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Pagaya Technologies (PGY) Financials

Pagaya Technologies logo
$13.54 -0.06 (-0.44%)
Closing price 05/15/2026 04:00 PM Eastern
Extended Trading
$13.47 -0.07 (-0.52%)
As of 05/15/2026 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Pagaya Technologies

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 4.91 -134 -315 -128 -401 81
Consolidated Net Income / (Loss)		 20 -70 -293 -197 -446 71
Net Income / (Loss) Continuing Operations		 20 -70 -293 -197 -446 71
Total Pre-Tax Income 		21 -62 -276 -181 -421 52
Total Operating Income		 21 -5.81 -252 -24 67 264
Total Gross Profit		 50 242 298 303 435 552
Total Revenue		 99 475 749 812 1,032 1,301
Operating Revenue		 99 475 749 812 1,032 1,301
Total Cost of Revenue		 49 232 451 509 598 749
Operating Cost of Revenue		 49 232 451 509 598 749
Total Operating Expenses		 29 248 549 328 368 288
Selling, General & Admin Expense		 11 132 294 203 241 160
Marketing Expense		 5.67 50 104 50 50 54
Research & Development Expense		 12 66 151 74 77 75
Total Other Income / (Expense), net		 -0.06 -56 -25 -157 -488 -212
Interest Expense		 - - - 0.00 0.20 25
Interest & Investment Income		 - - - -131 -404 -107
Other Income / (Expense), net		 -0.06 -56 -25 -25 -84 -80
Income Tax Expense		 1.28 7.88 16 16 25 -20
Net Income / (Loss) Attributable to Noncontrolling Interest		 15 41 22 -68 -44 -10
Basic Earnings per Share		 $0.03 ($8.25) ($8.22) ($2.14) ($5.66) $0.99
Weighted Average Basic Shares Outstanding		 191.15M 16.28M 38.25M 60.04M 70.88M 78.34M
Diluted Earnings per Share		 $0.02 ($8.25) ($8.22) ($2.14) ($5.66) $0.93
Weighted Average Diluted Shares Outstanding		 206.92M 16.28M 38.25M 60.04M 70.88M 83.10M
Weighted Average Basic & Diluted Shares Outstanding		 - - 683.31M 67.98M 80.30M 84.55M

Quarterly Income Statements for Pagaya Technologies

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -22 -14 -21 -75 -67 -238 7.89 16 21 37 25
Consolidated Net Income / (Loss)		 -46 -20 -32 -83 -74 -257 2.49 17 23 29 24
Net Income / (Loss) Continuing Operations		 -46 -20 -32 -83 -74 -257 2.49 17 23 29 24
Total Pre-Tax Income 		-47 -15 -27 -68 -86 -241 -0.05 22 8.06 22 27
Total Operating Income		 0.16 11 7.69 5.03 22 32 48 56 80 80 80
Total Gross Profit		 83 84 100 105 108 121 123 135 150 145 140
Total Revenue		 212 218 245 250 257 279 290 326 350 335 318
Operating Revenue		 212 218 245 250 257 279 290 326 350 335 318
Total Cost of Revenue		 129 134 145 146 149 158 167 191 201 190 178
Operating Cost of Revenue		 129 134 145 146 149 158 167 191 201 190 178
Total Operating Expenses		 83 73 93 100 86 89 75 78 70 65 60
Selling, General & Admin Expense		 53 46 63 64 58 55 46 40 37 36 33
Marketing Expense		 11 9.58 10 13 11 15 9.59 20 14 9.88 11
Research & Development Expense		 18 18 19 22 17 19 19 18 18 19 16
Total Other Income / (Expense), net		 -47 -26 -34 -73 -108 -272 -48 -35 -72 -58 -53
Interest Expense		 - - - - 0.20 - 0.00 - 25 - -0.77
Interest & Investment Income		 - - - - -78 - -29 - -20 - -38
Other Income / (Expense), net		 -47 -26 -34 -73 -30 -272 -19 -35 -27 30 -15
Income Tax Expense		 -1.16 5.06 5.00 15 -12 17 -2.54 4.98 -15 -6.97 3.15
Net Income / (Loss) Attributable to Noncontrolling Interest		 -24 -5.62 -10 -7.89 -6.76 -19 -5.40 0.93 1.99 -8.02 -0.53
Basic Earnings per Share		 ($0.36) ($0.24) ($0.33) ($1.04) ($0.93) ($3.36) $0.10 $0.20 $0.27 $0.47 $0.29
Weighted Average Basic Shares Outstanding		 60.71M 60.04M 64.50M 71.77M 72.73M 70.88M 75.77M 76.87M 78.54M 78.34M 82.72M
Diluted Earnings per Share		 ($0.36) ($0.24) ($0.33) ($1.04) ($0.93) ($3.36) $0.10 $0.20 $0.23 $0.47 $0.28
Weighted Average Diluted Shares Outstanding		 60.71M 60.04M 64.50M 71.77M 72.73M 70.88M 77.04M 79.67M 91.05M 83.10M 96.75M
Weighted Average Basic & Diluted Shares Outstanding		 - 67.98M 75.90M 76.82M 78.66M 80.30M 80.71M 81.61M 82.42M 84.55M 84.90M

Annual Cash Flow Statements for Pagaya Technologies

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1.00 199 133 -115 3.98 62
Net Cash From Operating Activities		 4.26 50 -40 -22 48 239
Net Cash From Continuing Operating Activities		 4.26 50 -40 -22 48 239
Net Income / (Loss) Continuing Operations		 20 -70 -293 -197 -446 71
Consolidated Net Income / (Loss)		 20 -70 -293 -197 -446 71
Depreciation Expense		 0.29 0.82 6.29 19 29 30
Amortization Expense		 - - 0.00 0.00 3.74 11
Non-Cash Adjustments To Reconcile Net Income		 -0.18 121 288 208 480 199
Changes in Operating Assets and Liabilities, net		 -16 -2.86 -42 -52 -19 -73
Net Cash From Investing Activities		 -123 -141 -265 -381 -480 -310
Net Cash From Continuing Investing Activities		 -123 -141 -265 -381 -480 -310
Purchase of Property, Plant & Equipment		 -1.10 -6.62 -22 -20 -18 -14
Acquisitions		 0.00 -23 -5.75 0.00 -15 0.16
Purchase of Investments		 -103 -202 -356 -566 -694 -648
Divestitures		 0.35 8.93 0.45 1.61 0.03 0.00
Sale and/or Maturity of Investments		 29 29 113 203 247 352
Net Cash From Financing Activities		 120 290 438 289 437 130
Net Cash From Continuing Financing Activities		 120 290 438 289 437 130
Repayment of Debt		 0.00 0.00 -65 -261 -541 -708
Payment of Dividends		 -20 -82 -78 -44 -9.82 -26
Issuance of Debt		 0.00 38 182 468 819 856
Issuance of Preferred Equity		 65 173 0.00 74 0.00 0.00
Issuance of Common Equity		 75 172 107 52 169 6.92
Other Financing Activities, net		 0.00 0.75 292 -0.65 0.00 0.00
Effect of Exchange Rate Changes		 - - 0.00 -0.52 -0.59 3.32
Cash Interest Paid		 0.00 0.00 4.34 18 80 92
Cash Income Taxes Paid		 0.32 2.61 6.94 9.17 4.91 2.50

Quarterly Cash Flow Statements for Pagaya Technologies

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -47 -62 88 -42 -87 45 3.12 12 23 24 92
Net Cash From Operating Activities		 16 19 18 15 -1.50 32 34 57 67 80 43
Net Cash From Continuing Operating Activities		 16 19 18 15 -1.50 32 34 57 67 80 43
Net Income / (Loss) Continuing Operations		 -46 -20 -32 -83 -74 -257 2.49 17 23 29 24
Consolidated Net Income / (Loss)		 -46 -20 -32 -83 -74 -257 2.49 17 23 29 24
Depreciation Expense		 5.18 5.97 6.32 7.04 7.12 8.28 7.72 7.59 7.64 7.13 3.86
Amortization Expense		 - - 0.48 - - 1.67 2.40 3.45 2.41 3.00 5.19
Non-Cash Adjustments To Reconcile Net Income		 60 30 36 75 94 268 46 37 66 51 41
Changes in Operating Assets and Liabilities, net		 -2.64 2.64 6.81 16 -31 11 -24 -7.02 -32 -10 -31
Net Cash From Investing Activities		 -125 -97 -228 -120 -111 -36 -27 -125 -57 -100 -16
Net Cash From Continuing Investing Activities		 -125 -97 -228 -120 -111 -36 -27 -125 -57 -100 -16
Purchase of Property, Plant & Equipment		 -5.06 -4.63 -5.15 -4.38 -4.24 -3.98 -3.78 -3.80 -3.24 -3.09 -3.18
Purchase of Investments		 -163 -130 -262 -147 -130 -155 -82 -192 -103 -271 -209
Divestitures		 - - 0.00 - 0.03 - 0.16 - -0.16 - 0.00
Sale and/or Maturity of Investments		 43 38 39 31 23 138 59 71 49 174 196
Net Cash From Financing Activities		 63 12 299 64 25 49 -3.78 78 12 43 64
Net Cash From Continuing Financing Activities		 63 12 299 64 25 49 -3.78 78 12 43 64
Repayment of Debt		 -67 -54 -183 -44 -42 -272 -51 -114 -505 -36 -94
Payment of Dividends		 -10 -4.45 -2.52 -2.80 -2.57 -1.93 -4.44 -3.98 -3.55 -14 -6.13
Issuance of Debt		 132 44 386 110 63 260 49 196 519 92 164
Issuance of Common Equity		 10 27 98 0.02 9.69 61 2.86 1.12 2.57 0.38 0.80
Effect of Exchange Rate Changes		 -1.51 3.69 -0.82 -0.90 0.54 0.59 -0.65 1.93 0.77 1.27 0.18

Annual Balance Sheets for Pagaya Technologies

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 590 1,045 1,208 1,291 1,546
Total Current Assets		 247 420 303 1,158 1,234
Cash & Equivalents		 191 310 186 188 235
Restricted Cash		 7.00 23 17 39 53
Short-Term Investments		 5.14 1.01 2.49 778 945
Plant, Property, & Equipment, net		 7.65 32 42 38 30
Total Noncurrent Assets		 336 594 863 95 282
Long-Term Investments		 292 489 741 22 14
Noncurrent Note & Lease Receivables		 19 39 34 - 153
Goodwill		 - 0.00 11 23 23
Intangible Assets		 - 0.00 2.55 13 7.66
Other Noncurrent Operating Assets		 19 66 75 37 85
Total Liabilities & Shareholders' Equity		 590 1,045 1,208 1,291 1,546
Total Liabilities		 106 280 468 775 960
Total Current Liabilities		 29 128 75 199 79
Accounts Payable		 12 1.74 1.29 6.99 3.93
Accrued Expenses		 17 49 29 45 75
Total Noncurrent Liabilities		 77 152 393 577 882
Long-Term Debt		 38 93 324 497 824
Noncurrent Deferred & Payable Income Tax Liabilities		 0.00 0.57 22 - 19
Other Noncurrent Operating Liabilities		 27 50 47 79 39
Redeemable Noncontrolling Interest		 307 0.00 74 74 30
Total Equity & Noncontrolling Interests		 177 765 666 442 555
Total Preferred & Common Equity		 1.29 554 560 326 480
Total Common Equity		 1.29 554 560 326 480
Common Stock		 113 968 1,102 1,282 1,391
Retained Earnings		 -112 -414 -543 -944 -863
Accumulated Other Comprehensive Income / (Loss)		 0.00 -0.71 0.44 -11 -48
Noncontrolling Interest		 176 212 106 115 75

Quarterly Balance Sheets for Pagaya Technologies

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,483 1,453 1,371 1,278 1,399 1,455 1,649
Total Current Assets		 399 361 298 356 362 1,307 1,321
Cash & Equivalents		 274 234 147 187 183 218 318
Restricted Cash		 17 17 18 18 24 46 62
Short-Term Investments		 1.30 1.66 11 20 22 888 941
Plant, Property, & Equipment, net		 43 41 39 36 34 32 31
Total Noncurrent Assets		 1,041 1,051 1,033 887 1,002 115 296
Long-Term Investments		 920 936 938 762 868 15 15
Noncurrent Note & Lease Receivables		 35 33 31 28 31 - 171
Goodwill		 11 11 11 23 23 23 23
Intangible Assets		 1.91 1.28 0.64 12 11 9.09 6.23
Other Noncurrent Operating Assets		 73 70 53 61 70 69 81
Total Liabilities & Shareholders' Equity		 1,483 1,453 1,371 1,278 1,399 1,455 1,649
Total Liabilities		 683 763 754 763 857 889 1,019
Total Current Liabilities		 169 241 254 199 254 202 67
Accounts Payable		 3.14 7.30 5.84 10 9.19 5.06 3.80
Accrued Expenses		 37 36 33 34 40 49 63
Total Noncurrent Liabilities		 514 522 499 565 602 688 952
Long-Term Debt		 445 444 446 508 544 619 895
Noncurrent Deferred & Payable Income Tax Liabilities		 0.11 0.11 0.19 26 26 - 24
Other Noncurrent Operating Liabilities		 43 41 31 31 32 68 33
Redeemable Noncontrolling Interest		 74 74 74 74 74 30 30
Total Equity & Noncontrolling Interests		 726 616 543 441 468 536 599
Total Preferred & Common Equity		 627 526 462 335 367 438 529
Total Common Equity		 627 526 462 335 367 440 529
Common Stock		 1,215 1,236 1,259 1,299 1,319 1,381 1,400
Retained Earnings		 -564 -639 -706 -936 -919 -897 -838
Accumulated Other Comprehensive Income / (Loss)		 -24 -71 -90 -27 -33 -45 -32
Noncontrolling Interest		 99 90 80 105 101 98 70

Annual Metrics And Ratios for Pagaya Technologies

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 82,423,087.00
DEI Adjusted Shares Outstanding		 - - - - - 82,423,087.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 0.99
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 20 -4.07 -176 -17 47 365
Return On Investment Capital (ROIC_SIMPLE)		 - - -19.14% -1.66% 4.31% 29.63%
Earnings before Interest and Taxes (EBIT)		 21 -62 -276 -181 -421 183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 21 -61 -270 -162 -389 225
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -31 -247 -74 35 337
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 27 98 155 167 14
Increase / (Decrease) in Invested Capital		 0.00 27 71 57 12 27
Book Value per Share		 $0.00 $0.08 $14.47 $0.82 $4.15 $5.82
Tangible Book Value per Share		 $0.00 $0.08 $14.47 $0.80 $3.69 $5.45
Total Capital		 0.00 522 920 1,102 1,160 1,261
Total Debt		 0.00 38 155 362 644 675
Total Long-Term Debt		 0.00 38 93 324 517 675
Net Debt		 0.00 -457 -668 -585 -349 -572
Capital Expenditures (CapEx)		 1.10 6.62 22 20 18 14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 15 20 60 69 -20
Debt-free Net Working Capital (DFNWC)		 0.00 218 354 266 283 1,214
Net Working Capital (NWC)		 0.00 218 292 228 156 1,214
Net Nonoperating Expense (NNE)		 0.05 65 117 180 492 293
Net Nonoperating Obligations (NNO)		 0.00 -457 -668 -585 -349 -572
Total Depreciation and Amortization (D&A)		 0.29 0.82 6.29 19 32 41
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($8.28) $0.00 ($5.66) $0.99
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 38.25M 0.00 70.88M 78.34M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($8.28) $0.00 ($5.66) $0.93
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 38.25M 0.00 70.88M 83.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 84.55M
Normalized Net Operating Profit after Tax (NOPAT)		 20 -4.07 -176 -17 47 185
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Pagaya Technologies

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 82,423,087.00 84,553,583.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 82,423,087.00 84,553,583.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.45 0.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 31.42% 27.98% 21.48% 28.14% 18.23% 30.38% 36.13% - 9.64%
EBITDA Growth		 0.00% 0.00% 77.54% -169.69% -87.59% -2,457.84% 150.69% 153.99% 208,846.67% - 88.24%
EBIT Growth		 0.00% 0.00% 71.01% -151.23% -82.08% -1,505.64% 99.82% 131.60% 760.48% - 122.73%
NOPAT Growth		 0.00% 0.00% 130.79% 149.10% 13,717.28% 197.96% 520.09% 1,133.89% 1,372.93% - 112.05%
Net Income Growth		 0.00% 0.00% 67.90% -157.25% -61.58% -1,183.26% 107.87% 120.03% 131.35% - 869.54%
EPS Growth		 0.00% 0.00% 67.96% -96.23% -158.33% -1,300.00% 130.30% 119.23% 124.73% - 180.00%
Operating Cash Flow Growth		 0.00% 0.00% 174.81% 941.90% -109.32% 69.21% 94.40% 517.00% 1,043.38% - 25.44%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 110.52% 102.69% 361.66% - 245.84%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 7.60% 11.53% 29.89% -88.60% - 9.75%
Revenue Q/Q Growth		 8.25% 2.97% 12.49% 2.07% 2.75% 8.61% 3.79% 12.56% 7.28% - -5.04%
EBITDA Q/Q Growth		 -84.96% 78.50% -120.38% -200.49% -28.65% -193.22% 104.37% 223.55% 92.21% - -38.40%
EBIT Q/Q Growth		 -73.58% 68.19% -77.95% -155.70% -25.80% -180.50% 99.98% 44,977.08% 144.10% - -40.97%
NOPAT Q/Q Growth		 101.58% 6,475.31% -27.81% -34.63% 345.28% 41.79% 50.24% 30.08% 431.54% - -32.53%
Net Income Q/Q Growth		 -42.94% 56.38% -58.02% -161.13% 10.22% -246.39% 100.97% 564.65% 40.51% - -16.81%
EPS Q/Q Growth		 -42.94% 56.38% -37.50% -215.15% 10.58% -261.29% 102.98% 100.00% 15.00% - -40.43%
Operating Cash Flow Q/Q Growth		 977.23% 17.40% -6.54% -24.32% -109.71% 2,231.85% 7.37% 66.58% 16.91% - -45.88%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 12.46% -8.72% 107.37% 49.88% -77.62% 10,480.67% - 175.74%
Invested Capital Q/Q Growth		 0.00% 0.00% -0.80% -13.24% 17.59% 6.32% 2.82% 1.04% -89.68% - 15.89%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 39.18% 38.32% 40.93% 41.84% 42.09% 43.38% 42.38% 41.34% 42.72% - 44.15%
EBITDA Margin		 -19.80% -4.13% -8.10% -24.42% -30.57% -82.53% 3.47% 9.98% 17.88% - 23.15%
Operating Margin		 0.08% 4.89% 3.14% 2.01% 8.70% 11.36% 16.44% 17.30% 22.83% - 25.16%
EBIT Margin		 -22.24% -6.87% -10.87% -27.23% -33.34% -86.09% -0.02% 6.60% 15.02% - 20.30%
Profit (Net Income) Margin		 -21.69% -9.19% -12.91% -33.03% -28.86% -92.03% 0.86% 5.07% 6.65% - 7.60%
Tax Burden Percent		 97.54% 133.75% 118.77% 121.29% 86.56% 106.89% -5,191.67% 76.89% 288.64% - 88.47%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 15.33% - 42.32%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 23.11% -188.64% - 11.53%
Return on Invested Capital (ROIC)		 0.00% 17.89% 24.83% 19.48% 75.31% 50.96% 76.14% 99.91% 938.77% - 164.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 22.60% 36.29% 50.47% 114.40% 110.80% 82.38% 105.72% 979.95% - 176.24%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -17.86% -29.31% -40.70% -85.28% -82.37% -61.99% -79.37% -835.02% - -120.78%
Return on Equity (ROE)		 0.00% 0.04% -4.48% -21.22% -9.97% -31.42% 14.15% 20.54% 103.75% - 43.57%
Cash Return on Invested Capital (CROIC)		 0.00% -47.95% 0.00% 0.00% 0.00% 21.73% 35.03% 46.16% 331.80% - 184.44%
Operating Return on Assets (OROA)		 0.00% -4.95% -6.38% -17.34% -23.61% -71.11% -0.01% 5.34% 13.24% - 18.44%
Return on Assets (ROA)		 0.00% -6.62% -7.58% -21.03% -20.44% -76.01% 0.67% 4.10% 5.86% - 6.90%
Return on Common Equity (ROCE)		 0.00% 0.03% -3.51% -16.18% -7.47% -22.17% 10.36% 14.88% 79.17% - 32.93%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -20.70% -34.28% -45.12% 0.00% -122.67% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 0.11 7.46 5.38 3.52 16 22 33 43 231 105 71
NOPAT Margin		 0.05% 3.42% 2.19% 1.41% 6.09% 7.95% 11.51% 13.30% 65.91% - 22.26%
Net Nonoperating Expense Percent (NNEP)		 0.00% -4.70% -11.47% -30.99% -39.09% -59.84% -6.24% -5.81% -41.17% - -11.89%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.73% 0.42% - - 2.05% 3.08% 3.63% 19.98% 8.52% 4.74%
Cost of Revenue to Revenue		 60.82% 61.68% 59.07% 58.16% 57.91% 56.62% 57.62% 58.66% 57.28% - 55.85%
SG&A Expenses to Revenue		 25.23% 21.00% 25.71% 25.74% 22.47% 19.86% 15.93% 12.36% 10.55% - 10.48%
R&D to Revenue		 8.52% 8.05% 7.90% 8.76% 6.47% 6.66% 6.71% 5.65% 5.21% - 5.01%
Operating Expenses to Revenue		 39.10% 33.44% 37.80% 39.83% 33.39% 32.02% 25.94% 24.04% 19.89% - 18.99%
Earnings before Interest and Taxes (EBIT)		 -47 -15 -27 -68 -86 -241 -0.05 22 53 109 65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -42 -9.02 -20 -61 -79 -231 10 33 63 119 74
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.68 0.09 1.84 1.76 2.24 2.51 4.69 5.50 - 1.86
Price to Tangible Book Value (P/TBV)		 0.00 1.73 0.09 1.89 1.80 2.51 2.80 5.16 5.93 - 1.97
Price to Revenue (P/Rev)		 0.00 1.16 0.07 1.05 0.84 0.71 0.78 1.49 1.94 - 0.74
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 10.03
Dividend Yield		 0.00% 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% - 9.97%
Enterprise Value to Invested Capital (EV/IC)		 0.00 3.47 0.00 4.31 3.23 3.42 3.95 8.80 111.86 - 3.42
Enterprise Value to Revenue (EV/Rev)		 0.00 0.66 0.00 0.62 0.52 0.55 0.63 1.32 1.61 - 0.48
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 2.48
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 2.94
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 34.97 15.82 12.21 9.06 13.79 13.25 - 1.85
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 56.22 0.00 8.11 9.49 8.59 8.14 11.63 9.75 - 2.60
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 16.32 11.88 21.55 6.90 - 1.94
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.49 0.71 0.92 1.06 1.25 1.25 1.34 1.09 - 1.42
Long-Term Debt to Equity		 0.00 0.44 0.56 0.64 0.72 1.00 0.99 1.00 1.09 - 1.42
Financial Leverage		 0.00 -0.79 -0.81 -0.81 -0.75 -0.74 -0.75 -0.75 -0.85 - -0.69
Leverage Ratio		 0.00 1.50 1.85 2.11 2.22 1.99 2.10 2.31 2.39 - 2.56
Compound Leverage Factor		 0.00 1.50 1.85 2.11 2.22 1.99 2.10 2.31 0.37 - 1.08
Debt to Total Capital		 0.00% 32.83% 41.44% 47.84% 51.45% 55.52% 55.55% 57.30% 52.25% - 58.73%
Short-Term Debt to Total Capital		 0.00% 3.42% 8.84% 14.29% 16.38% 10.94% 11.72% 14.42% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 29.41% 32.60% 33.56% 35.07% 44.58% 43.83% 42.88% 52.25% - 58.73%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 16.36% 12.69% 12.39% 12.17% 16.33% 15.50% 13.82% 10.77% - 6.56%
Common Equity to Total Capital		 0.00% 50.80% 45.88% 39.77% 36.38% 28.16% 28.96% 28.88% 37.15% - 34.72%
Debt to EBITDA		 0.00 -2.23 -6.03 -4.78 -3.87 -1.66 -1.79 -2.74 -3.05 - 3.45
Net Debt to EBITDA		 0.00 3.61 6.88 4.20 2.72 0.90 0.96 1.39 2.70 - -1.70
Long-Term Debt to EBITDA		 0.00 -2.00 -4.74 -3.35 -2.64 -1.33 -1.42 -2.05 -3.05 - 3.45
Debt to NOPAT		 0.00 -21.18 97.85 38.42 20.42 13.76 8.61 6.57 4.10 - 2.57
Net Debt to NOPAT		 0.00 34.24 -111.68 -33.77 -14.36 -7.46 -4.59 -3.33 -3.63 - -1.26
Long-Term Debt to NOPAT		 0.00 -18.97 76.98 26.95 13.92 11.05 6.79 4.91 4.10 - 2.57
Altman Z-Score		 0.00 1.44 0.23 0.73 0.47 -0.13 0.63 1.25 2.66 - 1.72
Noncontrolling Interest Sharing Ratio		 0.00% 26.05% 21.66% 23.75% 25.07% 29.43% 26.83% 27.54% 23.70% - 24.43%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 4.05 2.36 1.50 1.17 1.80 1.79 1.42 6.48 - 19.64
Quick Ratio		 0.00 3.58 2.14 1.36 1.01 1.58 1.58 1.27 5.48 - 18.72
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -149 -130 -141 10 16 3.50 370 77 54
Operating Cash Flow to CapEx		 319.06% 408.91% 344.20% 353.68% -35.51% 806.41% 911.73% 1,509.21% 2,069.32% - 1,359.70%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.82 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.69 - 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 2.56 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.72 0.59 0.64 0.71 0.83 0.78 0.81 0.88 - 0.91
Accounts Receivable Turnover		 0.00 11.71 9.97 9.90 9.88 10.77 11.05 10.88 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 22.18 20.36 22.78 24.67 25.96 27.30 30.72 34.72 - 39.36
Accounts Payable Turnover		 0.00 336.49 168.61 75.83 98.36 144.40 94.33 80.72 131.63 - 110.08
Days Sales Outstanding (DSO)		 0.00 31.18 36.63 36.86 36.95 33.90 33.03 33.55 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 - 0.00
Days Payable Outstanding (DPO)		 0.00 1.08 2.16 4.81 3.71 2.53 3.87 4.52 2.77 - 3.32
Cash Conversion Cycle (CCC)		 0.00 30.10 34.46 32.05 33.24 31.37 29.16 29.02 -2.77 - -3.32
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 155 154 134 157 167 172 173 18 14 188
Invested Capital Turnover		 0.00 5.23 11.31 13.86 12.36 6.41 6.61 7.51 14.24 - 7.38
Increase / (Decrease) in Invested Capital		 0.00 0.00 154 134 157 12 18 40 -139 27 17
Enterprise Value (EV)		 0.00 538 -416 576 507 571 678 1,527 2,003 - 644
Market Capitalization		 1,080 943 57 968 812 731 842 1,721 2,423 - 985
Book Value per Share		 $0.00 $0.82 $9.22 $6.93 $6.02 $4.15 $4.18 $4.54 $5.40 $5.82 $6.26
Tangible Book Value per Share		 $0.00 $0.80 $9.03 $6.77 $5.87 $3.69 $3.75 $4.13 $5.00 $5.45 $5.92
Total Capital		 0.00 1,102 1,366 1,323 1,271 1,160 1,159 1,270 1,185 1,261 1,525
Total Debt		 0.00 362 566 633 654 644 644 728 619 675 895
Total Long-Term Debt		 0.00 324 445 444 446 517 508 544 619 675 895
Net Debt		 0.00 -585 -646 -556 -460 -349 -343 -369 -548 -572 -441
Capital Expenditures (CapEx)		 5.06 4.63 5.15 4.38 4.24 3.98 3.78 3.80 3.24 3.09 3.18
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 60 58 56 76 69 68 63 -47 -20 -67
Debt-free Net Working Capital (DFNWC)		 0.00 266 351 309 252 283 293 291 1,106 1,214 1,254
Net Working Capital (NWC)		 0.00 228 230 120 44 156 157 108 1,106 1,214 1,254
Net Nonoperating Expense (NNE)		 46 27 37 86 90 279 31 27 208 76 47
Net Nonoperating Obligations (NNO)		 0.00 -585 -646 -556 -460 -349 -343 -369 -548 -572 -441
Total Depreciation and Amortization (D&A)		 5.18 5.97 6.79 7.04 7.12 9.95 10 11 10 10 9.05
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 7.43% 6.64% 6.07% 7.85% 6.64% 6.32% 5.45% -3.76% - -5.06%
Debt-free Net Working Capital to Revenue		 0.00% 32.78% 40.26% 33.38% 25.98% 27.40% 27.18% 25.25% 88.74% - 94.34%
Net Working Capital to Revenue		 0.00% 28.14% 26.38% 12.96% 4.53% 15.11% 14.57% 9.37% 88.74% - 94.34%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.88) ($0.33) ($1.04) ($0.93) ($3.36) $0.10 $0.20 $0.27 $0.47 $0.29
Adjusted Weighted Average Basic Shares Outstanding		 0.00 5.00M 64.50M 71.77M 72.73M 70.88M 75.77M 76.87M 78.54M 78.34M 82.72M
Adjusted Diluted Earnings per Share		 $0.00 ($2.88) ($0.33) ($1.04) ($0.93) ($3.36) $0.10 $0.20 $0.23 $0.47 $0.28
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 5.00M 64.50M 71.77M 72.73M 70.88M 77.04M 79.67M 91.05M 83.10M 96.75M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.88) $0.00 $0.00 $0.00 ($3.36) $0.00 $0.00 $0.00 $0.47 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 5.67M 75.90M 76.82M 78.66M 80.30M 80.71M 81.61M 82.42M 84.55M 84.90M
Normalized Net Operating Profit after Tax (NOPAT)		 0.11 7.46 5.38 3.52 16 22 33 43 56 56 71
Normalized NOPAT Margin		 0.05% 3.42% 2.19% 1.41% 6.09% 7.95% 11.51% 13.30% 15.98% - 22.26%
Pre Tax Income Margin		 -22.24% -6.87% -10.87% -27.23% -33.34% -86.09% -0.02% 6.60% 2.30% - 8.59%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.11 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.25 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.98 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.12 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% -22.25% -26.27% -11.19% -5.91% -2.20% -2.85% -4.14% -6.47% - 29.50%
Augmented Payout Ratio		 0.00% -22.25% -26.27% -11.19% -6.49% -2.20% -2.85% -4.14% -6.47% - 29.50%

Financials Breakdown Chart

Key Financial Trends

Pagaya Technologies (PGY) has shown a multi-year ascent in revenue and profitability across the 2023–2025 period, with 2025 Q4 delivering positive net income and stronger cash flow. Below are the key takeaways for retail investors based on the latest quarterly and year-to-date data.

  • Strong revenue growth trend: Total revenue rose from about $186.6M in Q1 2023 to $334.8M in Q4 2025, marking a substantial uplift over the period (roughly 79% higher by the end of 2025).
  • Gross profit growth and margin expansion: Gross profit increased from approximately $61.6M in early 2023 to about $144.8M in Q4 2025, with gross margin expanding over time (roughly mid-30s% → around 40–43%).
  • Operating income improvement: Operating income turned notably positive in 2025, with Q4 2025 reporting about $79.7M of operating income (versus lower or negative levels in earlier periods).
  • Profitability returns to common shareholders: Net income attributable to common shareholders was positive in Q4 2025 at about $37.1M, with basic and diluted EPS of $0.47.
  • Robust quarterly operating cash flow: Net cash from continuing operating activities was about $79.8M in Q4 2025, contributing to a positive net cash flow for the quarter and a favorable cash-position trajectory.
  • Balance sheet scale and leverage: Total assets reached roughly $1.46B by Q3 2025, with long-term debt around $619M and total liabilities about $889M, indicating a sizable but manageable leverage position given current cash flows.
  • Financing activity supports liquidity: In Q4 2025, Pagaya raised about $92.5M via new debt, complemented by net financing cash flow of roughly $42.7M for the quarter, helping fund operations and investments.
  • Share dilution versus earnings: Weighted average shares outstanding rose through 2025 (about 78.3M basic and 83.1M diluted in Q4 2025), which can dilute per-share gains even as earnings improve.
  • Recent quarterly profitability volatility: Despite stronger Q4 2025 results, earlier quarters showed sizable net losses (for example, 2024 Q4 and 2023 periods had negative net income to common), highlighting ongoing earnings volatility and a path to sustained profitability.
  • Aggressive investing activity preps for growth: Net cash used in investing activities remained meaningful (e.g., roughly $100M+ in some quarters), indicating ongoing investments that weigh on near-term cash but aim to drive longer-term value.
05/17/26 06:53 AM ETAI Generated. May Contain Errors.

Pagaya Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pagaya Technologies' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Pagaya Technologies' net income appears to be on an upward trend, with a most recent value of $71.37 million in 2025, rising from $19.92 million in 2020. The previous period was -$445.70 million in 2024. See Pagaya Technologies' forecast for analyst expectations on what's next for the company.

Pagaya Technologies' total operating income in 2025 was $263.83 million, based on the following breakdown:
  • Total Gross Profit: $552.19 million
  • Total Operating Expenses: $288.36 million

Over the last 5 years, Pagaya Technologies' total revenue changed from $99.01 million in 2020 to $1.30 billion in 2025, a change of 1,214.4%.

Pagaya Technologies' total liabilities were at $960.46 million at the end of 2025, a 23.9% increase from 2024, and a 807.3% increase since 2021.

In the past 4 years, Pagaya Technologies' cash and equivalents has ranged from $186.48 million in 2023 to $309.79 million in 2022, and is currently $235.33 million as of their latest financial filing in 2025.

Over the last 5 years, Pagaya Technologies' book value per share changed from 0.00 in 2020 to 5.82 in 2025, a change of 582.4%.


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Financial statements for NASDAQ:PGY last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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