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Side-by-side financial comparison of Howard Hughes Holdings Inc. (HHH) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
Howard Hughes Holdings Inc. is the larger business by last-quarter revenue ($624.4M vs $430.0M, roughly 1.5× PEGASYSTEMS INC). PEGASYSTEMS INC runs the higher net margin — 7.6% vs 1.0%, a 6.7% gap on every dollar of revenue. On growth, PEGASYSTEMS INC posted the faster year-over-year revenue change (-9.6% vs -33.2%). Howard Hughes Holdings Inc. produced more free cash flow last quarter ($348.6M vs $206.5M). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs 10.7%).
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
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.
HHH vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $624.4M | $430.0M |
| Net Profit | $6.0M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 4.2% | 8.6% |
| Net Margin | 1.0% | 7.6% |
| Revenue YoY | -33.2% | -9.6% |
| Net Profit YoY | -96.2% | -61.6% |
| EPS (diluted) | $0.20 | $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 | $624.4M | $504.3M | ||
| Q3 25 | $390.2M | $381.4M | ||
| Q2 25 | $260.9M | $384.5M | ||
| Q1 25 | $199.3M | $475.6M | ||
| Q4 24 | $935.0M | $490.8M | ||
| Q3 24 | $327.1M | $325.1M | ||
| Q2 24 | $317.4M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $6.0M | $234.6M | ||
| Q3 25 | $119.5M | $43.4M | ||
| Q2 25 | $-12.1M | $30.1M | ||
| Q1 25 | $10.5M | $85.4M | ||
| Q4 24 | $156.3M | $119.1M | ||
| Q3 24 | $72.8M | $-14.4M | ||
| Q2 24 | $21.1M | $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 | 4.2% | 20.7% | ||
| Q3 25 | 48.6% | 3.8% | ||
| Q2 25 | 26.0% | 4.5% | ||
| Q1 25 | 24.0% | 26.7% | ||
| Q4 24 | 33.5% | 29.1% | ||
| Q3 24 | 60.6% | -3.6% | ||
| Q2 24 | 20.4% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 1.0% | 46.5% | ||
| Q3 25 | 30.6% | 11.4% | ||
| Q2 25 | -4.7% | 7.8% | ||
| Q1 25 | 5.3% | 18.0% | ||
| Q4 24 | 16.7% | 24.3% | ||
| Q3 24 | 22.2% | -4.4% | ||
| Q2 24 | 6.6% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.20 | $0.81 | ||
| Q3 25 | $2.02 | $0.24 | ||
| Q2 25 | $-0.22 | $0.17 | ||
| Q1 25 | $0.21 | $0.91 | ||
| Q4 24 | $3.14 | $1.35 | ||
| Q3 24 | $1.46 | $-0.17 | ||
| Q2 24 | $0.42 | $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 | $1.5B | $270.0M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $3.8B | $705.9M |
| Total Assets | $10.6B | $1.6B |
| Debt / EquityLower = less leverage | 1.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $1.5B | $425.8M | ||
| Q3 25 | $1.5B | $351.4M | ||
| Q2 25 | $1.4B | $411.6M | ||
| Q1 25 | $493.7M | $371.7M | ||
| Q4 24 | $596.1M | $740.0M | ||
| Q3 24 | $400.7M | $703.0M | ||
| Q2 24 | $436.8M | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $3.8B | $787.4M | ||
| Q3 25 | $3.8B | $596.8M | ||
| Q2 25 | $3.6B | $624.5M | ||
| Q1 25 | $2.8B | $611.3M | ||
| Q4 24 | $2.8B | $585.5M | ||
| Q3 24 | $2.6B | $473.0M | ||
| Q2 24 | $3.0B | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $10.6B | $1.6B | ||
| Q3 25 | $10.7B | $1.3B | ||
| Q2 25 | $10.3B | $1.3B | ||
| Q1 25 | $9.3B | $1.3B | ||
| Q4 24 | $9.2B | $1.8B | ||
| Q3 24 | $9.4B | $1.6B | ||
| Q2 24 | $9.9B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.85× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $360.3M | — |
| Free Cash FlowOCF − Capex | $348.6M | $206.5M |
| FCF MarginFCF / Revenue | 55.8% | 48.0% |
| Capex IntensityCapex / Revenue | 1.9% | — |
| Cash ConversionOCF / Net Profit | 60.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $417.6M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $360.3M | $158.4M | ||
| Q3 25 | $149.8M | $56.3M | ||
| Q2 25 | $177.3M | $86.3M | ||
| Q1 25 | $-224.9M | $204.2M | ||
| Q4 24 | $337.1M | $95.2M | ||
| Q3 24 | $248.3M | $30.5M | ||
| Q2 24 | $-17.5M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $348.6M | $152.4M | ||
| Q3 25 | $137.7M | $51.8M | ||
| Q2 25 | $169.7M | $84.1M | ||
| Q1 25 | $-238.4M | $202.3M | ||
| Q4 24 | $317.1M | $92.4M | ||
| Q3 24 | $238.7M | $27.4M | ||
| Q2 24 | $-25.1M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 55.8% | 30.2% | ||
| Q3 25 | 35.3% | 13.6% | ||
| Q2 25 | 65.1% | 21.9% | ||
| Q1 25 | -119.6% | 42.5% | ||
| Q4 24 | 33.9% | 18.8% | ||
| Q3 24 | 73.0% | 8.4% | ||
| Q2 24 | -7.9% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 1.2% | ||
| Q3 25 | 3.1% | 1.2% | ||
| Q2 25 | 2.9% | 0.6% | ||
| Q1 25 | 6.8% | 0.4% | ||
| Q4 24 | 2.1% | 0.6% | ||
| Q3 24 | 2.9% | 0.9% | ||
| Q2 24 | 2.4% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 60.04× | 0.68× | ||
| Q3 25 | 1.25× | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | -21.35× | 2.39× | ||
| Q4 24 | 2.16× | 0.80× | ||
| Q3 24 | 3.41× | — | ||
| Q2 24 | -0.83× | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
