Do you find that the spearwall bonus is too high?
Landsknecht pikemen at 350 florins with an attack 11 defence 4 men 75, just standing there without charging, facing the best swordmen like English armoured swordmen which cost 610 florins with an attack 13 defence 22 charge 3 men 60, can easily absorb their charge (losing average 10 to 15 men), and thereafter trash the swordmen.
The two units are attacking frontally.
I upgraded these swordmen to valour 2, and still unable to beat the Landsknecht pikemen..
Without forming spearwall, these pikemen fought with swords, they died at rate expected from their base stat.