Pagaya Technologies Ltd.
PGY Nasdaq Finance Services Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$1.3B
26.1%
vs prior year
Operating margin
Operating income as a share of revenue.
20.3%
13.8 pts
Net income
Profit after all expenses, interest and tax.
$81.4M
Free cash flow
Cash from operations minus capital spending.
$225M
648.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.40 EPS (TTM)
What Pagaya Technologies Ltd. does
No business description yet.
- Legal name
- Pagaya Technologies Ltd.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001883085-26-000018
0001883085
Revenue and margins
Pagaya Technologies Ltd. had $1.3B of revenue in fiscal 2025, up 26.1% on the year before.
FY21
Revenue $475M
FY22
Revenue $749M
FY23
Revenue $812M
FY24
Revenue $1.0B
FY25
Revenue $1.3B
Q3 '23
Revenue $212M
Q4 '23
Revenue $218M
Q1 '24
Revenue $245M
Q2 '24
Revenue $250M
Q3 '24
Revenue $257M
Q4 '24
Revenue $279M
Q1 '25
Revenue $290M
Q2 '25
Revenue $326M
Q3 '25
Revenue $350M
Q4 '25
Revenue $335M
Q1 '26
Revenue $318M
Q2 '26
Revenue $387M
FY21
Gross 51.0%
Operating −1.2%
Net −19.2%
FCF 9.1%
FY22
Gross 39.8%
Operating −33.6%
Net −40.4%
FCF −8.3%
FY23
Gross 37.3%
Operating −3.0%
Net −15.8%
FCF −5.2%
FY24
Gross 42.1%
Operating 6.5%
Net −38.9%
FCF 2.9%
FY25
Gross 42.4%
Operating 20.3%
Net 6.3%
FCF 17.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 39.2%
Operating 0.1%
Net −10.3%
FCF 5.2%
Q4 '23
Gross 38.3%
Operating 4.9%
Net −6.6%
FCF −7.8%
Q1 '24
Gross 40.9%
Operating 3.1%
Net −8.7%
FCF 5.1%
Q2 '24
Gross 41.8%
Operating 2.0%
Net −29.9%
FCF 2.0%
Q3 '24
Gross 42.1%
Operating 8.7%
Net −26.2%
FCF −4.4%
Q4 '24
Gross 43.4%
Operating 11.4%
Net −85.2%
FCF 8.5%
Q1 '25
Gross 42.4%
Operating 16.4%
Net 2.7%
FCF 10.6%
Q2 '25
Gross 41.3%
Operating 17.3%
Net 5.1%
FCF 16.4%
Q3 '25
Gross 42.7%
Operating 22.8%
Net 6.4%
FCF 18.2%
Q4 '25
Gross 43.2%
Operating 23.8%
Net 10.2%
FCF 22.9%
Q1 '26
Gross 44.2%
Operating 25.2%
Net 7.8%
FCF 12.6%
Q2 '26
Gross 43.5%
Operating 27.3%
Net 11.7%
FCF 18.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income −$91.2M
FY22
Net income −$302M
FY23
Net income −$128M
FY24
Net income −$401M
FY25
Net income $81.4M
Q3 '23
Net income −$21.8M
Q4 '23
Net income −$14.4M
Q1 '24
Net income −$21.2M
Q2 '24
Net income −$74.8M
Q3 '24
Net income −$67.5M
Q4 '24
Net income −$238M
Q1 '25
Net income $7.9M
Q2 '25
Net income $16.7M
Q3 '25
Net income $22.5M
Q4 '25
Net income $34.3M
Q1 '26
Net income $24.7M
Q2 '26
Net income $45.3M
FY21
Diluted EPS −$8.25
FY22
Diluted EPS −$8.22
FY23
Diluted EPS −$2.14
FY24
Diluted EPS −$5.66
FY25
Diluted EPS $0.93
Q3 '23
Diluted EPS −$0.36
Q4 '23
Diluted EPS −$0.22
Q1 '24
Diluted EPS −$0.33
Q2 '24
Diluted EPS −$1.04
Q3 '24
Diluted EPS −$0.93
Q4 '24
Diluted EPS −$3.36
Q1 '25
Diluted EPS $0.10
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.23
Q4 '25
Diluted EPS $0.40
Q1 '26
Diluted EPS $0.28
Q2 '26
Diluted EPS $0.49
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity −51.4%
Return on assets —
FY22
Return on capital −65.0%
Return on equity −82.7%
Return on assets −28.9%
FY23
Return on capital −4.7%
Return on equity −23.1%
Return on assets −11.4%
FY24
Return on capital 12.1%
Return on equity −90.6%
Return on assets −32.1%
FY25
Return on capital —
Return on equity 20.2%
Return on assets 5.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $225M in fiscal 2025, 17.3% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $43.2M
FY22
Free cash flow −$62.4M
FY23
Free cash flow −$41.8M
FY24
Free cash flow $30.0M
FY25
Free cash flow $225M
Q3 '23
Free cash flow $11.1M
Q4 '23
Free cash flow −$16.9M
Q1 '24
Free cash flow $12.6M
Q2 '24
Free cash flow $4.9M
Q3 '24
Free cash flow −$11.3M
Q4 '24
Free cash flow $23.9M
Q1 '25
Free cash flow $30.7M
Q2 '25
Free cash flow $53.6M
Q3 '25
Free cash flow $63.8M
Q4 '25
Free cash flow $76.7M
Q1 '26
Free cash flow $40.0M
Q2 '26
Free cash flow $71.3M
FY21
Cash from operations $49.8M
Capital spending $6.6M
FY22
Cash from operations −$40.0M
Capital spending $22.4M
FY23
Cash from operations −$21.7M
Capital spending $20.2M
FY24
Cash from operations $47.8M
Capital spending $17.7M
FY25
Cash from operations $239M
Capital spending $13.9M
Cash from operations
Capital spending
Q3 '23
Cash from operations $16.1M
Capital spending $5.1M
Q4 '23
Cash from operations −$12.3M
Capital spending $4.6M
Q1 '24
Cash from operations $17.7M
Capital spending $5.1M
Q2 '24
Cash from operations $9.3M
Capital spending $4.4M
Q3 '24
Cash from operations −$7.1M
Capital spending $4.2M
Q4 '24
Cash from operations $27.9M
Capital spending $4.0M
Q1 '25
Cash from operations $34.4M
Capital spending $3.8M
Q2 '25
Cash from operations $57.4M
Capital spending $3.8M
Q3 '25
Cash from operations $67.0M
Capital spending $3.2M
Q4 '25
Cash from operations $79.8M
Capital spending $3.1M
Q1 '26
Cash from operations $43.2M
Capital spending $3.2M
Q2 '26
Cash from operations $74.7M
Capital spending $3.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Pagaya Technologies Ltd. returned — to shareholders in fiscal 2025. The diluted share count rose 17.2%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably Pagaya Technologies Ltd. can carry it.
FY21
Cash $191M
Debt —
FY22
Cash $310M
Debt $61.8M
FY23
Cash $186M
Debt $37.7M
FY24
Cash $210M
Debt $321M
FY25
Cash $235M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $191M | $310M | $186M | $210M | $235M |
| Debt incl. finance leases | — | $61.8M | $37.7M | $321M | — |
| Net debt / EBITDA | — | — | — | 1.2x | — |
| Debt / equity | — | 0.1x | 0.1x | 1.0x | — |
| Current ratio | — | 3.3x | 4.0x | 1.8x | — |
| Quick ratio | — | 3.3x | 4.0x | 1.8x | — |
| Total assets | — | $1.0B | $1.2B | $1.3B | $1.5B |
| Total liabilities | — | $280M | $468M | $775M | $960M |
| Shareholders' equity | $177M | $554M | $560M | $326M | $480M |
| Net debt (− = net cash) | — | −$248M | −$149M | $111M | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | — |
| Current ratio rose | — | — | ✓ | ✕ | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 4 / 9 | 4 / 9 | 6 / 7 |
| Accruals ratio | — | −25.1% | −9.5% | −35.9% | −11.1% |
| Altman Z'' | — | 1.00 | 0.90 | −0.80 | — |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| 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 | −$5.8M | −$252M | −$24.4M | $66.8M | $264M |
| Pretax income | −$61.6M | −$276M | −$181M | −$421M | $51.6M |
| Income tax | $7.9M | $16.4M | $15.6M | $24.6M | −$19.7M |
| Net income | −$91.2M | −$302M | −$128M | −$401M | $81.4M |
| Net income to common | −$134M | −$315M | −$128M | −$401M | $77.3M |
| Diluted EPS | −$8.25 | −$8.22 | −$2.14 | −$5.66 | $0.93 |
| Diluted shares | 0.02B | 0.04B | 0.06B | 0.07B | 0.08B |
| Cash flow | |||||
| Cash from operations | $49.8M | −$40.0M | −$21.7M | $47.8M | $239M |
| Capital expenditure | $6.6M | $22.4M | $20.2M | $17.7M | $13.9M |
| Free cash flow | $43.2M | −$62.4M | −$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 | — | — | — | $9.1M | −$0.2M |
| Balance sheet | |||||
| Cash and short-term investments | $191M | $310M | $186M | $210M | $235M |
| Total debt | — | $61.8M | $37.7M | $321M | — |
| Current assets | — | $420M | $303M | $351M | — |
| Current liabilities | — | $128M | $74.9M | $195M | — |
| Property and equipment, net | — | $31.7M | $41.6M | $38.0M | $30.2M |
| Goodwill | — | $0.0M | $10.9M | $23.1M | $22.9M |
| Intangible assets | — | $0.0M | $2.6M | $12.8M | $7.7M |
| Total assets | — | $1.0B | $1.2B | $1.3B | $1.5B |
| Total liabilities | — | $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 | −1.2% | −33.6% | −3.0% | 6.5% | 20.3% |
| EBITDA margin | −1.1% | −32.7% | −0.6% | 9.3% | 22.6% |
| Net margin | −19.2% | −40.4% | −15.8% | −38.9% | 6.3% |
| FCF margin | 9.1% | −8.3% | −5.2% | 2.9% | 17.3% |
| Returns | |||||
| Return on capital | — | −65.0% | −4.7% | 12.1% | — |
| Return on capital employed | — | −27.4% | −2.2% | 6.1% | — |
| Return on equity | −51.4% | −82.7% | −23.1% | −90.6% | 20.2% |
| Return on assets | — | −28.9% | −11.4% | −32.1% | 5.7% |
| Return on tangible equity | −75.7% | −56.8% | −23.5% | −138.1% | 17.2% |
| Growth | |||||
| Revenue growth | — | 57.8% | 8.4% | 27.1% | 26.1% |
| FCF growth | — | −244.5% | — | — | 648.7% |
| Share count change | — | 135.0% | 56.9% | 18.1% | 17.2% |
| Financial health | |||||
| Net debt / EBITDA | — | — | — | 1.2x | — |
| Debt / equity | — | 0.1x | 0.1x | 1.0x | — |
| Current ratio | — | 3.3x | 4.0x | 1.8x | — |
| Quick ratio | — | 3.3x | 4.0x | 1.8x | — |
| 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 | — | — | 4.0 | 4.0 | 6.0 |
| Altman Z'' | — | 1.0 | 0.9 | −0.8 | — |
| Accruals ratio | — | −25.1% | −9.5% | −35.9% | −11.1% |
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 — not investment advice. Check the original filings before relying on any figure.