Skip to content
stoqly

Pegasystems

PEGA Nasdaq Application Software Financials FY2016–FY2025

Pegasystems' revenue rose 16.6% to $1.7 billion in fiscal 2025. Its operating margin was 15.1%, up from 8.3% a year earlier. Free cash flow was $491 million, up 45.1%. It paid out $515 million in dividends and buybacks, 105% of free cash flow. The diluted share count rose 3.1%.

Last close · Oct 23, 2026

$36.42

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$1.7B
16.6% vs prior year
Operating margin Operating income as a share of revenue.
15.1%
6.8 pts
Net income Profit after all expenses, interest and tax.
$393M
296.6%
Free cash flow Cash from operations minus capital spending.
$491M
45.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$6.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.6x
On $1.61 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

What Pegasystems does

No business description yet.

Legal name
PEGASYSTEMS INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001013857-26-000017
0001013857

Revenue and margins

Pegasystems had $1.7B of revenue in fiscal 2025, up 16.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 25.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $491M in fiscal 2025, 28.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Pegasystems returned $515M to shareholders in fiscal 2025, 105% of free cash flow. The diluted share count rose 3.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Pegasystems yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $426M and divides by 184.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.6x · peers — · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Pegasystems can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $363M$297M$423M$740M$426M
Debt incl. finance leases $591M$594M$499M$0.0M$0.0M
Net debt / EBITDA ——0.8x−5.2x−1.5x
Debt / equity 1.4x4.5x1.4x0.0x0.0x
Interest coverage −11.9x−14.0x11.8x18.1x204.8x
Current ratio 1.7x1.6x1.8x1.2x1.3x
Quick ratio 1.7x1.6x1.8x1.2x1.3x
Total assets $1.6B$1.4B$1.5B$1.8B$1.6B
Total liabilities $1.2B$1.2B$1.2B$1.2B$845M
Shareholders' equity $416M$131M$354M$586M$787M
Net debt (− = net cash) $228M$296M$76.1M−$740M−$426M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.1M

4 insiders

Of sales under plans

2%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 16, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 982 $37.35 $0.0M Form 4
Sep 15, 2026 Dianne LedinghamDirector Sold plan 1,000 $38.00 $0.0M Form 4
Sep 11, 2026 Kenneth StillwellCOO, CFO Sold 39,627 $35.77 $1.4M Form 4
Sep 11, 2026 Rifat Kerim AkgonulChief Product Officer Sold 7,000 $36.03 $0.3M Form 4
Sep 3, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 1,063 $38.75 $0.0M Form 4
Aug 31, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 1,012 $36.50 $0.0M Form 4
Aug 25, 2026 Rifat Kerim AkgonulChief Product Officer Sold 3,000 $33.99 $0.1M Form 4
Aug 10, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 860 $33.10 $0.0M Form 4
Aug 7, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 860 $32.30 $0.0M Form 4
Jun 16, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 750 $32.31 $0.0M Form 4
Jun 1, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 750 $36.99 $0.0M Form 4
May 29, 2026 Efstathios A KouninisSVP, Chief Accounting Officer Sold 750 $34.75 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 96 / 96 / 9
Accruals ratio −10.5%−15.1%−6.6%
Altman Z'' 2.632.073.96

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Pegasystems PEGA $6.1B 16.6% 15.1% 28.1% — 22.6x 6
Bill BILL $5.1B 13.0% −4.4% 25.0% −1.7% — 4 Compare →
Unity Software U $17.9B 2.0% −25.9% 21.8% −10.3% — 5 Compare →
Samsara IOT $26.5B 29.6% −3.3% 12.8% — — — Compare →
Fair Isaac FICO $18.5B 15.9% 46.5% 38.7% 65.6% 23.6x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $762M $889M $892M $911M $1.0B $1.2B $1.3B $1.4B $1.5B $1.7B
Gross profit $523M $609M $590M $601M $707M $875M $949M $1.1B $1.1B $1.3B
Research and development $146M $163M $182M $205M $237M $261M $294M $296M $298M $313M
Operating income $50.6M $93.2M −$17.0M −$135M −$144M −$94.7M −$109M $81.0M $124M $263M
Interest expense — — $0.0M $0.2M $19.4M $8.0M $7.8M $6.9M $6.8M $1.3M
Pretax income $55.3M $86.2M −$11.5M −$135M −$125M −$132M −$162M $95.4M $143M $281M
Income tax $10.3M −$12.3M −$22.2M −$44.4M −$63.5M −$68.9M $184M $27.6M $43.4M −$113M
Net income $45.0M $98.5M $10.6M −$90.4M −$61.4M −$63.0M −$346M $67.8M $99.2M $393M
Diluted EPS $0.28 $0.59 $0.07 −$0.57 −$0.38 −$0.39 −$2.11 $0.37 $0.55 $2.13
Diluted shares 0.16B 0.17B 0.17B 0.16B 0.16B 0.16B 0.16B 0.17B 0.18B 0.18B
Cash flow
Cash from operations $39.9M $158M $104M −$42.2M −$0.6M $39.1M $22.3M $218M $346M $505M
Capital expenditure $19.1M $13.7M $11.9M $10.6M $25.4M $10.5M $35.4M $16.8M $7.7M $14.5M
Free cash flow $20.8M $144M $92.5M −$52.8M −$25.9M $28.7M −$13.0M $201M $338M $491M
Depreciation and amortization $24.1M $24.7M $25.3M $21.4M $21.3M $28.6M $18.8M $18.7M $17.6M $13.7M
Stock-based compensation $40.8M $53.3M $63.9M $80.9M $103M $116M $122M $143M $143M $155M
Acquisitions $49.1M $0.3M $0.8M $10.9M $0.0M $5.0M $0.9M $0.0M $0.0M $0.0M
Share buybacks $27.2M $4.3M $54.4M $22.1M $28.0M $52.7M $25.7M $0.0M $68.1M $500M
Dividends paid $9.2M $9.3M $9.4M $9.5M $9.6M $9.8M $9.8M $10.0M $10.2M $15.4M
Dividends and buybacks $36.4M $13.6M $63.9M $31.6M $37.6M $62.5M $35.5M $10.0M $78.3M $515M
Balance sheet
Cash and short-term investments $134M $224M $207M $68.4M $465M $363M $297M $423M $740M $426M
Total debt — — — $0.0M $518M $591M $594M $499M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $425M $648M $611M $506M $977M $840M $847M $1.0B $1.3B $978M
Current liabilities $288M $295M $332M $378M $460M $485M $539M $577M $1.1B $738M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $38.3M $40.4M $36.6M $34.3M $40.4M $26.8M $55.1M $47.3M $41.8M $45.2M
Total assets $655M $1.0B $983M $985M $1.6B $1.6B $1.4B $1.5B $1.8B $1.6B
Total liabilities $319M $357M $361M $446M $1.1B $1.2B $1.2B $1.2B $1.2B $845M
Shareholders' equity $549M $656M $622M $539M $542M $416M $131M $354M $586M $787M
Margins
Gross margin 68.6% 68.5% 66.2% 66.0% 69.4% 72.2% 72.0% 73.6% 73.9% 75.9%
Operating margin 6.6% 10.5% −1.9% −14.8% −14.1% −7.8% −8.3% 5.7% 8.3% 15.1%
EBITDA margin 9.8% 13.3% 0.9% −12.5% −12.0% −5.5% −6.9% 7.0% 9.5% 15.9%
Net margin 5.9% 11.1% 1.2% −9.9% −6.0% −5.2% −26.2% 4.7% 6.6% 22.5%
FCF margin 2.7% 16.3% 10.4% −5.8% −2.6% 2.4% −1.0% 14.0% 22.6% 28.1%
Returns
Return on capital — — — — −21.3% −12.1% −16.1% 13.4% — —
Return on capital employed 13.9% 17.2% −2.5% −21.5% −16.4% −8.4% −11.4% 9.2% 15.3% 33.4%
Return on equity 8.4% 16.4% 1.7% −15.6% −11.4% −13.2% −126.4% 28.0% 21.1% 57.3%
Return on assets 7.0% 11.8% 1.1% −9.2% −4.7% −3.9% −23.4% 4.7% 6.1% 23.1%
Growth
Revenue growth 11.7% 16.6% 0.4% 2.2% 11.7% 19.1% 8.8% 8.7% 4.5% 16.6%
Net income growth 23.9% 118.9% −89.2% −951.8% — — — — 46.3% 296.7%
EPS growth 21.7% 112.5% −89.1% −976.9% — — — — 48.7% 287.3%
FCF growth −63.4% 595.2% −36.0% −157.1% — — −145.5% — 68.3% 45.1%
Share count change 0.9% 3.9% 0.3% −4.8% 1.6% 1.3% 0.7% 3.6% 5.6% 3.1%
Financial health
Net debt / EBITDA — — — — — — — 0.8x −5.2x −1.5x
Debt / equity — — — 0.0x 1.0x 1.4x 4.5x 1.4x 0.0x 0.0x
Interest coverage — — −1,703.2x −636.2x −7.4x −11.9x −14.0x 11.8x 18.1x 204.8x
Current ratio 1.5x 2.2x 1.8x 1.3x 2.1x 1.7x 1.6x 1.8x 1.2x 1.3x
Quick ratio 1.5x 2.2x 1.8x 1.3x 2.1x 1.7x 1.6x 1.8x 1.2x 1.3x
Capital allocation
Capex / revenue 2.5% 1.6% 1.3% 1.2% 2.5% 0.9% 2.7% 1.2% 0.5% 0.8%
Stock comp / revenue 5.4% 6.0% 7.2% 8.9% 10.1% 9.6% 9.3% 10.0% 9.5% 8.9%
Payouts / FCF 175.2% 9.4% 69.1% — — 218.0% — 5.0% 23.1% 105.0%
Quality scores
Piotroski F-score — — — — 5.0 5.0 3.0 8.0 6.0 6.0
Altman Z'' 4.7 6.5 5.3 2.6 2.7 2.0 0.9 2.6 2.1 4.0
Accruals ratio 0.8% −7.2% −9.4% −4.9% −4.7% −6.4% −24.9% −10.5% −15.1% −6.6%

Source: SEC EDGAR XBRL filings (CIK 0001013857). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open