PEGASYSTEMS INC.

PEGA · Technology · $5.6B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power98

Median gross margin 70.7% over 10y, very stable.

Returns on capital31

Median ROIC 8.6%, above the 9% hurdle in 44% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 205x.

Capital discipline80

Owner earnings +25.7%/yr, share count n/a.

Margin of safety

Above valueOn sale

619% above value

Owner earnings (normalized): $69.8M
Est. intrinsic value / share: $4.55
Recent price: $32.70
Discount to value: 619% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PEGA. See the disclaimer.