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欢聚集团（JOYY）与PEGASYSTEMS INC（PEGA）财务数据对比。点击上方公司名可切换其他公司
欢聚集团的季度营收约是PEGASYSTEMS INC的3.6倍（$1.5B vs $430.0M）。欢聚集团净利率更高（10.4% vs 7.6%，领先2.8%）。过去两年欢聚集团的营收复合增速更高（16.8% vs 10.7%）
欢聚集团是全球化社交媒体科技企业，主营直播、短视频、社交互动类数字娱乐服务，核心产品覆盖东南亚、中东、拉美等多个新兴市场，为全球用户提供丰富的沉浸式互动内容体验。
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。
JOYY vs PEGA — 直观对比
营收规模更大
JOYY
是对方的3.6倍
$430.0M
净利率更高
JOYY
高出2.8%
7.6%
两年增速更快
JOYY
近两年复合增速
10.7%
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $430.0M |
| 净利润 | $160.1M | $32.8M |
| 毛利率 | 36.1% | 75.2% |
| 营业利润率 | 2.4% | 8.6% |
| 净利率 | 10.4% | 7.6% |
| 营收同比 | — | -9.6% |
| 净利润同比 | — | -61.6% |
| 每股收益（稀释后） | — | $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JOYYPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | — | $504.3M | ||
| Q3 25 | $1.5B | $381.4M | ||
| Q2 25 | $1.0B | $384.5M | ||
| Q1 25 | $494.4M | $475.6M | ||
| Q4 24 | — | $490.8M | ||
| Q3 24 | $1.7B | $325.1M | ||
| Q2 24 | $1.1B | $351.2M |
净利润JOYYPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | — | $234.6M | ||
| Q3 25 | $160.1M | $43.4M | ||
| Q2 25 | $100.9M | $30.1M | ||
| Q1 25 | $42.9M | $85.4M | ||
| Q4 24 | — | $119.1M | ||
| Q3 24 | $143.9M | $-14.4M | ||
| Q2 24 | $87.9M | $6.6M |
毛利率JOYYPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | 36.1% | 72.2% | ||
| Q2 25 | 36.3% | 71.5% | ||
| Q1 25 | 36.1% | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | 35.7% | 70.2% | ||
| Q2 24 | 34.9% | 72.4% |
营业利润率JOYYPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | — | 20.7% | ||
| Q3 25 | 2.4% | 3.8% | ||
| Q2 25 | 1.8% | 4.5% | ||
| Q1 25 | 2.5% | 26.7% | ||
| Q4 24 | — | 29.1% | ||
| Q3 24 | 1.3% | -3.6% | ||
| Q2 24 | 0.5% | 3.7% |
净利率JOYYPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | — | 46.5% | ||
| Q3 25 | 10.4% | 11.4% | ||
| Q2 25 | 10.1% | 7.8% | ||
| Q1 25 | 8.7% | 18.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | 8.5% | -4.4% | ||
| Q2 24 | 7.8% | 1.9% |
每股收益（稀释后）JOYYPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | — | $0.81 | ||
| Q3 25 | — | $0.24 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $0.91 | ||
| Q4 24 | — | $1.35 | ||
| Q3 24 | — | $-0.17 | ||
| Q2 24 | — | $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 | $383.8M | $270.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.6B | $705.9M |
| 总资产 | $7.5B | $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JOYYPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | — | $425.8M | ||
| Q3 25 | $383.8M | $351.4M | ||
| Q2 25 | $401.0M | $411.6M | ||
| Q1 25 | $801.5M | $371.7M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | $481.8M | $703.0M | ||
| Q2 24 | $607.1M | $665.1M |
股东权益JOYYPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | — | $787.4M | ||
| Q3 25 | $6.6B | $596.8M | ||
| Q2 25 | $6.6B | $624.5M | ||
| Q1 25 | $6.6B | $611.3M | ||
| Q4 24 | — | $585.5M | ||
| Q3 24 | $5.3B | $473.0M | ||
| Q2 24 | $5.3B | $435.4M |
总资产JOYYPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $7.5B | $1.3B | ||
| Q2 25 | $7.5B | $1.3B | ||
| Q1 25 | $7.6B | $1.3B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $8.1B | $1.6B | ||
| Q2 24 | $8.1B | $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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $206.5M |
| 自由现金流率自由现金流/营收 | — | 48.0% |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | $494.9M |
8季度趋势，按日历期对齐
经营现金流JOYYPEGA
| Q1 26 | — | — | ||
| Q4 25 | — | $158.4M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $86.3M | ||
| Q1 25 | — | $204.2M | ||
| Q4 24 | — | $95.2M | ||
| Q3 24 | — | $30.5M | ||
| Q2 24 | — | $40.1M |
自由现金流JOYYPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $51.8M | ||
| Q2 25 | — | $84.1M | ||
| Q1 25 | — | $202.3M | ||
| Q4 24 | — | $92.4M | ||
| Q3 24 | — | $27.4M | ||
| Q2 24 | — | $38.8M |
自由现金流率JOYYPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | — | 30.2% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 42.5% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | — | 11.1% |
资本支出强度JOYYPEGA
| Q1 26 | — | — | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.4% |
现金转化率JOYYPEGA
| 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
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
