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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) 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 $347.3M, roughly 1.2× Baldwin Insurance Group, Inc.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -7.5%, a 15.1% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $-68.9M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs -4.4%).
The Baldwin Piano Company is an American piano brand. It was once the largest US-based manufacturer of keyboard instruments and was known by the slogan, "America's Favorite Piano". Since 2001, it has been a subsidiary of Gibson Brands, Inc. Baldwin ceased domestic production in December 2008, moving its piano manufacturing to China.
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.
BWIN vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $430.0M |
| Net Profit | $-25.9M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | -3.8% | 8.6% |
| Net Margin | -7.5% | 7.6% |
| Revenue YoY | 5.3% | -9.6% |
| Net Profit YoY | -28.3% | — |
| EPS (diluted) | $-0.38 | $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 | $347.3M | $504.3M | ||
| Q3 25 | $365.4M | $381.4M | ||
| Q2 25 | $378.8M | $384.5M | ||
| Q1 25 | $413.4M | $475.6M | ||
| Q4 24 | $329.9M | $490.8M | ||
| Q3 24 | $338.9M | $325.1M | ||
| Q2 24 | $339.8M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-25.9M | $234.6M | ||
| Q3 25 | $-18.7M | $43.4M | ||
| Q2 25 | $-3.2M | $30.1M | ||
| Q1 25 | $13.9M | $85.4M | ||
| Q4 24 | $-20.2M | $119.1M | ||
| Q3 24 | $-8.4M | $-14.4M | ||
| Q2 24 | $-17.6M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -3.8% | 20.7% | ||
| Q3 25 | 0.9% | 3.8% | ||
| Q2 25 | 7.4% | 4.5% | ||
| Q1 25 | 13.6% | 26.7% | ||
| Q4 24 | -1.7% | 29.1% | ||
| Q3 24 | 4.5% | -3.6% | ||
| Q2 24 | 4.8% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -7.5% | 46.5% | ||
| Q3 25 | -5.1% | 11.4% | ||
| Q2 25 | -0.8% | 7.8% | ||
| Q1 25 | 3.4% | 18.0% | ||
| Q4 24 | -6.2% | 24.3% | ||
| Q3 24 | -2.5% | -4.4% | ||
| Q2 24 | -5.2% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.38 | $0.81 | ||
| Q3 25 | $-0.27 | $0.24 | ||
| Q2 25 | $-0.05 | $0.17 | ||
| Q1 25 | $0.20 | $0.91 | ||
| Q4 24 | $-0.31 | $1.35 | ||
| Q3 24 | $-0.13 | $-0.17 | ||
| Q2 24 | $-0.28 | $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 | $123.7M | $270.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $705.9M |
| Total Assets | $3.9B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $123.7M | $425.8M | ||
| Q3 25 | $89.7M | $351.4M | ||
| Q2 25 | $105.7M | $411.6M | ||
| Q1 25 | $81.8M | $371.7M | ||
| Q4 24 | $90.0M | $740.0M | ||
| Q3 24 | $181.8M | $703.0M | ||
| Q2 24 | $208.3M | $665.1M |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $600.2M | $787.4M | ||
| Q3 25 | $619.7M | $596.8M | ||
| Q2 25 | $630.8M | $624.5M | ||
| Q1 25 | $619.6M | $611.3M | ||
| Q4 24 | $583.2M | $585.5M | ||
| Q3 24 | $595.4M | $473.0M | ||
| Q2 24 | $590.9M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.9B | $1.6B | ||
| Q3 25 | $3.8B | $1.3B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $3.5B | $1.3B | ||
| Q4 24 | $3.5B | $1.8B | ||
| Q3 24 | $3.5B | $1.6B | ||
| Q2 24 | $3.7B | $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 | $-29.4M | — |
| Free Cash FlowOCF − Capex | $-68.9M | $206.5M |
| FCF MarginFCF / Revenue | -19.9% | 48.0% |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-29.4M | $158.4M | ||
| Q3 25 | $41.0M | $56.3M | ||
| Q2 25 | $-16.7M | $86.3M | ||
| Q1 25 | $-64.0M | $204.2M | ||
| Q4 24 | $51.5M | $95.2M | ||
| Q3 24 | $32.4M | $30.5M | ||
| Q2 24 | $18.3M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $-68.9M | $152.4M | ||
| Q3 25 | $32.2M | $51.8M | ||
| Q2 25 | $-28.1M | $84.1M | ||
| Q1 25 | $-72.9M | $202.3M | ||
| Q4 24 | $10.4M | $92.4M | ||
| Q3 24 | $22.2M | $27.4M | ||
| Q2 24 | $7.8M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | -19.9% | 30.2% | ||
| Q3 25 | 8.8% | 13.6% | ||
| Q2 25 | -7.4% | 21.9% | ||
| Q1 25 | -17.6% | 42.5% | ||
| Q4 24 | 3.2% | 18.8% | ||
| Q3 24 | 6.6% | 8.4% | ||
| Q2 24 | 2.3% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 1.2% | ||
| Q3 25 | 2.4% | 1.2% | ||
| Q2 25 | 3.0% | 0.6% | ||
| Q1 25 | 2.2% | 0.4% | ||
| Q4 24 | 12.4% | 0.6% | ||
| Q3 24 | 3.0% | 0.9% | ||
| Q2 24 | 3.1% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | -4.59× | 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
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
