Pegasystems vs Unity Software

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The short version

Unity Software is the larger business, with $1.8B of revenue in fiscal 2025 against $1.7B for Pegasystems.
Pegasystems grew revenue faster (16.6%, against 2.0%).
Pegasystems kept more of each dollar of sales as operating profit (15.1% operating margin, against −25.9%).
Pegasystems turned more of its sales into free cash flow (28.1% FCF margin, against 21.8%).

Latest fiscal year	PEGA · FY25	U · FY25
Size
Market cap	$6.1B	$17.9B
Revenue	$1.7B	$1.8B
Free cash flow	$491M	$404M
Net income	$393M	−$403M
Growth
Revenue growth	16.6%	2.0%
5-year growth	11.4%	19.1%
Share count change	3.1%	6.3%
Profitability
Gross margin	75.9%	74.2%
Operating margin	15.1%	−25.9%
Net margin	22.5%	−21.8%
FCF margin	28.1%	21.8%
Return on capital	—	−10.3%
Return on equity	57.3%	−12.5%
Balance sheet
Net debt	−$426M	$180M
Net debt / EBITDA	−1.5x	—
Dividends and buybacks	$515M	$0.0M
Valuation & quality
P/E	22.6x	—
Piotroski F-score	6	5

Revenue

FY16

PEGA $762M

U —

FY17

PEGA $889M

U —

FY18

PEGA $892M

U $381M

FY19

PEGA $911M

U $542M

FY20

PEGA $1.0B

U $772M

FY21

PEGA $1.2B

U $1.1B

FY22

PEGA $1.3B

U $1.4B

FY23

PEGA $1.4B

U $2.2B

FY24

PEGA $1.5B

U $1.8B

FY25

PEGA $1.7B

U $1.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PEGA U

Operating margin

FY16

PEGA 6.6%

U —

FY17

PEGA 10.5%

U —

FY18

PEGA −1.9%

U −34.2%

FY19

PEGA −14.8%

U −27.8%

FY20

PEGA −14.1%

U −35.6%

FY21

PEGA −7.8%

U −47.9%

FY22

PEGA −8.3%

U −63.4%

FY23

PEGA 5.7%

U −38.1%

FY24

PEGA 8.3%

U −41.7%

FY25

PEGA 15.1%

U −25.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PEGA U

Free cash flow

FY16

PEGA $20.8M

U —

FY17

PEGA $144M

U —

FY18

PEGA $92.5M

U −$119M

FY19

PEGA −$52.8M

U −$95.0M

FY20

PEGA −$25.9M

U −$20.2M

FY21

PEGA $28.7M

U −$153M

FY22

PEGA −$13.0M

U −$117M

FY23

PEGA $201M

U $179M

FY24

PEGA $338M

U $286M

FY25

PEGA $491M

U $404M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PEGA U

Return on capital

FY16

PEGA —

U —

FY17

PEGA —

U —

FY18

PEGA —

U —

FY19

PEGA —

U —

FY20

PEGA −21.3%

U —

FY21

PEGA −12.1%

U −26.9%

FY22

PEGA −16.1%

U −19.9%

FY23

PEGA 13.4%

U −14.7%

FY24

PEGA —

U −14.5%

FY25

PEGA —

U −10.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PEGA U

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.