Pagaya Technologies Ltd. Financials

PGY

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 57/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Pagaya Technologies Ltd. has an operating margin of 6.5%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from -3.0% the prior year.

Growth

100

Pagaya Technologies Ltd.'s revenue surged 27.1% year-over-year to $1.0B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Pagaya Technologies Ltd. carries a low D/E ratio of 0.98, meaning only $0.98 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Pagaya Technologies Ltd.'s current ratio of 1.80 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Pagaya Technologies Ltd.'s free cash flow margin of 4.7% results in a low score of 24/100. Capital expenditures of $17.7M absorb a large share of operating cash flow.

Altman Z-Score Distress

0.87

Pagaya Technologies Ltd. scores 0.87, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($999.3M) relative to total liabilities ($775.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

4/9

Pagaya Technologies Ltd. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.17x

For every $1 of reported earnings, Pagaya Technologies Ltd. generates $-0.17 in operating cash flow ($66.5M OCF vs -$401.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Pagaya Technologies Ltd. (PGY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

$1.0B

YoY+27.1%

Pagaya Technologies Ltd. generated $1.0B in revenue in fiscal year 2024. This represents an increase of 27.1% from the prior year.

EBITDA

$95.6M

YoY+1912.9%

Pagaya Technologies Ltd.'s EBITDA was $95.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1912.9% from the prior year.

Free Cash Flow

$48.8M

YoY+559.7%

Pagaya Technologies Ltd. generated $48.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 559.7% from the prior year.

Net Income

-$401.4M

YoY-212.5%

Pagaya Technologies Ltd. reported -$401.4M in net income in fiscal year 2024. This represents a decrease of 212.5% from the prior year.

EPS (Diluted)

$-5.66

YoY-164.5%

Pagaya Technologies Ltd. earned $-5.66 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 164.5% from the prior year.

Cash & Debt

$187.9M

YoY+0.8%

Pagaya Technologies Ltd. held $187.9M in cash against $321.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

42.1%

YoY+4.8pp

Pagaya Technologies Ltd.'s gross margin was 42.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.8 percentage points from the prior year.

Operating Margin

6.5%

YoY+9.5pp

Pagaya Technologies Ltd.'s operating margin was 6.5% in fiscal year 2024, reflecting core business profitability. This is up 9.5 percentage points from the prior year.

Net Margin

-38.9%

YoY-23.1pp

Pagaya Technologies Ltd.'s net profit margin was -38.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 23.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$76.6M

YoY+2.9%

Pagaya Technologies Ltd. invested $76.6M in research and development in fiscal year 2024. This represents an increase of 2.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$17.7M

YoY-12.1%

Pagaya Technologies Ltd. invested $17.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 12.1% from the prior year.

PGY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$1.0B+27.1%	$812.1M+8.4%	$748.9M+57.8%	$474.6M+379.3%	$99.0M
Cost of Revenue	$597.7M+17.4%	$508.9M+12.8%	$451.1M+94.2%	$232.3M+373.3%	$49.1M
Gross Profit	$434.6M+43.4%	$303.1M+1.8%	$297.8M+22.9%	$242.3M+385.3%	$49.9M
R&D Expenses	$76.6M+2.9%	$74.4M-50.7%	$150.9M+128.0%	$66.2M+436.9%	$12.3M
SG&A Expenses	$240.8M+18.4%	$203.4M-30.9%	$294.2M+122.5%	$132.2M+1139.1%	$10.7M
Operating Income	$66.8M+373.9%	-$24.4M+90.3%	-$251.5M-4229.6%	-$5.8M-127.3%	$21.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$24.6M+57.8%	$15.6M-5.1%	$16.4M+108.3%	$7.9M+517.2%	$1.3M
Net Income	-$401.4M-212.5%	-$128.4M+57.5%	-$302.3M-231.7%	-$91.2M-729.9%	$14.5M
EPS (Diluted)	$-5.66-164.5%	$-2.14+74.0%	$-8.22+0.4%	$-8.25-41350.0%	$0.02

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$350.2M+7.3%	$326.4M+12.6%	$290.0M+3.8%	$279.4M+8.6%	$257.2M+2.8%	$250.3M+2.1%	$245.3M+12.5%	$218.0M
Cost of Revenue	$200.6M+4.8%	$191.5M+14.6%	$167.1M+5.6%	$158.2M+6.2%	$149.0M+2.3%	$145.6M+0.5%	$144.9M+7.7%	$134.5M
Gross Profit	$149.6M+10.9%	$134.9M+9.8%	$122.9M+1.4%	$121.2M+11.9%	$108.3M+3.4%	$104.7M+4.3%	$100.4M+20.1%	$83.6M
R&D Expenses	$18.2M-1.2%	$18.5M-5.1%	$19.4M+4.5%	$18.6M+11.7%	$16.7M-24.1%	$21.9M+13.2%	$19.4M+10.4%	$17.6M
SG&A Expenses	$36.9M-8.4%	$40.3M-12.6%	$46.2M-16.7%	$55.5M-4.0%	$57.8M-10.3%	$64.4M+2.2%	$63.1M+37.8%	$45.8M
Operating Income	$80.0M+41.6%	$56.5M+18.4%	$47.7M+50.2%	$31.7M+41.8%	$22.4M+345.3%	$5.0M-34.6%	$7.7M-27.8%	$10.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$15.2M-405.5%	$5.0M+296.0%	-$2.5M-115.3%	$16.6M+243.9%	-$11.5M-179.4%	$14.5M+190.1%	$5.0M-1.0%	$5.1M
Net Income	$22.5M+35.4%	$16.7M+111.0%	$7.9M+103.3%	-$237.9M-252.6%	-$67.5M+9.8%	-$74.8M-252.4%	-$21.2M-47.2%	-$14.4M
EPS (Diluted)	$0.23+15.0%	$0.20+100.0%	$0.10+103.0%	$-3.36-261.3%	$-0.93+10.6%	$-1.04-215.2%	$-0.33-50.0%	$-0.22

PGY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.3B+6.8%	$1.2B+15.6%	$1.0B+77.1%	$590.3M	N/A
Current Assets	$351.5M+15.8%	$303.4M-27.7%	$419.8M+70.3%	$246.5M	N/A
Cash & Equivalents	$187.9M+0.8%	$186.5M-39.8%	$309.8M+62.4%	$190.8M+3665.9%	$5.1M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.1M+110.7%	$10.9M	$0	N/A	N/A
Total Liabilities	$775.3M+65.5%	$468.4M-4.7%	$491.6M-16.5%	$589.0M	N/A
Current Liabilities	$195.5M+160.9%	$74.9M-41.5%	$128.0M+346.5%	$28.7M	N/A
Long-Term Debt	$321.3M	N/A	N/A	N/A	N/A
Total Equity	$326.5M-41.7%	$559.7M+1.1%	$553.5M+42742.1%	$1.3M-98.5%	$88.1M
Retained Earnings	-$944.0M-74.0%	-$542.6M-31.0%	-$414.2M-270.2%	-$111.9M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.5B+4.0%	$1.4B+9.4%	$1.3B-1.0%	$1.3B-5.8%	$1.4B-5.7%	$1.5B-2.0%	$1.5B+22.7%	$1.2B
Current Assets	N/A	$362.5M+1.9%	$355.6M+1.2%	$351.5M+17.8%	$298.5M-17.4%	$361.2M-9.5%	$399.1M+31.5%	$303.4M
Cash & Equivalents	$218.3M+19.3%	$183.0M-2.0%	$186.8M-0.6%	$187.9M+27.8%	$147.1M-37.0%	$233.6M-14.9%	$274.5M+47.2%	$186.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$22.9M0.0%	$22.9M0.0%	$22.9M-0.7%	$23.1M+110.7%	$10.9M0.0%	$10.9M0.0%	$10.9M0.0%	$10.9M
Total Liabilities	$889.4M+3.8%	$856.8M+12.2%	$763.3M-1.5%	$775.3M+2.9%	$753.8M-1.2%	$763.2M+11.7%	$683.0M+45.8%	$468.4M
Current Liabilities	N/A	$254.5M+28.1%	$198.7M+1.6%	$195.5M-23.2%	$254.5M+5.5%	$241.3M+42.4%	$169.4M+126.1%	$74.9M
Long-Term Debt	N/A	N/A	$317.9M-1.1%	$321.3M+39.6%	$230.2M-1.0%	$232.6M-1.0%	$235.0M	N/A
Total Equity	$438.3M+19.5%	$366.8M+9.3%	$335.5M+2.8%	$326.5M-29.4%	$462.3M-12.1%	$526.0M-16.1%	$626.8M+12.0%	$559.7M
Retained Earnings	-$897.0M+2.5%	-$919.5M+1.8%	-$936.1M+0.8%	-$944.0M-33.7%	-$706.1M-10.6%	-$638.6M-13.3%	-$563.9M-3.9%	-$542.6M

PGY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$66.5M+594.6%	$9.6M+123.9%	-$40.0M-180.3%	$49.8M+1070.1%	$4.3M
Capital Expenditures	$17.7M-12.1%	$20.2M-9.9%	$22.4M+238.3%	$6.6M+503.8%	$1.1M
Free Cash Flow	$48.8M+559.7%	-$10.6M+83.0%	-$62.4M-244.5%	$43.2M+1266.7%	$3.2M
Investing Cash Flow	-$498.6M-20.8%	-$412.7M-55.5%	-$265.4M-88.6%	-$140.7M-14.6%	-$122.8M
Financing Cash Flow	$436.7M+51.1%	$289.1M-34.0%	$437.9M+51.2%	$289.6M+142.4%	$119.5M
Dividends Paid	N/A	N/A	N/A	$23.6M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$67.0M+16.9%	$57.4M+66.6%	$34.4M-26.2%	$46.6M+756.0%	-$7.1M-176.5%	$9.3M-47.5%	$17.7M-6.5%	$18.9M
Capital Expenditures	$3.2M-14.7%	$3.8M+0.6%	$3.8M-5.0%	$4.0M-6.1%	$4.2M-3.3%	$4.4M-14.9%	$5.1M+11.0%	$4.6M
Free Cash Flow	$63.8M+19.2%	$53.5M+74.7%	$30.7M-28.1%	$42.6M+476.0%	-$11.3M-330.8%	$4.9M-60.9%	$12.6M-12.2%	$14.3M
Investing Cash Flow	-$57.3M+54.2%	-$125.3M-366.1%	-$26.9M+46.8%	-$50.5M+52.2%	-$105.8M+7.4%	-$114.2M+49.9%	-$228.1M-136.1%	-$96.6M
Financing Cash Flow	$12.3M-84.4%	$78.4M+2175.4%	-$3.8M-107.7%	$48.8M+91.5%	$25.5M-60.0%	$63.7M-78.7%	$298.7M+2322.3%	$12.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PGY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	42.1%+4.8pp	37.3%-2.4pp	39.8%-11.3pp	51.0%+0.6pp	50.4%
Operating Margin	6.5%+9.5pp	-3.0%+30.6pp	-33.6%-32.4pp	-1.2%-22.7pp	21.5%
Net Margin	-38.9%-23.1pp	-15.8%+24.6pp	-40.4%-21.2pp	-19.2%-33.8pp	14.6%
Return on Equity	N/A	N/A	N/A	N/A	16.4%
Return on Assets	-31.1%-20.5pp	-10.6%+18.3pp	-28.9%-13.5pp	-15.4%	N/A
Current Ratio	1.80-2.3	4.05+0.8	3.28-5.3	8.60	N/A
Debt-to-Equity	0.98+0.1	0.84-0.1	0.89-455.0	455.86	N/A
FCF Margin	4.7%+6.0pp	-1.3%+7.0pp	-8.3%-17.4pp	9.1%+5.9pp	3.2%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	42.7%+1.4pp	41.3%-1.0pp	42.4%-1.0pp	43.4%+1.3pp	42.1%+0.3pp	41.8%+0.9pp	40.9%+2.6pp	38.3%
Operating Margin	22.8%+5.5pp	17.3%+0.9pp	16.4%+5.1pp	11.4%+2.7pp	8.7%+6.7pp	2.0%-1.1pp	3.1%-1.8pp	4.9%
Net Margin	6.4%+1.3pp	5.1%+2.4pp	2.7%+87.9pp	-85.2%-58.9pp	-26.2%+3.6pp	-29.9%-21.2pp	-8.6%-2.0pp	-6.6%
Return on Equity	5.1%+0.6pp	4.5%+2.2pp	2.4%	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.6%+0.4pp	1.2%+0.6pp	0.6%+19.1pp	-18.4%-13.5pp	-4.9%+0.2pp	-5.1%-3.7pp	-1.4%-0.2pp	-1.2%
Current Ratio	N/A	1.42-0.4	1.790.0	1.80+0.6	1.17-0.3	1.50-0.9	2.36-1.7	4.05
Debt-to-Equity	2.03-0.3	2.34+1.4	0.95-0.0	0.98+0.5	0.50+0.1	0.44+0.1	0.38-0.5	0.84
FCF Margin	18.2%+1.8pp	16.4%+5.8pp	10.6%-4.7pp	15.3%+19.7pp	-4.4%-6.4pp	2.0%-3.2pp	5.1%-1.4pp	6.6%

Similar Companies

Pagseguro Digita PAGS

$3.1B

Marqeta, Inc. MQ

$1.7B

Avepoint Inc. AVPT

$2.3B

Payoneer Global Inc. PAYO

$1.9B

Appian APPN

$1.7B

Frequently Asked Questions

What is Pagaya Technologies Ltd.'s annual revenue?

Pagaya Technologies Ltd. (PGY) reported $1.0B in total revenue for fiscal year 2024. This represents a 27.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pagaya Technologies Ltd.'s revenue growing?

Pagaya Technologies Ltd. (PGY) revenue grew by 27.1% year-over-year, from $812.1M to $1.0B in fiscal year 2024.

Is Pagaya Technologies Ltd. profitable?

No, Pagaya Technologies Ltd. (PGY) reported a net income of -$401.4M in fiscal year 2024, with a net profit margin of -38.9%.

What is Pagaya Technologies Ltd.'s earnings per share (EPS)?

Pagaya Technologies Ltd. (PGY) reported diluted earnings per share of $-5.66 for fiscal year 2024. This represents a -164.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Pagaya Technologies Ltd.'s EBITDA?

Pagaya Technologies Ltd. (PGY) had EBITDA of $95.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Pagaya Technologies Ltd. have?

As of fiscal year 2024, Pagaya Technologies Ltd. (PGY) had $187.9M in cash and equivalents against $321.3M in long-term debt.

What is Pagaya Technologies Ltd.'s gross margin?

Pagaya Technologies Ltd. (PGY) had a gross margin of 42.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pagaya Technologies Ltd.'s operating margin?

Pagaya Technologies Ltd. (PGY) had an operating margin of 6.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Pagaya Technologies Ltd.'s net profit margin?

Pagaya Technologies Ltd. (PGY) had a net profit margin of -38.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Pagaya Technologies Ltd.'s free cash flow?

Pagaya Technologies Ltd. (PGY) generated $48.8M in free cash flow during fiscal year 2024. This represents a 559.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pagaya Technologies Ltd.'s operating cash flow?

Pagaya Technologies Ltd. (PGY) generated $66.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Pagaya Technologies Ltd.'s total assets?

Pagaya Technologies Ltd. (PGY) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Pagaya Technologies Ltd.'s capital expenditures?

Pagaya Technologies Ltd. (PGY) invested $17.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Pagaya Technologies Ltd. spend on research and development?

Pagaya Technologies Ltd. (PGY) invested $76.6M in research and development during fiscal year 2024.

What is Pagaya Technologies Ltd.'s current ratio?

Pagaya Technologies Ltd. (PGY) had a current ratio of 1.80 as of fiscal year 2024, which is generally considered healthy.

What is Pagaya Technologies Ltd.'s debt-to-equity ratio?

Pagaya Technologies Ltd. (PGY) had a debt-to-equity ratio of 0.98 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pagaya Technologies Ltd.'s return on assets (ROA)?

Pagaya Technologies Ltd. (PGY) had a return on assets of -31.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Pagaya Technologies Ltd.'s Altman Z-Score?

Pagaya Technologies Ltd. (PGY) has an Altman Z-Score of 0.87, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Pagaya Technologies Ltd.'s Piotroski F-Score?

Pagaya Technologies Ltd. (PGY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pagaya Technologies Ltd.'s earnings high quality?

Pagaya Technologies Ltd. (PGY) has an earnings quality ratio of -0.17x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pagaya Technologies Ltd.?

Pagaya Technologies Ltd. (PGY) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.