Pagaya Technologies (PGY) Financials

$11.63 -0.21 (-1.77%)

Closing price 04:00 PM Eastern

Extended Trading

$11.47 -0.16 (-1.38%)

As of 07:44 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	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	4.91	-134	-315	-128	-401
Consolidated Net Income / (Loss)	20	-70	-293	-197	-446
Net Income / (Loss) Continuing Operations	20	-70	-293	-197	-446
Total Pre-Tax Income	21	-62	-276	-181	-421
Total Operating Income	21	-5.81	-252	-24	67
Total Gross Profit	50	242	298	303	435
Total Revenue	99	475	749	812	1,032
Operating Revenue	99	475	749	812	1,032
Total Cost of Revenue	49	232	451	509	598
Operating Cost of Revenue	49	232	451	509	598
Total Operating Expenses	29	248	549	328	368
Selling, General & Admin Expense	11	132	294	203	241
Marketing Expense	5.67	50	104	50	50
Research & Development Expense	12	66	151	74	77
Total Other Income / (Expense), net	-0.06	-56	-25	-157	-488
Other Income / (Expense), net	-0.06	-56	-25	-157	-488
Income Tax Expense	1.28	7.88	16	16	25
Net Income / (Loss) Attributable to Noncontrolling Interest	15	41	22	-68	-44
Basic Earnings per Share	$0.03	($8.25)	($8.22)	($2.14)	($5.66)
Weighted Average Basic Shares Outstanding	191.15M	16.28M	38.25M	60.04M	70.88M
Diluted Earnings per Share	$0.02	($8.25)	($8.22)	($2.14)	($5.66)
Weighted Average Diluted Shares Outstanding	206.92M	16.28M	38.25M	60.04M	70.88M
Weighted Average Basic & Diluted Shares Outstanding	-	-	683.31M	67.98M	80.30M

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 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-61	-31	-22	-14	-21	-75	-67	-238
Consolidated Net Income / (Loss)	-99	-32	-46	-20	-32	-83	-74	-257
Net Income / (Loss) Continuing Operations	-99	-32	-46	-20	-32	-83	-74	-257
Total Pre-Tax Income	-92	-27	-47	-15	-27	-68	-86	-241
Total Operating Income	-25	-10	0.16	11	7.69	5.03	22	32
Total Gross Profit	62	75	83	84	100	105	108	121
Total Revenue	187	196	212	218	245	250	257	279
Operating Revenue	187	196	212	218	245	250	257	279
Total Cost of Revenue	125	121	129	134	145	146	149	158
Operating Cost of Revenue	125	121	129	134	145	146	149	158
Total Operating Expenses	87	85	83	73	93	100	86	89
Selling, General & Admin Expense	51	53	53	46	63	64	58	55
Marketing Expense	14	15	11	9.58	10	13	11	15
Research & Development Expense	21	18	18	18	19	22	17	19
Total Other Income / (Expense), net	-67	-17	-47	-26	-34	-73	-108	-272
Other Income / (Expense), net	-67	-17	-47	-26	-34	-73	-108	-272
Income Tax Expense	6.67	5.01	-1.16	5.06	5.00	15	-12	17
Net Income / (Loss) Attributable to Noncontrolling Interest	-38	-0.84	-24	-5.62	-10	-7.89	-6.76	-19
Basic Earnings per Share	($1.03)	($0.53)	($0.36)	($0.24)	($0.33)	($1.04)	($0.93)	($3.36)
Weighted Average Basic Shares Outstanding	59.26M	59.61M	60.71M	60.04M	64.50M	71.77M	72.73M	70.88M
Diluted Earnings per Share	($1.03)	($0.53)	($0.36)	($0.24)	($0.33)	($1.04)	($0.93)	($3.36)
Weighted Average Diluted Shares Outstanding	59.26M	59.61M	60.71M	60.04M	64.50M	71.77M	72.73M	70.88M
Basic & Diluted Earnings per Share	-	-	-	($0.24)	-	-	-	($3.36)
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	67.98M	75.90M	76.82M	78.66M	80.30M
Cash Dividends to Common per Share	-	-	-	$0.07	-	-	-	$0.03

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

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

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

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 2024	Q2 2024	Q3 2024
Period end date	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,483	1,453	1,371
Total Current Assets	399	361	298
Cash & Equivalents	274	234	147
Restricted Cash	17	17	18
Short-Term Investments	1.30	1.66	11
Accounts Receivable	87	93	98
Prepaid Expenses	19	15	24
Plant, Property, & Equipment, net	43	41	39
Total Noncurrent Assets	1,041	1,051	1,033
Long-Term Investments	920	936	938
Noncurrent Note & Lease Receivables	35	33	31
Goodwill	11	11	11
Intangible Assets	1.91	1.28	0.64
Other Noncurrent Operating Assets	73	70	53
Total Liabilities & Shareholders' Equity	1,483	1,453	1,371
Total Liabilities	683	763	754
Total Current Liabilities	169	241	254
Short-Term Debt	121	189	208
Accounts Payable	3.14	7.30	5.84
Accrued Expenses	37	36	33
Current Deferred & Payable Income Tax Liabilities	2.07	2.46	2.37
Other Current Liabilities	6.66	6.43	5.49
Total Noncurrent Liabilities	514	522	499
Long-Term Debt	445	444	446
Noncurrent Deferred Revenue	25	37	23
Noncurrent Deferred & Payable Income Tax Liabilities	0.11	0.11	0.19
Other Noncurrent Operating Liabilities	43	41	31
Redeemable Noncontrolling Interest	74	74	74
Total Equity & Noncontrolling Interests	726	616	543
Total Preferred & Common Equity	627	526	462
Total Common Equity	627	526	462
Common Stock	1,215	1,236	1,259
Retained Earnings	-564	-639	-706
Accumulated Other Comprehensive Income / (Loss)	-24	-71	-90
Noncontrolling Interest	99	90	80

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

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

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

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

Frequently Asked Questions About Pagaya Technologies' Financials

When does Pagaya Technologies's fiscal year end?

According to the most recent income statement we have on file, Pagaya Technologies' financial year ends in December. Their financial 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 5/5/2025 by MarketBeat.com Staff

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Pagaya Technologies (PGY) Financials

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