Pagaya Technologies Ltd. (PGY) stock analysis
Close on Nov 13, 2026Market cap $1.44BP/E 10.2Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Mixed13 of 30 checks passed
Pagaya Technologies passes 13 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 5/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 127%, above the 10% that usually covers the cost of capital.
No debt
Pagaya Technologies has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 41.3% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 20.2% a year over the last three fiscal years.
What to watch
Return on equity under 15%
Return on equity was 29.0% over the last twelve months and averaged -1451% over five years; we look for 15% on both.
No dividend
Pagaya Technologies has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 20.2% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 14.8% over the last twelve months; the Finance services median is 9.8%.
Guidance raised
Pagaya Technologies raised its FY26 GAAP Net Income outlook on Jul 30, 2026.
Gross margin improving
Gross margin was 43.9% over the last twelve months, against 42.4% a year earlier.
Past performance5/6
Return on equity under 15%
Return on equity was 29.0% over the last twelve months and averaged -1451% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 127%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Pagaya Technologies's return on equity of 29.0% is above the Finance services median of -33.3%.
Earnings grew over 5 years
Net income grew 41.3% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 10.8% over the last twelve months, against a 5-year average of -21.6%.
Net margin above the industry
Pagaya Technologies's net margin of 10.8% is above the Finance services median of -64.5%.
Financial health4/6
No debt
Pagaya Technologies has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Pagaya Technologies has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Pagaya Technologies. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $35.52M
- Value traded per 1% price move
- $12.94M
Downside
High risk
- Typical loss in a bad month
- 46.2%
- Volatility (annualized)
- 73%
- Sharpe ratio, 1 year
- -0.54
- Beta to the S&P 500 (5Y)
- 3.33
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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