Detailed financial statements for Pagaya Technologies Ltd. (PGY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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.
Analysis Summary
Pagaya Technologies Ltd. reported revenue of $1.26B in the most recent fiscal year, growing at a 5-year CAGR of 68.9%. Net income reached $81.4M, with a 41.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.6%, operating margin 21.2%, net margin 9.6%. Free cash flow grew at 134.6% CAGR over 5 years.
At the current price of $21.64, PGY trades at a P/E of 14.43 and an ROE of 24.48%. Market capitalisation stands at $1.8B.
Balance sheet quality for PGY: current ratio of 11.1, net cash position of $335.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $224.7M represents 276% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $36.1M | $91.7M | $445.9M | $685.4M | $772.8M | $1.00B | $1.26B |
| Cost of Revenue | $28.0M | $49.1M | $232.3M | $451.1M | $508.9M | $597.7M | $749.2M |
| Gross Profit | $8.2M | $42.7M | $213.5M | $234.3M | $263.9M | $406.9M | $512.2M |
| Research & Development | $5.4M | $12.3M | $66.2M | $150.9M | $74.4M | $76.6M | $75.2M |
| Selling, General & Admin | $6.4M | $16.3M | $181.9M | $398.4M | $253.1M | $291.2M | $213.2M |
| Operating Expenses | $12.1M | $21.4M | $219.4M | $549.3M | $288.3M | $340.1M | $288.4M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$4.0M | $21.2M | -$61.6M | -$276.4M | -$181.2M | -$421.1M | $51.6M |
| Income Tax | $172000 | $1.3M | $7.9M | $16.4M | $15.6M | $24.6M | -$19.7M |
| Net Income | -$5.6M | $14.5M | -$91.2M | -$302.3M | -$128.4M | -$401.4M | $81.4M |
| EPS | $-0.54 | $0.31 | $-8.25 | $-8.28 | $-2.14 | $-5.66 | $0.99 |
| EPS (Diluted) | $-0.53 | $0.27 | $-8.25 | $-8.28 | $-2.14 | $-5.66 | $0.93 |
| Shares Outstanding (Diluted) | $15.9M | $18.4M | $16.3M | $58.3M | $60.0M | $70.9M | $83.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $339.9M | $321.0M | $299.0M | $365.6M |
| Gross Profit | $139.3M | $131.0M | $121.4M | $146.9M |
| Operating Income | $69.7M | $65.9M | $61.1M | $84.4M |
| EBITDA | $15.7M | $29.2M | $31.2M | $45.2M |
| Net Income | $22.5M | $34.3M | $24.7M | $45.3M |
| EPS | $0.27 | $0.41 | $0.29 | $0.53 |
| EPS (Diluted) | $0.23 | $0.36 | $0.29 | $0.49 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.8M | $5.1M | $190.8M | $309.8M | $186.5M | $187.9M | $235.3M |
| Short-term Investments | $10.1M | $57.6M | $10.2M | $1.0M | $2.5M | $7.8M | $958.8M |
| Receivables | $4.3M | $12.8M | $33.7M | $59.2M | $87.4M | $127.4M | $195.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $20.9M | $77.0M | $246.5M | $419.8M | $303.4M | $351.5M | $1.45B |
| Property, Plant & Equipment | $727000 | $1.5M | $7.6M | $92.7M | $97.3M | $74.8M | $60.8M |
| Goodwill | 0 | 0 | 0 | 0 | $10.9M | $23.1M | $22.9M |
| Intangible Assets | 0 | 0 | 0 | 0 | $2.5M | $12.8M | $7.7M |
| Total Assets | $58.6M | $204.3M | $590.3M | $1.05B | $1.21B | $1.29B | $1.55B |
| Accounts Payable | $154000 | $581000 | $11.6M | $1.7M | $1.3M | $7.0M | $3.9M |
| Short-term Debt | 0 | 0 | 0 | $61.8M | $37.7M | $126.8M | 0 |
| Total Current Liabilities | $1.6M | $4.3M | $28.7M | $128.0M | $74.9M | $195.5M | $131.5M |
| Long-term Debt | 0 | 0 | $37.9M | $92.8M | $324.0M | $516.9M | $824.3M |
| Total Liabilities | $1.6M | $10.1M | $105.9M | $279.7M | $542.6M | $849.5M | $990.6M |
| Retained Earnings | -$11.6M | $2.9M | -$111.9M | -$414.2M | -$542.6M | -$944.0M | -$862.7M |
| Total Equity | $32.2M | $109.2M | $308.3M | $553.5M | $559.7M | $326.5M | $480.0M |
| Total Debt | 0 | 0 | $37.9M | $212.3M | $412.6M | $680.8M | $858.5M |
| Net Debt | -$14.9M | -$62.6M | -$163.0M | -$98.5M | $223.6M | $485.1M | -$335.6M |
| Working Capital | $19.3M | $72.7M | $217.9M | $291.8M | $228.5M | $156.0M | $1.32B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $218.3M | $235.3M | $317.8M | $249.3M |
| Total Assets | $1.46B | $1.55B | $1.65B | $1.69B |
| Total Liabilities | $889.4M | $990.6M | $1.05B | $1.04B |
| Total Equity | $468.4M | $480.0M | $529.3M | $594.2M |
| Total Debt | $802.4M | $858.5M | $928.0M | $907.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$5.6M | $14.5M | -$69.5M | -$292.8M | -$196.7M | -$445.7M | $71.4M |
| Depreciation & Amortization | $91000 | $290000 | $815000 | $6.3M | $19.1M | $28.8M | $30.1M |
| Stock-based Compensation | $74000 | $156000 | $67.8M | $241.7M | $71.1M | $61.5M | $54.1M |
| Change in Working Capital | -$3.6M | -$17.1M | -$2.9M | -$41.9M | -$20.9M | $2.1M | -$73.3M |
| Operating Cash Flow | -$7.9M | $4.3M | $49.8M | -$40.0M | $9.6M | $66.5M | $238.6M |
| Capital Expenditure | -$666000 | -$1.1M | -$6.6M | -$22.4M | -$20.2M | -$23.2M | -$13.9M |
| Acquisitions | 0 | 0 | -$14.1M | $105.5M | 0 | -$9.2M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.6M | $3.2M | $43.2M | -$62.4M | -$10.6M | $43.3M | $224.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $67.0M | $79.8M | $43.2M | $74.7M |
| Capital Expenditure | -$3.2M | -$3.1M | -$3.2M | -$3.4M |
| Free Cash Flow | $63.8M | $76.7M | $40.0M | $71.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $13.6M | $9.1M | $7.2M | $8.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +153.8% | +386.0% | +53.7% | +12.8% | +30.0% | +25.6% | |
| Net Income Growth (YoY) | +357.5% | -729.9% | -231.7% | +57.5% | -212.5% | +120.3% | |
| EPS Growth (YoY) | +157.4% | -2761.3% | -0.4% | +74.2% | -164.5% | +117.5% | |
| Shares Change (YoY) | +15.4% | -11.4% | +258.2% | +3.0% | +18.1% | +17.2% | |
| FCF Growth (YoY) | +136.7% | +1266.7% | -244.5% | +83.0% | +507.9% | +419.2% | |
| Gross Margin | 22.6% | 46.5% | 47.9% | 34.2% | 34.1% | 40.5% | 40.6% |
| Operating Margin | -10.8% | 23.2% | -1.3% | -46.0% | -3.2% | 6.7% | 17.7% |
| EBITDA Margin | -10.6% | 15.6% | -7.6% | -45.0% | -5.8% | 6.8% | 6.5% |
| Net Margin | -15.6% | 15.8% | -20.4% | -44.1% | -16.6% | -40.0% | 6.5% |
| FCF Margin | -23.8% | 3.4% | 9.7% | -9.1% | -1.4% | 4.3% | 17.8% |
| Effective Tax Rate | -4.3% | 6.0% | -12.8% | -5.9% | -8.6% | -5.8% | -38.2% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.54 | $0.17 | $2.65 | $-1.07 | $-0.18 | $0.61 | $2.70 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $15.5M | $18.4M | $16.3M | $38.3M | $60.0M | $70.9M | $78.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 24.48% |
| Return on Invested Capital | 17.71% |
| Return on Assets | 7.49% |
| Gross Margin | 40.64% |
| Operating Margin | 21.20% |
| Net Margin | 9.57% |
Financial Health
| Debt / Equity | 1.53 |
| Current Ratio | 11.51 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -222.22 | 387.10 | -14.44 | -1.80 | -7.74 | -1.64 | 21.11 |
| P/B | 57.94 | 20.20 | 6.29 | 1.03 | 1.78 | 2.02 | 3.41 |
| P/S | 51.60 | 24.04 | 4.35 | 0.83 | 1.29 | 0.66 | 1.30 |
| Gross Margin | 22.6% | 46.5% | 47.9% | 34.2% | 34.1% | 40.5% | 40.6% |
| Operating Margin | -10.8% | 23.2% | -1.3% | -46.0% | -3.2% | 6.7% | 17.7% |
| Net Margin | -15.6% | 15.8% | -20.4% | -44.1% | -16.6% | -40.0% | 6.5% |
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