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Side-by-side financial comparison of MSCI Inc. (MSCI) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $430.0M, roughly 1.9× PEGASYSTEMS INC). MSCI Inc. runs the higher net margin — 34.6% vs 7.6%, a 27.0% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs -9.6%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $206.5M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs 10.0%).
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
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.
MSCI vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $822.5M | $430.0M |
| Net Profit | $284.7M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 56.4% | 8.6% |
| Net Margin | 34.6% | 7.6% |
| Revenue YoY | 10.6% | -9.6% |
| Net Profit YoY | -6.8% | — |
| EPS (diluted) | $3.81 | $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 | $822.5M | $504.3M | ||
| Q3 25 | $793.4M | $381.4M | ||
| Q2 25 | $772.7M | $384.5M | ||
| Q1 25 | $745.8M | $475.6M | ||
| Q4 24 | $743.5M | $490.8M | ||
| Q3 24 | $724.7M | $325.1M | ||
| Q2 24 | $707.9M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $284.7M | $234.6M | ||
| Q3 25 | $325.4M | $43.4M | ||
| Q2 25 | $303.6M | $30.1M | ||
| Q1 25 | $288.6M | $85.4M | ||
| Q4 24 | $305.5M | $119.1M | ||
| Q3 24 | $280.9M | $-14.4M | ||
| Q2 24 | $266.8M | $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 | 56.4% | 20.7% | ||
| Q3 25 | 56.4% | 3.8% | ||
| Q2 25 | 55.0% | 4.5% | ||
| Q1 25 | 50.6% | 26.7% | ||
| Q4 24 | 54.5% | 29.1% | ||
| Q3 24 | 55.4% | -3.6% | ||
| Q2 24 | 54.0% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 34.6% | 46.5% | ||
| Q3 25 | 41.0% | 11.4% | ||
| Q2 25 | 39.3% | 7.8% | ||
| Q1 25 | 38.7% | 18.0% | ||
| Q4 24 | 41.1% | 24.3% | ||
| Q3 24 | 38.8% | -4.4% | ||
| Q2 24 | 37.7% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $3.81 | $0.81 | ||
| Q3 25 | $4.25 | $0.24 | ||
| Q2 25 | $3.92 | $0.17 | ||
| Q1 25 | $3.71 | $0.91 | ||
| Q4 24 | $3.89 | $1.35 | ||
| Q3 24 | $3.57 | $-0.17 | ||
| Q2 24 | $3.37 | $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 | $515.3M | $270.0M |
| Total DebtLower is stronger | $6.2B | — |
| Stockholders' EquityBook value | $-2.7B | $705.9M |
| Total Assets | $5.7B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $515.3M | $425.8M | ||
| Q3 25 | $400.1M | $351.4M | ||
| Q2 25 | $347.3M | $411.6M | ||
| Q1 25 | $360.7M | $371.7M | ||
| Q4 24 | $409.4M | $740.0M | ||
| Q3 24 | $501.0M | $703.0M | ||
| Q2 24 | $451.4M | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $-2.7B | $787.4M | ||
| Q3 25 | $-1.9B | $596.8M | ||
| Q2 25 | $-886.2M | $624.5M | ||
| Q1 25 | $-958.6M | $611.3M | ||
| Q4 24 | $-940.0M | $585.5M | ||
| Q3 24 | $-751.0M | $473.0M | ||
| Q2 24 | $-734.5M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.7B | $1.6B | ||
| Q3 25 | $5.4B | $1.3B | ||
| Q2 25 | $5.4B | $1.3B | ||
| Q1 25 | $5.3B | $1.3B | ||
| Q4 24 | $5.4B | $1.8B | ||
| Q3 24 | $5.4B | $1.6B | ||
| Q2 24 | $5.5B | $1.5B |
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 | $501.1M | — |
| Free Cash FlowOCF − Capex | $488.7M | $206.5M |
| FCF MarginFCF / Revenue | 59.4% | 48.0% |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $501.1M | $158.4M | ||
| Q3 25 | $449.4M | $56.3M | ||
| Q2 25 | $336.1M | $86.3M | ||
| Q1 25 | $301.7M | $204.2M | ||
| Q4 24 | $430.6M | $95.2M | ||
| Q3 24 | $421.6M | $30.5M | ||
| Q2 24 | $349.2M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $488.7M | $152.4M | ||
| Q3 25 | $445.5M | $51.8M | ||
| Q2 25 | $324.7M | $84.1M | ||
| Q1 25 | $290.2M | $202.3M | ||
| Q4 24 | $416.4M | $92.4M | ||
| Q3 24 | $415.0M | $27.4M | ||
| Q2 24 | $340.6M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 59.4% | 30.2% | ||
| Q3 25 | 56.2% | 13.6% | ||
| Q2 25 | 42.0% | 21.9% | ||
| Q1 25 | 38.9% | 42.5% | ||
| Q4 24 | 56.0% | 18.8% | ||
| Q3 24 | 57.3% | 8.4% | ||
| Q2 24 | 48.1% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 1.2% | ||
| Q3 25 | 0.5% | 1.2% | ||
| Q2 25 | 1.5% | 0.6% | ||
| Q1 25 | 1.5% | 0.4% | ||
| Q4 24 | 1.9% | 0.6% | ||
| Q3 24 | 0.9% | 0.9% | ||
| Q2 24 | 1.2% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 0.68× | ||
| Q3 25 | 1.38× | 1.30× | ||
| Q2 25 | 1.11× | 2.87× | ||
| Q1 25 | 1.05× | 2.39× | ||
| Q4 24 | 1.41× | 0.80× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
