vs
晨星（MORN）与PEGASYSTEMS INC（PEGA）财务数据对比。点击上方公司名可切换其他公司
晨星的季度营收约是PEGASYSTEMS INC的1.5倍（$641.1M vs $430.0M），晨星净利率更高（18.0% vs 7.6%，领先10.3%），晨星同比增速更快（8.5% vs -9.6%），PEGASYSTEMS INC自由现金流更多（$206.5M vs $161.3M），过去两年PEGASYSTEMS INC的营收复合增速更高（10.7% vs 8.7%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
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。
MORN vs PEGA — 直观对比
营收规模更大
MORN
是对方的1.5倍
$430.0M
营收增速更快
MORN
高出18.1%
-9.6%
净利率更高
MORN
高出10.3%
7.6%
自由现金流更多
PEGA
多$45.2M
$161.3M
两年增速更快
PEGA
近两年复合增速
8.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $430.0M |
| 净利润 | $115.1M | $32.8M |
| 毛利率 | 61.1% | 75.2% |
| 营业利润率 | 24.9% | 8.6% |
| 净利率 | 18.0% | 7.6% |
| 营收同比 | 8.5% | -9.6% |
| 净利润同比 | -1.5% | -61.6% |
| 每股收益（稀释后） | $2.79 | $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MORNPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $641.1M | $504.3M | ||
| Q3 25 | $617.4M | $381.4M | ||
| Q2 25 | $605.1M | $384.5M | ||
| Q1 25 | $581.9M | $475.6M | ||
| Q4 24 | $591.0M | $490.8M | ||
| Q3 24 | $569.4M | $325.1M | ||
| Q2 24 | $571.9M | $351.2M |
净利润MORNPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $115.1M | $234.6M | ||
| Q3 25 | $91.6M | $43.4M | ||
| Q2 25 | $89.0M | $30.1M | ||
| Q1 25 | $78.5M | $85.4M | ||
| Q4 24 | $116.9M | $119.1M | ||
| Q3 24 | $119.7M | $-14.4M | ||
| Q2 24 | $69.1M | $6.6M |
毛利率MORNPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | 61.1% | 79.5% | ||
| Q3 25 | 60.9% | 72.2% | ||
| Q2 25 | 61.9% | 71.5% | ||
| Q1 25 | 60.2% | 78.5% | ||
| Q4 24 | 60.7% | 79.1% | ||
| Q3 24 | 60.9% | 70.2% | ||
| Q2 24 | 61.1% | 72.4% |
营业利润率MORNPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | 24.9% | 20.7% | ||
| Q3 25 | 20.7% | 3.8% | ||
| Q2 25 | 20.7% | 4.5% | ||
| Q1 25 | 19.6% | 26.7% | ||
| Q4 24 | 28.5% | 29.1% | ||
| Q3 24 | 20.3% | -3.6% | ||
| Q2 24 | 19.0% | 3.7% |
净利率MORNPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | 18.0% | 46.5% | ||
| Q3 25 | 14.8% | 11.4% | ||
| Q2 25 | 14.7% | 7.8% | ||
| Q1 25 | 13.5% | 18.0% | ||
| Q4 24 | 19.8% | 24.3% | ||
| Q3 24 | 21.0% | -4.4% | ||
| Q2 24 | 12.1% | 1.9% |
每股收益（稀释后）MORNPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $2.79 | $0.81 | ||
| Q3 25 | $2.17 | $0.24 | ||
| Q2 25 | $2.09 | $0.17 | ||
| Q1 25 | $1.82 | $0.91 | ||
| Q4 24 | $2.72 | $1.35 | ||
| Q3 24 | $2.77 | $-0.17 | ||
| Q2 24 | $1.60 | $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 | $528.7M | $270.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $705.9M |
| 总资产 | $3.6B | $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MORNPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $528.7M | $425.8M | ||
| Q3 25 | $40.3M | $351.4M | ||
| Q2 25 | $38.1M | $411.6M | ||
| Q1 25 | $47.7M | $371.7M | ||
| Q4 24 | $551.0M | $740.0M | ||
| Q3 24 | $48.8M | $703.0M | ||
| Q2 24 | $48.0M | $665.1M |
总债务MORNPEGA
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — |
股东权益MORNPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.2B | $787.4M | ||
| Q3 25 | $1.5B | $596.8M | ||
| Q2 25 | $1.6B | $624.5M | ||
| Q1 25 | $1.6B | $611.3M | ||
| Q4 24 | $1.6B | $585.5M | ||
| Q3 24 | $1.6B | $473.0M | ||
| Q2 24 | $1.4B | $435.4M |
总资产MORNPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.6B | $1.6B | ||
| Q3 25 | $3.6B | $1.3B | ||
| Q2 25 | $3.6B | $1.3B | ||
| Q1 25 | $3.6B | $1.3B | ||
| Q4 24 | $3.5B | $1.8B | ||
| Q3 24 | $3.6B | $1.6B | ||
| Q2 24 | $3.4B | $1.5B |
负债/权益比MORNPEGA
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — |
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 | $204.0M | — |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $206.5M |
| 自由现金流率自由现金流/营收 | 25.2% | 48.0% |
| 资本支出强度资本支出/营收 | 6.7% | — |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | $442.6M | $494.9M |
8季度趋势，按日历期对齐
经营现金流MORNPEGA
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $158.4M | ||
| Q3 25 | $195.7M | $56.3M | ||
| Q2 25 | $99.0M | $86.3M | ||
| Q1 25 | $91.0M | $204.2M | ||
| Q4 24 | $153.4M | $95.2M | ||
| Q3 24 | $191.9M | $30.5M | ||
| Q2 24 | $152.7M | $40.1M |
自由现金流MORNPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $161.3M | $152.4M | ||
| Q3 25 | $160.1M | $51.8M | ||
| Q2 25 | $62.4M | $84.1M | ||
| Q1 25 | $58.8M | $202.3M | ||
| Q4 24 | $112.8M | $92.4M | ||
| Q3 24 | $155.8M | $27.4M | ||
| Q2 24 | $120.8M | $38.8M |
自由现金流率MORNPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | 25.2% | 30.2% | ||
| Q3 25 | 25.9% | 13.6% | ||
| Q2 25 | 10.3% | 21.9% | ||
| Q1 25 | 10.1% | 42.5% | ||
| Q4 24 | 19.1% | 18.8% | ||
| Q3 24 | 27.4% | 8.4% | ||
| Q2 24 | 21.1% | 11.1% |
资本支出强度MORNPEGA
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 1.2% | ||
| Q3 25 | 5.8% | 1.2% | ||
| Q2 25 | 6.0% | 0.6% | ||
| Q1 25 | 5.5% | 0.4% | ||
| Q4 24 | 6.9% | 0.6% | ||
| Q3 24 | 6.3% | 0.9% | ||
| Q2 24 | 5.6% | 0.4% |
现金转化率MORNPEGA
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 0.68× | ||
| Q3 25 | 2.14× | 1.30× | ||
| Q2 25 | 1.11× | 2.87× | ||
| Q1 25 | 1.16× | 2.39× | ||
| Q4 24 | 1.31× | 0.80× | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | 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
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
