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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
PicoCELA Inc. is the larger business by last-quarter revenue ($252.6M vs $179.8M, roughly 1.4× DESCARTES SYSTEMS GROUP INC). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs -125.2%, a 146.3% gap on every dollar of revenue. DESCARTES SYSTEMS GROUP INC produced more free cash flow last quarter ($62.1M vs $-256.6M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
DSGX vs PCLA — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $252.6M |
| Net Profit | $38.0M | $-316.2M |
| Gross Margin | 76.9% | — |
| Operating Margin | 26.8% | -114.8% |
| Net Margin | 21.1% | -125.2% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.43 | — |
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.
| Q3 25 | $179.8M | — | ||
| Q1 25 | — | $252.6M | ||
| Q3 24 | $163.4M | — | ||
| Q3 23 | $143.4M | — | ||
| Q3 22 | $123.0M | — |
| Q3 25 | $38.0M | — | ||
| Q1 25 | — | $-316.2M | ||
| Q3 24 | $34.7M | — | ||
| Q3 23 | $28.1M | — | ||
| Q3 22 | $22.9M | — |
| Q3 25 | 76.9% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 75.2% | — | ||
| Q3 23 | 75.6% | — | ||
| Q3 22 | 76.5% | — |
| Q3 25 | 26.8% | — | ||
| Q1 25 | — | -114.8% | ||
| Q3 24 | 28.1% | — | ||
| Q3 23 | 25.7% | — | ||
| Q3 22 | 25.6% | — |
| Q3 25 | 21.1% | — | ||
| Q1 25 | — | -125.2% | ||
| Q3 24 | 21.2% | — | ||
| Q3 23 | 19.6% | — | ||
| Q3 22 | 18.6% | — |
| Q3 25 | $0.43 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $0.40 | — | ||
| Q3 23 | $0.32 | — | ||
| Q3 22 | $0.27 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.6M | $456.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $354.8M |
| Total Assets | $1.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $240.6M | — | ||
| Q1 25 | — | $456.8M | ||
| Q3 24 | $252.7M | — | ||
| Q3 23 | $227.4M | — | ||
| Q3 22 | $189.0M | — |
| Q3 25 | $1.5B | — | ||
| Q1 25 | — | $354.8M | ||
| Q3 24 | $1.3B | — | ||
| Q3 23 | $1.2B | — | ||
| Q3 22 | $1.0B | — |
| Q3 25 | $1.8B | — | ||
| Q1 25 | — | $1.2B | ||
| Q3 24 | $1.6B | — | ||
| Q3 23 | $1.4B | — | ||
| Q3 22 | $1.2B | — |
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 | $63.3M | $-245.6M |
| Free Cash FlowOCF − Capex | $62.1M | $-256.6M |
| FCF MarginFCF / Revenue | 34.5% | -101.6% |
| Capex IntensityCapex / Revenue | 0.7% | 4.3% |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $63.3M | — | ||
| Q1 25 | — | $-245.6M | ||
| Q3 24 | $34.7M | — | ||
| Q3 23 | $52.0M | — | ||
| Q3 22 | $46.4M | — |
| Q3 25 | $62.1M | — | ||
| Q1 25 | — | $-256.6M | ||
| Q3 24 | $33.1M | — | ||
| Q3 23 | $49.8M | — | ||
| Q3 22 | $44.6M | — |
| Q3 25 | 34.5% | — | ||
| Q1 25 | — | -101.6% | ||
| Q3 24 | 20.2% | — | ||
| Q3 23 | 34.8% | — | ||
| Q3 22 | 36.3% | — |
| Q3 25 | 0.7% | — | ||
| Q1 25 | — | 4.3% | ||
| Q3 24 | 1.0% | — | ||
| Q3 23 | 1.5% | — | ||
| Q3 22 | 1.5% | — |
| Q3 25 | 1.67× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 1.00× | — | ||
| Q3 23 | 1.85× | — | ||
| Q3 22 | 2.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
