vs
PEGASYSTEMS INC（PEGA）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是PEGASYSTEMS INC的3.8倍（$1.6B vs $430.0M）。PEGASYSTEMS INC净利率更高（7.6% vs 6.2%，领先1.4%）。Toast, Inc.同比增速更快（22.0% vs -9.6%）。PEGASYSTEMS INC自由现金流更多（$206.5M vs $178.0M）。过去两年Toast, Inc.的营收复合增速更高（23.3% vs 10.7%）
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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
PEGA vs TOST — 直观对比
营收规模更大
TOST
是对方的3.8倍
$430.0M
营收增速更快
TOST
高出31.6%
-9.6%
净利率更高
PEGA
高出1.4%
6.2%
自由现金流更多
PEGA
多$28.5M
$178.0M
两年增速更快
TOST
近两年复合增速
10.7%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $430.0M | $1.6B |
| 净利润 | $32.8M | $101.0M |
| 毛利率 | 75.2% | 25.9% |
| 营业利润率 | 8.6% | 5.2% |
| 净利率 | 7.6% | 6.2% |
| 营收同比 | -9.6% | 22.0% |
| 净利润同比 | -61.6% | 215.6% |
| 每股收益（稀释后） | $0.18 | $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PEGATOST
| Q1 26 | $430.0M | — | ||
| Q4 25 | $504.3M | $1.6B | ||
| Q3 25 | $381.4M | $1.6B | ||
| Q2 25 | $384.5M | $1.6B | ||
| Q1 25 | $475.6M | $1.3B | ||
| Q4 24 | $490.8M | $1.3B | ||
| Q3 24 | $325.1M | $1.3B | ||
| Q2 24 | $351.2M | $1.2B |
净利润PEGATOST
| Q1 26 | $32.8M | — | ||
| Q4 25 | $234.6M | $101.0M | ||
| Q3 25 | $43.4M | $105.0M | ||
| Q2 25 | $30.1M | $80.0M | ||
| Q1 25 | $85.4M | $56.0M | ||
| Q4 24 | $119.1M | $32.0M | ||
| Q3 24 | $-14.4M | $56.0M | ||
| Q2 24 | $6.6M | $14.0M |
毛利率PEGATOST
| Q1 26 | 75.2% | — | ||
| Q4 25 | 79.5% | 25.9% | ||
| Q3 25 | 72.2% | 26.5% | ||
| Q2 25 | 71.5% | 25.3% | ||
| Q1 25 | 78.5% | 25.9% | ||
| Q4 24 | 79.1% | 24.9% | ||
| Q3 24 | 70.2% | 24.7% | ||
| Q2 24 | 72.4% | 23.0% |
营业利润率PEGATOST
| Q1 26 | 8.6% | — | ||
| Q4 25 | 20.7% | 5.2% | ||
| Q3 25 | 3.8% | 5.1% | ||
| Q2 25 | 4.5% | 5.2% | ||
| Q1 25 | 26.7% | 3.2% | ||
| Q4 24 | 29.1% | 2.5% | ||
| Q3 24 | -3.6% | 2.6% | ||
| Q2 24 | 3.7% | 0.4% |
净利率PEGATOST
| Q1 26 | 7.6% | — | ||
| Q4 25 | 46.5% | 6.2% | ||
| Q3 25 | 11.4% | 6.4% | ||
| Q2 25 | 7.8% | 5.2% | ||
| Q1 25 | 18.0% | 4.2% | ||
| Q4 24 | 24.3% | 2.4% | ||
| Q3 24 | -4.4% | 4.3% | ||
| Q2 24 | 1.9% | 1.1% |
每股收益（稀释后）PEGATOST
| Q1 26 | $0.18 | — | ||
| Q4 25 | $0.81 | $0.18 | ||
| Q3 25 | $0.24 | $0.16 | ||
| Q2 25 | $0.17 | $0.13 | ||
| Q1 25 | $0.91 | $0.09 | ||
| Q4 24 | $1.35 | $0.09 | ||
| Q3 24 | $-0.17 | $0.07 | ||
| Q2 24 | $0.07 | $0.02 |
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 | $270.0M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $705.9M | $2.1B |
| 总资产 | $1.6B | $3.1B |
| 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PEGATOST
| Q1 26 | $270.0M | — | ||
| Q4 25 | $425.8M | $1.4B | ||
| Q3 25 | $351.4M | $1.4B | ||
| Q2 25 | $411.6M | $1.2B | ||
| Q1 25 | $371.7M | $1.0B | ||
| Q4 24 | $740.0M | $903.0M | ||
| Q3 24 | $703.0M | $761.0M | ||
| Q2 24 | $665.1M | $691.0M |
股东权益PEGATOST
| Q1 26 | $705.9M | — | ||
| Q4 25 | $787.4M | $2.1B | ||
| Q3 25 | $596.8M | $2.0B | ||
| Q2 25 | $624.5M | $1.8B | ||
| Q1 25 | $611.3M | $1.7B | ||
| Q4 24 | $585.5M | $1.5B | ||
| Q3 24 | $473.0M | $1.4B | ||
| Q2 24 | $435.4M | $1.3B |
总资产PEGATOST
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $3.1B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.3B | $2.8B | ||
| Q1 25 | $1.3B | $2.6B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $2.2B |
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 | — | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $206.5M | $178.0M |
| 自由现金流率自由现金流/营收 | 48.0% | 10.9% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | $494.9M | $608.0M |
8季度趋势，按日历期对齐
经营现金流PEGATOST
| Q1 26 | — | — | ||
| Q4 25 | $158.4M | $194.0M | ||
| Q3 25 | $56.3M | $165.0M | ||
| Q2 25 | $86.3M | $223.0M | ||
| Q1 25 | $204.2M | $79.0M | ||
| Q4 24 | $95.2M | $147.0M | ||
| Q3 24 | $30.5M | $109.0M | ||
| Q2 24 | $40.1M | $124.0M |
自由现金流PEGATOST
| Q1 26 | $206.5M | — | ||
| Q4 25 | $152.4M | $178.0M | ||
| Q3 25 | $51.8M | $153.0M | ||
| Q2 25 | $84.1M | $208.0M | ||
| Q1 25 | $202.3M | $69.0M | ||
| Q4 24 | $92.4M | $134.0M | ||
| Q3 24 | $27.4M | $97.0M | ||
| Q2 24 | $38.8M | $108.0M |
自由现金流率PEGATOST
| Q1 26 | 48.0% | — | ||
| Q4 25 | 30.2% | 10.9% | ||
| Q3 25 | 13.6% | 9.4% | ||
| Q2 25 | 21.9% | 13.4% | ||
| Q1 25 | 42.5% | 5.2% | ||
| Q4 24 | 18.8% | 10.0% | ||
| Q3 24 | 8.4% | 7.4% | ||
| Q2 24 | 11.1% | 8.7% |
资本支出强度PEGATOST
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.2% | 0.7% | ||
| Q2 25 | 0.6% | 1.0% | ||
| Q1 25 | 0.4% | 0.7% | ||
| Q4 24 | 0.6% | 1.0% | ||
| Q3 24 | 0.9% | 0.9% | ||
| Q2 24 | 0.4% | 1.3% |
现金转化率PEGATOST
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | 1.92× | ||
| Q3 25 | 1.30× | 1.57× | ||
| Q2 25 | 2.87× | 2.79× | ||
| Q1 25 | 2.39× | 1.41× | ||
| Q4 24 | 0.80× | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 6.06× | 8.86× |
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
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
