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Side-by-side financial comparison of ESAB Corp (ESAB) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $430.0M, roughly 1.7× PEGASYSTEMS INC). PEGASYSTEMS INC runs the higher net margin — 7.6% vs 7.5%, a 0.1% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $70.3M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
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.
ESAB vs PEGA — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $430.0M |
| Net Profit | $54.8M | $32.8M |
| Gross Margin | 37.0% | 75.2% |
| Operating Margin | 14.6% | 8.6% |
| Net Margin | 7.5% | 7.6% |
| Revenue YoY | 8.5% | -9.6% |
| Net Profit YoY | 2.1% | — |
| EPS (diluted) | $0.90 | $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 | $727.8M | $504.3M | ||
| Q3 25 | $715.6M | $381.4M | ||
| Q2 25 | $678.1M | $384.5M | ||
| Q1 25 | — | $475.6M | ||
| Q4 24 | $670.8M | $490.8M | ||
| Q3 24 | $673.3M | $325.1M | ||
| Q2 24 | $707.1M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $54.8M | $234.6M | ||
| Q3 25 | $66.9M | $43.4M | ||
| Q2 25 | $67.4M | $30.1M | ||
| Q1 25 | — | $85.4M | ||
| Q4 24 | $53.7M | $119.1M | ||
| Q3 24 | $68.2M | $-14.4M | ||
| Q2 24 | $82.9M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 37.0% | 79.5% | ||
| Q3 25 | 37.2% | 72.2% | ||
| Q2 25 | 37.6% | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | 38.5% | 79.1% | ||
| Q3 24 | 37.7% | 70.2% | ||
| Q2 24 | 38.2% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 14.6% | 20.7% | ||
| Q3 25 | 15.2% | 3.8% | ||
| Q2 25 | 16.2% | 4.5% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | 16.6% | 29.1% | ||
| Q3 24 | 15.7% | -3.6% | ||
| Q2 24 | 16.9% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 7.5% | 46.5% | ||
| Q3 25 | 9.3% | 11.4% | ||
| Q2 25 | 9.9% | 7.8% | ||
| Q1 25 | — | 18.0% | ||
| Q4 24 | 8.0% | 24.3% | ||
| Q3 24 | 10.1% | -4.4% | ||
| Q2 24 | 11.7% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.90 | $0.81 | ||
| Q3 25 | $1.09 | $0.24 | ||
| Q2 25 | $1.10 | $0.17 | ||
| Q1 25 | — | $0.91 | ||
| Q4 24 | $0.87 | $1.35 | ||
| Q3 24 | $1.11 | $-0.17 | ||
| Q2 24 | $1.35 | $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 | $218.2M | $270.0M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $705.9M |
| Total Assets | $4.9B | $1.6B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $218.2M | $425.8M | ||
| Q3 25 | $258.2M | $351.4M | ||
| Q2 25 | $291.3M | $411.6M | ||
| Q1 25 | — | $371.7M | ||
| Q4 24 | $249.4M | $740.0M | ||
| Q3 24 | $253.7M | $703.0M | ||
| Q2 24 | $228.5M | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $2.1B | $787.4M | ||
| Q3 25 | $2.1B | $596.8M | ||
| Q2 25 | $1.9B | $624.5M | ||
| Q1 25 | — | $611.3M | ||
| Q4 24 | $1.8B | $585.5M | ||
| Q3 24 | $1.8B | $473.0M | ||
| Q2 24 | $1.7B | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.9B | $1.6B | ||
| Q3 25 | $4.4B | $1.3B | ||
| Q2 25 | $4.2B | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $4.0B | $1.8B | ||
| Q3 24 | $4.1B | $1.6B | ||
| Q2 24 | $4.0B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.63× | — |
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 | $81.5M | — |
| Free Cash FlowOCF − Capex | $70.3M | $206.5M |
| FCF MarginFCF / Revenue | 9.7% | 48.0% |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $81.5M | $158.4M | ||
| Q3 25 | $46.6M | $56.3M | ||
| Q2 25 | $35.4M | $86.3M | ||
| Q1 25 | — | $204.2M | ||
| Q4 24 | $126.9M | $95.2M | ||
| Q3 24 | $101.0M | $30.5M | ||
| Q2 24 | $83.0M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $70.3M | $152.4M | ||
| Q3 25 | $37.4M | $51.8M | ||
| Q2 25 | $28.1M | $84.1M | ||
| Q1 25 | — | $202.3M | ||
| Q4 24 | $102.2M | $92.4M | ||
| Q3 24 | $90.4M | $27.4M | ||
| Q2 24 | $74.0M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 9.7% | 30.2% | ||
| Q3 25 | 5.2% | 13.6% | ||
| Q2 25 | 4.1% | 21.9% | ||
| Q1 25 | — | 42.5% | ||
| Q4 24 | 15.2% | 18.8% | ||
| Q3 24 | 13.4% | 8.4% | ||
| Q2 24 | 10.5% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 1.2% | ||
| Q3 25 | 1.3% | 1.2% | ||
| Q2 25 | 1.1% | 0.6% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 3.7% | 0.6% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 1.3% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 0.68× | ||
| Q3 25 | 0.70× | 1.30× | ||
| Q2 25 | 0.53× | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | 2.36× | 0.80× | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.00× | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
