PGY Nasdaq Finance Services Financials FY2021βFY2025
Pagaya Technologies Ltd. had $1.3B of revenue in fiscal 2025, up 26.1% on the year before.
Last close Β· Oct 23, 2026
$19.09
0.7%Hi! I read Pagaya Technologies Ltd.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+26.1%
Yes. Sales grew 26.1% last year.
Does it make a profit?
6.3%
A little. It keeps 6.3% of every sale as profit.
Does profit turn into cash?
17.3%
Yes. 17.3% of sales ends up as free cash.
How healthy are the accounts?
6 / 7
Mixed. It passes 6 of 7 health tests.
How is the share priced?
13.6x
One share costs 13.6 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Pagaya Technologies Ltd. had $1.3B of revenue in fiscal 2025, up 26.1% on the year before. Its operating margin was 20.3%, up 13.8Β pts: of every 100 in sales, about 20 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Pagaya Technologies Ltd. made $81.4M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $225M in fiscal 2025, 17.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.5M and sold $4.9M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.5M
1 insider
Sold, 12 months
$4.9M
5 insiders
Of sales under plans
14%
$0.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | Tami RosenDirector | Sold | 1,986 | $17.83 | $0.0M | Form 4 |
| Sep 28, 2026 | Sanjiv DasPresident | Sold | 14,300 | $17.04 | $0.2M | Form 4 |
| Sep 28, 2026 | Cory VieiraChief Accounting Officer | Sold | 2,170 | $17.04 | $0.0M | Form 4 |
| Sep 28, 2026 | Jonathan DobresChief Financial Officer | Sold | 590 | $17.04 | $0.0M | Form 4 |
| Sep 18, 2026 | Tami RosenDirector | Sold plan | 8,504 | $20.38 | $0.2M | Form 4 |
| Sep 17, 2026 | Jonathan DobresChief Financial Officer | Sold | 2,183 | $21.04 | $0.0M | Form 4 |
| Sep 12, 2026 | Sanjiv DasPresident | Sold | 13,301 | $20.21 | $0.3M | Form 4 |
| Sep 12, 2026 | Tami RosenDirector | Sold | 7,121 | $20.21 | $0.1M | Form 4 |
| Sep 12, 2026 | Jonathan DobresChief Financial Officer | Sold | 582 | $20.21 | $0.0M | Form 4 |
| Sep 3, 2026 | Tami RosenDirector | Sold | 1,265 | $23.07 | $0.0M | Form 4 |
| Sep 2, 2026 | Cory VieiraChief Accounting Officer | Sold | 3,075 | $22.71 | $0.1M | Form 4 |
| Aug 3, 2026 | Sanjiv DasPresident | Sold | 21,289 | $22.00 | $0.5M | Form 4 |
| Aug 3, 2026 | Tami RosenDirector | Sold | 28,181 | $21.98 | $0.6M | Form 4 |
| Jun 25, 2026 | Jonathan DobresChief Financial Officer | Sold | 403 | $15.48 | $0.0M | Form 4 |
| Jun 25, 2026 | Sanjiv DasPresident | Sold | 14,000 | $15.83 | $0.2M | Form 4 |
| Jun 25, 2026 | Cory VieiraChief Accounting Officer | Sold | 1,458 | $15.83 | $0.0M | Form 4 |
| Jun 24, 2026 | Gal KrubinerChief Executive Officer, Director | Bought | 16,230 | $15.43 | $0.3M | Form 4 |
| Jun 22, 2026 | Tami RosenDirector | Sold plan | 9,944 | $15.20 | $0.2M | Form 4 |
| Jun 12, 2026 | Evangelos PerrosFormer Officer | Sold | 11,558 | $16.23 | $0.2M | Form 4 |
| Jun 12, 2026 | Tami RosenDirector | Sold | 5,681 | $16.23 | $0.1M | Form 4 |
| Jun 12, 2026 | Sanjiv DasPresident | Sold | 13,309 | $16.23 | $0.2M | Form 4 |
| Jun 2, 2026 | Gal KrubinerChief Executive Officer, Director | Bought | 16,600 | $15.09 | $0.3M | Form 4 |
| Jun 2, 2026 | Cory VieiraChief Accounting Officer | Sold | 2,140 | $15.01 | $0.0M | Form 4 |
| Apr 17, 2026 | Tami RosenDirector | Sold plan | 9,720 | $15.14 | $0.1M | Form 4 |
| Apr 1, 2026 | Evangelos PerrosChief Financial Officer | Sold | 13,004 | $11.34 | $0.1M | Form 4 |
| Mar 12, 2026 | Sanjiv DasPresident | Sold | 9,702 | $10.99 | $0.1M | Form 4 |
| Mar 12, 2026 | Evangelos PerrosChief Financial Officer | Sold | 8,425 | $10.99 | $0.1M | Form 4 |
| Mar 12, 2026 | Tami RosenChief Development Officer, Director | Sold | 5,905 | $10.99 | $0.1M | Form 4 |
| Mar 2, 2026 | Cory VieiraChief Accounting Officer | Sold | 2,490 | $10.92 | $0.0M | Form 4 |
| Jan 5, 2026 | Sanjiv DasPresident | Sold | 3,945 | $22.99 | $0.1M | Form 4 |
| Jan 5, 2026 | Evangelos PerrosChief Financial Officer | Sold | 9,750 | $22.99 | $0.2M | Form 4 |
| Dec 19, 2025 | Tami RosenChief Development Officer, Director | Sold plan | 7,561 | $30.73 | $0.2M | Form 4 |
| Dec 12, 2025 | Tami RosenChief Development Officer, Director | Sold | 8,064 | $22.35 | $0.2M | Form 4 |
| Dec 12, 2025 | Sanjiv DasPresident | Sold | 568 | $22.35 | $0.0M | Form 4 |
| Dec 12, 2025 | Evangelos PerrosChief Financial Officer | Sold | 11,592 | $22.35 | $0.3M | Form 4 |
| Dec 2, 2025 | Cory VieiraChief Accounting Officer | Sold | 8,442 | $23.15 | $0.2M | Form 4 |
| Oct 16, 2025 | Sanjiv DasPresident | Sold | 12,816 | $27.40 | $0.4M | Form 4 |
| Oct 1, 2025 | Tami RosenChief Development Officer, Director | Sold plan | 15,026 | $30.73 | $0.5M | Form 4 |
| Oct 1, 2025 | Sanjiv DasPresident | Sold | 4,783 | $30.20 | $0.1M | Form 4 |
| Oct 1, 2025 | Evangelos PerrosChief Financial Officer | Sold | 12,754 | $30.20 | $0.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Pagaya Technologies Ltd. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $191M | $310M | $186M | $210M | $235M |
| Debt incl. finance leases | β | $61.8M | $37.7M | $321M | β |
| Net debt / EBITDA | β | β | β | 1.2x | β |
| Debt / equity | β | 0.1x | 0.1x | 1.0x | β |
| Current ratio | β | 3.3x | 4.0x | 1.8x | β |
| Quick ratio | β | 3.3x | 4.0x | 1.8x | β |
| Total assets | β | $1.0B | $1.2B | $1.3B | $1.5B |
| Total liabilities | β | $280M | $468M | $775M | $960M |
| Shareholders' equity | $177M | $554M | $560M | $326M | $480M |
| Net debt (β = net cash) | β | β$248M | β$149M | $111M | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Pagaya Technologies Ltd. passes 6 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 9 | 4 / 9 | 6 / 7 |
| Accruals ratio | β | β25.1% | β9.5% | β35.9% | β11.1% |
| Altman Z'' | β | 1.00 | 0.90 | β0.80 | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $475M | $749M | $812M | $1.0B | $1.3B |
| Gross profit | $242M | $298M | $303M | $435M | $552M |
| Research and development | $66.2M | $151M | $74.4M | $76.6M | $75.2M |
| Operating income | β$5.8M | β$252M | β$24.4M | $66.8M | $264M |
| Pretax income | β$61.6M | β$276M | β$181M | β$421M | $51.6M |
| Income tax | $7.9M | $16.4M | $15.6M | $24.6M | β$19.7M |
| Net income | β$91.2M | β$302M | β$128M | β$401M | $81.4M |
| Net income to common | β$134M | β$315M | β$128M | β$401M | $77.3M |
| Diluted EPS | β$8.25 | β$8.22 | β$2.14 | β$5.66 | $0.93 |
| Diluted shares | 0.02B | 0.04B | 0.06B | 0.07B | 0.08B |
| Cash flow | |||||
| Cash from operations | $49.8M | β$40.0M | β$21.7M | $47.8M | $239M |
| Capital expenditure | $6.6M | $22.4M | $20.2M | $17.7M | $13.9M |
| Free cash flow | $43.2M | β$62.4M | β$41.8M | $30.0M | $225M |
| Depreciation and amortization | $0.8M | $6.3M | $19.1M | $28.8M | $30.1M |
| Stock-based compensation | $67.8M | $242M | $71.1M | $61.5M | $54.1M |
| Acquisitions | β | β | β | $9.1M | β$0.2M |
| Balance sheet | |||||
| Cash and short-term investments | $191M | $310M | $186M | $210M | $235M |
| Total debt | β | $61.8M | $37.7M | $321M | β |
| Current assets | β | $420M | $303M | $351M | β |
| Current liabilities | β | $128M | $74.9M | $195M | β |
| Property and equipment, net | β | $31.7M | $41.6M | $38.0M | $30.2M |
| Goodwill | β | $0.0M | $10.9M | $23.1M | $22.9M |
| Intangible assets | β | $0.0M | $2.6M | $12.8M | $7.7M |
| Total assets | β | $1.0B | $1.2B | $1.3B | $1.5B |
| Total liabilities | β | $280M | $468M | $775M | $960M |
| Shareholders' equity | $177M | $554M | $560M | $326M | $480M |
| Margins | |||||
| Gross margin | 51.0% | 39.8% | 37.3% | 42.1% | 42.4% |
| Operating margin | β1.2% | β33.6% | β3.0% | 6.5% | 20.3% |
| EBITDA margin | β1.1% | β32.7% | β0.6% | 9.3% | 22.6% |
| Net margin | β19.2% | β40.4% | β15.8% | β38.9% | 6.3% |
| FCF margin | 9.1% | β8.3% | β5.2% | 2.9% | 17.3% |
| Returns | |||||
| Return on capital | β | β65.0% | β4.7% | 12.1% | β |
| Return on capital employed | β | β27.4% | β2.2% | 6.1% | β |
| Return on equity | β51.4% | β82.7% | β23.1% | β90.6% | 20.2% |
| Return on assets | β | β28.9% | β11.4% | β32.1% | 5.7% |
| Return on tangible equity | β75.7% | β56.8% | β23.5% | β138.1% | 17.2% |
| Growth | |||||
| Revenue growth | β | 57.8% | 8.4% | 27.1% | 26.1% |
| FCF growth | β | β244.5% | β | β | 648.7% |
| Share count change | β | 135.0% | 56.9% | 18.1% | 17.2% |
| Financial health | |||||
| Net debt / EBITDA | β | β | β | 1.2x | β |
| Debt / equity | β | 0.1x | 0.1x | 1.0x | β |
| Current ratio | β | 3.3x | 4.0x | 1.8x | β |
| Quick ratio | β | 3.3x | 4.0x | 1.8x | β |
| Capital allocation | |||||
| Capex / revenue | 1.4% | 3.0% | 2.5% | 1.7% | 1.1% |
| Stock comp / revenue | 14.3% | 32.3% | 8.8% | 6.0% | 4.2% |
| Quality scores | |||||
| Piotroski F-score | β | β | 4.0 | 4.0 | 6.0 |
| Altman Z'' | β | 1.0 | 0.9 | β0.8 | β |
| Accruals ratio | β | β25.1% | β9.5% | β35.9% | β11.1% |
Source: SEC EDGAR XBRL filings (CIK 0001883085). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
