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Applied Digital Corp.（APLD）与PEGASYSTEMS INC（PEGA）财务数据对比。点击上方公司名可切换其他公司
PEGASYSTEMS INC的季度营收约是Applied Digital Corp.的3.4倍（$430.0M vs $126.6M）。PEGASYSTEMS INC净利率更高（7.6% vs -11.4%，领先19.0%）。Applied Digital Corp.同比增速更快（98.2% vs -9.6%）。PEGASYSTEMS INC自由现金流更多（$206.5M vs $-567.9M）。过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 10.7%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
Pegasystems Inc.（简称Pega）是1983年成立的全球软件企业，总部位于美国马萨诸塞州沃尔瑟姆，1996年于纳斯达克上市，股票代码PEGA。公司主打低代码平台，面向企业客户提供工作流自动化、生成式AI驱动决策等相关解决方案。
APLD vs PEGA — 直观对比
营收规模更大
PEGA
是对方的3.4倍
$126.6M
营收增速更快
APLD
高出107.8%
-9.6%
净利率更高
PEGA
高出19.0%
-11.4%
自由现金流更多
PEGA
多$774.4M
$-567.9M
两年增速更快
APLD
近两年复合增速
10.7%
损益表 — Q2 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $430.0M |
| 净利润 | $-14.4M | $32.8M |
| 毛利率 | 20.6% | 75.2% |
| 营业利润率 | -24.5% | 8.6% |
| 净利率 | -11.4% | 7.6% |
| 营收同比 | 98.2% | -9.6% |
| 净利润同比 | 89.6% | -61.6% |
| 每股收益（稀释后） | $-0.07 | $0.18 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APLDPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $126.6M | $504.3M | ||
| Q3 25 | $64.2M | $381.4M | ||
| Q2 25 | $-33.3M | $384.5M | ||
| Q1 25 | $52.9M | $475.6M | ||
| Q4 24 | $63.9M | $490.8M | ||
| Q3 24 | $60.7M | $325.1M | ||
| Q2 24 | $43.7M | $351.2M |
净利润APLDPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-14.4M | $234.6M | ||
| Q3 25 | $-16.9M | $43.4M | ||
| Q2 25 | $-52.5M | $30.1M | ||
| Q1 25 | $-35.6M | $85.4M | ||
| Q4 24 | $-138.7M | $119.1M | ||
| Q3 24 | $-4.2M | $-14.4M | ||
| Q2 24 | $-64.5M | $6.6M |
毛利率APLDPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | 20.6% | 79.5% | ||
| Q3 25 | 13.4% | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | 7.1% | 78.5% | ||
| Q4 24 | 18.0% | 79.1% | ||
| Q3 24 | -0.6% | 70.2% | ||
| Q2 24 | -9.1% | 72.4% |
营业利润率APLDPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | -24.5% | 20.7% | ||
| Q3 25 | -34.7% | 3.8% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | -35.8% | 26.7% | ||
| Q4 24 | -29.1% | 29.1% | ||
| Q3 24 | 15.6% | -3.6% | ||
| Q2 24 | -68.4% | 3.7% |
净利率APLDPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | -11.4% | 46.5% | ||
| Q3 25 | -26.4% | 11.4% | ||
| Q2 25 | 157.8% | 7.8% | ||
| Q1 25 | -67.2% | 18.0% | ||
| Q4 24 | -217.2% | 24.3% | ||
| Q3 24 | -7.0% | -4.4% | ||
| Q2 24 | -147.5% | 1.9% |
每股收益（稀释后）APLDPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.07 | $0.81 | ||
| Q3 25 | $-0.07 | $0.24 | ||
| Q2 25 | $-0.31 | $0.17 | ||
| Q1 25 | $-0.16 | $0.91 | ||
| Q4 24 | $-0.66 | $1.35 | ||
| Q3 24 | $-0.03 | $-0.17 | ||
| Q2 24 | $-0.57 | $0.07 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.9B | $270.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $705.9M |
| 总资产 | $5.2B | $1.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLDPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $1.9B | $425.8M | ||
| Q3 25 | $73.9M | $351.4M | ||
| Q2 25 | $41.6M | $411.6M | ||
| Q1 25 | $68.7M | $371.7M | ||
| Q4 24 | $286.2M | $740.0M | ||
| Q3 24 | $58.2M | $703.0M | ||
| Q2 24 | $3.3M | $665.1M |
股东权益APLDPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.4B | $787.4M | ||
| Q3 25 | $1.0B | $596.8M | ||
| Q2 25 | $497.7M | $624.5M | ||
| Q1 25 | $454.6M | $611.3M | ||
| Q4 24 | $434.6M | $585.5M | ||
| Q3 24 | $241.8M | $473.0M | ||
| Q2 24 | $124.8M | $435.4M |
总资产APLDPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.2B | $1.6B | ||
| Q3 25 | $2.4B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $937.7M | $1.6B | ||
| Q2 24 | $762.9M | $1.5B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-15.8M | — |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $206.5M |
| 自由现金流率自由现金流/营收 | -448.6% | 48.0% |
| 资本支出强度资本支出/营收 | 436.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-1.3B | $494.9M |
8季度趋势，按日历期对齐
经营现金流APLDPEGA
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $158.4M | ||
| Q3 25 | $-82.0M | $56.3M | ||
| Q2 25 | $6.9M | $86.3M | ||
| Q1 25 | $5.9M | $204.2M | ||
| Q4 24 | $-52.3M | $95.2M | ||
| Q3 24 | $-75.9M | $30.5M | ||
| Q2 24 | $-34.1M | $40.1M |
自由现金流APLDPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $-567.9M | $152.4M | ||
| Q3 25 | $-331.4M | $51.8M | ||
| Q2 25 | $-191.4M | $84.1M | ||
| Q1 25 | $-251.6M | $202.3M | ||
| Q4 24 | $-223.3M | $92.4M | ||
| Q3 24 | $-130.7M | $27.4M | ||
| Q2 24 | $-88.9M | $38.8M |
自由现金流率APLDPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | -448.6% | 30.2% | ||
| Q3 25 | -516.1% | 13.6% | ||
| Q2 25 | 574.8% | 21.9% | ||
| Q1 25 | -475.4% | 42.5% | ||
| Q4 24 | -349.6% | 18.8% | ||
| Q3 24 | -215.3% | 8.4% | ||
| Q2 24 | -203.5% | 11.1% |
资本支出强度APLDPEGA
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 1.2% | ||
| Q3 25 | 388.4% | 1.2% | ||
| Q2 25 | -595.4% | 0.6% | ||
| Q1 25 | 486.6% | 0.4% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 0.9% | ||
| Q2 24 | 125.4% | 0.4% |
现金转化率APLDPEGA
| 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× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
