Pagaya Technologies (PGY) Financials

$17.13 +0.03 (+0.18%)

Closing price 05/29/2025 04:00 PM Eastern

Extended Trading

$16.80 -0.32 (-1.90%)

As of 05/29/2025 07:59 PM Eastern

Annual Income Statements for Pagaya Technologies

This table shows Pagaya Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Net Income / (Loss) Attributable to Common Shareholders	-401	-128	-315	-134	4.91
Consolidated Net Income / (Loss)	-446	-197	-293	-70	20
Net Income / (Loss) Continuing Operations	-446	-197	-293	-70	20
Total Pre-Tax Income	-421	-181	-276	-62	21
Total Operating Income	67	-24	-252	-5.81	21
Total Gross Profit	435	303	298	242	50
Total Revenue	1,032	812	749	475	99
Operating Revenue	1,032	812	749	475	99
Total Cost of Revenue	598	509	451	232	49
Operating Cost of Revenue	598	509	451	232	49
Total Operating Expenses	368	328	549	248	29
Selling, General & Admin Expense	241	203	294	132	11
Marketing Expense	50	50	104	50	5.67
Research & Development Expense	77	74	151	66	12
Total Other Income / (Expense), net	-488	-157	-25	-56	-0.06
Other Income / (Expense), net	-488	-157	-25	-56	-0.06
Income Tax Expense	25	16	16	7.88	1.28
Net Income / (Loss) Attributable to Noncontrolling Interest	-44	-68	22	41	15
Basic Earnings per Share	($5.66)	($2.14)	($8.22)	($8.25)	$0.03
Weighted Average Basic Shares Outstanding	70.88M	60.04M	38.25M	16.28M	191.15M
Diluted Earnings per Share	($5.66)	($2.14)	($8.22)	($8.25)	$0.02
Weighted Average Diluted Shares Outstanding	70.88M	60.04M	38.25M	16.28M	206.92M
Weighted Average Basic & Diluted Shares Outstanding	80.30M	67.98M	683.31M	-	-

This table shows Pagaya Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Income / (Loss) Attributable to Common Shareholders	7.40	-238	-67	-75	-21	-14	-22	-31	-61
Consolidated Net Income / (Loss)	2.49	-257	-74	-83	-32	-20	-46	-32	-99
Net Income / (Loss) Continuing Operations	2.49	-257	-74	-83	-32	-20	-46	-32	-99
Total Pre-Tax Income	-0.05	-241	-86	-68	-27	-15	-47	-27	-92
Total Operating Income	48	32	22	5.03	7.69	11	0.16	-10	-25
Total Gross Profit	123	121	108	105	100	84	83	75	62
Total Revenue	290	279	257	250	245	218	212	196	187
Operating Revenue	290	279	257	250	245	218	212	196	187
Total Cost of Revenue	167	158	149	146	145	134	129	121	125
Operating Cost of Revenue	167	158	149	146	145	134	129	121	125
Total Operating Expenses	75	89	86	100	93	73	83	85	87
Selling, General & Admin Expense	46	55	58	64	63	46	53	53	51
Marketing Expense	9.59	15	11	13	10	9.58	11	15	14
Research & Development Expense	19	19	17	22	19	18	18	18	21
Total Other Income / (Expense), net	-48	-272	-108	-73	-34	-26	-47	-17	-67
Other Income / (Expense), net	-48	-272	-108	-73	-34	-26	-47	-17	-67
Income Tax Expense	-2.54	17	-12	15	5.00	5.06	-1.16	5.01	6.67
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.91	-19	-6.76	-7.89	-10	-5.62	-24	-0.84	-38
Basic Earnings per Share	$0.10	($3.36)	($0.93)	($1.04)	($0.33)	($0.24)	($0.36)	($0.53)	($1.03)
Weighted Average Basic Shares Outstanding	75.77M	70.88M	72.73M	71.77M	64.50M	60.04M	60.71M	59.61M	59.26M
Diluted Earnings per Share	$0.10	($3.36)	($0.93)	($1.04)	($0.33)	($0.24)	($0.36)	($0.53)	($1.03)
Weighted Average Diluted Shares Outstanding	77.04M	70.88M	72.73M	71.77M	64.50M	60.04M	60.71M	59.61M	59.26M
Weighted Average Basic & Diluted Shares Outstanding	80.71M	80.30M	78.66M	76.82M	75.90M	67.98M	-	-	-

This table details how cash moves in and out of Pagaya Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Net Change in Cash & Equivalents	3.98	-115	133	199	1.00
Net Cash From Operating Activities	67	9.58	-40	50	4.26
Net Cash From Continuing Operating Activities	67	9.58	-40	50	4.26
Net Income / (Loss) Continuing Operations	-446	-197	-293	-70	20
Consolidated Net Income / (Loss)	-446	-197	-293	-70	20
Depreciation Expense	29	19	6.29	0.82	0.29
Amortization Expense	3.74	0.00	0.00	-	-
Non-Cash Adjustments To Reconcile Net Income	478	208	288	121	-0.18
Changes in Operating Assets and Liabilities, net	2.09	-21	-42	-2.86	-16
Net Cash From Investing Activities	-499	-413	-265	-141	-123
Net Cash From Continuing Investing Activities	-499	-413	-265	-141	-123
Purchase of Property, Plant & Equipment	-18	-20	-22	-6.62	-1.10
Acquisitions	-15	0.00	-5.75	-23	0.00
Purchase of Investments	-694	-566	-356	-202	-103
Divestitures	0.03	1.61	0.45	8.93	0.35
Sale and/or Maturity of Investments	228	172	113	29	29
Other Investing Activities, net	0.00	0.00	5.02	53	-48
Net Cash From Financing Activities	437	289	438	290	120
Net Cash From Continuing Financing Activities	437	289	438	290	120
Repayment of Debt	-541	-261	-65	0.00	0.00
Payment of Dividends	-9.82	-44	-78	-82	-20
Issuance of Debt	819	468	182	38	0.00
Issuance of Preferred Equity	0.00	74	0.00	173	65
Issuance of Common Equity	169	52	107	172	75
Other Financing Activities, net	0.00	-0.65	292	0.75	0.00
Effect of Exchange Rate Changes	-0.59	-0.52	0.00	-	-
Cash Interest Paid	80	18	4.34	0.00	0.00
Cash Income Taxes Paid	4.91	9.17	6.94	2.61	0.32

This table details how cash moves in and out of Pagaya Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Change in Cash & Equivalents	3.12	45	-87	-42	88	-62	-47	15	-20
Net Cash From Operating Activities	34	32	-1.50	15	20	19	16	-1.84	-24
Net Cash From Continuing Operating Activities	34	32	-1.50	15	20	19	16	-1.84	-24
Net Income / (Loss) Continuing Operations	2.49	-257	-74	-83	-32	-20	-46	-32	-99
Consolidated Net Income / (Loss)	2.49	-257	-74	-83	-32	-20	-46	-32	-99
Depreciation Expense	7.72	8.28	7.12	7.04	6.32	5.97	5.18	4.47	3.52
Amortization Expense	2.40	1.67	-	-	-	-	-	-	-
Non-Cash Adjustments To Reconcile Net Income	46	268	94	75	41	30	60	33	85
Changes in Operating Assets and Liabilities, net	-24	11	-31	16	4.77	2.64	-2.64	-7.24	-14
Net Cash From Investing Activities	-27	-36	-111	-120	-231	-97	-125	-91	-100
Net Cash From Continuing Investing Activities	-27	-36	-111	-120	-231	-97	-125	-91	-100
Purchase of Property, Plant & Equipment	-3.78	-3.98	-4.24	-4.38	-5.15	-4.63	-5.06	-4.97	-5.53
Purchase of Investments	-82	-155	-130	-147	-262	-130	-163	-152	-122
Divestitures	0.16	-	0.03	-	0.00	-	-	-	1.61
Sale and/or Maturity of Investments	59	138	23	31	36	38	43	65	26
Net Cash From Financing Activities	-3.78	49	25	64	299	12	63	110	103
Net Cash From Continuing Financing Activities	-3.78	49	25	64	299	12	63	110	103
Repayment of Debt	-51	-272	-42	-44	-183	-54	-67	-63	-77
Payment of Dividends	-4.44	-1.93	-2.57	-2.80	-2.52	-4.45	-10	-17	-12
Issuance of Debt	49	260	63	110	386	44	132	110	182
Issuance of Common Equity	2.86	61	9.69	0.02	98	27	10	5.17	10
Effect of Exchange Rate Changes	-0.65	0.59	0.54	-0.90	-0.82	3.69	-1.51	-2.69	0.00

This table presents Pagaya Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Total Assets	1,291	1,208	1,045	590
Total Current Assets	351	303	420	247
Cash & Equivalents	188	186	310	191
Restricted Cash	19	17	23	7.00
Short-Term Investments	7.80	2.49	1.01	5.14
Accounts Receivable	112	80	59	32
Prepaid Expenses	25	18	27	6.26
Plant, Property, & Equipment, net	38	42	32	7.65
Total Noncurrent Assets	902	863	594	336
Long-Term Investments	778	741	489	292
Noncurrent Note & Lease Receivables	29	34	39	19
Goodwill	23	11	0.00	-
Intangible Assets	13	2.55	0.00	-
Other Noncurrent Operating Assets	58	75	66	19
Total Liabilities & Shareholders' Equity	1,291	1,208	1,045	590
Total Liabilities	775	468	280	106
Total Current Liabilities	195	75	128	29
Short-Term Debt	127	38	62	0.00
Accounts Payable	6.99	1.29	1.74	12
Accrued Expenses	45	29	49	17
Current Deferred & Payable Income Tax Liabilities	9.86	0.46	6.42	0.00
Other Current Liabilities	6.45	6.93	8.53	0.00
Total Noncurrent Liabilities	580	393	152	77
Long-Term Debt	517	324	93	38
Noncurrent Deferred & Payable Income Tax Liabilities	31	22	0.57	0.00
Other Noncurrent Operating Liabilities	32	47	50	27
Redeemable Noncontrolling Interest	74	74	0.00	307
Total Equity & Noncontrolling Interests	442	666	765	177
Total Preferred & Common Equity	326	560	554	1.29
Total Common Equity	326	560	554	1.29
Common Stock	1,282	1,102	968	113
Retained Earnings	-944	-543	-414	-112
Accumulated Other Comprehensive Income / (Loss)	-11	0.44	-0.71	0.00
Noncontrolling Interest	115	106	212	176

This table presents Pagaya Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024
Total Assets	1,278	1,371	1,453	1,483
Total Current Assets	356	298	361	399
Cash & Equivalents	187	147	234	274
Restricted Cash	18	18	17	17
Short-Term Investments	20	11	1.66	1.30
Accounts Receivable	108	98	93	87
Prepaid Expenses	23	24	15	19
Plant, Property, & Equipment, net	36	39	41	43
Total Noncurrent Assets	887	1,033	1,051	1,041
Long-Term Investments	762	938	936	920
Noncurrent Note & Lease Receivables	28	31	33	35
Goodwill	23	11	11	11
Intangible Assets	12	0.64	1.28	1.91
Other Noncurrent Operating Assets	61	53	70	73
Total Liabilities & Shareholders' Equity	1,278	1,371	1,453	1,483
Total Liabilities	763	754	763	683
Total Current Liabilities	199	254	241	169
Short-Term Debt	136	208	189	121
Accounts Payable	10	5.84	7.30	3.14
Accrued Expenses	34	33	36	37
Current Deferred & Payable Income Tax Liabilities	13	2.37	2.46	2.07
Other Current Liabilities	6.57	5.49	6.43	6.66
Total Noncurrent Liabilities	565	499	522	514
Long-Term Debt	508	446	444	445
Noncurrent Deferred & Payable Income Tax Liabilities	26	0.19	0.11	0.11
Other Noncurrent Operating Liabilities	31	31	41	43
Redeemable Noncontrolling Interest	74	74	74	74
Total Equity & Noncontrolling Interests	441	543	616	726
Total Preferred & Common Equity	335	462	526	627
Total Common Equity	335	462	526	627
Common Stock	1,299	1,259	1,236	1,215
Retained Earnings	-936	-706	-639	-564
Accumulated Other Comprehensive Income / (Loss)	-27	-90	-71	-24
Noncontrolling Interest	105	80	90	99

This table displays calculated financial ratios and metrics derived from Pagaya Technologies' official financial filings.

Metric	2024	2023	2022	2021	2020
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Growth Metrics	-	-	-	-	-
Revenue Growth	27.12%	8.43%	57.81%	379.33%	0.00%
EBITDA Growth	-139.83%	40.00%	-343.97%	-383.10%	0.00%
EBIT Growth	-132.45%	34.45%	-348.31%	-390.82%	0.00%
NOPAT Growth	373.93%	90.30%	-4,229.57%	-120.36%	0.00%
Net Income Growth	-126.54%	32.80%	-321.12%	-448.98%	0.00%
EPS Growth	-164.49%	32.80%	-321.12%	-448.98%	0.00%
Operating Cash Flow Growth	594.58%	123.94%	-180.30%	1,070.10%	0.00%
Free Cash Flow Firm Growth	147.03%	69.87%	-695.89%	0.00%	0.00%
Invested Capital Growth	7.60%	58.59%	262.94%	0.00%	0.00%
Revenue Q/Q Growth	6.32%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-129.79%	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	-115.34%	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	46.09%	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	-113.65%	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	-131.02%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	24.56%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	6.32%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-
Gross Margin	42.10%	37.33%	39.77%	51.05%	50.42%
EBITDA Margin	-37.65%	-19.95%	-36.06%	-12.82%	21.70%
Operating Margin	6.48%	-3.00%	-33.58%	-1.22%	21.47%
EBIT Margin	-40.80%	-22.31%	-36.90%	-12.99%	21.41%
Profit (Net Income) Margin	-43.18%	-24.23%	-39.09%	-14.65%	20.12%
Tax Burden Percent	105.84%	108.59%	105.93%	112.77%	93.98%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	6.02%
Return on Invested Capital (ROIC)	29.05%	-13.50%	-282.11%	-30.16%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	134.55%	15.19%	-261.36%	-1.55%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-100.03%	-12.64%	235.26%	1.46%	0.00%
Return on Equity (ROE)	-70.98%	-26.14%	-46.85%	-28.70%	0.00%
Cash Return on Invested Capital (CROIC)	21.73%	-58.82%	-395.70%	-230.16%	0.00%
Operating Return on Assets (OROA)	-33.70%	-16.08%	-33.80%	-10.44%	0.00%
Return on Assets (ROA)	-35.66%	-17.46%	-35.81%	-11.78%	0.00%
Return on Common Equity (ROCE)	-50.09%	-19.33%	-20.80%	-0.08%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-136.51%	-35.15%	-52.89%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	47	-17	-176	-4.07	20
NOPAT Margin	4.53%	-2.10%	-23.51%	-0.86%	20.17%
Net Nonoperating Expense Percent (NNEP)	-105.50%	-28.69%	-20.75%	-28.62%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	4.31%	-1.66%	-19.14%	-	-
Cost of Revenue to Revenue	57.90%	62.67%	60.23%	48.95%	49.58%
SG&A Expenses to Revenue	23.33%	25.04%	39.28%	27.86%	10.78%
R&D to Revenue	7.42%	9.16%	20.15%	13.95%	12.46%
Operating Expenses to Revenue	35.63%	40.33%	73.35%	52.27%	28.96%
Earnings before Interest and Taxes (EBIT)	-421	-181	-276	-62	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-389	-162	-270	-61	21
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	2.24	1.68	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	2.51	1.73	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.71	1.16	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.42	3.47	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.55	0.66	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.21	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.59	56.22	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	16.32	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	1.25	0.49	0.20	0.08	0.00
Long-Term Debt to Equity	1.00	0.44	0.12	0.08	0.00
Financial Leverage	-0.74	-0.83	-0.90	-0.94	0.00
Leverage Ratio	1.99	1.50	1.31	1.22	0.00
Compound Leverage Factor	1.99	1.50	1.31	1.22	0.00
Debt to Total Capital	55.52%	32.83%	16.81%	7.26%	0.00%
Short-Term Debt to Total Capital	10.94%	3.42%	6.72%	0.00%	0.00%
Long-Term Debt to Total Capital	44.58%	29.41%	10.09%	7.26%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	16.33%	16.36%	23.03%	92.50%	0.00%
Common Equity to Total Capital	28.16%	50.80%	60.16%	0.25%	0.00%
Debt to EBITDA	-1.66	-2.23	-0.57	-0.62	0.00
Net Debt to EBITDA	0.90	3.61	2.47	7.52	0.00
Long-Term Debt to EBITDA	-1.33	-2.00	-0.34	-0.62	0.00
Debt to NOPAT	13.76	-21.18	-0.88	-9.32	0.00
Net Debt to NOPAT	-7.46	34.24	3.79	112.49	0.00
Long-Term Debt to NOPAT	11.05	-18.97	-0.53	-9.32	0.00
Altman Z-Score	-0.59	0.98	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	29.43%	26.05%	55.61%	99.73%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	1.80	4.05	3.28	8.60	0.00
Quick Ratio	1.58	3.58	2.89	7.96	0.00
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	35	-74	-247	-31	0.00
Operating Cash Flow to CapEx	375.04%	47.44%	-178.52%	751.98%	388.06%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.83	0.72	0.92	0.80	0.00
Accounts Receivable Turnover	10.77	11.71	16.36	14.68	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	25.96	22.18	38.10	62.05	0.00
Accounts Payable Turnover	144.40	336.49	67.74	20.06	0.00
Days Sales Outstanding (DSO)	33.90	31.18	22.31	24.87	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2.53	1.08	5.39	18.19	0.00
Cash Conversion Cycle (CCC)	31.37	30.10	16.92	6.67	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	167	155	98	27	0.00
Invested Capital Turnover	6.41	6.42	12.00	35.21	0.00
Increase / (Decrease) in Invested Capital	12	57	71	27	0.00
Enterprise Value (EV)	571	538	0.00	0.00	0.00
Market Capitalization	731	943	0.00	0.00	0.00
Book Value per Share	$4.15	$0.82	$14.47	$0.08	$0.00
Tangible Book Value per Share	$3.69	$0.80	$14.47	$0.08	$0.00
Total Capital	1,160	1,102	920	522	0.00
Total Debt	644	362	155	38	0.00
Total Long-Term Debt	517	324	93	38	0.00
Net Debt	-349	-585	-668	-457	0.00
Capital Expenditures (CapEx)	18	20	22	6.62	1.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	69	60	20	15	0.00
Debt-free Net Working Capital (DFNWC)	283	266	354	218	0.00
Net Working Capital (NWC)	156	228	292	218	0.00
Net Nonoperating Expense (NNE)	492	180	117	65	0.05
Net Nonoperating Obligations (NNO)	-349	-585	-668	-457	0.00
Total Depreciation and Amortization (D&A)	32	19	6.29	0.82	0.29
Debt-free, Cash-free Net Working Capital to Revenue	6.64%	7.43%	2.71%	3.15%	0.00%
Debt-free Net Working Capital to Revenue	27.40%	32.78%	47.22%	45.91%	0.00%
Net Working Capital to Revenue	15.11%	28.14%	38.96%	45.91%	0.00%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	($5.66)	$0.00	($8.28)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	70.88M	0.00	38.25M	0.00	0.00
Adjusted Diluted Earnings per Share	($5.66)	$0.00	($8.28)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	70.88M	0.00	38.25M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	80.30M	0.00	56.94M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	47	-17	-176	-4.07	20
Normalized NOPAT Margin	4.53%	-2.10%	-23.51%	-0.86%	20.17%
Pre Tax Income Margin	-40.80%	-22.31%	-36.90%	-12.99%	21.41%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	-2.20%	-22.25%	-26.56%	-117.30%	99.73%
Augmented Payout Ratio	-2.20%	-22.25%	-26.56%	-134.51%	99.73%

This table displays calculated financial ratios and metrics derived from Pagaya Technologies' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	18.23%	28.14%	21.48%	27.98%	31.42%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	150.69%	-2,457.84%	-87.59%	-169.69%	77.00%	0.00%	0.00%	0.00%	0.00%
EBIT Growth	99.82%	-1,505.64%	-82.08%	-151.23%	71.01%	0.00%	0.00%	0.00%	0.00%
NOPAT Growth	520.09%	197.96%	13,717.28%	149.10%	130.79%	0.00%	0.00%	0.00%	0.00%
Net Income Growth	107.87%	-1,183.26%	-61.58%	-157.25%	67.90%	0.00%	0.00%	0.00%	0.00%
EPS Growth	130.30%	-1,300.00%	-158.33%	-96.23%	67.96%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	94.40%	69.21%	-109.32%	941.90%	186.47%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Growth	110.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	11.53%	7.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	3.79%	8.61%	2.75%	2.07%	0.00%	2.97%	8.25%	4.81%	0.00%
EBITDA Q/Q Growth	104.37%	-193.22%	-28.65%	-200.49%	0.00%	78.50%	-84.96%	74.37%	0.00%
EBIT Q/Q Growth	99.98%	-180.50%	-25.80%	-155.70%	0.00%	68.19%	-73.58%	70.49%	0.00%
NOPAT Q/Q Growth	50.24%	41.79%	345.28%	-34.63%	0.00%	6,475.31%	101.58%	59.01%	0.00%
Net Income Q/Q Growth	100.97%	-246.39%	10.22%	-161.13%	0.00%	56.38%	-42.94%	67.41%	0.00%
EPS Q/Q Growth	102.98%	-261.29%	10.58%	-215.15%	0.00%	56.38%	-42.94%	67.41%	0.00%
Operating Cash Flow Q/Q Growth	7.37%	2,231.85%	-109.71%	-24.32%	0.00%	17.40%	977.23%	92.23%	0.00%
Free Cash Flow Firm Q/Q Growth	49.88%	107.37%	-8.72%	12.46%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	2.82%	6.32%	17.59%	-13.24%	0.00%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	42.38%	43.38%	42.09%	41.84%	40.93%	38.32%	39.18%	38.34%	32.99%
EBITDA Margin	3.47%	-82.53%	-30.57%	-24.42%	-8.29%	-4.13%	-19.80%	-11.59%	-47.39%
Operating Margin	16.44%	11.36%	8.70%	2.01%	3.14%	4.89%	0.08%	-5.23%	-13.38%
EBIT Margin	-0.02%	-86.09%	-33.34%	-27.23%	-10.87%	-6.87%	-22.24%	-13.87%	-49.27%
Profit (Net Income) Margin	0.86%	-92.03%	-28.86%	-33.03%	-12.91%	-9.19%	-21.69%	-16.43%	-52.84%
Tax Burden Percent	-5,191.67%	106.89%	86.56%	121.29%	118.77%	133.75%	97.54%	118.45%	107.25%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	76.14%	50.96%	75.31%	19.48%	24.83%	17.89%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	82.38%	110.80%	114.40%	50.47%	36.29%	22.60%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-61.99%	-82.37%	-85.28%	-40.70%	-29.31%	-17.86%	0.00%	0.00%	0.00%
Return on Equity (ROE)	14.15%	-31.42%	-9.97%	-21.22%	-4.48%	0.04%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	35.03%	21.73%	0.00%	0.00%	0.00%	-47.95%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-0.01%	-71.11%	-23.61%	-17.34%	-6.38%	-4.95%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.67%	-76.01%	-20.44%	-21.03%	-7.58%	-6.62%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	10.36%	-22.17%	-7.47%	-16.18%	-3.51%	0.03%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-122.67%	0.00%	-45.12%	-34.28%	-20.70%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	33	22	16	3.52	5.38	7.46	0.11	-7.17	-17
NOPAT Margin	11.51%	7.95%	6.09%	1.41%	2.19%	3.42%	0.05%	-3.66%	-9.37%
Net Nonoperating Expense Percent (NNEP)	-6.24%	-59.84%	-39.09%	-30.99%	-11.47%	-4.70%	0.00%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	3.08%	2.05%	-	-	-	0.73%	-	-	-
Cost of Revenue to Revenue	57.62%	56.62%	57.91%	58.16%	59.07%	61.68%	60.82%	61.66%	67.01%
SG&A Expenses to Revenue	15.93%	19.86%	22.47%	25.74%	25.71%	21.00%	25.23%	27.10%	27.39%
R&D to Revenue	6.71%	6.66%	6.47%	8.76%	7.90%	8.05%	8.52%	9.03%	11.32%
Operating Expenses to Revenue	25.94%	32.02%	33.39%	39.83%	37.80%	33.44%	39.10%	43.57%	46.38%
Earnings before Interest and Taxes (EBIT)	-0.05	-241	-86	-68	-27	-15	-47	-27	-92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10	-231	-79	-61	-20	-9.02	-42	-23	-88
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.51	2.24	1.76	1.84	0.09	1.68	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	2.80	2.51	1.80	1.89	0.09	1.73	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.78	0.71	0.84	1.05	0.07	1.16	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.95	3.42	3.23	4.31	0.00	3.47	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.63	0.55	0.52	0.62	0.00	0.66	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	9.06	12.21	15.82	34.97	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.14	8.59	9.49	8.11	0.00	56.22	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	11.88	16.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	1.25	1.25	1.06	0.92	0.71	0.49	0.00	0.00	0.00
Long-Term Debt to Equity	0.99	1.00	0.72	0.64	0.56	0.44	0.00	0.00	0.00
Financial Leverage	-0.75	-0.74	-0.75	-0.81	-0.81	-0.79	0.00	0.00	0.00
Leverage Ratio	2.10	1.99	2.22	2.11	1.85	1.50	0.00	0.00	0.00
Compound Leverage Factor	2.10	1.99	2.22	2.11	1.85	1.50	0.00	0.00	0.00
Debt to Total Capital	55.55%	55.52%	51.45%	47.84%	41.44%	32.83%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	11.72%	10.94%	16.38%	14.29%	8.84%	3.42%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	43.83%	44.58%	35.07%	33.56%	32.60%	29.41%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	15.50%	16.33%	12.17%	12.39%	12.69%	16.36%	0.00%	0.00%	0.00%
Common Equity to Total Capital	28.96%	28.16%	36.38%	39.77%	45.88%	50.80%	0.00%	0.00%	0.00%
Debt to EBITDA	-1.79	-1.66	-3.87	-4.78	-6.03	-2.23	0.00	0.00	0.00
Net Debt to EBITDA	0.96	0.90	2.72	4.20	6.88	3.61	0.00	0.00	0.00
Long-Term Debt to EBITDA	-1.42	-1.33	-2.64	-3.35	-4.74	-2.00	0.00	0.00	0.00
Debt to NOPAT	8.61	13.76	20.42	38.42	97.85	-21.18	0.00	0.00	0.00
Net Debt to NOPAT	-4.59	-7.46	-14.36	-33.77	-111.68	34.24	0.00	0.00	0.00
Long-Term Debt to NOPAT	6.79	11.05	13.92	26.95	76.98	-18.97	0.00	0.00	0.00
Altman Z-Score	0.63	-0.13	0.47	0.73	0.23	1.44	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	26.83%	29.43%	25.07%	23.75%	21.66%	26.05%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	1.79	1.80	1.17	1.50	2.36	4.05	0.00	0.00	0.00
Quick Ratio	1.58	1.58	1.01	1.36	2.14	3.58	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	16	10	-141	-130	-149	0.00	0.00	0.00	0.00
Operating Cash Flow to CapEx	911.73%	806.41%	-35.51%	353.68%	397.86%	408.91%	319.06%	-37.02%	-428.39%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.83	0.71	0.64	0.59	0.72	0.00	0.00	0.00
Accounts Receivable Turnover	11.05	10.77	9.88	9.90	9.97	11.71	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	27.30	25.96	24.67	22.78	20.36	22.18	0.00	0.00	0.00
Accounts Payable Turnover	94.33	144.40	98.36	75.83	168.61	336.49	0.00	0.00	0.00
Days Sales Outstanding (DSO)	33.03	33.90	36.95	36.86	36.63	31.18	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3.87	2.53	3.71	4.81	2.16	1.08	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	29.16	31.37	33.24	32.05	34.46	30.10	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	172	167	157	134	154	155	0.00	0.00	0.00
Invested Capital Turnover	6.61	6.41	12.36	13.86	11.31	5.23	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	18	12	157	134	154	0.00	0.00	0.00	0.00
Enterprise Value (EV)	678	571	507	576	-416	538	0.00	0.00	0.00
Market Capitalization	842	731	812	968	57	943	1,080	957	0.00
Book Value per Share	$4.18	$4.15	$6.02	$6.93	$9.22	$0.82	$0.00	$0.00	$0.00
Tangible Book Value per Share	$3.75	$3.69	$5.87	$6.77	$9.03	$0.80	$0.00	$0.00	$0.00
Total Capital	1,159	1,160	1,271	1,323	1,366	1,102	0.00	0.00	0.00
Total Debt	644	644	654	633	566	362	0.00	0.00	0.00
Total Long-Term Debt	508	517	446	444	445	324	0.00	0.00	0.00
Net Debt	-343	-349	-460	-556	-646	-585	0.00	0.00	0.00
Capital Expenditures (CapEx)	3.78	3.98	4.24	4.38	5.15	4.63	5.06	4.97	5.53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	68	69	76	56	58	60	0.00	0.00	0.00
Debt-free Net Working Capital (DFNWC)	293	283	252	309	351	266	0.00	0.00	0.00
Net Working Capital (NWC)	157	156	44	120	230	228	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	31	279	90	86	37	27	46	25	81
Net Nonoperating Obligations (NNO)	-343	-349	-460	-556	-646	-585	0.00	0.00	0.00
Total Depreciation and Amortization (D&A)	10	9.95	7.12	7.04	6.32	5.97	5.18	4.47	3.52
Debt-free, Cash-free Net Working Capital to Revenue	6.32%	6.64%	7.85%	6.07%	6.64%	7.43%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	27.18%	27.40%	25.98%	33.38%	40.26%	32.78%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	14.57%	15.11%	4.53%	12.96%	26.38%	28.14%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	($3.36)	($0.93)	($1.04)	($0.33)	($2.88)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	75.77M	70.88M	72.73M	71.77M	64.50M	5.00M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$0.10	($3.36)	($0.93)	($1.04)	($0.33)	($2.88)	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	77.04M	70.88M	72.73M	71.77M	64.50M	5.00M	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	($3.36)	$0.00	$0.00	$0.00	($2.88)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	80.71M	80.30M	78.66M	76.82M	75.90M	5.67M	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	33	22	16	3.52	5.38	7.46	0.11	-7.17	-17
Normalized NOPAT Margin	11.51%	7.95%	6.09%	1.41%	2.19%	3.42%	0.05%	-3.66%	-9.37%
Pre Tax Income Margin	-0.02%	-86.09%	-33.34%	-27.23%	-10.87%	-6.87%	-22.24%	-13.87%	-49.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2.85%	-2.20%	-5.91%	-11.19%	-26.27%	-22.25%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.85%	-2.20%	-6.49%	-11.19%	-26.27%	-22.25%	0.00%	0.00%	0.00%

Frequently Asked Questions About Pagaya Technologies' Financials

When does Pagaya Technologies's financial year end?

According to the most recent income statement we have on file, Pagaya Technologies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Pagaya Technologies' net income changed over the last 4 years?

Pagaya Technologies' net income appears to be on an upward trend, with a most recent value of -$445.70 million in 2024, falling from $19.92 million in 2020. The previous period was -$196.74 million in 2023. Check out Pagaya Technologies' forecast to explore projected trends and price targets.

What is Pagaya Technologies's operating income?

Pagaya Technologies's total operating income in 2024 was $66.84 million, based on the following breakdown:

Total Gross Profit: $434.60 million
Total Operating Expenses: $367.76 million

How has Pagaya Technologies revenue changed over the last 4 years?

Over the last 4 years, Pagaya Technologies' total revenue changed from $99.01 million in 2020 to $1.03 billion in 2024, a change of 942.6%.

How much debt does Pagaya Technologies have?

Pagaya Technologies' total liabilities were at $775.28 million at the end of 2024, a 65.5% increase from 2023, and a 632.4% increase since 2021.

How much cash does Pagaya Technologies have?

In the past 3 years, Pagaya Technologies' cash and equivalents has ranged from $186.48 million in 2023 to $309.79 million in 2022, and is currently $187.92 million as of their latest financial filing in 2024.

How has Pagaya Technologies' book value per share changed over the last 4 years?

Over the last 4 years, Pagaya Technologies' book value per share changed from 0.00 in 2020 to 4.15 in 2024, a change of 415.1%.

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This page (NASDAQ:PGY) was last updated on 5/30/2025 by MarketBeat.com Staff

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