Pagaya Technologies Ltd. (PGY)
Pagaya Technologies Ltd. is a financial technology enterprise operating across Israel, the United States, and the Cayman Islands. The company specializes in developing and implementing its proprietary artificial intelligence systems and associated software platforms. These advanced solutions are designed to assist its diverse range of partners – including rapidly growing fintech companies, traditional financial institutions, auto finance providers, and brokers – in originating various loans and other financial assets. Founded in 2016, Pagaya Technologies Ltd. is headquartered in Tel Aviv, Israel.
Sector: Finance Services
Industry: Software - Infrastructure
Pagaya Technologies Ltd.
NASDAQ:PGYTechnology · Software - Infrastructure
+0.52%$17.50
CLOSED · Nov 6Prev close$17.41+0.52%Close$17.50+0.57%AH close$17.60
AH$17.60+0.57%vs close
Mkt Cap$1.27B
Float64.67M
O/S72.74M
VOL1.73M sh
$ Vol$30.19M
RVOL0.87×
Inst Own48.3%
SI15.7%
Dilution
Financials Summary
Revenue$1.26B
Net Income$81.39M
Total Assets$1.55B
Free Cash Flow$224.72M
Debt & Equity
Debt 64%
Equity 36%
Total Debt$858.48M
Total Equity$480.02M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:12Reverse splitMar 8, 202412 shares → 1
Balance Sheet Details
Assets$1.55B
Liabilities$990.56M
Accounts Receivable$195.81M
Accounts Payable$3.93M
Inventory$0
PP&E (Net)$60.8M
Goodwill$22.9M
Intangible Assets$7.66M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $1.26B | $1B | $772.81M | $685.41M | $445.87M | $91.74M | $36.14M |
| YoY Growth | 25.6% | 30.0% | 12.8% | 53.7% | 386.0% | 153.8% | - |
| Cost of Revenue | $749.17M | $597.65M | $508.94M | $451.08M | $232.32M | $49.09M | $27.97M |
| Gross Profit | $512.17M | $406.9M | $263.87M | $234.33M | $213.54M | $42.66M | $8.17M |
| Gross Margin | 40.6% | 40.5% | 34.1% | 34.2% | 47.9% | 46.5% | 22.6% |
| Research and Development | $75.21M | $76.57M | $74.38M | $150.93M | $66.21M | $12.33M | $5.43M |
| Selling, General, and Administrative | $213.15M | $291.19M | $253.12M | $398.42M | $181.86M | $16.34M | $6.44M |
| Other | $0 | -$27.7M | -$39.24M | $0 | -$28.72M | -$7.27M | $200K |
| Total Operating Expenses | $288.36M | $340.06M | $288.27M | $549.35M | $219.35M | $21.4M | $12.08M |
| Operating Income (EBIT) | $223.81M | $66.84M | -$24.4M | -$315.02M | -$5.81M | $21.25M | -$3.9M |
| Operating Margin | 17.7% | 6.7% | -3.2% | -46.0% | -1.3% | 23.2% | -10.8% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $48.43M | $32.29M | $38.75M | $57.76M | $28.88M | $6.99M | $0 |
| Other Income (Expense) | -$172.18M | -$487.96M | -$156.77M | $38.65M | -$55.84M | -$55K | -$124K |
| Income Before Tax (EBT) | $51.63M | -$421.12M | -$181.17M | -$276.37M | -$61.65M | $21.2M | -$4.03M |
| Income Tax Expense | -$19.75M | $24.58M | $15.57M | $16.4M | $7.88M | $1.28M | $172K |
| Net Income | $81.39M | -$401.41M | -$128.44M | -$302.32M | -$91.15M | $14.47M | -$5.62M |
| Net Income Margin | 6.5% | -40.0% | -16.6% | -44.1% | -20.4% | 15.8% | -15.6% |
| Supplementary Data | |||||||
| EPS | 0.99 | -5.66 | -2.14 | -8.28 | -8.25 | 0.31 | -0.54 |
| Diluted EPS | 0.93 | -5.66 | -2.14 | -8.28 | -8.25 | 0.27 | -0.53 |
| Weighted Average OS | 78.34M | 70.88M | 60.02M | 38.25M | 16.28M | 18.38M | 15.54M |
| EBITDA | $81.7M | $67.89M | -$44.51M | -$308.73M | -$33.72M | $14.27M | -$3.81M |
| EBITDA Margin | 6.5% | 6.8% | -5.8% | -45.0% | -7.6% | 15.6% | -10.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $235.33M | $187.92M | $186.48M | $309.79M | $190.78M | $5.07M | $4.83M |
| Short-Term Investments | $958.79M | $7.8M | $2.49M | $1.01M | $10.16M | $57.57M | $10.08M |
| Cash and Short-Term Investments | $1.19B | $195.72M | $188.97M | $310.8M | $200.94M | $62.63M | $14.91M |
| Accounts Receivable | $195.81M | $127.4M | $87.42M | $59.22M | $33.7M | $12.81M | $4.26M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $57.7M | $20.8M | $20.3M | $42.7M | $8.55M | $1.11M | $50K |
| Total Current Assets | $1.45B | $351.48M | $303.4M | $419.82M | $246.53M | $76.97M | $20.89M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $60.8M | $74.85M | $97.29M | $92.74M | $7.65M | $1.53M | $727K |
| Goodwill | $22.9M | $23.06M | $10.95M | $0 | $0 | $0 | $0 |
| Intangible Assets | $7.66M | $12.82M | $2.55M | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $778.25M | $740.69M | $488.86M | $292.42M | $110.61M | $37.01M |
| Deferred Tax Assets | $0 | $0 | $0 | $5.68M | $5.68M | $0 | $0 |
| Other Long-Term Assets | $0 | $50.6M | $53.51M | $37.98M | $37.97M | $15.15M | $0 |
| Total Long-Term Assets | $91.36M | $939.59M | $904.97M | $625.26M | $343.72M | $127.3M | $37.74M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.55B | $1.29B | $1.21B | $1.05B | $590.26M | $204.27M | $58.63M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $3.93M | $6.99M | $1.29M | $1.74M | $11.58M | $581K | $154K |
| Short-Term Debt | $0 | $126.83M | $37.69M | $61.83M | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $9.86M | $461K | $6.42M | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $23.75M | $29.04M | $18.21M | $6.42M | $1.9M | $942K | $624K |
| Total Current Liabilities | $131.47M | $195.49M | $74.92M | $128.02M | $28.67M | $4.27M | $1.64M |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $824.27M | $516.92M | $324.03M | $92.8M | $37.91M | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $107K | $568K | $0 | $0 | $0 |
| Other Long-Term Liabilities | $34.83M | $106.5M | $99.63M | $9.17M | $39.28M | $5.88M | $0 |
| Total Long-Term Liabilities | $859.1M | $654.03M | $467.7M | $151.64M | $77.19M | $5.88M | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $990.56M | $849.53M | $542.63M | $279.66M | $105.86M | $10.15M | $1.64M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $307.05M | $105.98M | $43.61M |
| Common Stock | $0 | $0 | $0 | $0 | $3K | $3K | $3K |
| Retained Earnings | -$862.65M | -$944.04M | -$542.64M | -$414.2M | -$111.88M | $2.88M | -$11.59M |
| Comprehensive Income & Other | -$48.32M | -$11.49M | $444K | -$713K | $0 | $0 | $0 |
| Other Stockholders' Equity | $1.34B | $1.27B | $1.1B | $967.72M | $420.21M | $106.29M | $43.77M |
| Total Equity | $480.02M | $326.49M | $559.72M | $553.52M | $308.34M | $109.18M | $32.19M |
| Minority Interest | $75.33M | $115.06M | $106.03M | $211.9M | $176.06M | $84.94M | $24.8M |
| Total Liabilities and Equity | $1.47B | $1.18B | $1.1B | $833.18M | $414.2M | $119.33M | $33.83M |
| Supplementary Data | |||||||
| Total Debt | $858.48M | $680.81M | $412.58M | $212.26M | $37.91M | $0 | $0 |
| Net Debt | $623.15M | $492.89M | $226.11M | -$97.53M | -$152.87M | -$5.07M | -$4.83M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | $71.37M | -$445.7M | -$196.74M | -$292.77M | -$69.52M | $14.47M | -$5.62M |
| Depreciation & Amortization | $30.08M | $28.75M | $19.13M | $6.29M | $815K | $290K | $91K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $54.12M | $61.5M | $71.06M | $241.69M | $67.78M | $156K | $74K |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$26.28M | -$24M | -$20.74M | -$46.45M | -$27.55M | -$19.72M | -$3.78M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $3.42M | $5.68M | -$448K | -$9.84M | $11M | $0 | $0 |
| Other Working Capital | -$50.4M | $20.42M | $303K | $14.36M | $13.7M | $2.58M | $166K |
| Total Working Capital Change | -$73.27M | $2.09M | -$20.89M | -$41.94M | -$2.86M | -$17.14M | -$3.62M |
| Other Non-Cash Items | $156.32M | $419.88M | $137.02M | $46.73M | $53.59M | $6.48M | $1.13M |
| Net Cash from Operating | $238.62M | $66.52M | $9.58M | -$40M | $49.81M | $4.26M | -$7.95M |
| Investing Activities | |||||||
| Capital Expenditures | -$13.9M | -$17.74M | -$20.19M | -$22.41M | -$6.62M | -$1.1M | -$666K |
| Acquisitions | $0 | -$9.24M | $0 | $105.47M | -$14.07M | $0 | $0 |
| Purchases of Investments | -$632.18M | -$693.94M | -$566.17M | -$361.38M | -$202.37M | $0 | $0 |
| Sales of Investments | $352.37M | $227.77M | $172.06M | $118.37M | $82.32M | $0 | $0 |
| Other Investing Activities | -$16M | -$5.5M | $1.61M | $0 | $0 | -$121.66M | -$35.57M |
| Net Cash from Investing | -$309.71M | -$498.64M | -$412.69M | -$159.95M | -$140.74M | -$122.76M | -$36.24M |
| Financing Activities | |||||||
| Debt Repaid | -$160.93M | -$294.07M | -$207.08M | -$139.41M | -$37.91M | - | - |
| Common Stock Issuance | $6.92M | $101.82M | $27.89M | $293.49M | $21.55M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$38.25M | $40.79M | -$20.13M | -$142.55M | $57.52M | $119.5M | $46.54M |
| Net Cash from Financing | $129.6M | $436.69M | $289.1M | $332.45M | $289.62M | $119.5M | $46.54M |
| Forex Effect | $3.32M | -$586K | -$515K | $2.05M | $0 | $0 | $2.52M |
| Net Change in Cash | $61.83M | $3.98M | -$114.53M | $134.55M | $198.69M | $1M | $4.88M |
| Supplementary Data | |||||||
| Operating Cash Flow | $238.62M | $66.52M | $9.58M | -$40M | $49.81M | $4.26M | -$7.95M |
| Capital Expenditure | -$13.9M | -$23.24M | -$20.19M | -$22.41M | -$6.62M | -$1.1M | -$666K |
| Free Cash Flow | $224.72M | $43.28M | -$10.61M | -$62.41M | $43.19M | $3.16M | -$8.61M |
| Cash at Beginning | $226.52M | $222.54M | $337.08M | $197.78M | $5.88M | $4.88M | $0 |
| Cash at End | $288.35M | $226.52M | $222.54M | $332.33M | $204.57M | $5.88M | $4.88M |