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Side-by-side financial comparison of PEGASYSTEMS INC (PEGA) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $430.0M, roughly 1.4× PEGASYSTEMS INC). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -21.0%, a 28.7% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% 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.
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
PEGA vs STEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $430.0M | $586.5M |
| Net Profit | $32.8M | $-123.5M |
| Gross Margin | 75.2% | — |
| Operating Margin | 8.6% | -33.2% |
| Net Margin | 7.6% | -21.0% |
| Revenue YoY | -9.6% | 73.0% |
| Net Profit YoY | — | 35.7% |
| EPS (diluted) | $0.18 | $-1.55 |
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 | $586.5M | ||
| Q3 25 | $381.4M | $454.2M | ||
| Q2 25 | $384.5M | $364.3M | ||
| Q1 25 | $475.6M | $377.7M | ||
| Q4 24 | $490.8M | $339.0M | ||
| Q3 24 | $325.1M | $271.7M | ||
| Q2 24 | $351.2M | $186.4M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $234.6M | $-123.5M | ||
| Q3 25 | $43.4M | $-366.1M | ||
| Q2 25 | $30.1M | $-38.4M | ||
| Q1 25 | $85.4M | $-18.5M | ||
| Q4 24 | $119.1M | $-192.0M | ||
| Q3 24 | $-14.4M | $17.6M | ||
| Q2 24 | $6.6M | $13.3M |
| 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% | -33.2% | ||
| Q3 25 | 3.8% | -148.8% | ||
| Q2 25 | 4.5% | -5.6% | ||
| Q1 25 | 26.7% | 2.6% | ||
| Q4 24 | 29.1% | -101.7% | ||
| Q3 24 | -3.6% | 21.3% | ||
| Q2 24 | 3.7% | 29.4% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 46.5% | -21.0% | ||
| Q3 25 | 11.4% | -80.6% | ||
| Q2 25 | 7.8% | -10.5% | ||
| Q1 25 | 18.0% | -4.9% | ||
| Q4 24 | 24.3% | -56.6% | ||
| Q3 24 | -4.4% | 6.5% | ||
| Q2 24 | 1.9% | 7.2% |
| Q1 26 | $0.18 | — | ||
| Q4 25 | $0.81 | $-1.55 | ||
| Q3 25 | $0.24 | $-4.66 | ||
| Q2 25 | $0.17 | $-0.49 | ||
| Q1 25 | $0.91 | $-0.37 | ||
| Q4 24 | $1.35 | $-2.61 | ||
| Q3 24 | $-0.17 | $0.26 | ||
| Q2 24 | $0.07 | $0.20 |
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 | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $705.9M | $-378.8M |
| Total Assets | $1.6B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $270.0M | — | ||
| Q4 25 | $425.8M | — | ||
| Q3 25 | $351.4M | — | ||
| Q2 25 | $411.6M | — | ||
| Q1 25 | $371.7M | — | ||
| Q4 24 | $740.0M | — | ||
| Q3 24 | $703.0M | — | ||
| Q2 24 | $665.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M |
| Q1 26 | $705.9M | — | ||
| Q4 25 | $787.4M | $-378.8M | ||
| Q3 25 | $596.8M | $-233.5M | ||
| Q2 25 | $624.5M | $153.9M | ||
| Q1 25 | $611.3M | $179.4M | ||
| Q4 24 | $585.5M | $209.8M | ||
| Q3 24 | $473.0M | $397.5M | ||
| Q2 24 | $435.4M | $366.9M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $5.2B | ||
| Q3 25 | $1.3B | $5.3B | ||
| Q2 25 | $1.3B | $4.8B | ||
| Q1 25 | $1.3B | $4.6B | ||
| Q4 24 | $1.8B | $4.3B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.5B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× |
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 | — | $27.2M |
| Free Cash FlowOCF − Capex | $206.5M | $26.7M |
| FCF MarginFCF / Revenue | 48.0% | 4.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $494.9M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $158.4M | $27.2M | ||
| Q3 25 | $56.3M | $16.2M | ||
| Q2 25 | $86.3M | $46.3M | ||
| Q1 25 | $204.2M | $-66.5M | ||
| Q4 24 | $95.2M | $27.6M | ||
| Q3 24 | $30.5M | $53.7M | ||
| Q2 24 | $40.1M | $50.2M |
| Q1 26 | $206.5M | — | ||
| Q4 25 | $152.4M | $26.7M | ||
| Q3 25 | $51.8M | $15.9M | ||
| Q2 25 | $84.1M | $45.2M | ||
| Q1 25 | $202.3M | $-69.2M | ||
| Q4 24 | $92.4M | $27.0M | ||
| Q3 24 | $27.4M | $52.4M | ||
| Q2 24 | $38.8M | $49.6M |
| Q1 26 | 48.0% | — | ||
| Q4 25 | 30.2% | 4.6% | ||
| Q3 25 | 13.6% | 3.5% | ||
| Q2 25 | 21.9% | 12.4% | ||
| Q1 25 | 42.5% | -18.3% | ||
| Q4 24 | 18.8% | 8.0% | ||
| Q3 24 | 8.4% | 19.3% | ||
| Q2 24 | 11.1% | 26.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 0.6% | 0.3% | ||
| Q1 25 | 0.4% | 0.7% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 0.4% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 2.87× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | 6.06× | 3.76× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
