Bill vs Pegasystems
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The short version
- Pegasystems is the larger business, with $1.7B of revenue in fiscal 2025 against $1.7B for Bill.
- Pegasystems grew revenue faster (16.6%, against 13.0%).
- Pegasystems kept more of each dollar of sales as operating profit (15.1% operating margin, against β4.4%).
- Pegasystems turned more of its sales into free cash flow (28.1% FCF margin, against 25.0%).
| Latest fiscal year | BILL Β· FY26 | PEGA Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $6.1B |
| Revenue | $1.7B | $1.7B |
| Free cash flow | $413M | $491M |
| Net income | β$11.2M | $393M |
| Growth | ||
| Revenue growth | 13.0% | 16.6% |
| 5-year growth | 47.3% | 11.4% |
| Share count change | β3.8% | 3.1% |
| Profitability | ||
| Gross margin | 80.9% | 75.9% |
| Operating margin | β4.4% | 15.1% |
| Net margin | β0.7% | 22.5% |
| FCF margin | 25.0% | 28.1% |
| Return on capital | β1.7% | β |
| Return on equity | β0.3% | 57.3% |
| Balance sheet | ||
| Net debt | β$101M | β$426M |
| Net debt / EBITDA | β | β1.5x |
| Dividends and buybacks | $561M | $515M |
| Valuation & quality | ||
| P/E | β | 22.6x |
| Piotroski F-score | 4 | 6 |
Revenue
FY17
BILL β
PEGA $889M
FY18
BILL $64.9M
PEGA $892M
FY19
BILL $108M
PEGA $911M
FY20
BILL $158M
PEGA $1.0B
FY21
BILL $238M
PEGA $1.2B
FY22
BILL $642M
PEGA $1.3B
FY23
BILL $1.1B
PEGA $1.4B
FY24
BILL $1.3B
PEGA $1.5B
FY25
BILL $1.5B
PEGA $1.7B
FY26
BILL $1.7B
PEGA β
BILL
PEGA
Operating margin
FY17
BILL β
PEGA 10.5%
FY18
BILL β12.1%
PEGA β1.9%
FY19
BILL β9.1%
PEGA β14.8%
FY20
BILL β21.7%
PEGA β14.1%
FY21
BILL β47.8%
PEGA β7.8%
FY22
BILL β49.4%
PEGA β8.3%
FY23
BILL β27.9%
PEGA 5.7%
FY24
BILL β13.5%
PEGA 8.3%
FY25
BILL β5.5%
PEGA 15.1%
FY26
BILL β4.4%
PEGA β
BILL
PEGA
Free cash flow
FY17
BILL β
PEGA $144M
FY18
BILL β$9.7M
PEGA $92.5M
FY19
BILL β$6.7M
PEGA β$52.8M
FY20
BILL β$15.9M
PEGA β$25.9M
FY21
BILL β$14.3M
PEGA $28.7M
FY22
BILL β$23.5M
PEGA β$13.0M
FY23
BILL $180M
PEGA $201M
FY24
BILL $278M
PEGA $338M
FY25
BILL $346M
PEGA $491M
FY26
BILL $413M
PEGA β
BILL
PEGA
Return on capital
FY17
BILL β
PEGA β
FY18
BILL β
PEGA β
FY19
BILL β
PEGA β
FY20
BILL β
PEGA β21.3%
FY21
BILL β
PEGA β12.1%
FY22
BILL β9.2%
PEGA β16.1%
FY23
BILL β7.3%
PEGA 13.4%
FY24
BILL β4.1%
PEGA β
FY25
BILL β1.8%
PEGA β
FY26
BILL β1.7%
PEGA β
BILL
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.