vs
UiPath, Inc.（PATH）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UiPath, Inc.的1.0倍（$430.0M vs $411.1M），UiPath, Inc.净利率更高（48.4% vs 7.6%，领先40.7%），UiPath, Inc.同比增速更快（15.9% vs -9.6%），PEGASYSTEMS INC自由现金流更多（$206.5M vs $25.1M），过去两年PEGASYSTEMS INC的营收复合增速更高（10.7% vs 0.7%）
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
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。
PATH vs PEGA — 直观对比
营收规模更大
PEGA
是对方的1.0倍
$411.1M
营收增速更快
PATH
高出25.5%
-9.6%
净利率更高
PATH
高出40.7%
7.6%
自由现金流更多
PEGA
多$181.4M
$25.1M
两年增速更快
PEGA
近两年复合增速
0.7%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $411.1M | $430.0M |
| 净利润 | $198.8M | $32.8M |
| 毛利率 | 83.3% | 75.2% |
| 营业利润率 | 3.2% | 8.6% |
| 净利率 | 48.4% | 7.6% |
| 营收同比 | 15.9% | -9.6% |
| 净利润同比 | 1966.2% | — |
| 每股收益（稀释后） | $0.37 | $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PATHPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $411.1M | $504.3M | ||
| Q3 25 | $361.7M | $381.4M | ||
| Q2 25 | $356.6M | $384.5M | ||
| Q1 25 | $423.6M | $475.6M | ||
| Q4 24 | $354.7M | $490.8M | ||
| Q3 24 | $316.3M | $325.1M | ||
| Q2 24 | $335.1M | $351.2M |
净利润PATHPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $198.8M | $234.6M | ||
| Q3 25 | $1.6M | $43.4M | ||
| Q2 25 | $-22.6M | $30.1M | ||
| Q1 25 | $51.8M | $85.4M | ||
| Q4 24 | $-10.7M | $119.1M | ||
| Q3 24 | $-86.1M | $-14.4M | ||
| Q2 24 | $-28.7M | $6.6M |
毛利率PATHPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | 83.3% | 79.5% | ||
| Q3 25 | 82.2% | 72.2% | ||
| Q2 25 | 82.1% | 71.5% | ||
| Q1 25 | 84.8% | 78.5% | ||
| Q4 24 | 82.0% | 79.1% | ||
| Q3 24 | 80.0% | 70.2% | ||
| Q2 24 | 83.5% | 72.4% |
营业利润率PATHPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | 3.2% | 20.7% | ||
| Q3 25 | -5.6% | 3.8% | ||
| Q2 25 | -4.6% | 4.5% | ||
| Q1 25 | 7.9% | 26.7% | ||
| Q4 24 | -12.2% | 29.1% | ||
| Q3 24 | -32.7% | -3.6% | ||
| Q2 24 | -14.8% | 3.7% |
净利率PATHPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | 48.4% | 46.5% | ||
| Q3 25 | 0.4% | 11.4% | ||
| Q2 25 | -6.3% | 7.8% | ||
| Q1 25 | 12.2% | 18.0% | ||
| Q4 24 | -3.0% | 24.3% | ||
| Q3 24 | -27.2% | -4.4% | ||
| Q2 24 | -8.6% | 1.9% |
每股收益（稀释后）PATHPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.37 | $0.81 | ||
| Q3 25 | $0.00 | $0.24 | ||
| Q2 25 | $-0.04 | $0.17 | ||
| Q1 25 | $0.09 | $0.91 | ||
| Q4 24 | $-0.02 | $1.35 | ||
| Q3 24 | $-0.15 | $-0.17 | ||
| Q2 24 | $-0.05 | $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 | $1.4B | $270.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.9B | $705.9M |
| 总资产 | $2.9B | $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PATHPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $1.4B | $425.8M | ||
| Q3 25 | $1.4B | $351.4M | ||
| Q2 25 | $1.6B | $411.6M | ||
| Q1 25 | $1.6B | $371.7M | ||
| Q4 24 | $1.6B | $740.0M | ||
| Q3 24 | $1.7B | $703.0M | ||
| Q2 24 | $1.9B | $665.1M |
股东权益PATHPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.9B | $787.4M | ||
| Q3 25 | $1.7B | $596.8M | ||
| Q2 25 | $1.7B | $624.5M | ||
| Q1 25 | $1.8B | $611.3M | ||
| Q4 24 | $1.7B | $585.5M | ||
| Q3 24 | $1.8B | $473.0M | ||
| Q2 24 | $2.0B | $435.4M |
总资产PATHPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.7B | $1.8B | ||
| Q3 24 | $2.7B | $1.6B | ||
| Q2 24 | $2.8B | $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 | $28.3M | — |
| 自由现金流经营现金流 - 资本支出 | $25.1M | $206.5M |
| 自由现金流率自由现金流/营收 | 6.1% | 48.0% |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 0.14× | — |
| 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PATHPEGA
| Q1 26 | — | — | ||
| Q4 25 | $28.3M | $158.4M | ||
| Q3 25 | $41.6M | $56.3M | ||
| Q2 25 | $119.0M | $86.3M | ||
| Q1 25 | $146.1M | $204.2M | ||
| Q4 24 | $28.1M | $95.2M | ||
| Q3 24 | $46.4M | $30.5M | ||
| Q2 24 | $100.0M | $40.1M |
自由现金流PATHPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $25.1M | $152.4M | ||
| Q3 25 | — | $51.8M | ||
| Q2 25 | $106.2M | $84.1M | ||
| Q1 25 | $138.7M | $202.3M | ||
| Q4 24 | $23.2M | $92.4M | ||
| Q3 24 | $45.0M | $27.4M | ||
| Q2 24 | $98.8M | $38.8M |
自由现金流率PATHPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | 6.1% | 30.2% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | 29.8% | 21.9% | ||
| Q1 25 | 32.7% | 42.5% | ||
| Q4 24 | 6.5% | 18.8% | ||
| Q3 24 | 14.2% | 8.4% | ||
| Q2 24 | 29.5% | 11.1% |
资本支出强度PATHPEGA
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 1.2% | ||
| Q3 25 | 0.0% | 1.2% | ||
| Q2 25 | 3.6% | 0.6% | ||
| Q1 25 | 1.7% | 0.4% | ||
| Q4 24 | 1.4% | 0.6% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 0.4% | 0.4% |
现金转化率PATHPEGA
| Q1 26 | — | — | ||
| Q4 25 | 0.14× | 0.68× | ||
| Q3 25 | 26.25× | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | 2.82× | 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
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
