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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.7× IHS Holding Ltd). On growth, IHS Holding Ltd posted the faster year-over-year revenue change (0.1% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $178.6M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $430.0M |
| Net Profit | — | $32.8M |
| Gross Margin | 83.6% | 75.2% |
| Operating Margin | — | 8.6% |
| Net Margin | — | 7.6% |
| Revenue YoY | 0.1% | -9.6% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $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 | $254.0M | $504.3M | ||
| Q3 25 | $455.1M | $381.4M | ||
| Q2 25 | $433.3M | $384.5M | ||
| Q1 25 | $439.6M | $475.6M | ||
| Q4 24 | $253.8M | $490.8M | ||
| Q3 24 | $420.3M | $325.1M | ||
| Q2 24 | $435.4M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | — | $234.6M | ||
| Q3 25 | $147.4M | $43.4M | ||
| Q2 25 | $32.3M | $30.1M | ||
| Q1 25 | $30.7M | $85.4M | ||
| Q4 24 | — | $119.1M | ||
| Q3 24 | $-205.7M | $-14.4M | ||
| Q2 24 | $-124.3M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 83.6% | 79.5% | ||
| Q3 25 | 47.5% | 72.2% | ||
| Q2 25 | 51.3% | 71.5% | ||
| Q1 25 | 51.4% | 78.5% | ||
| Q4 24 | 72.1% | 79.1% | ||
| Q3 24 | 52.0% | 70.2% | ||
| Q2 24 | 52.5% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | — | 20.7% | ||
| Q3 25 | 35.1% | 3.8% | ||
| Q2 25 | 33.8% | 4.5% | ||
| Q1 25 | 37.1% | 26.7% | ||
| Q4 24 | — | 29.1% | ||
| Q3 24 | 29.9% | -3.6% | ||
| Q2 24 | 34.0% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | — | 46.5% | ||
| Q3 25 | 32.4% | 11.4% | ||
| Q2 25 | 7.5% | 7.8% | ||
| Q1 25 | 7.0% | 18.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | -48.9% | -4.4% | ||
| Q2 24 | -28.5% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | — | $0.81 | ||
| Q3 25 | $0.44 | $0.24 | ||
| Q2 25 | $0.10 | $0.17 | ||
| Q1 25 | $0.10 | $0.91 | ||
| Q4 24 | — | $1.35 | ||
| Q3 24 | $-0.61 | $-0.17 | ||
| Q2 24 | $-0.36 | $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 | $825.7M | $270.0M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $705.9M |
| Total Assets | $4.5B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $825.7M | $425.8M | ||
| Q3 25 | $647.6M | $351.4M | ||
| Q2 25 | $531.8M | $411.6M | ||
| Q1 25 | $629.0M | $371.7M | ||
| Q4 24 | $578.0M | $740.0M | ||
| Q3 24 | $397.5M | $703.0M | ||
| Q2 24 | $445.7M | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $-89.8M | $787.4M | ||
| Q3 25 | $38.1M | $596.8M | ||
| Q2 25 | $-98.4M | $624.5M | ||
| Q1 25 | $-184.4M | $611.3M | ||
| Q4 24 | $-314.4M | $585.5M | ||
| Q3 24 | $-284.7M | $473.0M | ||
| Q2 24 | $-308.3M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.5B | $1.6B | ||
| Q3 25 | $4.7B | $1.3B | ||
| Q2 25 | $4.5B | $1.3B | ||
| Q1 25 | $4.4B | $1.3B | ||
| Q4 24 | $4.2B | $1.8B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $4.5B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $246.9M | — |
| Free Cash FlowOCF − Capex | $178.6M | $206.5M |
| FCF MarginFCF / Revenue | 70.3% | 48.0% |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $246.9M | $158.4M | ||
| Q3 25 | $251.3M | $56.3M | ||
| Q2 25 | $237.7M | $86.3M | ||
| Q1 25 | $200.3M | $204.2M | ||
| Q4 24 | $344.4M | $95.2M | ||
| Q3 24 | $174.5M | $30.5M | ||
| Q2 24 | $134.7M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $178.6M | $152.4M | ||
| Q3 25 | $189.2M | $51.8M | ||
| Q2 25 | $197.7M | $84.1M | ||
| Q1 25 | $153.2M | $202.3M | ||
| Q4 24 | $282.9M | $92.4M | ||
| Q3 24 | $122.3M | $27.4M | ||
| Q2 24 | $74.2M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 70.3% | 30.2% | ||
| Q3 25 | 41.6% | 13.6% | ||
| Q2 25 | 45.6% | 21.9% | ||
| Q1 25 | 34.8% | 42.5% | ||
| Q4 24 | 111.5% | 18.8% | ||
| Q3 24 | 29.1% | 8.4% | ||
| Q2 24 | 17.0% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 26.9% | 1.2% | ||
| Q3 25 | 13.6% | 1.2% | ||
| Q2 25 | 9.2% | 0.6% | ||
| Q1 25 | 10.7% | 0.4% | ||
| Q4 24 | 24.2% | 0.6% | ||
| Q3 24 | 12.4% | 0.9% | ||
| Q2 24 | 13.9% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | 1.70× | 1.30× | ||
| Q2 25 | 7.36× | 2.87× | ||
| Q1 25 | 6.52× | 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
IHS
Segment breakdown not available.
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
