Dynatrace vs Pegasystems
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The short version
- Dynatrace is the larger business, with $2.0B of revenue in fiscal 2026 against $1.7B for Pegasystems.
- Dynatrace grew revenue faster (18.8%, against 16.6%).
- Pegasystems kept more of each dollar of sales as operating profit (15.1% operating margin, against 12.2%).
- Pegasystems turned more of its sales into free cash flow (28.1% FCF margin, against 26.2%).
- Investors pay more for each dollar of Dynatrace’s earnings: a P/E of 128.1x against 22.6x for Pegasystems.
| Latest fiscal year | DT · FY26 | PEGA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.8B | $6.1B |
| Revenue | $2.0B | $1.7B |
| Free cash flow | $530M | $491M |
| Net income | $163M | $393M |
| Growth | ||
| Revenue growth | 18.8% | 16.6% |
| 5-year growth | 23.5% | 11.4% |
| Share count change | 0.0% | 3.1% |
| Profitability | ||
| Gross margin | 81.6% | 75.9% |
| Operating margin | 12.2% | 15.1% |
| Net margin | 8.1% | 22.5% |
| FCF margin | 26.2% | 28.1% |
| Return on capital | 9.0% | — |
| Return on equity | 6.2% | 57.3% |
| Balance sheet | ||
| Net debt | −$1.2B | −$426M |
| Net debt / EBITDA | — | −1.5x |
| Dividends and buybacks | $479M | $515M |
| Valuation & quality | ||
| P/E | 128.1x | 22.6x |
| Piotroski F-score | 4 | 6 |
Revenue
FY17
DT —
PEGA $889M
FY18
DT $398M
PEGA $892M
FY19
DT $431M
PEGA $911M
FY20
DT $546M
PEGA $1.0B
FY21
DT $704M
PEGA $1.2B
FY22
DT $929M
PEGA $1.3B
FY23
DT $1.2B
PEGA $1.4B
FY24
DT $1.4B
PEGA $1.5B
FY25
DT $1.7B
PEGA $1.7B
FY26
DT $2.0B
PEGA —
DT
PEGA
Operating margin
FY17
DT —
PEGA 10.5%
FY18
DT −5.5%
PEGA −1.9%
FY19
DT −16.9%
PEGA −14.8%
FY20
DT −31.5%
PEGA −14.1%
FY21
DT 13.1%
PEGA −7.8%
FY22
DT 8.8%
PEGA −8.3%
FY23
DT 8.0%
PEGA 5.7%
FY24
DT 9.0%
PEGA 8.3%
FY25
DT 10.6%
PEGA 15.1%
FY26
DT 12.2%
PEGA —
DT
PEGA
Free cash flow
FY17
DT —
PEGA $144M
FY18
DT $107M
PEGA $92.5M
FY19
DT $140M
PEGA −$52.8M
FY20
DT −$162M
PEGA −$25.9M
FY21
DT $206M
PEGA $28.7M
FY22
DT $233M
PEGA −$13.0M
FY23
DT $333M
PEGA $201M
FY24
DT $352M
PEGA $338M
FY25
DT $433M
PEGA $491M
FY26
DT $530M
PEGA —
DT
PEGA
Return on capital
FY17
DT —
PEGA —
FY18
DT —
PEGA —
FY19
DT —
PEGA —
FY20
DT −14.8%
PEGA −21.3%
FY21
DT 7.3%
PEGA −12.1%
FY22
DT 5.2%
PEGA −16.1%
FY23
DT 8.6%
PEGA 13.4%
FY24
DT 11.5%
PEGA —
FY25
DT 13.4%
PEGA —
FY26
DT 9.0%
PEGA —
DT
PEGA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.