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Side-by-side financial comparison of PEGASYSTEMS INC (PEGA) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $385.6M, roughly 1.1× Skyward Specialty Insurance Group, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs 7.6%, a 3.6% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs -9.6%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $206.5M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% CAGR vs 10.7%).
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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
PEGA vs SKWD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $430.0M | $385.6M |
| Net Profit | $32.8M | $43.2M |
| Gross Margin | 75.2% | — |
| Operating Margin | 8.6% | 14.2% |
| Net Margin | 7.6% | 11.2% |
| Revenue YoY | -9.6% | 26.7% |
| Net Profit YoY | — | 200.1% |
| EPS (diluted) | $0.18 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $381.4M | $382.5M | ||
| Q2 25 | $384.5M | $319.9M | ||
| Q1 25 | $475.6M | $328.5M | ||
| Q4 24 | $490.8M | $304.4M | ||
| Q3 24 | $325.1M | $300.9M | ||
| Q2 24 | $351.2M | $279.9M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $234.6M | $43.2M | ||
| Q3 25 | $43.4M | $45.9M | ||
| Q2 25 | $30.1M | $38.8M | ||
| Q1 25 | $85.4M | $42.1M | ||
| Q4 24 | $119.1M | $14.4M | ||
| Q3 24 | $-14.4M | $36.7M | ||
| Q2 24 | $6.6M | $31.0M |
| 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% | 14.2% | ||
| Q3 25 | 3.8% | 15.8% | ||
| Q2 25 | 4.5% | 15.6% | ||
| Q1 25 | 26.7% | 15.7% | ||
| Q4 24 | 29.1% | 6.1% | ||
| Q3 24 | -3.6% | 15.6% | ||
| Q2 24 | 3.7% | 14.4% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 46.5% | 11.2% | ||
| Q3 25 | 11.4% | 12.0% | ||
| Q2 25 | 7.8% | 12.1% | ||
| Q1 25 | 18.0% | 12.8% | ||
| Q4 24 | 24.3% | 4.7% | ||
| Q3 24 | -4.4% | 12.2% | ||
| Q2 24 | 1.9% | 11.1% |
| Q1 26 | $0.18 | — | ||
| Q4 25 | $0.81 | $1.03 | ||
| Q3 25 | $0.24 | $1.10 | ||
| Q2 25 | $0.17 | $0.93 | ||
| Q1 25 | $0.91 | $1.01 | ||
| Q4 24 | $1.35 | $0.33 | ||
| Q3 24 | $-0.17 | $0.89 | ||
| Q2 24 | $0.07 | $0.75 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $705.9M | $1.0B |
| Total Assets | $1.6B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $270.0M | — | ||
| Q4 25 | $425.8M | $168.5M | ||
| Q3 25 | $351.4M | $160.1M | ||
| Q2 25 | $411.6M | $136.6M | ||
| Q1 25 | $371.7M | $112.9M | ||
| Q4 24 | $740.0M | $121.6M | ||
| Q3 24 | $703.0M | $105.6M | ||
| Q2 24 | $665.1M | $73.0M |
| Q1 26 | $705.9M | — | ||
| Q4 25 | $787.4M | $1.0B | ||
| Q3 25 | $596.8M | $961.4M | ||
| Q2 25 | $624.5M | $899.9M | ||
| Q1 25 | $611.3M | $850.7M | ||
| Q4 24 | $585.5M | $794.0M | ||
| Q3 24 | $473.0M | $797.5M | ||
| Q2 24 | $435.4M | $723.6M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $4.8B | ||
| Q3 25 | $1.3B | $4.6B | ||
| Q2 25 | $1.3B | $4.3B | ||
| Q1 25 | $1.3B | $4.0B | ||
| Q4 24 | $1.8B | $3.7B | ||
| Q3 24 | $1.6B | $3.6B | ||
| Q2 24 | $1.5B | $3.4B |
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 | — | $408.1M |
| Free Cash FlowOCF − Capex | $206.5M | $402.6M |
| FCF MarginFCF / Revenue | 48.0% | 104.4% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $494.9M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $158.4M | $408.1M | ||
| Q3 25 | $56.3M | $171.4M | ||
| Q2 25 | $86.3M | $88.2M | ||
| Q1 25 | $204.2M | $96.8M | ||
| Q4 24 | $95.2M | $305.1M | ||
| Q3 24 | $30.5M | $168.0M | ||
| Q2 24 | $40.1M | $21.0M |
| Q1 26 | $206.5M | — | ||
| Q4 25 | $152.4M | $402.6M | ||
| Q3 25 | $51.8M | $168.9M | ||
| Q2 25 | $84.1M | $87.1M | ||
| Q1 25 | $202.3M | $96.6M | ||
| Q4 24 | $92.4M | $300.9M | ||
| Q3 24 | $27.4M | $167.6M | ||
| Q2 24 | $38.8M | $18.4M |
| Q1 26 | 48.0% | — | ||
| Q4 25 | 30.2% | 104.4% | ||
| Q3 25 | 13.6% | 44.2% | ||
| Q2 25 | 21.9% | 27.2% | ||
| Q1 25 | 42.5% | 29.4% | ||
| Q4 24 | 18.8% | 98.8% | ||
| Q3 24 | 8.4% | 55.7% | ||
| Q2 24 | 11.1% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 1.2% | 0.6% | ||
| Q2 25 | 0.6% | 0.3% | ||
| Q1 25 | 0.4% | 0.1% | ||
| Q4 24 | 0.6% | 1.4% | ||
| Q3 24 | 0.9% | 0.1% | ||
| Q2 24 | 0.4% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | 9.44× | ||
| Q3 25 | 1.30× | 3.73× | ||
| Q2 25 | 2.87× | 2.27× | ||
| Q1 25 | 2.39× | 2.30× | ||
| Q4 24 | 0.80× | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | 6.06× | 0.68× |
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% |
SKWD
Segment breakdown not available.
