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Side-by-side financial comparison of PEGASYSTEMS INC (PEGA) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $382.7M, roughly 1.1× INNOVATE Corp.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -1.9%, a 9.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs -9.6%). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
PEGA vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $430.0M | $382.7M |
| Net Profit | $32.8M | $-7.4M |
| Gross Margin | 75.2% | 15.4% |
| Operating Margin | 8.6% | 3.7% |
| Net Margin | 7.6% | -1.9% |
| Revenue YoY | -9.6% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $0.18 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $381.4M | $347.1M | ||
| Q2 25 | $384.5M | $242.0M | ||
| Q1 25 | $475.6M | $274.2M | ||
| Q4 24 | $490.8M | $236.6M | ||
| Q3 24 | $325.1M | $242.2M | ||
| Q2 24 | $351.2M | $313.1M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $234.6M | $-7.4M | ||
| Q3 25 | $43.4M | $-8.9M | ||
| Q2 25 | $30.1M | $-19.8M | ||
| Q1 25 | $85.4M | $-24.5M | ||
| Q4 24 | $119.1M | $-16.6M | ||
| Q3 24 | $-14.4M | $-15.0M | ||
| Q2 24 | $6.6M | $14.4M |
| Q1 26 | 75.2% | — | ||
| Q4 25 | 79.5% | 15.4% | ||
| Q3 25 | 72.2% | 14.3% | ||
| Q2 25 | 71.5% | 18.8% | ||
| Q1 25 | 78.5% | 16.6% | ||
| Q4 24 | 79.1% | 19.6% | ||
| Q3 24 | 70.2% | 19.9% | ||
| Q2 24 | 72.4% | 21.0% |
| Q1 26 | 8.6% | — | ||
| Q4 25 | 20.7% | 3.7% | ||
| Q3 25 | 3.8% | 1.8% | ||
| Q2 25 | 4.5% | 2.0% | ||
| Q1 25 | 26.7% | 1.2% | ||
| Q4 24 | 29.1% | 1.1% | ||
| Q3 24 | -3.6% | 2.4% | ||
| Q2 24 | 3.7% | 9.2% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 46.5% | -1.9% | ||
| Q3 25 | 11.4% | -2.6% | ||
| Q2 25 | 7.8% | -8.2% | ||
| Q1 25 | 18.0% | -8.9% | ||
| Q4 24 | 24.3% | -7.0% | ||
| Q3 24 | -4.4% | -6.2% | ||
| Q2 24 | 1.9% | 4.6% |
| Q1 26 | $0.18 | — | ||
| Q4 25 | $0.81 | $-0.57 | ||
| Q3 25 | $0.24 | $-0.71 | ||
| Q2 25 | $0.17 | $-1.67 | ||
| Q1 25 | $0.91 | $-1.89 | ||
| Q4 24 | $1.35 | $-0.72 | ||
| Q3 24 | $-0.17 | $-1.18 | ||
| Q2 24 | $0.07 | $1.03 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $705.9M | $-240.1M |
| Total Assets | $1.6B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $270.0M | — | ||
| Q4 25 | $425.8M | $112.1M | ||
| Q3 25 | $351.4M | $35.5M | ||
| Q2 25 | $411.6M | $33.4M | ||
| Q1 25 | $371.7M | $33.3M | ||
| Q4 24 | $740.0M | $48.8M | ||
| Q3 24 | $703.0M | $51.0M | ||
| Q2 24 | $665.1M | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | $705.9M | — | ||
| Q4 25 | $787.4M | $-240.1M | ||
| Q3 25 | $596.8M | $-233.3M | ||
| Q2 25 | $624.5M | $-224.8M | ||
| Q1 25 | $611.3M | $-204.2M | ||
| Q4 24 | $585.5M | $-180.4M | ||
| Q3 24 | $473.0M | $-163.1M | ||
| Q2 24 | $435.4M | $-149.0M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $950.1M | ||
| Q3 25 | $1.3B | $913.2M | ||
| Q2 25 | $1.3B | $890.9M | ||
| Q1 25 | $1.3B | $868.0M | ||
| Q4 24 | $1.8B | $891.1M | ||
| Q3 24 | $1.6B | $897.2M | ||
| Q2 24 | $1.5B | $898.9M |
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 | — | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $56.3M | $19.2M | ||
| Q2 25 | $86.3M | $40.4M | ||
| Q1 25 | $204.2M | $-14.1M | ||
| Q4 24 | $95.2M | $41.4M | ||
| Q3 24 | $30.5M | $-28.4M | ||
| Q2 24 | $40.1M | $21.5M |
| Q1 26 | $206.5M | — | ||
| Q4 25 | $152.4M | — | ||
| Q3 25 | $51.8M | $19.0M | ||
| Q2 25 | $84.1M | — | ||
| Q1 25 | $202.3M | $-18.8M | ||
| Q4 24 | $92.4M | $34.2M | ||
| Q3 24 | $27.4M | $-31.5M | ||
| Q2 24 | $38.8M | $18.4M |
| Q1 26 | 48.0% | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 13.6% | 5.5% | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 42.5% | -6.9% | ||
| Q4 24 | 18.8% | 14.5% | ||
| Q3 24 | 8.4% | -13.0% | ||
| Q2 24 | 11.1% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 0.4% | 1.7% | ||
| Q4 24 | 0.6% | 3.0% | ||
| Q3 24 | 0.9% | 1.3% | ||
| Q2 24 | 0.4% | 1.0% |
| 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× | 1.49× |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
