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Side-by-side financial comparison of PEGASYSTEMS INC (PEGA) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $384.8M, roughly 1.1× P3 Health Partners Inc.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -19.6%, a 27.2% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -9.6%). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
PEGA vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $430.0M | $384.8M |
| Net Profit | $32.8M | $-75.5M |
| Gross Margin | 75.2% | — |
| Operating Margin | 8.6% | -40.0% |
| Net Margin | 7.6% | -19.6% |
| Revenue YoY | -9.6% | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | $0.18 | $-23.08 |
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 | $504.3M | $384.8M | ||
| Q3 25 | $381.4M | $345.3M | ||
| Q2 25 | $384.5M | $355.8M | ||
| Q1 25 | $475.6M | $373.2M | ||
| Q4 24 | $490.8M | $370.7M | ||
| Q3 24 | $325.1M | $362.1M | ||
| Q2 24 | $351.2M | $379.2M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $234.6M | $-75.5M | ||
| Q3 25 | $43.4M | $-31.6M | ||
| Q2 25 | $30.1M | $-20.4M | ||
| Q1 25 | $85.4M | $-20.5M | ||
| Q4 24 | $119.1M | $-58.6M | ||
| Q3 24 | $-14.4M | $-46.5M | ||
| Q2 24 | $6.6M | $-12.0M |
| 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 | 20.7% | -40.0% | ||
| Q3 25 | 3.8% | -12.8% | ||
| Q2 25 | 4.5% | -9.6% | ||
| Q1 25 | 26.7% | -10.2% | ||
| Q4 24 | 29.1% | -37.4% | ||
| Q3 24 | -3.6% | -29.5% | ||
| Q2 24 | 3.7% | -8.3% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 46.5% | -19.6% | ||
| Q3 25 | 11.4% | -9.1% | ||
| Q2 25 | 7.8% | -5.7% | ||
| Q1 25 | 18.0% | -5.5% | ||
| Q4 24 | 24.3% | -15.8% | ||
| Q3 24 | -4.4% | -12.8% | ||
| Q2 24 | 1.9% | -3.2% |
| Q1 26 | $0.18 | — | ||
| Q4 25 | $0.81 | $-23.08 | ||
| Q3 25 | $0.24 | $-9.67 | ||
| Q2 25 | $0.17 | $-6.23 | ||
| Q1 25 | $0.91 | $-6.28 | ||
| Q4 24 | $1.35 | $-23.13 | ||
| Q3 24 | $-0.17 | $-15.70 | ||
| Q2 24 | $0.07 | $-7.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $270.0M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $705.9M | $-155.2M |
| Total Assets | $1.6B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $270.0M | — | ||
| Q4 25 | $425.8M | $25.0M | ||
| Q3 25 | $351.4M | $37.7M | ||
| Q2 25 | $411.6M | $38.6M | ||
| Q1 25 | $371.7M | $40.1M | ||
| Q4 24 | $740.0M | $38.8M | ||
| Q3 24 | $703.0M | $63.0M | ||
| Q2 24 | $665.1M | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M |
| Q1 26 | $705.9M | — | ||
| Q4 25 | $787.4M | $-155.2M | ||
| Q3 25 | $596.8M | $-18.7M | ||
| Q2 25 | $624.5M | $44.5M | ||
| Q1 25 | $611.3M | $63.3M | ||
| Q4 24 | $585.5M | $75.9M | ||
| Q3 24 | $473.0M | $120.5M | ||
| Q2 24 | $435.4M | $166.8M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $656.6M | ||
| Q3 25 | $1.3B | $683.6M | ||
| Q2 25 | $1.3B | $731.6M | ||
| Q1 25 | $1.3B | $783.9M | ||
| Q4 24 | $1.8B | $783.4M | ||
| Q3 24 | $1.6B | $833.3M | ||
| Q2 24 | $1.5B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× |
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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | $206.5M | — |
| FCF MarginFCF / Revenue | 48.0% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $494.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $158.4M | $-25.7M | ||
| Q3 25 | $56.3M | $-15.4M | ||
| Q2 25 | $86.3M | $-16.6M | ||
| Q1 25 | $204.2M | $-33.5M | ||
| Q4 24 | $95.2M | $-57.2M | ||
| Q3 24 | $30.5M | $-22.6M | ||
| Q2 24 | $40.1M | $-10.2M |
| Q1 26 | $206.5M | — | ||
| Q4 25 | $152.4M | — | ||
| Q3 25 | $51.8M | — | ||
| Q2 25 | $84.1M | — | ||
| Q1 25 | $202.3M | — | ||
| Q4 24 | $92.4M | — | ||
| Q3 24 | $27.4M | — | ||
| Q2 24 | $38.8M | — |
| Q1 26 | 48.0% | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 42.5% | — | ||
| Q4 24 | 18.8% | — | ||
| Q3 24 | 8.4% | — | ||
| Q2 24 | 11.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.6% | 0.0% | ||
| Q3 24 | 0.9% | 0.0% | ||
| Q2 24 | 0.4% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 2.87× | — | ||
| Q1 25 | 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
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
