Demonstrações financeiras detalhadas de Pegasystems Inc. (PEGA): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Pegasystems Inc. registou receitas de $1.75B no último exercício, com um CAGR de 5 anos de 11.4%.
Margens dos últimos 12 meses: margem bruta 75.6%, margem operacional 9.9%, margem líquida 18.7%.
Ao preço atual de $35.38, PEGA negocia a um P/L de 19.39 e um ROE de 48.90%. A capitalização de mercado é de $5.8B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $750.3M | $840.6M | $891.6M | $911.4M | $1.02B | $1.21B | $1.32B | $1.43B | $1.50B | $1.75B |
| Custo da Receita | $239.3M | $279.7M | $301.8M | $310.0M | $310.9M | $336.4M | $368.6M | $378.5M | $390.7M | $421.4M |
| Lucro Bruto | $523.0M | $608.8M | $589.8M | $601.4M | $706.6M | $875.3M | $949.2M | $1.05B | $1.11B | $1.32B |
| P&D | $145.5M | $162.9M | $181.7M | $205.2M | $237.0M | $260.6M | $294.3M | $295.5M | $298.1M | $312.7M |
| Despesas Gerais e Administrativas | $323.9M | $352.7M | $425.1M | $531.0M | $613.1M | $709.4M | $742.5M | $655.9M | $647.6M | $727.4M |
| Despesas Operacionais | $472.3M | $515.6M | $606.8M | $736.2M | $850.1M | $970.0M | $1.06B | $973.2M | $982.6M | $1.06B |
| Lucro Operacional | $50.6M | $93.2M | -$17.0M | -$134.9M | -$143.5M | -$94.7M | -$109.4M | $81.0M | $123.9M | $263.1M |
| EBITDA | $77.7M | $117.9M | $13.8M | -$113.2M | -$84.2M | -$95.4M | -$119.3M | $137.0M | $184.9M | $307.8M |
| Despesas com Juros | 0 | 0 | 0 | 0 | $19.4M | $8.0M | $7.8M | $6.9M | $6.8M | $1.3M |
| Lucro Antes de Impostos | $35.2M | $37.1M | -$11.5M | -$134.8M | -$124.9M | -$132.0M | -$161.8M | $95.4M | $142.6M | $280.6M |
| Imposto | $8.2M | $4.2M | -$22.2M | -$44.4M | -$63.5M | -$68.9M | $183.8M | $27.6M | $43.4M | -$112.8M |
| Lucro Líquido | $27.0M | $32.9M | $10.6M | -$90.4M | -$61.4M | -$63.0M | -$345.6M | $67.8M | $99.2M | $393.4M |
| LPA | $0.17 | $0.64 | $0.07 | $-0.57 | $-0.38 | $-0.39 | $-2.11 | $0.41 | $0.58 | $2.30 |
| LPA Diluído | $0.17 | $0.59 | $0.06 | $-0.57 | $-0.38 | $-0.39 | $-2.11 | $0.40 | $0.55 | $2.13 |
| Ações em Circulação (Diluídas) | $159.5M | $165.7M | $166.1M | $158.1M | $160.7M | $162.8M | $163.9M | $169.8M | $179.3M | $184.8M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $381.4M | $504.3M | $430.0M | $420.7M |
| Lucro Bruto | $275.5M | $400.9M | $323.2M | $312.7M |
| Lucro Operacional | $14.5M | $104.4M | $37.1M | $16.6M |
| EBITDA | $30.5M | $112.6M | $39.7M | $14.1M |
| Lucro Líquido | $43.4M | $234.6M | $32.8M | $13.3M |
| LPA | $0.25 | $1.38 | $0.19 | $0.08 |
| LPA Diluído | $0.24 | $1.27 | $0.18 | $0.08 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $70.6M | $162.3M | $114.4M | $68.4M | $171.9M | $160.0M | $145.1M | $229.9M | $337.1M | $212.4M |
| Investimentos de Curto Prazo | $63.2M | $61.5M | $93.0M | 0 | $293.3M | $202.8M | $152.2M | $193.4M | $402.9M | $213.4M |
| Contas a Receber | $279.2M | $382.8M | $353.5M | $379.9M | $438.3M | $447.7M | $511.8M | $562.5M | $552.9M | $482.6M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $398.8M | $472.1M | $610.6M | $505.6M | $976.9M | $840.2M | $846.5M | $1.03B | $1.33B | $978.3M |
| Imobilizado | $38.3M | $40.4M | $36.6M | $34.3M | $108.0M | $114.4M | $131.2M | $111.5M | $104.2M | $105.8M |
| Ágio | $73.2M | $73.0M | $72.9M | $79.0M | $79.2M | $81.9M | $81.4M | $81.6M | $81.1M | $81.5M |
| Ativos Intangíveis | $44.2M | $31.9M | $21.2M | $19.7M | $15.7M | $14.1M | $10.9M | $7.0M | $3.8M | $1.2M |
| Ativos Totais | $654.7M | $721.6M | $982.6M | $984.8M | $1.60B | $1.59B | $1.36B | $1.51B | $1.77B | $1.63B |
| Contas a Pagar | $14.4M | $17.4M | $16.5M | $17.5M | $24.0M | $15.3M | $18.2M | $11.3M | $6.2M | $12.9M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $467.5M | 0 |
| Passivos Circulantes | $284.0M | $313.2M | $331.8M | $378.0M | $460.1M | $485.4M | $538.9M | $577.1M | $1.09B | $737.8M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | $518.2M | $590.7M | $593.6M | $499.4M | 0 | 0 |
| Passivos Totais | $318.8M | $350.5M | $361.0M | $445.8M | $1.06B | $1.18B | $1.23B | $1.16B | $1.18B | $844.5M |
| Reservas | $198.3M | $221.9M | $510.9M | $410.9M | $339.9M | $276.4M | -$76.5M | -$8.7M | $87.9M | $463.4M |
| Patrimônio Líquido | $335.9M | $371.1M | $621.5M | $539.0M | $542.2M | $416.1M | $130.8M | $353.8M | $585.5M | $787.4M |
| Dívida Total | 0 | 0 | 0 | $52.6M | $595.8M | $685.5M | $687.7M | $581.3M | $549.7M | $76.0M |
| Dívida Líquida | -$133.8M | -$223.7M | -$207.4M | -$15.8M | $130.6M | $322.8M | $390.5M | $157.9M | -$190.3M | -$349.8M |
| Capital de Giro | $114.7M | $158.9M | $278.8M | $127.7M | $516.8M | $354.8M | $307.5M | $452.0M | $247.6M | $240.5M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $148.7M | $212.4M | $270.0M | $185.1M |
| Ativos Totais | $1.29B | $1.63B | $1.55B | $1.38B |
| Passivos Totais | $696.0M | $844.5M | $845.1M | $823.7M |
| Patrimônio Líquido | $596.8M | $787.4M | $705.9M | $560.4M |
| Dívida Total | $76.8M | $76.0M | $72.1M | $72.0M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $27.0M | $32.9M | $10.6M | -$90.4M | -$61.4M | -$63.0M | -$345.6M | $67.8M | $99.2M | $393.4M |
| Depreciação e Amortização | $22.4M | $39.4M | $25.3M | $21.4M | $21.3M | $28.6M | $34.7M | $34.7M | $35.4M | $25.9M |
| Compensação em Ações | $40.8M | $53.3M | $63.9M | $80.9M | $103.1M | $115.9M | $122.2M | $143.4M | $142.7M | $155.2M |
| Variação Capital de Giro | -$44.5M | $32.6M | $20.7M | -$51.0M | -$33.0M | -$59.5M | -$64.4M | -$78.0M | $19.2M | $39.4M |
| Fluxo de Caixa Operacional | $39.9M | $158.2M | $104.4M | -$42.2M | -$563000 | $39.1M | $22.3M | $217.8M | $345.9M | $505.2M |
| CapEx | -$19.1M | -$13.7M | -$11.9M | -$10.6M | -$25.4M | -$10.5M | -$35.4M | -$16.8M | -$7.7M | -$14.5M |
| Aquisições | -$49.1M | -$297000 | -$800000 | -$10.9M | $296.3M | -$5.0M | -$922000 | 0 | 0 | 0 |
| Recompra de Ações | -$43.4M | -$45.0M | -$92.0M | -$67.0M | -$103.5M | -$122.6M | -$46.3M | -$1.9M | -$73.5M | -$499.7M |
| Dividendos Pagos | -$9.2M | -$9.3M | -$9.4M | -$9.5M | -$9.6M | -$9.8M | -$9.8M | -$10.0M | -$10.2M | -$15.4M |
| Fluxo de Caixa Livre | $20.8M | $144.5M | $92.5M | -$52.8M | -$25.9M | $28.7M | -$13.0M | $201.0M | $338.2M | $490.7M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $56.3M | $158.4M | $212.3M | $86.0M |
| CapEx | -$4.5M | -$6.0M | -$5.7M | $5.7M |
| Fluxo de Caixa Livre | $51.8M | $152.4M | $206.5M | $91.7M |
| Dividendos Pagos | -$5.2M | -$5.1M | -$5.1M | -$5.1M |
| Compensação em Ações | $43.0M | $34.0M | $45.8M | -$45.8M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +12.0% | +6.1% | +2.2% | +11.6% | +19.1% | +8.8% | +8.7% | +4.5% | +16.6% |
| Crescimento Lucro Líquido (anual) | | +22.0% | -67.8% | -951.8% | +32.1% | -2.7% | -448.2% | +119.6% | +46.3% | +296.7% |
| Crescimento LPA (anual) | | +263.7% | -89.4% | -943.2% | +33.3% | -2.6% | -441.0% | +119.4% | +41.5% | +296.6% |
| Variação de Ações (anual) | | +3.9% | +0.3% | -4.8% | +1.6% | +1.3% | +0.7% | +3.6% | +5.6% | +3.1% |
| Crescimento FCF (anual) | | +595.2% | -36.0% | -157.1% | +50.9% | +210.5% | -145.5% | +1641.1% | +68.3% | +45.1% |
| Margem Bruta | 69.7% | 72.4% | 66.2% | 66.0% | 69.4% | 72.2% | 72.0% | 73.6% | 73.9% | 75.9% |
| Margem Operacional | 6.8% | 11.1% | -1.9% | -14.8% | -14.1% | -7.8% | -8.3% | 5.7% | 8.3% | 15.1% |
| Margem EBITDA | 10.4% | 14.0% | 1.5% | -12.4% | -8.3% | -7.9% | -9.1% | 9.6% | 12.3% | 17.6% |
| Margem Líquida | 3.6% | 3.9% | 1.2% | -9.9% | -6.0% | -5.2% | -26.2% | 4.7% | 6.6% | 22.5% |
| Margem FCF | 2.8% | 17.2% | 10.4% | -5.8% | -2.5% | 2.4% | -1.0% | 14.0% | 22.6% | 28.1% |
| Taxa Efetiva de Imposto | 23.3% | 11.2% | 192.0% | 32.9% | 50.9% | 52.2% | -113.6% | 29.0% | 30.5% | -40.2% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.13 | $0.87 | $0.56 | $-0.33 | $-0.16 | $0.18 | $-0.08 | $1.18 | $1.89 | $2.66 |
| Dividendo por Ação | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.08 |
| Ações em Circulação (Básicas) | $152.7M | $154.9M | $157.1M | $158.1M | $160.7M | $162.8M | $163.9M | $166.3M | $170.5M | $170.8M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 48.90% |
| Retorno sobre capital investido | 25.39% |
| Retorno sobre ativos | 23.41% |
| Margem bruta | 75.57% |
| Margem operacional | 9.94% |
| Margem líquida | 18.66% |
Saúde financeira
| Dívida / Patrimônio | 0.13 |
| Liquidez corrente | 1.06 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 102.86 | 37.05 | 353.85 | -69.88 | -175.34 | -143.36 | -8.11 | 59.59 | 80.34 | 25.97 |
| P/VP | 8.18 | 9.84 | 6.05 | 11.68 | 19.75 | 21.87 | 21.44 | 11.48 | 13.57 | 12.95 |
| P/V | 3.66 | 4.34 | 4.22 | 6.91 | 10.52 | 7.51 | 2.13 | 2.84 | 5.31 | 5.84 |
| Margem Bruta | 69.7% | 72.4% | 66.2% | 66.0% | 69.4% | 72.2% | 72.0% | 73.6% | 73.9% | 75.9% |
| Margem Operacional | 6.8% | 11.1% | -1.9% | -14.8% | -14.1% | -7.8% | -8.3% | 5.7% | 8.3% | 15.1% |
| Margem Líquida | 3.6% | 3.9% | 1.2% | -9.9% | -6.0% | -5.2% | -26.2% | 4.7% | 6.6% | 22.5% |