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PGY

Pagaya Technologies Ltd.

PGY

Pagaya Technologies Ltd. • NASDAQ
$24.95 ▲ 3.81% (+0.92)
Market Cap $1.91 B
52w High $44.99
52w Low $8.27
Dividend Yield 0%
P/E -9.04
Volume 1.82M
Outstanding Shares 76.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $339.887M ▲ $59.355M ▼ $22.545M ▲ 6.633% ▲ $0.27 ▲ $15.699M ▼
Q2-2025 $317.714M ▲ $69.78M ▲ $16.655M ▲ 5.242% ▲ $0.2 ▲ $55.378M ▲
Q1-2025 $282.704M ▲ $67.936M ▼ $7.893M ▲ 2.792% ▲ $0.098 ▲ $48.122M ▲
Q4-2024 $275.669M ▲ $85.726M ▲ $-237.922M ▼ -86.307% ▼ $-3.2 ▼ $36.292M ▲
Q3-2024 $249.283M $77.934M $-67.476M -27.068% $-0.93 $21.549M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $218.314M ▲ $1.455B ▲ $889.438M ▼ $468.398M ▲
Q2-2025 $204.505M ▼ $1.399B ▲ $931.064M ▲ $366.752M ▲
Q1-2025 $206.462M ▲ $1.278B ▼ $837.562M ▼ $335.49M ▲
Q4-2024 $195.718M ▲ $1.291B ▼ $849.526M ▲ $326.491M ▼
Q3-2024 $158.35M $1.371B $828M $462.309M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.273M ▲ $67.046M ▲ $-57.339M ▲ $12.258M ▼ $22.733M ▲ $63.806M ▲
Q2-2025 $16.655M ▲ $57.35M ▲ $-125.306M ▼ $78.431M ▲ $1.911M ▲ $53.55M ▲
Q1-2025 $7.893M ▲ $34.427M ▲ $-26.886M ▲ $-3.779M ▼ $-1.596M ▼ $30.651M ▲
Q4-2024 $-257.126M ▼ $32.063M ▲ $-35.968M ▲ $48.782M ▲ $45.471M ▲ $22.587M ▲
Q3-2024 $-74.231M $-7.107M $-105.787M $25.472M $-86.879M $-11.343M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Financial Service
Financial Service
 $20.00M ▲$50.00M ▲$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Pagaya has grown its revenue steadily over the past few years, showing that demand for its platform is rising. The core business has moved from operating losses to a small operating profit, which signals improving efficiency and scale. However, the company still reports sizeable overall net losses, and the most recent full year shows a larger bottom-line loss than earlier years. This suggests that items outside day-to-day operations—such as financing costs, non-cash charges, or one‑offs—are weighing on reported earnings. In short, growth and operating performance are improving, but consistent profitability at the net income level has not yet been established.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, reflecting the company’s growth and investment in its platform and network. Cash levels are much stronger than in its early days, but they have not grown recently, indicating that management is using cash to support expansion and absorb losses. Debt has increased considerably compared with a few years ago, which raises the company’s financial obligations and sensitivity to credit markets and interest costs. Shareholders’ equity remains positive but has shrunk in the latest year, pointing to accumulated losses and a thinner cushion. Overall, the company has resources to operate but less room for prolonged setbacks without additional capital or improved profitability.

Cash Flow

Cash Flow Pagaya’s cash flow picture looks healthier than its accounting earnings. The business has generally produced positive cash from operations, even in years when it reported losses, which indicates that the core model can generate cash. Free cash flow has hovered around breakeven to modestly positive, helped by relatively low spending on physical assets, consistent with a software and data-driven business. The gap between net losses and positive operating cash flow suggests a meaningful role for non-cash expenses and working capital movements. This provides some comfort on liquidity, but the overall cash generation is still thin, leaving limited buffer if growth slows or credit conditions tighten.

Competitive Edge

Competitive Edge Pagaya occupies a focused niche in the lending ecosystem as an AI infrastructure provider rather than a direct lender. Its “second look” credit decisioning and large data set give it a potential edge in approving more borrowers at similar or better risk levels for its partners. The network of banks, fintechs, and institutional investors creates a multi-sided platform where more participants can make the service more valuable over time, reinforcing its position. Its capital-light, fee-based model reduces direct credit risk and can scale quickly, which differentiates it from balance-sheet-heavy lenders. At the same time, it faces competition from other AI underwriting platforms and traditional credit models, and it is reliant on maintaining strong relationships with a relatively concentrated set of partners and funding sources.

Innovation and R&D

Innovation and R&D Innovation is at the core of Pagaya’s strategy, with heavy emphasis on advanced AI and machine learning that constantly retrain on a very large and growing pool of loan application data. This “data flywheel” can improve model accuracy over time and is difficult for new entrants to replicate quickly. The company is extending its technology into multiple lending products—personal loans, auto, point-of-sale financing, and credit cards—and is enhancing capabilities through acquisitions like Theorem. Its shift toward proactively helping partners find and target good borrowers moves it from a narrow underwriting tool to a broader growth and risk-management platform. The main risks around this innovation effort are model performance in changing economic conditions and the evolving regulatory view on AI, data use, and fairness in consumer credit.

Summary

Pagaya is a fast-growing, AI-driven lending infrastructure company that has made clear progress in scaling revenue and turning its core operations toward profitability. The full income statement still shows substantial net losses, reflecting a business that is not yet mature and is absorbing various financing and non-cash costs. The balance sheet has grown but now carries higher debt and a slimmer equity base, which increases the importance of continued execution and access to capital. Cash flow is more reassuring, with operations generally generating cash and investment needs remaining modest, fitting its software and data-centric model. Strategically, Pagaya benefits from a differentiated, network-based approach and a significant data advantage, but it operates in a competitive, cyclical, and increasingly scrutinized space. Future outcomes will depend heavily on its ability to maintain model performance, deepen and diversify its partner network, manage funding relationships, and translate growth into durable, consistent profitability.

NEWS

November 26, 2025 · 8:30 AM UTC

Pagaya to Participate in Upcoming December Investor Conferences

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November 18, 2025 · 2:43 PM UTC

KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2025-6 and Research-Driven Pagaya Motor Trust 2025-6

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November 10, 2025 · 7:04 AM UTC

Pagaya Reports Third Quarter and Nine Months Ended 2025 Results

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November 5, 2025 · 1:47 PM UTC

KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2025-R3 and Pagaya AI Debt Trust 2025-R3

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November 3, 2025 · 8:30 AM UTC

Pagaya Signs Auto Forward Flow Agreement with Castlelake to Purchase Up to $500 Million in Auto Loans

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