vs
Healthpeak Properties（DOC）与PEGASYSTEMS INC（PEGA）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是PEGASYSTEMS INC的1.7倍（$719.4M vs $430.0M），Healthpeak Properties净利率更高（73.2% vs 7.6%，领先65.6%），Healthpeak Properties同比增速更快（3.1% vs -9.6%），Healthpeak Properties自由现金流更多（$357.0M vs $206.5M），过去两年PEGASYSTEMS INC的营收复合增速更高（10.7% vs 8.9%）
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
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。
DOC vs PEGA — 直观对比
营收规模更大
DOC
是对方的1.7倍
$430.0M
营收增速更快
DOC
高出12.7%
-9.6%
净利率更高
DOC
高出65.6%
7.6%
自由现金流更多
DOC
多$150.5M
$206.5M
两年增速更快
PEGA
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $430.0M |
| 净利润 | $114.0M | $32.8M |
| 毛利率 | — | 75.2% |
| 营业利润率 | 17.4% | 8.6% |
| 净利率 | 73.2% | 7.6% |
| 营收同比 | 3.1% | -9.6% |
| 净利润同比 | 2406.4% | -61.6% |
| 每股收益（稀释后） | $0.16 | $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DOCPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $719.4M | $504.3M | ||
| Q3 25 | $705.9M | $381.4M | ||
| Q2 25 | $694.3M | $384.5M | ||
| Q1 25 | $702.9M | $475.6M | ||
| Q4 24 | $698.0M | $490.8M | ||
| Q3 24 | $700.4M | $325.1M | ||
| Q2 24 | $695.5M | $351.2M |
净利润DOCPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $114.0M | $234.6M | ||
| Q3 25 | $-117.1M | $43.4M | ||
| Q2 25 | $31.7M | $30.1M | ||
| Q1 25 | $42.8M | $85.4M | ||
| Q4 24 | $4.5M | $119.1M | ||
| Q3 24 | $85.9M | $-14.4M | ||
| Q2 24 | $146.0M | $6.6M |
毛利率DOCPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | 58.6% | 72.2% | ||
| Q2 25 | 60.2% | 71.5% | ||
| Q1 25 | 61.1% | 78.5% | ||
| Q4 24 | 60.3% | 79.1% | ||
| Q3 24 | 60.0% | 70.2% | ||
| Q2 24 | 60.6% | 72.4% |
营业利润率DOCPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | 17.4% | 20.7% | ||
| Q3 25 | 9.2% | 3.8% | ||
| Q2 25 | 5.7% | 4.5% | ||
| Q1 25 | 7.7% | 26.7% | ||
| Q4 24 | -2.2% | 29.1% | ||
| Q3 24 | 14.1% | -3.6% | ||
| Q2 24 | 22.3% | 3.7% |
净利率DOCPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | 73.2% | 46.5% | ||
| Q3 25 | -16.6% | 11.4% | ||
| Q2 25 | 4.6% | 7.8% | ||
| Q1 25 | 6.1% | 18.0% | ||
| Q4 24 | 0.7% | 24.3% | ||
| Q3 24 | 12.3% | -4.4% | ||
| Q2 24 | 21.0% | 1.9% |
每股收益（稀释后）DOCPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.16 | $0.81 | ||
| Q3 25 | $-0.17 | $0.24 | ||
| Q2 25 | $0.05 | $0.17 | ||
| Q1 25 | $0.06 | $0.91 | ||
| Q4 24 | $0.02 | $1.35 | ||
| Q3 24 | $0.12 | $-0.17 | ||
| Q2 24 | $0.21 | $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 | $467.5M | $270.0M |
| 总债务越低越好 | $9.8B | — |
| 股东权益账面价值 | $7.5B | $705.9M |
| 总资产 | $20.3B | $1.6B |
| 负债/权益比越低杠杆越低 | 1.31× | — |
8季度趋势，按日历期对齐
现金及短期投资DOCPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $467.5M | $425.8M | ||
| Q3 25 | $91.0M | $351.4M | ||
| Q2 25 | $89.4M | $411.6M | ||
| Q1 25 | $70.6M | $371.7M | ||
| Q4 24 | $119.8M | $740.0M | ||
| Q3 24 | $180.4M | $703.0M | ||
| Q2 24 | $106.9M | $665.1M |
总债务DOCPEGA
| Q1 26 | — | — | ||
| Q4 25 | $9.8B | — | ||
| Q3 25 | $9.1B | — | ||
| Q2 25 | $9.0B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $8.7B | — | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $8.6B | — |
股东权益DOCPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $7.5B | $787.4M | ||
| Q3 25 | $7.6B | $596.8M | ||
| Q2 25 | $7.9B | $624.5M | ||
| Q1 25 | $8.2B | $611.3M | ||
| Q4 24 | $8.4B | $585.5M | ||
| Q3 24 | $8.6B | $473.0M | ||
| Q2 24 | $8.8B | $435.4M |
总资产DOCPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $20.3B | $1.6B | ||
| Q3 25 | $19.6B | $1.3B | ||
| Q2 25 | $19.8B | $1.3B | ||
| Q1 25 | $19.8B | $1.3B | ||
| Q4 24 | $19.9B | $1.8B | ||
| Q3 24 | $20.0B | $1.6B | ||
| Q2 24 | $20.2B | $1.5B |
负债/权益比DOCPEGA
| Q1 26 | — | — | ||
| Q4 25 | 1.31× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.04× | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 0.98× | — |
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 | $1.3B | — |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $206.5M |
| 自由现金流率自由现金流/营收 | 49.6% | 48.0% |
| 资本支出强度资本支出/营收 | 124.4% | — |
| 现金转化率经营现金流/净利润 | 10.99× | — |
| 过去12个月自由现金流最近4个季度 | — | $494.9M |
8季度趋势，按日历期对齐
经营现金流DOCPEGA
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $158.4M | ||
| Q3 25 | $315.0M | $56.3M | ||
| Q2 25 | $363.5M | $86.3M | ||
| Q1 25 | $279.4M | $204.2M | ||
| Q4 24 | $1.1B | $95.2M | ||
| Q3 24 | $318.2M | $30.5M | ||
| Q2 24 | $316.2M | $40.1M |
自由现金流DOCPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $357.0M | $152.4M | ||
| Q3 25 | — | $51.8M | ||
| Q2 25 | — | $84.1M | ||
| Q1 25 | — | $202.3M | ||
| Q4 24 | $333.7M | $92.4M | ||
| Q3 24 | — | $27.4M | ||
| Q2 24 | — | $38.8M |
自由现金流率DOCPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | 49.6% | 30.2% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 42.5% | ||
| Q4 24 | 47.8% | 18.8% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | — | 11.1% |
资本支出强度DOCPEGA
| Q1 26 | — | — | ||
| Q4 25 | 124.4% | 1.2% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 105.6% | 0.6% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.4% |
现金转化率DOCPEGA
| Q1 26 | — | — | ||
| Q4 25 | 10.99× | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 11.48× | 2.87× | ||
| Q1 25 | 6.52× | 2.39× | ||
| Q4 24 | 235.43× | 0.80× | ||
| Q3 24 | 3.71× | — | ||
| Q2 24 | 2.17× | 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
DOC
暂无分部数据
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
