Estados financieros detallados de Pagaya Technologies Ltd. (PGY): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Pagaya Technologies Ltd. registró ingresos de $1.26B en el último ejercicio fiscal, con un CAGR de 5 años del 68.9%. El beneficio neto alcanzó $81.4M, con un CAGR a 5 años del 41.3%.
Márgenes de los últimos 12 meses: margen bruto 40.6%, margen operativo 21.2%, margen neto 9.6%. El flujo de caja libre creció a un CAGR del 134.6% en 5 años.
Al precio actual de $21.64, PGY cotiza a un P/E de 14.43 y un ROE del 24.48%. La capitalización bursátil es de $1.8B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $36.1M | $91.7M | $445.9M | $685.4M | $772.8M | $1.00B | $1.26B |
| Coste de Ventas | $28.0M | $49.1M | $232.3M | $451.1M | $508.9M | $597.7M | $749.2M |
| Beneficio Bruto | $8.2M | $42.7M | $213.5M | $234.3M | $263.9M | $406.9M | $512.2M |
| I+D | $5.4M | $12.3M | $66.2M | $150.9M | $74.4M | $76.6M | $75.2M |
| Generales y Administrativos | $6.4M | $16.3M | $181.9M | $398.4M | $253.1M | $291.2M | $213.2M |
| Gastos Operativos | $12.1M | $21.4M | $219.4M | $549.3M | $288.3M | $340.1M | $288.4M |
| Beneficio Operativo | -$3.9M | $21.3M | -$5.8M | -$315.0M | -$24.4M | $66.8M | $223.8M |
| EBITDA | -$3.8M | $14.3M | -$33.7M | -$308.7M | -$44.5M | $67.9M | $81.7M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$4.0M | $21.2M | -$61.6M | -$276.4M | -$181.2M | -$421.1M | $51.6M |
| Impuestos | $172000 | $1.3M | $7.9M | $16.4M | $15.6M | $24.6M | -$19.7M |
| Beneficio Neto | -$5.6M | $14.5M | -$91.2M | -$302.3M | -$128.4M | -$401.4M | $81.4M |
| BPA | $-0.54 | $0.31 | $-8.25 | $-8.28 | $-2.14 | $-5.66 | $0.99 |
| BPA Diluido | $-0.53 | $0.27 | $-8.25 | $-8.28 | $-2.14 | $-5.66 | $0.93 |
| Acciones en Circulación (Diluidas) | $15.9M | $18.4M | $16.3M | $58.3M | $60.0M | $70.9M | $83.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $339.9M | $321.0M | $299.0M | $365.6M |
| Beneficio Bruto | $139.3M | $131.0M | $121.4M | $146.9M |
| Beneficio Operativo | $69.7M | $65.9M | $61.1M | $84.4M |
| EBITDA | $15.7M | $29.2M | $31.2M | $45.2M |
| Beneficio Neto | $22.5M | $34.3M | $24.7M | $45.3M |
| BPA | $0.27 | $0.41 | $0.29 | $0.53 |
| BPA Diluido | $0.23 | $0.36 | $0.29 | $0.49 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $4.8M | $5.1M | $190.8M | $309.8M | $186.5M | $187.9M | $235.3M |
| Inversiones a Corto | $10.1M | $57.6M | $10.2M | $1.0M | $2.5M | $7.8M | $958.8M |
| Cuentas por Cobrar | $4.3M | $12.8M | $33.7M | $59.2M | $87.4M | $127.4M | $195.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $20.9M | $77.0M | $246.5M | $419.8M | $303.4M | $351.5M | $1.45B |
| Inmovilizado Material | $727000 | $1.5M | $7.6M | $92.7M | $97.3M | $74.8M | $60.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $10.9M | $23.1M | $22.9M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $2.5M | $12.8M | $7.7M |
| Activos Totales | $58.6M | $204.3M | $590.3M | $1.05B | $1.21B | $1.29B | $1.55B |
| Cuentas por Pagar | $154000 | $581000 | $11.6M | $1.7M | $1.3M | $7.0M | $3.9M |
| Deuda a Corto | 0 | 0 | 0 | $61.8M | $37.7M | $126.8M | 0 |
| Pasivos Corrientes | $1.6M | $4.3M | $28.7M | $128.0M | $74.9M | $195.5M | $131.5M |
| Deuda a Largo | 0 | 0 | $37.9M | $92.8M | $324.0M | $516.9M | $824.3M |
| Pasivos Totales | $1.6M | $10.1M | $105.9M | $279.7M | $542.6M | $849.5M | $990.6M |
| Reservas | -$11.6M | $2.9M | -$111.9M | -$414.2M | -$542.6M | -$944.0M | -$862.7M |
| Patrimonio Neto | $32.2M | $109.2M | $308.3M | $553.5M | $559.7M | $326.5M | $480.0M |
| Deuda Total | 0 | 0 | $37.9M | $212.3M | $412.6M | $680.8M | $858.5M |
| Deuda Neta | -$14.9M | -$62.6M | -$163.0M | -$98.5M | $223.6M | $485.1M | -$335.6M |
| Capital Circulante | $19.3M | $72.7M | $217.9M | $291.8M | $228.5M | $156.0M | $1.32B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $218.3M | $235.3M | $317.8M | $249.3M |
| Activos Totales | $1.46B | $1.55B | $1.65B | $1.69B |
| Pasivos Totales | $889.4M | $990.6M | $1.05B | $1.04B |
| Patrimonio Neto | $468.4M | $480.0M | $529.3M | $594.2M |
| Deuda Total | $802.4M | $858.5M | $928.0M | $907.3M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$5.6M | $14.5M | -$69.5M | -$292.8M | -$196.7M | -$445.7M | $71.4M |
| Amortizaciones | $91000 | $290000 | $815000 | $6.3M | $19.1M | $28.8M | $30.1M |
| Compensación en Acciones | $74000 | $156000 | $67.8M | $241.7M | $71.1M | $61.5M | $54.1M |
| Cambio en Capital Circulante | -$3.6M | -$17.1M | -$2.9M | -$41.9M | -$20.9M | $2.1M | -$73.3M |
| Flujo de Caja Operativo | -$7.9M | $4.3M | $49.8M | -$40.0M | $9.6M | $66.5M | $238.6M |
| Inversiones (CapEx) | -$666000 | -$1.1M | -$6.6M | -$22.4M | -$20.2M | -$23.2M | -$13.9M |
| Adquisiciones | 0 | 0 | -$14.1M | $105.5M | 0 | -$9.2M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.6M | $3.2M | $43.2M | -$62.4M | -$10.6M | $43.3M | $224.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $67.0M | $79.8M | $43.2M | $74.7M |
| Inversiones (CapEx) | -$3.2M | -$3.1M | -$3.2M | -$3.4M |
| Flujo de Caja Libre | $63.8M | $76.7M | $40.0M | $71.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $13.6M | $9.1M | $7.2M | $8.6M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +153.8% | +386.0% | +53.7% | +12.8% | +30.0% | +25.6% |
| Crecimiento Beneficio Neto (anual) | | +357.5% | -729.9% | -231.7% | +57.5% | -212.5% | +120.3% |
| Crecimiento BPA (anual) | | +157.4% | -2761.3% | -0.4% | +74.2% | -164.5% | +117.5% |
| Cambio en Acciones (anual) | | +15.4% | -11.4% | +258.2% | +3.0% | +18.1% | +17.2% |
| Crecimiento FCF (anual) | | +136.7% | +1266.7% | -244.5% | +83.0% | +507.9% | +419.2% |
| Margen Bruto | 22.6% | 46.5% | 47.9% | 34.2% | 34.1% | 40.5% | 40.6% |
| Margen Operativo | -10.8% | 23.2% | -1.3% | -46.0% | -3.2% | 6.7% | 17.7% |
| Margen EBITDA | -10.6% | 15.6% | -7.6% | -45.0% | -5.8% | 6.8% | 6.5% |
| Margen Neto | -15.6% | 15.8% | -20.4% | -44.1% | -16.6% | -40.0% | 6.5% |
| Margen FCF | -23.8% | 3.4% | 9.7% | -9.1% | -1.4% | 4.3% | 17.8% |
| Tasa Impositiva Efectiva | -4.3% | 6.0% | -12.8% | -5.9% | -8.6% | -5.8% | -38.2% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.54 | $0.17 | $2.65 | $-1.07 | $-0.18 | $0.61 | $2.70 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $15.5M | $18.4M | $16.3M | $38.3M | $60.0M | $70.9M | $78.3M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 24.48% |
| Rentabilidad sobre capital invertido | 17.71% |
| Rentabilidad sobre activos | 7.49% |
| Margen bruto | 40.64% |
| Margen operativo | 21.20% |
| Margen neto | 9.57% |
Salud financiera
| Deuda / Patrimonio | 1.53 |
| Ratio corriente | 11.51 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -222.22 | 387.10 | -14.44 | -1.80 | -7.74 | -1.64 | 21.11 |
| P/VC | 57.94 | 20.20 | 6.29 | 1.03 | 1.78 | 2.02 | 3.41 |
| P/V | 51.60 | 24.04 | 4.35 | 0.83 | 1.29 | 0.66 | 1.30 |
| Margen Bruto | 22.6% | 46.5% | 47.9% | 34.2% | 34.1% | 40.5% | 40.6% |
| Margen Operativo | -10.8% | 23.2% | -1.3% | -46.0% | -3.2% | 6.7% | 17.7% |
| Margen Neto | -15.6% | 15.8% | -20.4% | -44.1% | -16.6% | -40.0% | 6.5% |