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Pagaya Technologies Ltd.

PGY Clue Score67
United States Fiscal year ends December CIK 0001883085
$18.22 -0.22% Close, 9 Oct 2026
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Price $18.22 +1,201.43% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 23 Jun 2022. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue91.7Operating income21.3Net income14.5EPS, diluted0.02Fiscal year 2021Revenue445.9 +386.0%Operating income−5.8Net income−91.2 −729.9%EPS, diluted−8.25Fiscal year 2022Revenue685.4 +53.7%Operating income−251.5Net income−302.3EPS, diluted−8.22Fiscal year 2023Revenue772.8 +12.8%Operating income−24.4Net income−128.4EPS, diluted−2.14Fiscal year 2024Revenue1,004.6 +30.0%Operating income66.8Net income−401.4EPS, diluted−5.66Fiscal year 2025Revenue1,261.3 +25.6%Operating income263.8Net income81.4EPS, diluted0.93
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 91.7 445.9 685.4 772.8 1,004.6 1,261.3
Growth +386.0% +53.7% +12.8% +30.0% +25.6%
Operating income 21.3 −5.8 −251.5 −24.4 66.8 263.8
Net income 14.5 −91.2 −302.3 −128.4 −401.4 81.4
Growth −729.9%
EPS, diluted 0.02 −8.25 −8.22 −2.14 −5.66 0.93

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2020Operating margin23.2%Net margin15.8%Free cash flow margin3.4%Fiscal year 2021Operating margin−1.3%Net margin−20.4%Free cash flow margin9.7%Fiscal year 2022Operating margin−36.7%Net margin−44.1%Free cash flow margin−9.1%Fiscal year 2023Operating margin−3.2%Net margin−16.6%Free cash flow margin−5.4%Fiscal year 2024Operating margin6.7%Net margin−40.0%Free cash flow margin3.0%Fiscal year 2025Operating margin20.9%Net margin6.5%Free cash flow margin17.8%
FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 23.2% −1.3% −36.7% −3.2% 6.7% 20.9%
Net margin 15.8% −20.4% −44.1% −16.6% −40.0% 6.5%
Free cash flow margin 3.4% 9.7% −9.1% −5.4% 3.0% 17.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow4.3Capital expenditure−1.1Free cash flow3.2Fiscal year 2021Operating cash flow49.8Capital expenditure−6.6Free cash flow43.2 +1,266.7%Fiscal year 2022Operating cash flow−40.0Capital expenditure−22.4Free cash flow−62.4 −244.5%Fiscal year 2023Operating cash flow−21.7Capital expenditure−20.2Free cash flow−41.8Fiscal year 2024Operating cash flow47.8Capital expenditure−17.7Free cash flow30.0Fiscal year 2025Operating cash flow238.6Capital expenditure−13.9Free cash flow224.7 +648.7%
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 4.3 49.8 −40.0 −21.7 47.8 238.6
Capital expenditure −1.1 −6.6 −22.4 −20.2 −17.7 −13.9
Free cash flow 3.2 43.2 −62.4 −41.8 30.0 224.7
Growth +1,266.7% −244.5% +648.7%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash5.1Shareholders’ equity88.1Fiscal year 2021Cash190.8Total debt0.0Net cash (debt)190.8Shareholders’ equity1.3Debt to equity0.00Fiscal year 2022Cash309.8Total debt61.8Net cash (debt)248.0Shareholders’ equity553.5Debt to equity0.11Fiscal year 2023Cash186.5Total debt37.7Net cash (debt)148.8Shareholders’ equity559.7Debt to equity0.07Fiscal year 2024Cash187.9Total debt321.3Net cash (debt)−133.4Shareholders’ equity326.5Debt to equity0.98Fiscal year 2025Cash235.3Shareholders’ equity480.0
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 5.1 190.8 309.8 186.5 187.9 235.3
Total debt n/a 0.0 61.8 37.7 321.3 n/a
Net cash (debt) n/a 190.8 248.0 148.8 −133.4 n/a
Shareholders’ equity 88.1 1.3 553.5 559.7 326.5 480.0
Debt to equity n/a 0.00 0.11 0.07 0.98 n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
23.2% −1.3% −36.7% −3.2% 6.7% 20.9%
23.1% −13.8% −40.3% −23.4% −41.9% 4.1%
15.8% −20.4% −44.1% −16.6% −40.0% 6.5%
3.4% 9.7% −9.1% −5.4% 3.0% 17.8%
Spending
13.4% 14.8% 22.0% 9.6% 7.6% 6.0%
11.6% 29.7% 42.9% 26.3% 24.0% 12.7%
1.2% 1.5% 3.3% 2.6% 1.8% 1.1%
6.0% n/a n/a n/a n/a −38.2%
Returns
16.4% −7,055.0% −54.6% −22.9% −122.9% 17.0%
n/a −15.4% −28.9% −10.6% −31.1% 5.3%
Balance and payout
n/a 0.00 0.11 0.07 0.98 n/a
n/a 17.9% 26.8% 38.8% 60.0% 62.1%