vs
亚什兰（ASH）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的季度营收约是亚什兰的1.1倍（$430.0M vs $386.0M），PEGASYSTEMS INC净利率更高（7.6% vs -3.1%，领先10.7%），亚什兰同比增速更快（-4.7% vs -9.6%），PEGASYSTEMS INC自由现金流更多（$206.5M vs $111.0M），过去两年PEGASYSTEMS INC的营收复合增速更高（10.7% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs PEGA — 直观对比
营收规模更大
PEGA
是对方的1.1倍
$386.0M
营收增速更快
ASH
高出4.9%
-9.6%
净利率更高
PEGA
高出10.7%
-3.1%
自由现金流更多
PEGA
多$95.5M
$111.0M
两年增速更快
PEGA
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $430.0M |
| 净利润 | $-12.0M | $32.8M |
| 毛利率 | 27.2% | 75.2% |
| 营业利润率 | -1.6% | 8.6% |
| 净利率 | -3.1% | 7.6% |
| 营收同比 | -4.7% | -9.6% |
| 净利润同比 | 92.7% | — |
| 每股收益（稀释后） | $-0.26 | $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ASHPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $386.0M | $504.3M | ||
| Q3 25 | $477.0M | $381.4M | ||
| Q2 25 | $463.0M | $384.5M | ||
| Q1 25 | $479.0M | $475.6M | ||
| Q4 24 | $405.0M | $490.8M | ||
| Q3 24 | $521.0M | $325.1M | ||
| Q2 24 | $544.0M | $351.2M |
净利润ASHPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-12.0M | $234.6M | ||
| Q3 25 | $31.0M | $43.4M | ||
| Q2 25 | $-742.0M | $30.1M | ||
| Q1 25 | $31.0M | $85.4M | ||
| Q4 24 | $-165.0M | $119.1M | ||
| Q3 24 | $17.0M | $-14.4M | ||
| Q2 24 | $6.0M | $6.6M |
毛利率ASHPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | 27.2% | 79.5% | ||
| Q3 25 | 33.3% | 72.2% | ||
| Q2 25 | 28.5% | 71.5% | ||
| Q1 25 | 30.7% | 78.5% | ||
| Q4 24 | 27.4% | 79.1% | ||
| Q3 24 | 33.2% | 70.2% | ||
| Q2 24 | 34.2% | 72.4% |
营业利润率ASHPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | -1.6% | 20.7% | ||
| Q3 25 | 12.8% | 3.8% | ||
| Q2 25 | -152.9% | 4.5% | ||
| Q1 25 | 10.6% | 26.7% | ||
| Q4 24 | -44.2% | 29.1% | ||
| Q3 24 | 6.1% | -3.6% | ||
| Q2 24 | -11.2% | 3.7% |
净利率ASHPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | -3.1% | 46.5% | ||
| Q3 25 | 6.5% | 11.4% | ||
| Q2 25 | -160.3% | 7.8% | ||
| Q1 25 | 6.5% | 18.0% | ||
| Q4 24 | -40.7% | 24.3% | ||
| Q3 24 | 3.3% | -4.4% | ||
| Q2 24 | 1.1% | 1.9% |
每股收益（稀释后）ASHPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.26 | $0.81 | ||
| Q3 25 | $0.83 | $0.24 | ||
| Q2 25 | $-16.21 | $0.17 | ||
| Q1 25 | $0.65 | $0.91 | ||
| Q4 24 | $-3.50 | $1.35 | ||
| Q3 24 | $0.34 | $-0.17 | ||
| Q2 24 | $0.12 | $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 | $304.0M | $270.0M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $705.9M |
| 总资产 | $4.5B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $304.0M | $425.8M | ||
| Q3 25 | $215.0M | $351.4M | ||
| Q2 25 | $207.0M | $411.6M | ||
| Q1 25 | $168.0M | $371.7M | ||
| Q4 24 | $219.0M | $740.0M | ||
| Q3 24 | $300.0M | $703.0M | ||
| Q2 24 | $399.0M | $665.1M |
总债务ASHPEGA
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
股东权益ASHPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.9B | $787.4M | ||
| Q3 25 | $1.9B | $596.8M | ||
| Q2 25 | $1.9B | $624.5M | ||
| Q1 25 | $2.6B | $611.3M | ||
| Q4 24 | $2.6B | $585.5M | ||
| Q3 24 | $2.9B | $473.0M | ||
| Q2 24 | $3.0B | $435.4M |
总资产ASHPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.5B | $1.6B | ||
| Q3 25 | $4.6B | $1.3B | ||
| Q2 25 | $4.6B | $1.3B | ||
| Q1 25 | $5.2B | $1.3B | ||
| Q4 24 | $5.2B | $1.8B | ||
| Q3 24 | $5.6B | $1.6B | ||
| Q2 24 | $5.7B | $1.5B |
负债/权益比ASHPEGA
| Q1 26 | — | — | ||
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | — |
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 | $125.0M | — |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $206.5M |
| 自由现金流率自由现金流/营收 | 28.8% | 48.0% |
| 资本支出强度资本支出/营收 | 3.6% | — |
| 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 | $200.0M | $494.9M |
8季度趋势，按日历期对齐
经营现金流ASHPEGA
| Q1 26 | — | — | ||
| Q4 25 | $125.0M | $158.4M | ||
| Q3 25 | $40.0M | $56.3M | ||
| Q2 25 | $115.0M | $86.3M | ||
| Q1 25 | $9.0M | $204.2M | ||
| Q4 24 | $-30.0M | $95.2M | ||
| Q3 24 | $80.0M | $30.5M | ||
| Q2 24 | $127.0M | $40.1M |
自由现金流ASHPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $111.0M | $152.4M | ||
| Q3 25 | $6.0M | $51.8M | ||
| Q2 25 | $95.0M | $84.1M | ||
| Q1 25 | $-12.0M | $202.3M | ||
| Q4 24 | $-53.0M | $92.4M | ||
| Q3 24 | $42.0M | $27.4M | ||
| Q2 24 | $98.0M | $38.8M |
自由现金流率ASHPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | 28.8% | 30.2% | ||
| Q3 25 | 1.3% | 13.6% | ||
| Q2 25 | 20.5% | 21.9% | ||
| Q1 25 | -2.5% | 42.5% | ||
| Q4 24 | -13.1% | 18.8% | ||
| Q3 24 | 8.1% | 8.4% | ||
| Q2 24 | 18.0% | 11.1% |
资本支出强度ASHPEGA
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 1.2% | ||
| Q3 25 | 7.1% | 1.2% | ||
| Q2 25 | 4.3% | 0.6% | ||
| Q1 25 | 4.4% | 0.4% | ||
| Q4 24 | 5.7% | 0.6% | ||
| Q3 24 | 7.3% | 0.9% | ||
| Q2 24 | 5.3% | 0.4% |
现金转化率ASHPEGA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | 1.29× | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | 0.29× | 2.39× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | 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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
