Sunday 18 October 2026 Export PGY’s income statement to Excel — free account

Pagaya Technologies Ltd.

Pagaya Technologies Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 26.1% from fiscal 2024. In the quarter to June 2026, revenue grew 18.6%, EPS grew 165.0%, free cash flow grew 33.1% and total debt rose 25.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.

17.23 0.68 −3.80%

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Market cap: $1.5B
P/E: 11.5×
Fwd P/E: 10.3×
Dividend yield: —
F-score: 7/9
Altman Z: 2.62
Beneish M: −2.81
Dividend safety: 70/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.50

Total sells 4.87

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	2	—	—	—	—
Sell	—	5	2	—	4	2	—	8	—	2	9	1

Insider Ownership 22.01%

Capital & Financial Ratios $m

Market Cap 1,490.00

Revenue 1,389.96

Net Income 118.81

Free Cash Flow 251.78

Net Debt (619.68)

Current Ratio 11.08

Debt/Equity 1.12

P/E ratio 11.49

Fwd P/E 10.30

P/S ratio 1.03

P/B ratio 2.21

Past 5Y EPS Growth (66.36%)

This Y EPS Growth 78.09%

Next Y EPS Growth 39.61%

Next Y revenue growth 12.34%

Next 5Y EPS Growth 51.98%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 46.54%

10-year low 10-year high

P/B against its own 10 years 60.05%

10-year low 10-year high

EV/Sales against its own 10 years 24.36%

10-year low 10-year high

EV/FCF against its own 10 years 12.11%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	206	1,005	1,234	1,345
Receivables	80	127	153	190
Inventory	—	—	—	—
Other	—	—	—	—
	303	1,132	1,387	1,535

	2023	2024	2025	Q'26
Payables	1	7	4	4
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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	318	387	—	—	—
’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	—	—	—
’25	34	57	67	80	239
’24	18	9	(7)	28	48
’23	(24)	(2)	16	19	10
’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	—	—	—
’25	31	54	64	77	225
’24	13	5	(11)	24	25
’23	(29)	(7)	11	14	(11)
’22	(4)	(23)	(29)	(6)	(62)
’21	(1)	9	28	7	43

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.28	0.49	—	—	—
’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)	(4.27)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	114.36	6.84	9.36	8.20	8.27	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	122.93	414.00	33.96	20.00	44.99
People
People	Employees	—	—	—	—	—	618	809	712	553	518
	Revenue/emp, $m	—	—	—	—	0.00	0.77	0.93	1.14	1.87	2.51
Income, $m
Income, $m	Revenue	—	—	—	—	99	475	749	812	1,032	1,301
	Gross margin, %	—	—	—	—	50.42	51.05	39.77	37.33	42.10	42.43
	EBT	—	—	—	—	21	(62)	(276)	(181)	(421)	52
	EBT margin, %	—	—	—	—	21.41	(12.99)	(36.90)	(22.31)	(40.80)	3.97
	Net income	—	0	—	—	20	(70)	(293)	(197)	(446)	71
	Depreciation	—	—	—	—	0	1	6	19	29	30
Per share, $
Per share, $	Revenue	—	—	—	—	1,162.09	29.17	19.58	13.53	14.56	16.61
	Earnings	—	—	—	—	233.79	(71.08)	(8.28)	(2.16)	(5.66)	0.99
	Cash flow	—	—	—	—	49.96	3.06	(1.05)	0.16	0.67	3.05
	Capex	—	—	—	—	(12.88)	(0.41)	(0.59)	(0.34)	(0.33)	(0.18)
	Free cash flow	—	—	—	—	37.09	2.65	(1.63)	(0.18)	0.35	2.87
	Book value	—	—	—	—	2,278.47	10.90	20.01	11.09	7.28	7.47
	Shares, m	—	—	—	—	0	16	38	60	71	78
Valuation, ×
Valuation, ×	P/E	—	—	—	—	13.07	0.00	0.00	0.00	0.00	21.33
	P/S	—	—	—	—	0.00	0.00	0.67	1.15	0.64	1.26
	P/B	—	—	—	—	16.88	10.93	0.66	1.41	1.49	2.95
	EV/Sales	—	—	—	—	0.00	0.00	0.44	1.35	0.27	0.97
	EV/FCF	—	—	—	—	0.00	40.98	(5.23)	(102.95)	9.26	5.62
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	4	50	(40)	10	48	239
	Capex	—	—	—	—	(1)	(7)	(22)	(20)	(23)	(14)
	Free cash flow	—	—	—	—	3	43	(62)	(11)	25	225
Balance, $m
Balance, $m	Working capital	—	—	—	—	73	218	292	228	1,001	1,255
	Total debt	—	—	—	—	2	39	155	362	624	675
	Net debt	—	—	—	—	(61)	(169)	(179)	156	(381)	(558)
	Shareholders’ equity	—	—	—	—	194	177	765	666	516	585
Returns, %
Returns, %	ROA	—	—	—	—	4.81	(33.81)	(38.47)	(11.40)	(32.12)	5.74
	ROIC	—	—	—	—	9.95	(41.84)	(26.79)	(1.86)	30.92	603.42
	ROE	—	—	—	—	3.95	(101.18)	(66.72)	(17.95)	(72.50)	16.33

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
FORG ForgeRock, Inc.	$2.0B	— (loss-making)	— (loss-making)	+22.25% (above 0%: growing)	n/m	+28.02% (above 0%: growing)	77.49%	(51.61%)	Compare
EVTC Evertec, Inc.	$1.9B	20.3×	19.2×	+19.69% (above 0%: growing)	−85.71% (below 0%: shrinking)	+20.64% (above 0%: growing)	54.79%	19.39%	Compare
ATEN A10 Networks, Inc.	$1.8B	40.8×	38.9×	+15.50% (above 0%: growing)	−20.00% (below 0%: shrinking)	+53.34% (above 0%: growing)	79.09%	11.26%	Compare
NN NextNav Inc.	$1.8B	— (loss-making)	— (loss-making)	−4.33% (below 0%: shrinking)	n/m	−33.14% (below 0%: shrinking)	(78.70%)	(1,760.78%)	Compare
NYAX Nayax Ltd.	$1.7B	209×	174×	+28.25% (above 0%: growing)	n/m	−335.31% (below 0%: shrinking)	46.86%	(5.42%)	Compare
PRGS Progress Software Corporation	$1.7B	18.6×	32.5×	−1.52% (below 0%: shrinking)	+23.27% (above 0%: growing)	+19.24% (above 0%: growing)	82.74%	18.92%	Compare
BAND Bandwidth Inc.	$1.6B	722×	188×	+22.16% (above 0%: growing)	n/m	−7.38% (below 0%: shrinking)	35.72%	(2.07%)	Compare
PGY Pagaya Technologies Ltd.	$1.5B	11.5×	10.3×	+18.58% (above 0%: growing)	+165.00% (above 0%: growing)	+33.06% (above 0%: growing)	43.49%	27.34%
RDWR Radware Ltd.	$1.2B	69.6×	124×	+11.03% (above 0%: growing)	−60.00% (below 0%: shrinking)	−22.99% (below 0%: shrinking)	80.77%	3.00%	Compare
Median of peers	$1.7B	55.2×	81.5×	+17.60%	−40.00%	+5.93%	66.14%	0.47%

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