Credit and interest ratesnegative · 4 filings
“The decrease in interest expense in the six months ended June 30, 2026 was primarily due to the repayment of the Notes at maturity on March 3, 2025.”10-Q · Jul 21, 2026 ↗
Pegasystems Inc.
PEGA
Market read
Pegasystems Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 36 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
What changed
- Revenue decreased 9.6% versus the comparable filing period.
Company+1.5% todayVolume comparison unavailable
Market group0 of 36 activeEnterprise Software · unavailable
Disclosed network0 of 1 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- PEGA's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if PEGA's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 36 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
- Revenue decreased 9.6% versus the comparable filing period.
- Operating margin fell 18.1 percentage points.
- Net income decreased 61.6% versus the comparable filing period.
What would clarify the read
- PEGA's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements73
Verified relationships1
Evidence supporting the case
- Latest annual revenue changed +16.6% year over year.
- Operating margin changed +6.8 percentage points in the latest annual period.
- Net margin changed +15.9 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 3.1% in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 31% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 33% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
36.256m-14.7%12m-35.8%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.2B+19.1%$-0.77+1.3%
2022-12-31$1.3B+8.8%$-4.22+0.7%
2023-12-31$1.4B+8.7%$0.37—
2024-12-31$1.5B+4.5%$0.55+5.6%
2025-12-31$1.7B+16.6%$2.13+3.1%
What management says matters
Persistent and emerging business drivers
Legal and regulatory exposurenegative · 4 filings
“The increases in general and administrative in the three and six months ended June 30, 2026 were primarily due to increases of $11.5 million and $25 million, respectively, in legal fees and related expenses arising from legal proceedings outside the ordinary…”10-Q · Jul 21, 2026 ↗
Product pipeline and R&Dmixed · 4 filings
“The increase in research and development in the six months ended June 30, 2026 was primarily due to an increase in compensation and benefits of $4.7 million attributable to increases in headcount and equity compensation and an increase in cloud hosting expens…”10-Q · Jul 21, 2026 ↗
Foreign exchangenegative · 2 filings
“Other income and expenses (Dollars in thousands) Three Months Ended March 31, Change 2026 2025 Foreign currency transaction gain (loss) $ 1,850 $ (5,325) $ 7,175 * Interest income 2,954 5,335 (2,381) (45) % Interest expense (44) (1,027) 983 96 % (Loss) on cap…”10-Q · Apr 21, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.8× · EV/sales 3.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
36.25+1.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PEGA. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-21 against the comparable filing from 2025-04-22.
OperationscautiousEvidence score -4
liquidityneutralEvidence score 0
valuationmixed
What improved
No thresholded improvement was identified.
What weakened
- Revenue decreased 9.6% versus the comparable filing period.
- Operating margin fell 18.1 percentage points.
- Net income decreased 61.6% versus the comparable filing period.
Filing receipts
“Operating expenses (Dollars in thousands) Three Months Ended March 31, Change 2026 2025 Selling and marketing $ 155,603 $ 138,069 $ 17,534 13 % % of Revenue 36 % 29 % Research and development $ 82,047 $ 74,286 $ 7,761 10 % % of Revenue 19 % 16 % General and administrative $ 48,573 $ 33,828 $ 14,745 44 % % of Revenue 11 % 7 % Restructuring $ (153) $ 11 $ (164) * % of Revenue — % — % * Not meaningful • The increase in selling and marketing in the three months ended March 31, 2026 was primarily due to increase in compensation and benefits of $10.7 million attributable to increases in headcount and equity compensation.”
“Other income and expenses (Dollars in thousands) Three Months Ended March 31, Change 2026 2025 Foreign currency transaction gain (loss) $ 1,850 $ (5,325) $ 7,175 * Interest income 2,954 5,335 (2,381) (45) % Interest expense (44) (1,027) 983 96 % (Loss) on capped call transactions — (223) 223 100 % Other (loss) income, net (2,204) 561 (2,765) * $ 2,556 $ (679) $ 3,235 * * Not meaningful • The changes in foreign currency transaction gain (loss) in the three months ended March 31, 2026 were primarily due to fluctuations in foreign currency exchange rates associated with foreign currency-denominated receivables and intercompany balances held by our subsidiary in the United Kingdom.”
“The decrease in interest expense in the three months ended March 31, 2026 were primarily due to the repayment of the Notes at maturity on March 3, 2025.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind PEGA
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
APPNAppian CorporationcompetitorFeb 19, 2026 ▾
“We have obtained a judgment preservation insurance policy with respect to a now-vacated judgment and ongoing litigation against our competitor, Pegasystems, and both the payment on the policy and continued litigation are subject to risks and costs.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PEGA is currently a Follower in the organic co-movement group Enterprise Software. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.