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Pagaya Technologies Ltd.

PGY

Technology Software Infrastructure

Pagaya Technologies Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 26.1% from fiscal 2024.

Revenue
+11.5%
EPS
+96.9%
Free cash flow
−28.3%
Total debt
+31.1%

Quarter to September 2026, against a year earlier

17.50 0.09 +0.52%
Market cap
$1.5B
P/E
10.0×
Fwd P/E
10.1×
Dividend yield
—
F-score
7/9
ROIC
329.1%
Net debt / EBITDA
−1.9×
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net sold
$4.4M
Trades
33 sells · 2 buys
Ownership
21.8%

Capital & Financial Ratios $m

Size
Market Cap 1,460
Revenue ttm 1,430
Net income ttm 140
Free cash flow ttm 234
Net debt Q (595)
Valuation
P/E 10.0
Forward P/E 10.1
Price / sales 1.0
Forward P/S Powerpack
Price / FCF 6.3
Price / book 2.2
Financial health
Current ratio Q 11.6 (at or above 1.5: strong)
Debt / equity Q 1.2
Interest coverage Q —
Growth
Revenue growth Q +11.5% (above 0%: growing)
Operating income growth Q +40.8% (above 0%: growing)
EPS, this year +86.7% (at or above 15%: strong)
EPS, next year A +34.0% (at or above 15%: strong)
Revenue, next year A +13.0% (at or above 10%: strong)
EPS, past 5 yrs +26.7% (at or above 15%: strong)
EPS, next 5 yrs A +44.7% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 1.2×; over the ten years it ranged from 0.3× in 2025 to 8.3× in 2022.
P/S against its own 10 years 46.11%
10-year low 10-year high
P/B against its own 10 years 59.73%
10-year low 10-year high
EV/Sales against its own 10 years 25.35%
10-year low 10-year high
EV/FCF against its own 10 years 14.66%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 206 1,005 1,234 1,406
Receivables 80 127 153 204
Inventory — — — —
Other — — — —
303 1,132 1,387 1,610
2023 2024 2025 Q'26
Payables 1 7 4 5
ST’ Debt 38 127 — —
Other — — — —
75 131 131 139

Compound Annual Growth %

10y 5y 3y
Sales — 67.40% 20.22%
Cash Flow — 123.73% 0.00%
Earnings — 75.33% 0.00%
Book Value — 24.70% (8.55%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.96 Actual 1.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.75 0.80 Beat by 0.05
Q1 FY26 0.48 0.73 Beat by 0.25
Q2 FY26 0.71 1.07 Beat by 0.36
Q3 FY26 0.96 1.07 Beat by 0.11
Q4 FY26 1.02 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.28 0.49 0.45 — —
’25 0.10 0.20 0.23 0.36 0.93
’24 (0.33) (1.04) (0.93) (3.20) (5.66)
’23 (1.08) (0.48) (0.36) (0.24) (2.16)
’22 (0.56) (7.71) (1.32) (0.60) (8.28)
’21 10.38 (0.01) (0.59) (14.06) (8.25)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 318 387 390 — —
’25 290 326 350 335 1,301
’24 245 250 257 279 1,032
’23 187 196 212 218 812
’22 171 182 204 193 749
’21 — 99 137 239 475
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 43 75 49 — —
’25 34 57 67 80 239
’24 18 9 (7) 28 48
’23 (24) (2) 16 19 (22)
’22 (3) (23) (12) (2) (40)
’21 (1) 10 29 12 50
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 40 71 46 — —
’25 31 54 64 77 225
’24 13 5 (11) 24 25
’23 (29) (7) 11 14 (42)
’22 (4) (23) (29) (6) (62)
’21 (1) 9 28 7 43
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — 99 475 749 812 1,032 1,301 1,430 +67.4% 1,470 1,711 1,947 +14.4%
Gross margin, % — — — — 50.42 51.05 39.77 37.33 42.10 42.43 43.93 (8.0) pt
EBT — — — — 21 (62) (276) (181) (421) 52 136 +19.5%
EBT margin, % — — — — 21.41 (12.99) (36.90) (22.31) (40.80) 3.97 9.52 (17.4) pt
Net income — 0 — — 20 (70) (293) (197) (446) 71 140 n/m
Per share, $
Per share, $ Revenue — — — — 6.22 29.17 19.58 13.53 14.56 16.61 17.09 +21.7%
Earnings — — — — 0.31 (8.25) (8.28) (2.16) (5.66) 0.99 1.76 +26.3%
Cash flow — — — — 0.27 3.06 (1.05) (0.36) 0.67 3.05 2.95 +62.7%
Capex — — — — (0.07) (0.41) (0.59) (0.34) (0.33) (0.18) (0.16) +20.8%
Free cash flow — — — — 0.20 2.65 (1.63) (0.70) 0.35 2.87 2.79 +70.6%
Book value — — — — 12.19 10.90 20.01 11.09 7.28 7.47 7.97 (9.3%)
Shares, m — — — — 16 16 38 60 71 78 82 +37.5%
Valuation, ×
Valuation, × P/E — — — — 13.07 0.00 0.00 0.00 0.00 21.33 9.96 5.7
P/S — — — — 0.00 0.00 0.67 1.15 0.64 1.26 1.03 0.6
P/B — — — — 16.88 10.93 0.66 1.41 1.49 2.95 2.20 5.7
EV/Sales — — — — 0.00 0.00 0.44 1.35 0.27 0.97 0.74 0.5
EV/FCF — — — — 0.00 40.98 (5.23) (102.95) 9.26 5.62 4.52 (8.7)
Cash, $m
Cash, $m Operating cash flow — — — — 4 50 (40) (22) 48 239 247 +123.7%
Capex — — — — (1) (7) (22) (20) (23) (14) (13) +66.2%
Free cash flow — — — — 3 43 (62) (42) 25 225 234 +134.6%
Balance, $m
Balance, $m Working capital — — — — 73 218 292 228 1,001 1,255 1,471 +76.8%
Net debt — — — — (61) (169) (179) 156 (381) (558) (595) +55.9%
Shareholders’ equity — — — — 194 177 765 666 516 585 667 +24.7%
Returns, %
Returns, % ROA — — — — 4.81 (33.81) (38.47) (11.40) (32.12) 5.74 9.21 +0.9 pt
ROIC — — — — 9.95 (41.84) (26.79) (1.86) 30.92 603.42 329.07 +593.5 pt
ROE — — — — 3.95 (101.18) (66.72) (17.95) (72.50) 16.33 24.93 +12.4 pt
People
People Employees — — — — — 618 809 712 553 518 — (4.3%)
Revenue/emp, $m — — — — 0.00 0.77 0.93 1.14 1.87 2.51 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Pagaya Technologies Ltd. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PRGS Progress Software Corporation $1.8B 19.8× 34.7× −1.52% (below 0%: shrinking) +22.22% (above 0%: growing) +19.24% (above 0%: growing) 82.74% 18.92% Compare
STNE StoneCo Ltd. $1.8B 3.0× 2.9× +14.89% (above 0%: growing) −2.63% (below 0%: shrinking) +2,108.82% (above 0%: growing) 68.05% 43.79% Compare
NYAX Nayax Ltd. $1.7B 217× 175× +28.25% (above 0%: growing) n/m −335.31% (below 0%: shrinking) 46.86% (5.42%) Compare
INFQ Infleqtion, Inc. $1.7B — (loss-making) — — n/m +914.79% (above 0%: growing) 16.01% (220.55%) Compare
ATEN A10 Networks, Inc. $1.6B 36.8× 39.4× +22.58% (above 0%: growing) +41.18% (above 0%: growing) +69.74% (above 0%: growing) 78.71% 19.98% Compare
PGY Pagaya Technologies Ltd. $1.5B 10.0× 10.1× +11.52% (above 0%: growing) +96.93% (above 0%: growing) −28.27% (below 0%: shrinking) 44.76% 28.82%
NN NextNav Inc. $1.4B — (loss-making) — (loss-making) −4.33% (below 0%: shrinking) n/m −33.14% (below 0%: shrinking) (78.70%) (1,760.78%) Compare
RDWR Radware Ltd. $1.3B 92.2× 124× +12.08% (above 0%: growing) −51.00% (below 0%: shrinking) +274.41% (above 0%: growing) 80.36% 2.56% Compare
BAND Bandwidth Inc. $1.2B 152× 111× +21.95% (above 0%: growing) n/m +151.09% (above 0%: growing) 36.24% 0.77% Compare
Median of peers $1.7B 64.5× 75.2× +14.89% +9.80% +110.42% 57.46% 1.67%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 6 July 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.02m 16.65m 140.45
2024 4.70m (2.07m) 62.43
2023 3.65m 5.49m 111.29
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

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stockrow.com/PGY · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com