PGYNasdaqFinance ServicesFiscal year ends December 31Also trades as PGYWW
Pagaya Technologies Ltd.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$17.43+0.20 (+1.16%)
Close on Oct 19, 2026
- Market cap
- $1.70B
- P/E (TTM)
- 12.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
42.4%−8.0 pts over 5 years
Operating margin
20.3%−1.2 pts over 5 years
Net margin
6.3%−8.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +26.1% | +20.2% | +67.4% | – | |
| Gross profit | +27.1% | +22.8% | +61.7% | – | |
| Operating income | +294.7% | – | +65.5% | – | |
| Net income | – | – | +41.3% | – | |
| EPS, diluted | – | – | +31.1% | – | |
| Free cash flow | +648.7% | – | +134.6% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 20.2% | |
| Return on assets | – | – | 5.7% | |
| Current ratio | – | – | – | |
| Capex to revenue | – | 1.1% | 1.1% | |
| Diluted shares | – | 17M | 83M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Pagaya Technologies generated $397.84M from operations and spent $80.86M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$397.84M
Used
$80.86M
Capital expenditure$80.86M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.3%
×Asset turnover0.92×
×Equity multiplier3.52×
=Return on equity, FY202520.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.3% | 0.92× | 3.52× | 20.2% |
| FY2024 | -38.9% | 0.83× | 2.82× | -90.6% |
| FY2023 | -15.8% | 0.72× | 2.02× | -23.1% |
| FY2022 | -40.4% | 0.92× | 2.95× | -109.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$81.39M
- Cash generatingOperating cash flow above zero$238.62M
- Return on assets improvedROA up on the prior year-33.2% → 6.3%
- Earnings backed by cashOperating cash flow above net income$238.62M vs $81.39M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.80 → –
- No dilutionShare count did not rise71M → 83M
- Gross margin improvedGross margin up on the prior year42.10% → 42.43%
- More efficientAsset turnover rose0.85 → 1.01