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Side-by-side financial comparison of LivaNova PLC (LIVN) 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 $360.9M, roughly 1.2× LivaNova PLC). LivaNova PLC runs the higher net margin — 8.6% vs 7.6%, a 0.9% gap on every dollar of revenue. On growth, LivaNova PLC posted the faster year-over-year revenue change (12.1% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $50.2M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs 10.6%).
LivaNova, plc is an American medical device manufacturer based in the UK. The company develops devices used for cardiac surgery and neuromodulation. The company was formed in 2015 by a $2.7B merger between Houston, Texas-based Cyberonics, Inc. and Milan, Italy-based Sorin S.p.a. The company trades on the NASDAQ stock exchange under the ticker symbol "LIVN".
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.
LIVN vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.9M | $430.0M |
| Net Profit | $30.9M | $32.8M |
| Gross Margin | 65.2% | 75.2% |
| Operating Margin | 11.8% | 8.6% |
| Net Margin | 8.6% | 7.6% |
| Revenue YoY | 12.1% | -9.6% |
| Net Profit YoY | -44.7% | — |
| EPS (diluted) | $0.57 | $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 | $360.9M | $504.3M | ||
| Q3 25 | $357.8M | $381.4M | ||
| Q2 25 | $352.5M | $384.5M | ||
| Q1 25 | $316.9M | $475.6M | ||
| Q4 24 | $321.8M | $490.8M | ||
| Q3 24 | $318.1M | $325.1M | ||
| Q2 24 | $318.6M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $30.9M | $234.6M | ||
| Q3 25 | $26.8M | $43.4M | ||
| Q2 25 | $27.2M | $30.1M | ||
| Q1 25 | $-327.3M | $85.4M | ||
| Q4 24 | $55.9M | $119.1M | ||
| Q3 24 | $33.0M | $-14.4M | ||
| Q2 24 | $16.3M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 65.2% | 79.5% | ||
| Q3 25 | 68.4% | 72.2% | ||
| Q2 25 | 67.8% | 71.5% | ||
| Q1 25 | 69.7% | 78.5% | ||
| Q4 24 | 68.2% | 79.1% | ||
| Q3 24 | 70.8% | 70.2% | ||
| Q2 24 | 68.7% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 11.8% | 20.7% | ||
| Q3 25 | 15.1% | 3.8% | ||
| Q2 25 | 15.4% | 4.5% | ||
| Q1 25 | 15.3% | 26.7% | ||
| Q4 24 | 11.5% | 29.1% | ||
| Q3 24 | 11.2% | -3.6% | ||
| Q2 24 | 12.6% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 8.6% | 46.5% | ||
| Q3 25 | 7.5% | 11.4% | ||
| Q2 25 | 7.7% | 7.8% | ||
| Q1 25 | -103.3% | 18.0% | ||
| Q4 24 | 17.4% | 24.3% | ||
| Q3 24 | 10.4% | -4.4% | ||
| Q2 24 | 5.1% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.57 | $0.81 | ||
| Q3 25 | $0.49 | $0.24 | ||
| Q2 25 | $0.50 | $0.17 | ||
| Q1 25 | $-6.01 | $0.91 | ||
| Q4 24 | $1.04 | $1.35 | ||
| Q3 24 | $0.60 | $-0.17 | ||
| Q2 24 | $0.30 | $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 | $635.6M | $270.0M |
| Total DebtLower is stronger | $376.1M | — |
| Stockholders' EquityBook value | $1.2B | $705.9M |
| Total Assets | $2.6B | $1.6B |
| Debt / EquityLower = less leverage | 0.31× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $635.6M | $425.8M | ||
| Q3 25 | $646.1M | $351.4M | ||
| Q2 25 | $593.6M | $411.6M | ||
| Q1 25 | $738.4M | $371.7M | ||
| Q4 24 | $428.9M | $740.0M | ||
| Q3 24 | $346.4M | $703.0M | ||
| Q2 24 | $329.2M | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $376.1M | — | ||
| Q3 25 | $434.5M | — | ||
| Q2 25 | $430.6M | — | ||
| Q1 25 | $628.2M | — | ||
| Q4 24 | $627.0M | — | ||
| Q3 24 | $625.5M | — | ||
| Q2 24 | $624.5M | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.2B | $787.4M | ||
| Q3 25 | $1.2B | $596.8M | ||
| Q2 25 | $1.1B | $624.5M | ||
| Q1 25 | $1.0B | $611.3M | ||
| Q4 24 | $1.3B | $585.5M | ||
| Q3 24 | $1.3B | $473.0M | ||
| Q2 24 | $1.2B | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.6B | $1.6B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $2.5B | $1.8B | ||
| Q3 24 | $2.5B | $1.6B | ||
| Q2 24 | $2.5B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.50× | — |
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 | $82.4M | — |
| Free Cash FlowOCF − Capex | $50.2M | $206.5M |
| FCF MarginFCF / Revenue | 13.9% | 48.0% |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 2.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $173.3M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $82.4M | $158.4M | ||
| Q3 25 | $85.1M | $56.3M | ||
| Q2 25 | $62.9M | $86.3M | ||
| Q1 25 | $24.0M | $204.2M | ||
| Q4 24 | $78.7M | $95.2M | ||
| Q3 24 | $51.0M | $30.5M | ||
| Q2 24 | $43.4M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $50.2M | $152.4M | ||
| Q3 25 | $62.2M | $51.8M | ||
| Q2 25 | $47.8M | $84.1M | ||
| Q1 25 | $13.2M | $202.3M | ||
| Q4 24 | $68.3M | $92.4M | ||
| Q3 24 | $32.8M | $27.4M | ||
| Q2 24 | $31.2M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 13.9% | 30.2% | ||
| Q3 25 | 17.4% | 13.6% | ||
| Q2 25 | 13.6% | 21.9% | ||
| Q1 25 | 4.2% | 42.5% | ||
| Q4 24 | 21.2% | 18.8% | ||
| Q3 24 | 10.3% | 8.4% | ||
| Q2 24 | 9.8% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | 1.2% | ||
| Q3 25 | 6.4% | 1.2% | ||
| Q2 25 | 4.3% | 0.6% | ||
| Q1 25 | 3.4% | 0.4% | ||
| Q4 24 | 3.2% | 0.6% | ||
| Q3 24 | 5.7% | 0.9% | ||
| Q2 24 | 3.8% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.67× | 0.68× | ||
| Q3 25 | 3.18× | 1.30× | ||
| Q2 25 | 2.32× | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | 1.41× | 0.80× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.65× | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
