NASDAQ : PGY
Pagaya Technologies Ltd. — Financial statements
Technology · Software - Infrastructure · United States
Last price 19.23 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 1.60B
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Financial statements
Pagaya Technologies Ltd. (PGY) reported revenue of 1.43B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.35B | 1.26B | 1.00B | 772.81M | 685.41M | 445.87M |
| Other Revenue | 82.47M | 40.02M | 27.70M | 39.24M | 63.51M | 28.72M |
| Revenue | 1.43B | 1.30B | 1.03B | 812.05M | 748.93M | 474.59M |
| Cost of Revenue | 802.02M | 749.17M | 597.65M | 508.94M | 451.08M | 232.32M |
| Gross Profit | 628.26M | 552.19M | 434.60M | 303.11M | 297.84M | 242.26M |
| Selling, General & Admin | 180.48M | 213.15M | 291.08M | 253.02M | 398.42M | 181.86M |
| Research & Development | 69.72M | 75.21M | 76.57M | 74.38M | 150.93M | 66.21M |
| Operating Expenses | 250.19M | 288.36M | 367.66M | 327.41M | 549.35M | 248.07M |
| Operating Income | 378.07M | 263.83M | 66.94M | -24.30M | -251.50M | -5.81M |
| Other Non Operating Income (Expenses) | -81.80M | -80.22M | -77.51M | -25.45M | -24.87M | -55.84M |
| EBT Excluding Unusual Items | 296.27M | 183.61M | -10.57M | -49.75M | -276.37M | -61.65M |
| Merger & Restructuring Charges | -100.00K | -100.00K | ||||
| Gain (Loss) on Sale of Investments | -167.91M | -107.03M | -404.15M | -131.31M | ||
| Other Unusual Items | 7.81M | -24.95M | -6.30M | |||
| Pretax Income | 136.17M | 51.62M | -421.12M | -181.17M | -276.37M | -61.65M |
| Income Tax Expense | -3.86M | -19.75M | 24.58M | 15.57M | 16.40M | 7.88M |
| Earnings From Continuing Operations | 140.03M | 71.37M | -445.70M | -196.74M | -292.77M | -69.52M |
| Minority Interest in Earnings | 13.97M | 10.02M | 44.29M | 68.30M | -9.55M | -21.63M |
| Net Income | 154.00M | 81.39M | -401.41M | -128.44M | -302.32M | -91.15M |
| Preferred Dividends & Other Adjustments | 4.11M | 4.11M | 12.21M | 43.17M | ||
| Net Income to Common | 149.89M | 77.28M | -401.41M | -128.44M | -314.53M | -134.32M |
| Shares Outstanding (Basic) | 82.88M | 78.34M | 70.88M | 60.04M | 38.25M | 16.28M |
| Shares Outstanding (Diluted) | 94.99M | 83.10M | 70.88M | 60.04M | 38.25M | 16.28M |
| EPS (Basic) | 1.81 | 0.99 | -5.66 | -2.14 | -8.22 | -8.25 |
| EPS (Diluted) | 1.67 | 0.93 | -5.66 | -2.14 | -8.22 | -8.25 |
| Free Cash Flow | 217.74M | 208.72M | 30.01M | -41.85M | -62.41M | 43.19M |
| Free Cash Flow Per Share | 2.29 | 2.51 | 0.42 | -0.70 | -1.63 | 2.65 |
| Gross Margin | 43.93% | 42.43% | 42.10% | 37.33% | 39.77% | 51.05% |
| Operating Margin | 26.43% | 20.27% | 6.49% | -2.99% | -33.58% | -1.22% |
| Profit Margin | 10.48% | 5.94% | -38.89% | -15.82% | -42.00% | -28.30% |
| Free Cash Flow Margin | 15.22% | 16.04% | 2.91% | -5.15% | -8.33% | 9.10% |
| EBITDA | 373.33M | 270.00M | 69.19M | -5.17M | -245.21M | -4.99M |
| EBITDA Margin | 26.10% | 20.75% | 6.70% | -0.64% | -32.74% | -1.05% |
| D&A For EBITDA | -4.74M | 6.18M | 2.25M | 19.13M | 6.29M | 815.00K |
| EBIT | 378.07M | 263.83M | 66.94M | -24.30M | -251.50M | -5.81M |
| EBIT Margin | 26.43% | 20.27% | 6.49% | -2.99% | -33.58% | -1.22% |
| Revenue as Reported | 1.43B | 1.30B | 1.03B | 812.05M | 748.93M | 474.59M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 247.12M | 235.33M | 187.92M | 186.48M | 309.79M | 190.78M |
| Short-Term Investments | 1.10B | 945.27M | 778.41M | 2.49M | 1.01M | 10.16M |
| Cash & Short-Term Investments | 1.35B | 1.18B | 966.33M | 188.97M | 310.80M | 200.94M |
| Accounts Receivable | 203.98M | 166.25M | 127.11M | 79.53M | 59.22M | 32.33M |
| Other Receivables | 7.90M | 18.78M | 1.37M | |||
| Receivables | 203.98M | 166.25M | 127.11M | 87.42M | 78.00M | 33.70M |
| Prepaid Expenses | 6.93M | 7.56M | 6.71M | 7.09M | 3.35M | |
| Restricted Cash | 58.45M | 53.02M | 38.60M | 16.87M | 22.54M | 7.00M |
| Other Current Assets | 3.42M | 1.38M | 1.55M | |||
| Total Current Assets | 1.61B | 1.41B | 1.14B | 303.40M | 419.82M | 246.53M |
| Property, Plant & Equipment | 59.50M | 60.80M | 74.85M | 97.29M | 92.74M | 7.65M |
| Long-Term Investments | 10.68M | 13.52M | 21.93M | 740.69M | 488.86M | 292.42M |
| Goodwill | 25.30M | 22.90M | 23.06M | 10.95M | ||
| Other Intangible Assets | 4.57M | 7.66M | 12.82M | 2.55M | ||
| Long-Term Accounts Receivable | 34.18M | 38.77M | 19.21M | |||
| Long-Term Deferred Tax Assets | 5.68M | |||||
| Long-Term Deferred Charges | 11.97M | |||||
| Other Long-Term Assets | 87.80M | 34.23M | 18.81M | 19.33M | 4.89M | 6.80M |
| Total Assets | 1.80B | 1.55B | 1.29B | 1.21B | 1.05B | 590.26M |
| Accounts Payable | 4.57M | 3.93M | 6.99M | 1.29M | 1.74M | 11.58M |
| Accrued Expenses | 82.43M | 40.28M | 23.50M | 10.35M | 14.48M | 15.19M |
| Current Portion of Long-Term Debt | 37.69M | 61.83M | ||||
| Current Portion of Leases | 10.09M | 6.93M | 8.53M | |||
| Current Income Taxes Payable | 22.27M | 18.69M | 41.22M | 461.00K | 6.42M | |
| Current Unearned Revenue | 8.00M | |||||
| Other Current Liabilities | 26.36M | 21.86M | 18.21M | 35.01M | 1.90M | |
| Total Current Liabilities | 134.26M | 107.34M | 93.57M | 74.92M | 128.02M | 28.67M |
| Long-Term Debt | 937.38M | 824.27M | 643.75M | 324.03M | 92.80M | 37.91M |
| Long-Term Leases | 29.71M | 24.13M | 37.06M | 43.94M | 49.10M | |
| Long-Term Deferred Tax Liabilities | 568.00K | |||||
| Other Long-Term Liabilities | 208.00K | 4.72M | 893.00K | 25.48M | 9.17M | 39.28M |
| Total Liabilities | 1.10B | 960.46M | 775.28M | 468.38M | 279.66M | 105.86M |
| Additional Paid-In Capital | 1.42B | 1.39B | 1.28B | 1.10B | 968.43M | 113.17M |
| Retained Earnings | -742.96M | -862.65M | -944.04M | -542.64M | -414.20M | -111.88M |
| Comprehensive Income & Other | -53.79M | -48.32M | -11.49M | 444.00K | -713.00K | |
| Total Common Equity | 622.38M | 480.02M | 326.49M | 559.72M | 553.52M | 1.29M |
| Minority Interest | 44.18M | 75.33M | 115.06M | 106.03M | 211.90M | 176.06M |
| Shareholders' Equity | 696.67M | 585.45M | 515.80M | 740.00M | 765.42M | 484.40M |
| Total Liabilities & Equity | 1.80B | 1.55B | 1.29B | 1.21B | 1.05B | 590.26M |
| Total Debt | 992.09M | 858.48M | 680.81M | 412.58M | 212.26M | 37.91M |
| Net Cash (Debt) | 355.86M | 322.11M | 285.52M | -223.62M | 98.54M | 163.03M |
| Net Cash Per Share | 3.75 | 3.88 | 4.03 | -3.72 | 2.58 | 10.02 |
| Filing Date Shares Outstanding | 83.67M | 82.53M | 75.30M | 62.98M | 58.68M | 194.39M |
| Total Common Shares Outstanding | 83.67M | 82.04M | 73.88M | 62.04M | 56.94M | 194.39M |
| Working Capital | 1.48B | 1.30B | 1.05B | 228.48M | 291.80M | 217.86M |
| Book Value Per Share | 7.44 | 5.85 | 4.42 | 9.02 | 9.72 | 0.01 |
| Tangible Book Value | 592.51M | 449.45M | 290.61M | 546.23M | 553.52M | 1.29M |
| Tangible Book Value Per Share | 7.08 | 5.48 | 3.93 | 8.80 | 9.72 | 0.01 |
| Machinery | 109.74M | 92.09M | 67.34M | 38.28M | 8.20M | |
| Leasehold Improvements | 1.11M | 1.08M | 949.00K | 922.00K | 681.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 154.00M | 81.39M | -401.41M | -128.44M | -302.32M | -91.15M |
| Depreciation & Amortization | -4.74M | 6.18M | 2.25M | 19.13M | 6.29M | 815.00K |
| Other Amortization | 46.42M | 35.15M | 30.24M | |||
| Loss (Gain) From Sale of Assets | 162.64M | 108.91M | 408.10M | 134.51M | ||
| Asset Writedown & Restructuring Costs | 11.45M | 4.92M | 3.25M | 2.48M | 3.21M | |
| Loss (Gain) From Sale of Investments | 421.00K | |||||
| Loss (Gain) on Equity Investments | 1.47M | 8.41M | 4.59M | -488.00K | -5.76M | 155.00K |
| Stock-Based Compensation | 33.51M | 54.12M | 61.50M | 71.06M | 241.69M | 67.78M |
| Other Operating Activities | -23.18M | 12.81M | -42.09M | -67.78M | -541.00K | 74.65M |
| Change in Accounts Receivable | -54.34M | -26.28M | -23.04M | -25.46M | -46.45M | -27.55M |
| Change in Accounts Payable | -85.00K | 3.42M | 5.68M | -448.00K | -9.84M | 11.00M |
| Change in Income Taxes | -3.71M | -22.53M | 21.16M | 5.02M | 8.63M | 8.40M |
| Change in Other Net Operating Assets | -76.70M | -27.88M | -22.48M | -31.23M | 5.73M | 8.67M |
| Operating Cash Flow | 246.73M | 238.62M | 47.75M | -21.66M | -40.00M | 49.81M |
| Capital Expenditures | -28.99M | -29.90M | -17.74M | -20.19M | -22.41M | -6.62M |
| Cash Acquisitions | 159.00K | -9.09M | 1.61M | |||
| Sale (Purchase) of Intangibles | -5.50M | |||||
| Investment in Securities | 2.70M | -144.00K | -277.00K | 39.35M | ||
| Investing Cash Flow | -363.38M | -309.71M | -479.88M | -381.46M | -265.42M | -140.74M |
| Long-Term Debt Issued | 855.97M | 818.50M | 468.47M | 181.51M | 37.91M | |
| Long-Term Debt Repaid | -695.04M | -524.43M | -261.39M | -64.79M | ||
| Total Debt Repaid | -366.86M | -695.04M | -524.43M | -261.39M | -64.79M | |
| Net Debt Issued (Repaid) | 189.92M | 160.93M | 294.07M | 207.08M | 116.73M | 37.91M |
| Issuance of Common Stock | 2.27M | 6.92M | 105.13M | 32.23M | 293.49M | 346.00K |
| Repurchase of Common Stock | -650.00K | |||||
| Other Financing Activities | -37.18M | -38.25M | 37.49M | -24.56M | 27.70M | 78.33M |
| Financing Cash Flow | 155.02M | 129.60M | 436.69M | 289.10M | 437.92M | 289.62M |
| Foreign Exchange Rate Adjustments | 2.42M | 3.32M | -586.00K | -515.00K | ||
| Net Cash Flow | 40.79M | 61.83M | 3.98M | -114.53M | 132.50M | 198.69M |
| Free Cash Flow | 217.74M | 208.72M | 30.01M | -41.85M | -62.41M | 43.19M |
| Free Cash Flow Margin | 15.22% | 16.04% | 2.91% | -5.15% | -8.33% | 9.10% |
| Free Cash Flow Per Share | 2.29 | 2.51 | 0.42 | -0.70 | -1.63 | 2.65 |
| Levered Free Cash Flow | 251.11M | 181.19M | 117.02M | 22.04M | 33.95M | 51.49M |
| Unlevered Free Cash Flow | 251.11M | 181.19M | 117.02M | 22.04M | 33.95M | 51.49M |
| Cash Interest Paid | 91.79M | 91.79M | 80.32M | 17.78M | 4.34M | |
| Cash Income Tax Paid | 2.50M | 2.50M | 4.91M | 9.17M | 6.94M | 2.61M |
| Change in Working Capital | -134.83M | -73.27M | -18.68M | -52.12M | -41.94M | -2.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.60B | 1.68B | 684.26M | 979.87M | 844.53M | 356.86M |
| Enterprise Value | 1.25B | 1.50B | 1.37B | 1.36B | 916.97M | 586.36M |
| Last Close Price | 19.23 | 20.90 | 9.29 | 16.56 | 14.88 | 119.16 |
| PE Ratio | 11.52 | 21.74 | ||||
| Forward PE | 4.73 | 6.77 | 6.13 | 16.73 | ||
| PS Ratio | 1.12 | 1.29 | 0.66 | 1.21 | 1.13 | 0.75 |
| PB Ratio | 2.59 | 2.87 | 1.33 | 1.32 | 1.10 | 0.74 |
| P/TBV Ratio | 2.71 | 3.74 | 2.35 | 1.79 | 1.53 | 276.21 |
| P/FCF Ratio | 7.37 | 8.05 | 22.80 | 8.26 | ||
| P/OCF Ratio | 6.50 | 7.04 | 14.33 | 7.16 | ||
| EV/Sales Ratio | 0.87 | 1.16 | 1.32 | 1.67 | 1.22 | 1.24 |
| EV/EBITDA Ratio | 3.34 | 5.57 | 19.77 | |||
| EV/EBIT Ratio | 3.30 | 5.70 | 20.43 | |||
| EV/FCF Ratio | 5.73 | 7.21 | 45.57 | 13.58 | ||
| Debt / Equity Ratio | 1.42 | 1.47 | 1.32 | 0.56 | 0.28 | 0.08 |
| Debt / EBITDA Ratio | 2.61 | 3.11 | 8.78 | 101.37 | ||
| Debt / FCF Ratio | 4.56 | 4.11 | 22.68 | 0.88 | ||
| Net Debt / Equity Ratio | -0.51 | -0.55 | -0.55 | 0.30 | -0.13 | -0.34 |
| Net Debt / EBITDA Ratio | -0.95 | -1.19 | -4.13 | -43.23 | 0.40 | 32.65 |
| Net Debt / FCF Ratio | -1.63 | -1.54 | -9.51 | -5.34 | 1.58 | -3.77 |
| Asset Turnover | 0.88 | 0.92 | 0.83 | 0.72 | 0.92 | 1.20 |
| Quick Ratio | 11.56 | 12.55 | 11.69 | 3.69 | 3.04 | 8.18 |
| Current Ratio | 11.99 | 13.11 | 12.18 | 4.05 | 3.28 | 8.60 |
| Return on Equity (ROE) | 22.18% | 12.96% | -70.98% | -26.14% | -46.85% | -20.49% |
| Return on Assets (ROA) | 14.52% | 11.62% | 3.35% | -1.35% | -19.22% | -0.91% |
| Return on Invested Capital (ROIC) | 118.58% | 106.90% | 11.21% | -2.98% | -50.90% | -2.57% |
| Return on Capital Employed (ROCE) | 22.70% | 18.30% | 5.60% | -2.10% | -27.40% | -1.00% |
| Earnings Yield | 8.68% | 4.84% | -58.66% | -13.11% | -35.80% | -25.54% |
| FCF Yield | 13.57% | 12.42% | 4.39% | -4.27% | -7.39% | 12.10% |
| Buyback Yield / Dilution | -24.20% | -17.24% | -18.06% | -56.95% | -135.03% | 5.61% |