ||
| Q3 25 | $-146.5M | $51.8M | ||
| Q2 25 | $-8.8M | $84.1M | ||
| Q1 25 | $-29.6M | $202.3M | ||
| Q4 24 | $-8.7M | $92.4M | ||
| Q3 24 | $22.9M | $27.4M | ||
| Q2 24 | $-20.8M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | -11.8% | 30.2% | ||
| Q3 25 | -32.2% | 13.6% | ||
| Q2 25 | -3.2% | 21.9% | ||
| Q1 25 | -17.7% | 42.5% | ||
| Q4 24 | -4.6% | 18.8% | ||
| Q3 24 | 12.1% | 8.4% | ||
| Q2 24 | -10.5% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 1.2% | ||
| Q3 25 | 5.0% | 1.2% | ||
| Q2 25 | 3.1% | 0.6% | ||
| Q1 25 | 2.3% | 0.4% | ||
| Q4 24 | 2.7% | 0.6% | ||
| Q3 24 | 2.9% | 0.9% | ||
| Q2 24 | 4.6% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | -0.02× | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | -0.48× | 0.80× | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | -1.93× | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
